信托业如何迈向高质量发展新阶段

Core Insights - The trust industry in China is experiencing significant growth, with asset management trusts and asset service trusts becoming the dominant business models, marking a shift from traditional financing methods [1][2] - The industry is undergoing a fundamental transformation towards a modern financial service system, focusing on high-quality development and risk prevention [2][8] Business Structure and Trends - Asset service trusts have seen a notable increase, accounting for at least 24.67% of the industry, with family trusts and insurance trusts experiencing explosive growth [2][3] - Asset management trusts remain the mainstay, comprising 75.33% of the industry, but are shifting towards standardized asset-based investment models [3][9] - The regulatory environment is evolving, with a new "1+N" regulatory framework established to support long-term healthy development [3][4] Regulatory Developments - The revised "Trust Company Management Measures" marks the first comprehensive update in 18 years, enhancing standards for institutional entry, governance, and risk isolation [3][4] - A differentiated regulatory approach is being implemented, optimizing resources based on institutional ratings to encourage excellence and limit underperformance [4][8] Technological Advancements - Digital transformation is becoming a core strategy for trust companies, with generative AI being a focal point for enhancing operational efficiency and decision-making [5][6] - Leading institutions are investing in integrated digital platforms to support the complex management of asset service trusts and standardized investments [6][9] Performance and Challenges - Despite the growth in asset scale, the industry faces challenges, including a 2.83% year-on-year decline in net profit and an 11.38% drop in trust business revenue in the first half of 2025 [7] - The "Matthew effect" is intensifying, with top institutions maintaining their lead while some companies struggle with profitability [7][8] Future Outlook - The trust industry is expected to enter a new phase of high-quality development, with a focus on compliance and governance effectiveness [8][9] - The value of service trusts is anticipated to increase as supporting systems improve, leading to more personalized and intelligent offerings [8][9] - Asset management capabilities will become the core competitive advantage, with a shift from regulatory advantages to capability-driven performance [9]