超越银行理财！信托资产规模升至32.43万亿元，证券投资占比首超50％

Core Insights - The trust industry in China is experiencing a significant transformation, with trust asset scale reaching 32.43 trillion yuan by mid-2025, marking a year-on-year increase of 5.43 trillion yuan or 20.11% [2][3] - Standard assets have become the dominant configuration method, with securities investment trusts surpassing 50% of the total trust assets for the first time, indicating a departure from the traditional "financing + channel" model [2][5] Industry Growth and Market Position - The trust industry's asset scale has rebounded from a low of 20.49 trillion yuan at the end of 2020 to a historical high of 32.43 trillion yuan by mid-2025, following a period of adjustment and optimization since 2018 [3][4] - In the broader asset management industry, the total scale reached 174.50 trillion yuan, with the trust sector holding the third-largest position, following insurance and public funds [3][4] Business Structure and Growth Engines - Asset management trusts are identified as the primary growth engine, while asset service trusts serve as the secondary growth engine, with significant contributions from wealth management and administrative service trusts [4][6] - By mid-2025, wealth management service trusts reached 4.37 trillion yuan, administrative management service trusts at 2.80 trillion yuan, and risk disposal service trusts at 2.60 trillion yuan [4] Shift to Standardized Assets - The proportion of standardized assets in asset management trusts has significantly increased, with 61.60% of funds directed towards financial markets, including 44.33% towards securities markets [5][6] - Securities investment trusts reached 12.48 trillion yuan, accounting for 51.09% of total funds, marking a critical shift in the asset management trust landscape [5] Revenue and Profit Growth - The trust industry reported a revenue of 34.36 billion yuan and a profit of 19.68 billion yuan in the first half of 2025, reflecting a year-on-year increase of 3.34% and 0.45% respectively, indicating a recovery from previous declines [7][8] - This growth is attributed to the optimization of business structures and the implementation of the "three classifications" policy, showcasing the industry's resilience and correct transformation path [7][8] Future Outlook - The industry is expected to continue focusing on the "three classifications" policy, enhancing its core business and improving its service capabilities to better support the real economy [8]