陈兵："十四五"期间，公司的核心战略定位是坚守信托本源，服务实体经济与民生福祉，向高质量发展 全面转型。战略重心发生了根本性变化，从过去以房地产、政信等融资类业务为主，转向全力发展财富 管理、资产管理及服务社会治理等信托本源业务，发展目标也从追求规模扩张转变为追求有质量、可持 续的增长。 以业务数据作为对比，到"十四五"末期，在公司1.3万亿元业务规模中，代表转型方向的业务，比如， 证券专户类信托突破7000亿元，主动管理资管信托达2000亿元，资产证券化及普惠金融业务规模近1200 亿元，财富管理账户规模近1000亿元，财富管理信托存续单数超过1.3万单，服务客户超2万名，净资产 从2015年的67亿元增长至250亿元。 《金融时报》记者：面对"三分类"新规带来的信托行业格局变化，上海信托在业务布局调整上有何经 验？ 陈兵：我们应对"三分类"新规的经验在于前瞻布局与主动重塑，坚持做难而正确的事，以真正的专业能 力去适应监管导向。 从相关实践来说，我们在2014年便布局家族信托，并于2021年行业首创家庭服务信托，目前该业务市占 率全国第一，形成了从30万元安养信托到1000万元家族信托的完整账户体系。另外， ...

据介绍，近年来，兴业信托资本实力持续雄厚，业务格局日益多元，管理规模稳步提升，家庭服务信 托、家族信托新增规模行业规模持续攀升。截至2025年10月末，兴业信托管理的信托业务规模超过7800 亿元，在支持国家重大战略中彰显信托担当，已成为信托行业回归本源定位、加快转型发展的中坚力 量。 兴业信托相关负责人表示，兴业信托将以更强的使命感与创造力，持续提升服务实体经济质效，朝 着"监管放心、客户信赖、股东满意、员工自豪"的"价值型信托机构"目标阔步迈进。 11月7日，由证券之星主办的第十三届"资本力量"年度品牌活动评选结果揭晓。兴业信托荣膺"2025年度 卓越影响力信托公司"奖项，充分肯定了公司在转型发展中取得的成绩与行业影响力。 据悉，证券之星自2012年起连续第十三年举办"资本力量"年度活动，始终致力于通过公开、公正、专业 的评估体系，从信息披露、盈利能力、成长潜力、创新动能、社会责任等多维度综合审视各类市场主 体，挖掘并表彰真正具备核心竞争力与行业引领力的优秀企业与机构。 多年来，兴业信托始终秉承"兴信立业，精诚守托"的文化理念，坚守"金融为民"的初心，顺应信托行 业"新三分类"转型要求，加快回归本源步伐， ...

信托业务"三分类"新规实施，开启了信托行业第三次转型之路，其中风险处置服务信托被明确列为资产 服务信托的重要类别。大业信托作为国有控股的信托公司，找准定位，将风险处置服务信托作为响应股 东单位回归主责主业的重要工具和回归信托本源推动转型发展的重要方向。 2020年以来，大业信托开始拓展问题项目和问题企业的纾困业务。截至目前，大业信托存续的风险处置 服务信托规模逾174亿元。业务模式涵盖从风险隔离到结构化债权重组、共益债投资等多种形式，以解 决合作方的实际问题为本，充分运用各方股东资源优势，助力困境企业提升债务重组效率，从而达到保 民生、保稳定、促发展、促安全的各方共赢局面。 大业信托始终坚持立足受托人定位，充分发挥信托制度优势，以资产服务信托业务为重要抓手，服务国 家经济发展大局。公司将始终遵循高质量党建引领高质量发展的根本原则，进一步深入贯彻落实党的二 十届四中全会精神，全力谱写好金融"五篇大文章"。 2025年11月，大业信托"绍兴项目风险处置服务信托"在证券时报主办的2025年度优秀信托公司评选活动 中荣获"优秀风险处置服务信托"奖。该项目是大业信托贯彻落实国家关于房地产化解风险"十六条"政策 的积极探 ...

自10月1日起实施的《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》（以下简称 《通知》）如今已落地一月有余。 《通知》要求，商业银行总行应当对平台运营机构、增信服务机构实行名单制管理，通过官方网站、移 动互联网应用程序等渠道披露名单，及时对名单进行更新调整。商业银行不得与名单外的机构开展互联 网助贷业务合作，并特别提出外国银行分行、信托公司、消费金融公司、汽车金融公司参照执行。 这一"名单制"要求，让助贷市场中的各类金融机构有了明确遵循。《通知》发布至今，除银行、消费金 融公司外，多家信托公司也已相继公布平台运营机构、增信服务机构等互联网助贷业务合作机构名单。 据《金融时报》记者不完全统计，目前已有上海国际信托、国投泰康信托、交银国际信托、中诚信托、 中信信托、外贸信托、爱建信托、五矿信托、云南国际信托、粤财信托、山西信托、陕国投信托、华能 信托、中粮信托、天津信托、华鑫信托等至少16家信托公司进行了"白名单"公示。 从已披露的合作机构情况来看，合作机构主要集中在头部的互联网大厂以及金融科技公司，包括大众熟 知的蚂蚁、度小满、美团、抖音、携程以及信也科技、乐信等旗下关联公司，而它们也频繁出现在了 ...

Core Insights - The asset management trust market is experiencing a shift, with non-standard products cooling off while standard trust products are gaining traction [1][4]. Group 1: Market Performance - In October, the issuance of asset management trusts saw a decline in both quantity and scale month-on-month, with 2,208 products issued, a decrease of 9.39%, but a year-on-year increase of 19.87% [2]. - The disclosed issuance scale was 110.73 billion yuan, down 12.99% month-on-month, but up 25.52% year-on-year [2]. - Non-standard products saw a significant drop, with issuance quantity down 18.72% and scale down 19.81% month-on-month [2]. - Standard trust products experienced a slight decrease in issuance quantity by 1.23%, but their scale increased by 1.00% [2]. Group 2: Market Dynamics - The establishment of asset management trusts also declined, with 1,651 products established in October, a decrease of 27.71% month-on-month, but a slight year-on-year increase of 0.61% [2]. - The disclosed establishment scale was 60.52 billion yuan, down 14.62% month-on-month, but up 28.95% year-on-year [2]. - Non-standard products faced a weak establishment market, with a 37.12% decrease in quantity and a 22.78% decrease in scale month-on-month [2][3]. - In contrast, standard trust products saw a growth in establishment scale by 12.86% despite a decrease in quantity [2][3]. Group 3: Regulatory Environment - The trust industry is undergoing a transformation due to a series of new regulations aimed at clarifying the boundaries of various trust business categories [4]. - The recent regulations emphasize a shift from traditional non-standard business models to a focus on asset management trusts, which are defined as private asset management products based on trust law [4]. - The new regulations prohibit channel and fund pool businesses, and impose reasonable restrictions on non-standard debt investment ranges and structured product leverage levels [4]. Group 4: Future Outlook - The trust industry is expected to transition from a scale-oriented approach to a quality and efficiency-first model, enhancing competitive differentiation in the large asset management market [5].

Core Viewpoint - The trust industry is experiencing a significant shift towards standardized trust products as non-standard products face a downturn due to regulatory changes and market conditions [1][4]. Group 1: Market Performance - In October, the issuance of asset management trusts saw a decline in both quantity and scale compared to the previous month, with 2,208 products issued, a decrease of 9.39% month-on-month, but an increase of 19.87% year-on-year [2]. - The disclosed issuance scale was 110.732 billion yuan, down 12.99% month-on-month, but up 25.52% year-on-year [2]. - Non-standard products experienced a significant drop, with issuance quantity down 18.72% and scale down 19.81% month-on-month [2]. - Standardized trust products saw a slight decrease in issuance quantity by 1.23%, but their disclosed issuance scale increased by 1.00% [2]. Group 2: Market Dynamics - The establishment of asset management trusts also declined, with 1,651 products established in October, a decrease of 27.71% month-on-month, but a slight increase of 0.61% year-on-year [2]. - The disclosed establishment scale was 60.516 billion yuan, down 14.62% month-on-month, but up 28.95% year-on-year [2]. - Non-standard products showed a weak performance, with establishment quantity down 37.12% and scale down 22.78% month-on-month [2]. - In contrast, standardized trust products, while also seeing a decrease in establishment quantity, had their disclosed establishment scale increase by 12.86% month-on-month [2]. Group 3: Regulatory Impact - The decline in non-standard products is attributed to the implementation of new pre-registration regulations and the impact of the holiday season, which disrupted market dynamics and extended fundraising cycles [3]. - The trust industry is undergoing a transformation due to a series of new regulations aimed at clarifying the boundaries of trust business categories and enhancing regulatory oversight [4]. - The recent regulatory framework emphasizes a shift from traditional non-standard business models to a focus on asset management trusts, which are defined as private asset management products based on trust law [4]. - The new regulations prohibit channel and fund pool businesses, limit non-standard debt investment ranges, and establish clear business scopes and regulatory requirements for asset management trusts [4]. Group 4: Future Outlook - The trust industry is expected to transition from a scale-oriented approach to a quality and efficiency-first model, enhancing competitive differentiation in the broader asset management market [5].

Core Viewpoint - The recent draft regulation from the National Financial Supervision Administration aims to tighten the trust "channel" business, reshaping the cooperation model of internet lending and pushing trust companies towards active management roles [1][4]. Summary by Sections Regulation Overview - The draft regulation defines asset management trusts as private equity products based on trust law, requiring trust companies to fulfill active management responsibilities and prohibiting any form of capital preservation promises [2][3]. - Trust companies are forbidden from conducting channel and fund pool businesses, necessitating separate accounting for trust products and accurate reflection of trust property status [2][3]. Impact on Trust Companies - Trust companies have historically acted as "shadow roles" in channel businesses, which has led to regulatory arbitrage and increased systemic risks [2][3]. - The new regulation compels trust companies to transition from passive channels to active managers, necessitating the establishment of independent risk control systems and operational capabilities [5][6]. Changes in Internet Lending - The regulation will lead to a reshuffling of cooperation models in internet lending, requiring trust companies to have substantial management and supervisory authority over the entire loan process [1][6]. - The prohibition of common practices in internet lending, such as rolling issuance and pooled operations, will necessitate greater transparency and compliance in fund usage [5][6]. Industry Transformation - The regulation is expected to accelerate the transformation of the trust industry, with a focus on professionalization, transparency, and compliance, ultimately enhancing risk identification and pricing capabilities [1][4]. - The anticipated shift may result in the elimination of trust companies lacking core competencies, as they face increased compliance costs and a narrowing of operational scope [4][6].

Core Viewpoint - Jianyuan Trust is experiencing significant growth in trust asset scale but is facing challenges with declining revenue and cash flow pressure, indicating underlying operational issues despite a recent restructuring [1] Group 1: Financial Performance - In the first three quarters, the company achieved total operating revenue of 189 million, a year-on-year decrease of 24.61%, while net profit attributable to shareholders was 51.57 million, an increase of 24.25% [1] - The net profit after deducting non-recurring gains and losses was 143 million, reflecting a modest year-on-year growth of 1.39% [1] - The net cash flow from operating activities was -96.13 million, compared to 562 million in the same period last year, indicating a significant decline in cash flow [1][3] Group 2: Business Transformation Challenges - The primary challenge faced by Jianyuan Trust in the third quarter is the decline in revenue from existing business, particularly from traditional fee and commission income, which aligns with the overall industry trend [2] - Despite a notable increase in trust asset scale, this growth has not effectively translated into revenue growth, highlighting challenges in developing profitability from new business [2] - The company is actively transitioning from traditional business to service trusts and standardized products, but this shift requires time and is unlikely to fully compensate for the revenue gap from traditional business in the short term [2] Group 3: Concerns Over Financial Stability - The quality of the company's earnings is under scrutiny, as the growth in net profit is primarily driven by non-recurring factors rather than strong performance in core business operations [3] - The cash flow situation is concerning, with a significant decline compared to the previous year, indicating increasing pressure on cash flow recovery [3][4] - The total profit of the company has also decreased, mainly due to reduced revenue from existing business and fluctuations in the valuation of financial assets [4]

Core Viewpoint - Zhongyuan Trust has achieved a significant legal victory regarding the risk management of its real estate trust, marking a phase in its ongoing challenges amid industry transformation [1] Financial Performance - From 2020 to 2024, Zhongyuan Trust's operating revenue showed a "high-low rebound" trend, with revenues of 833 million in 2020, rising to 1.071 billion in 2021, then dropping to 757 million in 2022, slightly increasing to 791 million in 2023, and projected to reach 881 million by the end of 2024, indicating that revenue levels have not returned to the peak of 2021 [2] - Profitability has also fluctuated, with net profits of 313 million in 2020, a slight increase to 329 million in 2021, a sharp decline to 126 million in 2022, and a recovery to 144 million in 2024, reflecting an unstable profit capability over the past three years [2] Capital and Management Changes - In response to the dual challenges of industry transformation and performance pressure, Zhongyuan Trust has undergone significant capital and management adjustments, including an approved capital increase of approximately 724 million from Henan Investment Group, raising its registered capital from 4.681 billion to 5 billion [3] - This marks the seventh capital increase since the company's restructuring in 2002, making it the fifth trust company to complete a capital increase in 2025, following Dongguan Trust, Tianjin Trust, Northern Trust, and Jilin Trust [3] - The management team has also seen major changes, with the current chairman, Cao Weidong, having a background in Industrial and Commercial Bank of China, succeeding Zhao Weihua, who was investigated for serious violations of discipline and law in April 2022 [3]

Core Viewpoint - The appointment of Cui Bingwen as the new chairman of Shanghai International Trust Company marks a significant strategic shift for the bank-affiliated trust company, which manages nearly one trillion yuan in assets, during a critical period of regulatory restructuring in the trust industry [2][3]. Group 1: Leadership and Background - Cui Bingwen, previously a senior executive at Pudong Development Bank, has extensive experience in various key roles within the bank, providing a solid foundation for his new position [4]. - His appointment was anticipated by Shanghai Trust employees, as he had already participated in a key meeting earlier in the year, outlining his strategic vision for the company [5]. Group 2: Strategic Goals and Industry Context - Cui has set three main objectives for Shanghai Trust: enhancing profitability and operational standards, developing unique trust services, and exploring innovations for industry transformation [6]. - The trust company is currently in a critical phase of transformation, with significant growth in revenue and net profit reported for the first half of 2025, indicating early success in its strategic shift [7]. Group 3: Challenges and Future Outlook - Despite positive performance indicators, the trust industry faces challenges due to regulatory reforms that require a focus on core business operations, necessitating Shanghai Trust to differentiate itself in asset and wealth management [7][8]. - The collaboration between Shanghai Trust and its parent bank, Pudong Development Bank, presents both opportunities and challenges, with the need for deeper integration beyond superficial connections [8].