HTSC(SH:601688) 华宝财富魔方·2025-06-12 11:30Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to the continuous regulatory efforts to eliminate institutional arbitrage and fill regulatory gaps across financial sectors [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, leading to increased inflow of funds, particularly from low-risk preference bank wealth management [2][3]. - The collaboration between trust companies and wealth management firms has resulted in a significant increase in standard trust product scales, achieving historical highs [2][3]. Group 2: Risks Associated with "Borrowing Path" - The regulatory authorities have raised concerns regarding the risks accumulated through the "borrowing path," prompting a notification to trust companies to strengthen compliance management in their cooperation with wealth management firms [3][4]. - Investors may face mismatched risk profiles and potential losses due to the improper use of smoothing mechanisms in product returns, which can lead to unfair distribution of returns among different investors [4][5]. - The risks associated with low-rated bonds and improper valuation methods can result in significant losses for investors, deviating from their actual risk tolerance [6]. Group 3: Scale Growth Driven by Strong Performance - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk return environment and the preference for low-volatility bonds have attracted substantial funds into standard trust products, contributing to the industry's record scale [15]. Group 4: Regulatory Actions and Future Outlook - Regulatory measures are being implemented to address institutional arbitrage and ensure fair competition among asset management institutions, guiding them back to their core investment functions [10][11]. - The ongoing regulatory cleanup aims to protect investors and ensure fair distribution of investment returns, while also addressing the risks associated with fixed-income products [10][11]. - Looking ahead, the challenge for trust companies will be to find new business opportunities in a declining yield environment, as the previous strategies may not yield similar results in the future [15].