Core Viewpoint - The implementation of the new "Trust Company Management Measures" has led to a significant restructuring of the trust industry, with 15 companies, including Aijian Trust and Huabao Trust, obtaining new financial licenses, indicating a shift towards a standardized business framework that emphasizes compliance and professional development [1][2][5]. Group 1: Business Framework Restructuring - The new framework categorizes trust business into three main types: asset service trust, asset management trust, and public welfare trust, consolidating the previous five classifications [1][3]. - The newly defined "inherent asset liability business" includes compliant financing channels such as borrowing liquidity support from shareholders and issuing targeted bonds, while eliminating non-core businesses with low relevance to the main operations [1][3]. - Additional services in the "other business" category now include financial product investment advisory and agency sales, while inefficient services like custody and intermediary consulting have been removed [1][3]. Group 2: Compliance and Professional Upgrade - Trust institutions retain specific business qualifications and unique functional qualifications, such as Huabao Trust and Zhonghai Trust having "stock index futures trading qualifications" [4]. - The standardized framework aims to lower compliance costs and reduce regulatory arbitrage, encouraging institutions to compete based on unique qualifications and professional capabilities [4]. - The focus on core trust operations is expected to better meet the wealth management needs of residents and support the development of the real economy [4]. Group 3: Industry Evolution and Quality Development - The license renewal process serves as a "qualification re-examination," eliminating weaker institutions and promoting a competitive environment where stronger firms can thrive [5]. - The new financial licenses are designed to align business scope with risk-bearing capacity, pushing the industry from formal compliance to substantive compliance [5]. - The trust industry is entering a new phase of high-quality development, with increased concentration and a shift in competition from scale to professionalism and risk control [5].