超2万亿资金“搬家”证券市场，资管业“老三”触底反弹？

Core Viewpoint - The trust industry in China has experienced a significant transformation, with a notable shift towards asset management trusts and asset service trusts, leading to a recovery in revenue and profit growth after a period of decline [1][2][4]. Group 1: Industry Overview - As of mid-2025, the total trust asset scale in China reached 32.43 trillion yuan, marking a significant milestone as it surpassed the scale of the wealth management market [1][4]. - The trust industry has faced profitability pressures, with profits having been halved from peak levels in recent years, but signs of recovery are emerging as revenue and profit growth turned positive in the first half of 2025 [2][3]. Group 2: Financial Performance - In the first half of 2025, the trust industry achieved operating income of 343.62 billion yuan and total profit of 196.76 billion yuan, reflecting year-on-year increases of 3.34% and 0.45%, respectively [2]. - The overall profit for 2024 was reported at 230.87 billion yuan, a decrease of 192.87 billion yuan compared to 2023, indicating a significant decline in profitability prior to the recovery [2]. Group 3: Asset Allocation Trends - Trust funds have increasingly shifted towards financial markets, with 15.05 trillion yuan allocated to this sector by mid-2025, representing 61.60% of total trust assets, a substantial increase from 42.38% at the end of 2022 [5][6]. - The allocation to bonds remains dominant, with 9.36 trillion yuan directed towards the bond market, while investments in stocks and funds totaled only 1.47 trillion yuan [6]. Group 4: Asset Service Trusts - Asset service trusts are emerging as a significant area of growth, with wealth management service trusts reaching 4.37 trillion yuan and administrative management service trusts at 2.80 trillion yuan by mid-2025 [7]. - Despite the potential for growth, asset service trusts face challenges such as regulatory constraints and the need for a more defined business model [8][9]. Group 5: Future Outlook - The industry is expected to see further development in asset service trusts, particularly in wealth management, as regulatory barriers are gradually addressed, paving the way for more robust business models [9]. - The "three-category" regulation is reshaping the functions of trust businesses, enhancing both wealth management and asset management capabilities [9].