从制度破冰到生态重塑——2025年信托业“1+N”体系回顾

Core Viewpoint - The trust industry is undergoing a significant transformation with the implementation of the "1+N" regulatory framework, which aims to enhance supervision, prevent risks, and promote high-quality development in the sector [1][2][17]. Group 1: Policy Overview - The "1+N" system consists of a core policy document and various supporting regulations that focus on three main categories of trust business: asset management trusts, asset service trusts, and charitable trusts [1][2]. - The key policy document, "Opinions on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of the Trust Industry," sets development goals for 2029 and 2035, emphasizing the importance of the trust industry in serving the real economy and improving people's lives [2][17]. - The policy mandates stricter entry standards, enhanced governance, and the establishment of a "blacklist" system to manage risks effectively [2][17]. Group 2: Regulatory Framework - The "Trust Company Management Measures," revised for the first time in 18 years, restructures the business scope into three core categories and strengthens capital supervision by raising minimum registered capital requirements [19][20]. - The "Asset Management Trust Management Measures" outlines the private placement nature of asset management trusts and introduces specific investment constraints to ensure compliance and risk management [20]. - A pilot program for real estate trust registration is set to begin in December 2024 in Beijing, with expansion to other cities, establishing a dual registration system to solidify asset service trust foundations [21][22]. Group 3: Self-Regulatory Guidelines - The trust industry is accelerating the introduction of self-regulatory guidelines, including the "Green Trust Guidelines" and "Trust Culture Construction Guidelines," to standardize operations and enhance compliance [26]. - Ongoing discussions include the "Family Trust Business Guidelines" and "Insurance Trust Business Guidelines," which aim to align with new regulatory frameworks and improve operational standards [26]. Group 4: Industry Impact - The trust industry's asset scale has shown steady growth, reaching 32.43 trillion yuan by mid-2025, with a year-on-year increase of 20.11%, driven by the optimization of business structures under the "three categories" policy [12][27]. - The new regulatory framework is expected to lead to a significant restructuring of the industry, with traditional non-standard and channel models being phased out in favor of asset management and service trusts [29]. - The competition within the industry is shifting from scale expansion to a focus on professional capabilities and service quality, with a greater emphasis on investment research and wealth management services [29][30].