转型深化、质效提升 信托业锚定高质量发展新航向

Core Insights - The trust industry in China is expected to see significant growth and structural optimization by 2025, driven by the implementation of the "1+N" regulatory framework, which aims to solidify the industry's foundation and enhance its service capabilities [1][2]. Regulatory Framework - The "1+N" regulatory system is crucial for the sustainable development of the trust industry, with key policies established to guide the sector's transformation [2]. - The release of the "Asset Management Trust Management Measures (Draft for Comments)" and the revised "Trust Company Management Measures" provides a comprehensive policy framework for the industry [2]. - The "three-category" policy delineates three main business directions: asset service trusts, asset management trusts, and public welfare trusts, which serve as fundamental guidelines for the industry's restructuring [2]. Asset Growth and Market Position - As of June 2025, the total trust assets in China reached 32.43 trillion yuan, reflecting a year-on-year growth of 20.11% and a 9.73% increase from the end of the previous year [3]. - The trust industry holds a significant position within the broader asset management sector, ranking third after insurance asset management and public fund products [3]. - The asset management trust and asset service trust categories have replaced traditional financing and channel trust models, becoming the primary drivers of asset growth since 2021 [3]. Investment Focus and Structural Optimization - By June 2025, 61.60% of funds from trust assets were directed towards financial markets, indicating a shift towards more stable capital market investments [4]. - Trust companies are moving away from traditional lending models to create a framework that supports both the real economy and public welfare [4]. Differentiated Development - The trust industry's asset scale of over 32 trillion yuan marks a significant milestone and serves as a foundation for differentiated development [5]. - Trust companies are leveraging their unique resources to explore specialized sectors, with firms like Huaneng Trust focusing on energy and advanced manufacturing, while Kunlun Trust targets the oil and gas financial sector [5]. Future Outlook - The trust industry is poised for substantial growth, driven by increasing demand for wealth management and comprehensive services due to demographic changes and wealth transfer trends [6]. - Family trusts are recognized as a core growth area, with expectations for high-quality development in compliance, professionalism, and diversification over the next 3-5 years [6]. - Challenges remain in risk management, business transformation, and talent development, necessitating improvements in research capabilities and operational systems [6].