超2万亿资金“搬家”证券市场

Core Insights - The trust industry in China has seen its total asset scale exceed 30 trillion yuan for the first time, reaching 32.43 trillion yuan, making it the third largest sector in the asset management market, surpassing the wealth management market [1][11] - After facing significant profit pressure and a decline in profitability, the industry has shown signs of recovery in the first half of this year, with revenue and profit growth returning to positive territory, indicating a potential "bottoming out" [1][2][12] - The shift towards "returning to the essence" of business operations is beginning to yield results, with asset management trusts and asset service trusts becoming the dominant business models, replacing traditional financing and channel trusts [1][4][12] Revenue and Profit Trends - In the first half of 2024, the trust industry experienced a significant decline in operating income and total profit, with operating income down 32.73% and total profit down 40.63% compared to the previous year [2][12] - However, in the first half of 2025, the industry reported operating income of 343.62 billion yuan and total profit of 196.76 billion yuan, marking a year-on-year increase of 3.34% and 0.45% respectively, suggesting stabilization and recovery [2][12] - The industry has been fluctuating, with annual operating income hovering between 80 billion to 95 billion yuan and total profit between 20 billion to 45 billion yuan since 2022 [2][12] Asset Allocation Trends - The trust industry has seen a significant shift in asset allocation, with 15.05 trillion yuan directed towards financial markets, accounting for 61.60% of total funds, a substantial increase from 42.38% at the end of 2022 [5][15] - The allocation to the securities market reached 10.83 trillion yuan, with a notable increase of 2.49 trillion yuan from the previous year, indicating a trend of funds moving towards securities [5][15] - Bonds remain the primary investment, with 9.36 trillion yuan allocated to the bond market, while the combined allocation to stocks and funds is only 1.47 trillion yuan [5][15] Changes in Business Structure - The traditional high-return trust business has significantly reduced, leading to a change in the profit structure of the industry [3][13] - As of mid-2025, asset management trusts accounted for approximately 75.33% of total trust assets, with standard assets becoming the dominant allocation method [4][15] - The industry is also seeing a decline in funds directed towards real estate, which has dropped to 3.15% of total allocations, down from over 15% in 2019 [6][16] Asset Service Trusts - Asset service trusts are emerging as a significant area of growth, with various types of trusts, including wealth management and risk disposal services, showing potential despite being in the exploratory phase [7][17] - The total scale of asset service trusts reached 11.2 trillion yuan, indicating a growing interest in this area [7][17] - Challenges remain in developing green trusts, including issues related to asset identification and risk management, but regulatory support is expected to facilitate growth in this sector [8][18]