超2万亿资金“搬家”证券市场

Core Viewpoint - The trust industry in China has seen a significant recovery in revenue and profit growth in the first half of 2025, indicating a potential bottoming out and a return to core business practices, despite ongoing challenges in the transition phase [3][5][14]. Group 1: Industry Overview - As of mid-2025, the total trust asset scale in China surpassed 30 trillion yuan, reaching 32.43 trillion yuan, making it the third largest sector in the asset management market [3][8]. - The trust industry has shifted from traditional financing and channel trust models to asset management and asset service trusts, with a notable trend of funds moving towards the securities market [3][8]. Group 2: Revenue and Profit Trends - In the first half of 2025, the trust industry achieved operating revenue of 343.62 billion yuan and a total profit of 196.76 billion yuan, marking a year-on-year increase of 3.34% and 0.45% respectively [5][6]. - The industry experienced a significant decline in revenue and profit in 2024, with operating revenue down 32.73% and total profit down 40.63% compared to the previous year [5][6]. Group 3: Asset Allocation Trends - By mid-2025, funds directed towards financial markets reached 15.05 trillion yuan, accounting for 61.60% of total trust funds, a substantial increase from 42.38% at the end of 2022 [9][10]. - The allocation to the bond market remains dominant, with 9.36 trillion yuan invested, while equity and fund markets combined received only 1.47 trillion yuan [9][10]. Group 4: Asset Service Trusts - Asset service trusts, encouraged by regulatory bodies, are still in the exploratory phase, with wealth management service trusts amounting to 4.37 trillion yuan and administrative management service trusts at 2.80 trillion yuan as of mid-2025 [11][12]. - The development of green trusts is seen as a necessary step for the industry to return to its core functions, although challenges in asset identification and risk management persist [13][14].