1月资管信托月报：市场整体遇冷，组合投资成非标政信主流

Group 1 - The asset management trust market is experiencing a significant contraction, with a notable decline in the issuance and establishment scale of trust products due to the end-of-year rush effect fading and a decrease in demand for trust financial products before the Spring Festival [1][7] - The establishment of non-standard asset management trust products has significantly decreased, as the regulatory environment remains strict, limiting the supply of non-standard trust products and increasing compliance costs, further constraining the business space for non-standard trusts [1][7] - The average yield of non-standard trusts has remained stable for three consecutive months, with a combination investment approach becoming mainstream, effectively mitigating local disturbances caused by differences in single project yields [1][7] Group 2 - The issuance market for standard trust products has weakened overall, particularly for fixed-income products, which are affected by the "stock-bond seesaw" effect, leading to a decline in investment return expectations [1][7] - The average performance benchmark for mixed products continues to rise, benefiting from the structural performance of A-shares, as trusts adjust their allocations to high-elasticity sectors, significantly enhancing equity asset returns [1][8] Group 3 - Regulatory updates include the issuance of a new guideline for charitable trust information disclosure by the Ministry of Civil Affairs and the Financial Regulatory Administration, effective from April 1, 2026, aimed at protecting the rights of charitable trust parties [2][9] - Shanghai has introduced a new action plan for the high-quality development of pension finance, incorporating customized services from trust companies into its core strategy [2][9] - Dongguan is piloting property trust asset registration to support the transformation and development of trust businesses, enhancing the local business environment [2][9] Group 4 - The trust industry recorded a revenue of 70.871 billion yuan, with a significant increase of 73.06% in proprietary income, indicating improved profitability despite a decline in trust business income [3][10] - Several trust companies have completed the renewal of their financial licenses in a concentrated period, marking a record in the industry [3][10] - Huaxin Trust is entering a substantive phase of restructuring, with the completion of debt claims by a management company, laying the groundwork for the upcoming creditors' meeting [3][4][10]