营收和利润双增 信托业或已触底回暖

Core Viewpoint - The Chinese trust industry is showing signs of recovery with a significant increase in total assets and operational performance in the first half of 2025, indicating a potential turnaround despite ongoing challenges in transformation [1][2]. Group 1: Industry Performance - As of June 2025, the total trust asset scale reached 32.43 trillion yuan, marking a year-on-year growth of 20.11% [1]. - The industry achieved operational revenue of 34.36 billion yuan, a 3.34% increase year-on-year, and a total profit of 19.68 billion yuan, up by 0.45% [1]. - The dual increase in revenue and profit suggests that the industry may have hit bottom and is beginning to recover, although the pains of transformation remain evident [1]. Group 2: Asset Management Trusts - Asset management trusts are the primary growth engine, with a balance of approximately 24.43 trillion yuan, accounting for 75.33% of total trust assets, reflecting a year-on-year increase of 22.46% [2]. - The overall asset management scale 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, growing to 12.48 trillion yuan and representing 51.09% of the total scale of asset management trusts [2]. Group 3: Non-standard vs. Standard Assets - The proportion of non-standard assets in the total scale of funds trusts has decreased from 54.52% at the end of 2022 to 39.70% in the first half of 2025, indicating a shift towards standard assets [3]. Group 4: Asset Service Trusts - Asset service trusts are steadily growing and have become an important growth engine for the trust industry, with various applications in wealth management and social services [4]. - As of 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 development as regulatory barriers are gradually addressed [4]. Group 5: Future Directions - Industry experts suggest that trust companies should focus on their core business, improve governance, and develop clear strategic plans to build sustainable business models and foster innovation [5].