32.43万亿元，行业已触底回暖？

Core Viewpoint - The Chinese trust industry is showing signs of recovery with a significant increase in total trust assets and operational performance in the first half of 2025, indicating a potential turnaround after a challenging period [1][2]. Group 1: Trust Industry Performance - As of June 2025, the total trust asset scale reached 32.43 trillion yuan, a year-on-year increase of 20.11% [1] - The industry achieved operating income of 34.36 billion yuan, a 3.34% increase compared to the same period in 2024, and a total profit of 19.68 billion yuan, up 0.45% year-on-year [1] - The dual increase in operating income and profit suggests that the industry may have hit bottom and is beginning to recover, although challenges in transformation remain [1] Group 2: Asset Management Trusts - Asset management trusts accounted for approximately 24.43 trillion yuan, representing 75.33% of total trust assets, with a year-on-year growth of 22.46% [2] - The overall asset management industry in China reached 174.50 trillion yuan, with trust assets ranking third after insurance asset management and public funds [2] - Securities investment trusts have become the dominant product type, increasing from 34.34% of total asset management trusts at the end of 2022 to 51.09% by mid-2025 [2] Group 3: Non-standard vs. Standard Assets - The proportion of non-standard assets in the total scale of funds trusts decreased from 54.52% at the end of 2022 to 39.70% by mid-2025, indicating a shift towards standard assets [3] Group 4: Asset Service Trusts - Asset service trusts are experiencing steady growth and have become an important growth engine for the trust industry, with various applications in wealth management and social services [4] - By 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 development as regulatory barriers are gradually addressed [4] Group 5: Future Directions for Trust Companies - Industry experts suggest that trust companies should focus on their core business, improve governance, and develop clear strategic plans to establish sustainable business models and navigate the transformation towards innovation [5]