【周博士说信托】服务制胜：信托业迈向差异化竞争新赛道

Core Viewpoint - The core focus for the trust industry in 2026 is to transform institutional advantages into deep service capabilities, emphasizing the importance of service in the competitive landscape of financial institutions [1]. Industry Consensus: Shift Towards Service Competition - The comprehensive implementation of asset management regulations has fundamentally altered the wealth management landscape, shifting client decision-making from "promised returns" to "trust relationships" [1]. - Financial institutions, including banks, brokerages, funds, and trusts, must build competitive advantages through deep service and professional support [1]. - Trust companies need to leverage their unique institutional advantages to create differentiated service ecosystems in a common service capability arena [1]. Growth of Trust Assets - By June 2025, the scale of trust assets reached 32.43 trillion yuan, marking a year-on-year growth of 20.11% [2]. - The business structure is now driven by a "dual-engine" model of asset management trusts and asset service trusts, with securities investment trusts growing to 12.48 trillion yuan, surpassing 50% of the funding trust proportion for the first time [2]. Unique Advantages of Trusts - Trust companies possess unique institutional advantages that allow them to provide services that other financial institutions cannot match, such as risk isolation and asset independence [3]. - Trust services can extend beyond traditional finance into social governance areas, addressing comprehensive needs like family wealth inheritance and corporate incentive mechanisms [3]. Building Future Service Capabilities - Trust companies must systematically develop five core capabilities to transition from "function implementers" to "trust builders" [4]. 1. Structural Design and Institutional Application - Trust teams must be proficient in legal, tax, and financial aspects to effectively design trust structures for complex scenarios like corporate restructuring [5]. 2. Asset Management Expertise - Trust companies need strong asset allocation, investment management, and risk pricing capabilities to enhance the value of trust assets [7]. 3. Long-term Management and Multi-objective Balancing - Institutions must maintain a long-term perspective and establish governance mechanisms to ensure trust objectives are not deviated over time [8]. 4. Ecosystem Resource Integration - Trust companies should build robust external expert networks to provide comprehensive "trust+" solutions [9]. 5. Digital Empowerment and Transparent Communication - Utilizing technology for real-time monitoring and regular disclosures is essential for reducing information asymmetry and enhancing long-term relationships [10]. 2026 Outlook: Accelerating Differentiated Competition - The trust industry is expected to enter a phase where professional service capabilities become the core of competition, with a focus on asset safety and enduring client relationships [11]. - The trend in mature markets shows that service-oriented trust businesses often coincide with increased industry concentration [11]. - The transition from function implementers to trust builders is crucial for trust companies to carve out unique development paths in a high-quality growth phase [12].