32.43万亿元！行业已触底回暖？

Core Insights - The trust industry in China has shown signs of recovery, with total trust assets reaching 32.43 trillion yuan as of June 2025, marking a year-on-year growth of 20.11% [1] - The industry achieved operating income of 34.36 billion yuan and total profit of 19.68 billion yuan in the first half of 2025, indicating a slight increase compared to the previous year [1] Group 1: Asset Management Trusts - Asset management trusts are the primary growth engine, with a balance of approximately 24.43 trillion yuan, accounting for 75.33% of total trust assets, reflecting a year-on-year increase of 22.46% [2] - The trust industry's market position in the overall asset management sector has improved, with total assets in the asset management industry reaching 174.50 trillion yuan, where trust assets rank third after insurance and public funds [2] - Securities investment trusts have become the dominant product type, growing to 12.48 trillion yuan and representing 51.09% of the total asset management trust scale [2] Group 2: Non-standard vs. Standard Assets - The allocation ratio between non-standard and standard assets is shifting, with non-standard assets decreasing from 54.52% in 2022 to 39.70% in the first half of 2025 [3] Group 3: Asset Service Trusts - Asset service trusts are steadily growing and have become an important growth engine for the trust industry, with various applications in wealth management and social services [4] - As of June 2025, the scale of wealth management, administrative management, risk disposal, and asset securitization service trusts reached 4.37 trillion yuan, 2.80 trillion yuan, 2.60 trillion yuan, and 1.43 trillion yuan respectively [4] - Despite current limitations in the asset service trust business, there is potential for future growth, particularly in family trusts, as regulatory barriers are gradually addressed [4] Group 4: Future Directions - Industry experts suggest that trust companies should focus on their core business, improve governance, and develop clear strategic plans to establish sustainable business models in the new era [5]