信托资产规模首破32万亿元 主要投向金融市场

Core Insights - The trust industry in China has seen a significant growth in asset scale, reaching 32.43 trillion yuan by June 2025, marking a year-on-year increase of over 20% [1][7] - This growth positions the trust industry as the third largest in the asset management sector, following insurance asset management and public funds, indicating a shift towards high-quality development [1][7] Industry Overview - Since entering a transformation phase in 2018, the trust industry has been reducing traditional business models, leading to a recovery in asset scale, which reached 29.56 trillion yuan by the end of 2024 [2][8] - By mid-2025, the asset scale increased by 2.87 trillion yuan from the end of the previous year, reflecting a growth rate of over 9.7% [2][8] - Asset management trusts dominate the industry, accounting for approximately 75.33% of total trust assets, with a year-on-year growth of 22.46% [2][8] Structural Changes - The core logic behind the growth in trust asset scale is the optimization of business structure, with asset management and service trusts replacing traditional financing and channel trusts as the main growth drivers [3][9] - Regulatory improvements and compliance measures have strengthened the foundation for growth, with the expansion of real estate trust registration effectively resolving asset ownership disputes [3][9] Market Trends - The financial market has become the primary investment area for trust funds, with the proportion of funds directed towards this sector rising from 42.38% at the end of 2022 to 61.60% by mid-2025 [4][10] - This trend indicates a significant transformation in the industry, moving away from reliance on non-standard assets and enhancing the ability to serve the real economy [10][11] Future Outlook - The trust industry is expected to continue playing a unique role in the asset management landscape, with a positive overall development outlook [5][11] - Companies are encouraged to deepen their core capabilities in asset management trusts, expand service trusts and wealth management offerings, and enhance digital transformation and risk control measures [5][12]