信托业分类改革成效显著 新旧发展模式“换轨”

Core Insights - The trust industry in China is undergoing significant transformation, with a focus on high-quality development driven by a "1+N" policy framework aimed at strong regulation, risk prevention, and promoting transformation [1][3][4] Policy Framework - The "1+N" policy framework is being refined, with the State Council's opinions emphasizing the trust industry's critical role in the financial system and its service to the real economy [3] - The revised "Trust Company Management Measures" clarifies the legal status and functional positioning of trust companies, guiding them to shift from financing platforms to trustee services [3][4] Industry Growth - By mid-2025, the total trust asset scale reached 32.43 trillion yuan, marking a year-on-year growth of 20.11% [6] - The asset management trust and asset service trust have replaced traditional financing and channel trust models, becoming the main drivers of asset scale growth [6][7] Revenue and Profitability - The trust industry achieved a revenue of 34.36 billion yuan in the first half of 2025, with a profit of 19.68 billion yuan, reflecting a structural optimization in earnings sources [7] - The shift towards net value-based income from investment management and service fees indicates an improvement in the quality of earnings [7] Risk Management - Significant progress has been made in risk management, with successful resolution of major risks, including the restructuring of Sichuan Trust and the bankruptcy proceedings of Huaxin Trust [8][9] - The industry has seen a reduction in non-performing rates and risk project scales, enhancing overall risk mitigation capabilities [9] Future Outlook - The end of the transition period in May 2026 will serve as a critical juncture for the trust industry, focusing on completing compliance adjustments and fostering sustainable business models [10][11] - Challenges remain, including the need for effective management of complex legacy assets and the cultivation of new business models amid competitive pressures [10][11]