2025 年 9 月 12 日，国家金融监督管理总局修订发布《信托公司管理办法》， 自 2026 年１月 1 日起施行。 证券研究报告 | 宏观点评 [Table_Main] 引导信托行业转型-《信托公司管理办 法》点评 事件描述 事件点评 围绕"受托人"定位，引导信托行业高质量发展。一是聚焦主责主业，坚持信 托本源。结合信托公司业务实践，突出信托主业，调整业务范围。明确立足受 托人定位，规范开展资产服务信托、资产管理信托和公益慈善信托业务。坚持 "卖者尽责，买者自负；卖者失责，按责赔偿"，打破刚性兑付。调整后的业 务范围对信托业务有"两强一弱"的作用。强化信托公司财富管理业务能力， 强化信托公司行政服务能力，弱化信托公司的融资功能。二是坚持目标导向， 强化公司治理。明确信托公司要深化党建与公司治理有机融合。加强股东行为 和关联交易管理。建立科学的内部考核机制和激励约束机制。推行受益人合法 利益最大化的价值取向，加强信托文化建设。三是加强风险防控，规范重点业 务环节。督促信托公司以受托履职合规性管理和操作风险为重点加强全面风险 管理。明确信托业务全过程管理要求。四是强化信托监管要求，明确风险处置 机制。提高信 ...

Core Viewpoint - The recent local debt resolution measures in China have significantly improved the management of local government debt, with 12 trillion yuan invested to help over 50 regions clear hidden debts, effectively controlling market risks [2][6]. Group 1: Trust Market Dynamics - The trust market is currently characterized by a simultaneous increase in establishment and a decrease in issuance, with a notable rebound in asset management trusts, where establishment scale surged over 50% [3][5]. - From September 15 to September 21, the establishment scale of asset management trusts increased by 54.71%, averaging 1.855 billion yuan daily, driven primarily by the explosive growth of non-standard trusts [6]. - Over 70% of existing trust products achieved positive returns, with stock strategy products outperforming public funds and market indices during the same period [4][8]. Group 2: Policy Impact and Industry Transformation - The recent revision of the Trust Company Management Measures has led to more stringent reviews in product registration and asset management, slowing down business progress [7][14]. - The dual policy effects of the new regulations and the non-standard investment combination rules are pushing the trust industry away from traditional scale expansion towards a focus on quality improvement [4][13]. - The emphasis on compliance and risk management is reshaping the industry, with a shift from a focus on scale to a focus on quality and risk management [12][15]. Group 3: Performance Analysis - The average yield of trust products decreased to 0.06%, with a 70.63% positive yield ratio among existing products, indicating overall stability despite market pressures [8][9]. - Stock strategy trust products have shown superior performance in volatile markets, attributed to their robust active management strategies [10][11]. - Bond strategy products maintained a steady average yield of 0.01%, reflecting their focus on absolute returns and lower volatility, suitable for conservative investors [11].

本报记者 方凌晨 9月19日，国家金融监督管理总局官网披露了3则批复，涉及中信信托、平安信托、国投泰康信托3家信托机构的核心高管 变动。具体来看，监管部门核准吕天贵中信信托董事、董事长的任职资格，核准王欣平安信托董事、董事长的任职资格，核准 包恋群国投泰康信托总经理的任职资格。 作为掌握重要决策权的核心高管，其履历受到市场关注。公开信息显示，上述新任高管均具备银行、信托等金融行业长期 从业经验。举例来说，在担任中信信托董事长前，吕天贵长期任职于银行系统，曾任中信银行信用卡中心总裁、零售银行部总 经理、私人银行部总经理等职位。王欣先后任职于平安银行、平安资管等金融机构，拥有24年商业银行与5年保险资管公司工 作经历。 年内信托公司高管变动频频，职位类型涵盖董事长、总经理（总裁）、副董事长、首席信息官、首席合规官、财务总监 等。 "信托公司自身的战略调整也是高管变动的重要原因。当公司因市场环境或行业趋势变化而调整发展战略时，往往需要新 的高管团队来推动实施；若公司业绩长期未达预期，董事会也可能通过更换管理层来寻求经营改善。"帅国让说。 在南开大学金融学教授田利辉看来，信托行业高管变动频频，原因主要在于行业转型的刚 ...

Group 1 - The Beijing Financial Regulatory Bureau has approved the appointment qualifications of Lv Tianguo as the chairman and director of CITIC Trust [1] - Lv Tianguo has over 30 years of experience in the financial industry, having held various positions at CITIC Bank and CITIC Trust [1][2] - CITIC Trust's total trust assets under management reached 2.62 trillion yuan by the end of 2024, with an operating income of 5.379 billion yuan and a net profit of 2.653 billion yuan, ranking among the top in the industry [5] Group 2 - CITIC Trust was established in March 1988 and has undergone several name changes and restructuring, with its current registered capital at 11.276 billion yuan [2] - CITIC Trust is a subsidiary of CITIC Financial Holdings, which is part of the comprehensive financial services platform of CITIC Group [3] - The trust industry is currently undergoing a transformation, with several companies, including CITIC Trust, engaging in strategic investments in emerging industries [5]

Core Viewpoint - The revised "Trust Company Management Measures" aims to drive the trust industry back to its core responsibility of "acting on behalf of others and managing finances," enhancing the industry's ability to serve the real economy and promoting high-quality development [1][2][3]. Trust System Construction - The regulatory framework for the trust industry is evolving rapidly, with the new measures set to take effect on January 1, 2026, following a public consultation that began in April 2023 [2][3]. - The revised measures emphasize the need for trust companies to focus on their core business areas, moving away from homogenized competition towards differentiated and specialized development [2][3]. Risk Management - The new regulations introduce stricter capital constraints and risk management mechanisms, aiming to enhance the overall risk resistance of the industry [2][3][6]. - Key measures include raising the minimum registered capital requirements, appointing chief risk compliance officers, and prohibiting high-risk practices such as fund pooling and channel business [6][7]. Focus on Beneficiary Rights - The revised measures highlight the importance of maximizing the legal rights of beneficiaries, requiring trust companies to adhere to their fiduciary duties and manage trust affairs in the best interest of beneficiaries [4][5]. - A specialized committee for the protection of beneficiary rights will be established within trust companies, ensuring that beneficiary interests are prioritized in case of conflicts [5]. Industry Evolution - The new regulations are expected to accelerate the elimination of weaker players in the trust industry, concentrating resources among stronger institutions capable of meeting the new requirements [7]. - Companies that adapt to the new compliance and innovation-focused environment will likely gain a competitive edge, while those relying on traditional high-leverage models may face significant challenges [7].

Core Insights - The trust industry is experiencing significant executive turnover, with 15 companies reporting 20 changes in senior management positions since August, indicating a period of transformation and adjustment within the sector [1][2][6] - The frequent changes in leadership are seen as a necessary response to strategic upgrades and risk management needs as the industry evolves [1][6] Management Changes - Notably, Wanxiang Trust has seen the highest number of executive changes, with four approvals for new leadership roles in August, including a new chairman and three directors [2][5] - Other companies, such as Shanxi Trust and CITIC Trust, have also undergone management changes, with Shanxi Trust's chairman being proposed for a new position and CITIC Trust appointing a new director [2][3] Reasons for Changes - Analysts attribute the high turnover to pressures from strategic transformation and regulatory demands, as companies shift from traditional business models to standardized products and services [3][4] - The need for experienced professionals to drive business focus and restructure profit models is emphasized, especially for firms that have accumulated risks from aggressive expansion [3][4][6] Industry Trends - The trend of frequent executive changes has been ongoing since 2025, with at least eight companies experiencing changes in key management positions [4][6] - The introduction of new regulations aimed at transitioning the industry from non-standard financing to standardized investment products is influencing these changes [4][6] Company Performance - Wanxiang Trust reported a significant decline in revenue, with a 40% drop from 2.9 billion yuan in 2023 to 1.8 billion yuan in 2024, alongside a net loss of 474.4 million yuan [5] - The company’s trust asset scale also decreased from 83.1 billion yuan at the end of 2023 to 63.9 billion yuan by the end of 2024, indicating financial challenges that may have prompted leadership changes [5]

Group 1 - The current chairman of Shanxi Trust, Wu Xu, is set to be appointed as the head of a state-owned enterprise in Shanxi Province, indicating a leadership change within the company [1] - Under Wu Xu's leadership, Shanxi Trust has been actively pursuing business transformation, focusing on wealth management, asset securitization, and family trusts amid challenges in traditional trust business [1] - Financial data shows that Shanxi Trust experienced a decline in performance, with operating income of 285 million yuan in 2024, down 4.56% year-on-year, and net profit of 24.54 million yuan, down 37.32% year-on-year [1] Group 2 - Shanxi Trust is the only trust institution in Shanxi Province, with a registered capital of 1.554 billion yuan as of the end of 2024, primarily owned by Shanxi Financial Investment Holding Group [2] - The trust industry is experiencing frequent executive changes, with several companies, including CITIC Trust and Guotou Taikang Trust, undergoing leadership transitions [2] - The current trend in the trust industry shows a "two-way flow" of executives, with leaders from banks and securities firms moving to trust companies, while some trust executives are transitioning to other financial sectors [3] Group 3 - The trust industry is undergoing profound changes, moving away from rapid growth to a transformation phase, with a significant contraction in traditional financing and real estate trust businesses [3] - As of the end of 2024, the total asset scale of the trust industry reached 29.56 trillion yuan, an increase of 5.64 trillion yuan or 23.58% from the end of 2023 [3] - Future challenges for trust companies include optimizing organizational structures and management models while focusing on sustainable profitability and leveraging shareholder resources for stable returns [3]

Core Viewpoint - The trust industry is undergoing a significant transformation due to regulatory changes, moving from a reliance on non-standard financing to a focus on standardized asset management, which is essential for the industry's healthy development [1][3][10]. Group 1: Industry Transformation - The trust industry has shifted from traditional business models, such as non-standard financing, which previously accounted for over 90% of revenue, to a more diversified approach where these models now contribute less than 50% [2][10]. - New regulations, such as the "Trust Registration Business Guide," emphasize the need for trust companies to adopt a combination investment approach, marking the end of reliance on single financing models [2][10]. - The industry is transitioning from being "quasi-credit intermediaries" to "true asset management institutions," which will enhance the service attributes of trust companies [10]. Group 2: Financial Performance - The average revenue of 57 trust companies in 2024 was 1.109 billion yuan, a decrease of 17.89% from the previous year, indicating ongoing challenges in the industry [26]. - The revenue from traditional non-standard financing has been declining, with the management fees for such services dropping significantly, leading to reduced profitability for trust companies [15][26]. - The total assets of the trust industry reached 29.56 trillion yuan by the end of 2024, with real estate trust funds dropping to 840.2 billion yuan, marking a historic low of less than 4% of total assets [13][14]. Group 3: Employee Dynamics - The number of employees in the trust industry has decreased to approximately 16,000, with 54.39% of companies implementing layoffs, reflecting a trend of industry contraction [19][21]. - The workforce in the trust sector has shrunk from over 22,000 in 2021 to about 17,563 by the end of 2023, indicating a significant reduction in personnel [20][21]. Group 4: New Business Opportunities - Trust companies are exploring innovative business models, such as prepaid fund service trusts, to address consumer issues and enhance service offerings [5][26]. - The establishment of new departments focused on securities and special asset management reflects the industry's shift towards more specialized and diversified services [24][25]. - The need for professionalization and refined management practices has become crucial as the industry adapts to new regulatory environments and market demands [28][29].

Core Insights - Ping An Trust has been awarded the "2025 Outstanding Trust Company" at the 18th "Golden Shell" Asset Management Competitiveness Case Selection, highlighting its leadership in the trust industry amid transformation trends [1] Financial Performance - In 2024, Ping An Trust achieved a consolidated operating income of 14.148 billion yuan, net commission income of 9.681 billion yuan, and net profit of 3.421 billion yuan; asset management scale reached 993 billion yuan, a year-on-year increase of 49.88% [2] - The proportion of actively managed assets reached 89.01%, with investment-related business accounting for 94% of actively managed business [2] - Wealth service trust scale exceeded 220 billion yuan, capturing 20% of the industry, with insurance trust at 170 billion yuan and family trust over 50 billion yuan [2] - Securities service trust within asset service trust exceeded 590 billion yuan, growing 84% year-on-year, serving nearly 200 institutions [2] - Innovative business scale reached 26.6 billion yuan, covering data trust and collateral service trust [2] Social Responsibility and Community Engagement - In 2024, Ping An Trust directed over 904 billion yuan to support the real economy, aiding infrastructure, industrial upgrades, and technological innovation [3] - The company has contributed 6.702 billion yuan in taxes over the past five years, supporting economic development [3] - In the charity sector, the cumulative scale of managed charitable funds exceeded 1 billion yuan, with five charitable trusts established in 2024, including the "Ping An Pride Charity Trust" focusing on youth education in central and western China [3] - The "Blue Action - Heart Youth Integration Program" was recognized as one of Shenzhen's first quality charity projects for supporting individuals with autism [3] Strategic Vision - The company aims to deepen its understanding of trust services for the real economy and align with Ping An Group's "comprehensive finance + healthcare and elderly care" strategy, focusing on compliance and innovation to set new benchmarks for the trust industry [3]

Core Viewpoint - The trust industry is undergoing unprecedented transformation, with companies actively responding to regulatory calls for development and risk prevention, aiming for business structure optimization and asset quality improvement for sustainable growth [1] Group 1: Industry Transformation - The implementation of the "New Three Classifications" by the former CBIRC in March 2023 has clarified the business boundaries and development directions for trust companies [2] - The trust industry is shifting from traditional financing to asset services, asset management, and public welfare, aligning with national economic and social development [2] - By 2024, the total trust asset scale is expected to reach 27 trillion yuan, with positive developments in asset management trusts, asset service trusts, and public welfare trusts [2] Group 2: Company Performance - As of the reporting period, CITIC Trust has an asset service trust scale of 15,303.56 billion yuan and an asset management trust scale of 10,003.85 billion yuan, leading the industry in charitable trust registrations [3] - Huaxin Trust reported a total trust scale of 5,022.48 billion yuan, with asset management trusts at 3,703.12 billion yuan and asset service trusts at 1,226.82 billion yuan [3] - Kunlun Trust has made significant progress in charitable trusts, becoming the third company in the industry to exceed 100 charitable trust registrations [3] Group 3: Risk Management - The Central Economic Work Conference in December 2024 emphasized the importance of effectively preventing and resolving key area risks, with trust companies playing a crucial role in risk management [5] - CITIC Trust has engaged in major risk resolution projects, including the restructuring of HNA Group and other significant service trust projects [6] - Trust companies are enhancing their risk management capabilities, focusing on credit risk management and adapting strategies to mitigate risks associated with high-risk trust assets [7]