中国信托业协会：上半年全行业信托资产规模余额32.43万亿元

Core Viewpoint - In the first half of 2025, the Chinese trust industry demonstrated resilience amid complex international conditions, achieving a stable and improving overall performance, with trust asset scale continuing to grow steadily and business structure optimizing under the "three classifications" policy [1][34]. Group 1: Trust Asset Scale Growth - Since 2018, the trust industry has entered a transformation phase, with trust asset scale recovering from a low of 20.49 trillion yuan at the end of 2020 to a historical peak of 29.56 trillion yuan by the end of 2024, marking a 44.27% increase over four years [2][35]. - As of June 2025, the total trust asset scale reached 32.43 trillion yuan, an increase of 2.87 trillion yuan from the end of the previous year, representing a growth of 9.73%, and a year-on-year increase of 5.43 trillion yuan, or 20.11% [2][35]. Group 2: Business Structure Optimization - The "three classifications" policy has led to asset management trusts and asset service trusts replacing traditional financing and channel trusts, becoming the main drivers of growth since 2021. Asset management trusts accounted for approximately 75.33% of total trust assets, while asset service trusts made up at least 24.67% [3][36]. - The trust industry has strengthened its market position within the broader asset management sector, with total asset management scale reaching 174.50 trillion yuan in the first half of 2025, where trust assets ranked third at 32.43 trillion yuan [6][38]. Group 3: Asset Service Trust Development - Asset service trusts have shown steady growth and have become an important growth engine for the trust industry, covering various types such as wealth management, administrative management, risk disposal, and new asset service trusts [9][41]. - As of June 2025, wealth management service trusts reached 4.37 trillion yuan, administrative management service trusts 2.80 trillion yuan, risk disposal service trusts 2.60 trillion yuan, and asset securitization service trusts 1.43 trillion yuan [9][41]. Group 4: Asset Management Trusts - Asset management trusts remain the dominant business in the trust industry, with a balance of approximately 24.43 trillion yuan, representing a 9.80% increase from the end of the previous year and a 22.46% year-on-year growth [11][43]. - The investment in standardized assets has become the main focus, with trading financial assets making up 60.30% of the total scale of asset management trusts as of June 2025 [15][46]. Group 5: Industry Capital Strength - The trust industry has seen a slight increase in inherent assets and owners' equity, with inherent assets reaching 926.43 billion yuan and owners' equity at 772.18 billion yuan, indicating improved capital accumulation and risk resistance capabilities [25][54]. - The industry reported a slight improvement in operating performance, with operating income of 34.36 billion yuan and total profit of 19.68 billion yuan in the first half of 2025, reflecting signs of recovery after previous declines [29][59].