在制度重构中守正 于差异发展中突围

Core Insights - 2025 marks a significant year for the Chinese trust industry, with the implementation of the "1+N" policy framework and a systematic push for institutional restructuring, moving away from extensive growth towards a focus on fiduciary responsibilities [1][2] - The trust industry has achieved dual optimization in scale and structure, with total asset management reaching 32.43 trillion yuan by mid-2025, reflecting a 9.7% increase from the previous year and over 20% year-on-year growth [1][2] Regulatory Developments - The State Council's issuance of guidelines to strengthen regulation and promote high-quality development in the trust industry has been pivotal, alongside the introduction of new management regulations [1] - Breakthroughs in institutional bottlenecks have been noted, with approximately eight cities initiating real estate trust property registration, facilitating the inclusion of real estate into trust structures [1] Business Transformation - The trust industry is focusing on a "three-category" policy for business layout, with asset management trusts dominating at 24.43 trillion yuan and asset service trusts exceeding 8 trillion yuan, becoming the dual engines of industry growth [2] - Trust companies are increasingly integrating with the real economy, exploring new models in sectors like oil and electricity, and expanding services in areas such as pension finance and charitable trusts [2] Future Opportunities and Challenges - The trust industry faces both opportunities and challenges as it enters 2026, with ongoing policy benefits and growing demands in wealth management, pension planning, and charitable activities [3] - The industry must navigate stricter regulations and a scarcity of quality projects, alongside a notable talent gap in professionals who understand finance, law, and technology [3] Strategic Directions - The trust industry should focus on deepening professional capabilities and adhering to fiduciary duties, while enhancing research and investment capabilities to achieve stable returns [4] - Embracing innovation through technologies like blockchain and big data is essential for improving risk control and customer service [4] - Building trust through transparent information disclosure and promoting a culture of integrity will be crucial for the industry's sustainable development [5]