潮水退去，信托业靠什么留在牌桌？

Core Viewpoint - The trust industry is undergoing a transformation where the institutional advantages must be converted into deep service capabilities for future development, particularly by 2026 [1][12]. Industry Consensus: Why Financial Institutions are Shifting to Service Competition - The comprehensive implementation of asset management regulations has fundamentally changed the wealth management landscape, shifting client decision-making from "promised returns" to "trust relationships" [1][13]. - Financial institutions, including banks, brokerages, funds, and trusts, must build competitive advantages through deep service and professional accompaniment [1][13]. - The growth of resident wealth and diversified financial needs is driving the industry from a "product-centered" to a "customer-centered" approach, with trust companies needing to explore high-net-worth clients' diverse needs beyond traditional wealth management [2][14]. - As of June 2025, the scale of trust assets reached 32.43 trillion yuan, a year-on-year increase of 20.11%, with the structure driven by asset management trusts and asset service trusts [2][14]. Differentiated Advantages of Trust: Institutional Endowment Defines Service Boundaries - Trust companies possess unique institutional advantages that allow them to provide services in deeper scenarios and broader areas, such as risk isolation and asset independence [3][15]. - Trust structures can offer certainty in complex situations like corporate bankruptcy restructuring and prepaid fund management, ensuring asset safety [3][15]. - Trust services extend beyond traditional finance into social governance areas, addressing comprehensive needs such as family wealth inheritance and corporate incentive mechanisms [3][15]. Building Future-Oriented Service Capabilities: From Function Realization to Trust Establishment - Trust companies need to systematically build five core capabilities to transition from "function realizers" to "trust builders" [4][16]. 1. Architectural Design and Institutional Application Ability: Essential for complex scenarios like corporate restructuring and family inheritance [5][17]. 2. Asset Management Professional Capability: Necessary for value appreciation through professional asset allocation and investment management [7][19]. 3. Long-term Management and Multi-Goal Balancing Ability: Critical for maintaining balance among various interests over decades [8][20]. 4. Ecosystem Resource Integration Ability: Required to provide comprehensive solutions through a strong external expert network [9][21]. 5. Digital Empowerment and Transparent Communication Ability: Important for real-time monitoring and reducing information asymmetry [10][21]. 2026 Outlook: Accelerating Formation of Differentiated Competitive Landscape - As the industry transforms, trust companies are positioning themselves in differentiated tracks based on their resource endowments, focusing on deep service and professional asset management capabilities [11][22]. - The market will increasingly prioritize indicators such as asset safety and the durability of client relationships, marking a shift in value assessment standards [11][22]. - The development of service-oriented trust businesses is typically accompanied by increased industry concentration, leading to a competitive elimination phase centered on professional service capabilities by 2026 [11][22].