蔡概还：永续资金慈善信托是金融机构稳定的投资者

Core Insights - The 19th Huaxia Institutional Investor Annual Conference and Huaxia Financial (Insurance) Technology Forum was held, highlighting the role of perpetual capital charitable trusts as stable investors in the financial sector [1][3] - Charitable trusts are encouraged by regulatory authorities in China, with a significant increase in the scale of registered charitable trusts, surpassing 10 billion yuan by the end of November [1][3] - The primary type of charitable trust in China is the perpetual charitable trust, which is characterized by its sustainability and stability, making it a foundational element for stable institutional investors [1][3] Industry Developments - As of the end of November, the scale of registered charitable trusts in China reached 9.96 billion yuan, with 392 new registrations from January to October this year [1][3] - The growth of charitable trusts is seen as a positive contribution to the goal of common prosperity in China [1][3] - The future outlook suggests that the scale of perpetual capital charitable trusts will continue to expand, reflecting a trend seen in overseas family charitable trusts as a mainstream wealth management tool [4] Investment Implications - Perpetual capital charitable trusts are positioned as dual-purpose institutional investors, providing sustainable funding for charitable causes while also contributing to the stability and quality development of the capital market [2][4] - These trusts are expected to play an increasingly important role in creating a healthy and stable market ecosystem, achieving a win-win situation between public welfare and market value [2][4]