在助学、养老、济困、乡村振兴、社区治理、志愿服务、特殊需要等多个领域，华宝信托通过"资源整合+金融服务"的创 新模式，有效撬动社会力量参与公益慈善事业，推动慈善资金管理规范化、运作透明化、监督常态化。 （编辑 张明富） 华宝信托公司相关负责人表示："公益慈善信托不仅是资金募集的工具，更是整合社会资源、解决社会痛点的制度性安 排。"这一认知源于对信托三分类新规的深刻理解。2023年发布的信托三分类新规将公益慈善信托单列，明确其作为信托本源 业务的重要性，要求信托公司在服务国家战略中实现社会价值与商业价值的统一。 2025年，华宝信托持续释放慈善在基层治理中的"第三次分配"作用，推动社会慈善资源不断融入基层社会治理，实现社会 效益与经济效益的双向赋能。在成都，"暖新香伴"慈善信托通过"政府引导+市场运作"模式，为新都区、理塘县两地社区工作 者提供医疗意外、重大疾病等保障。在重庆，社会工作人才发展公益信托构建覆盖学历提升、职业认证的全周期支持体系，资 助基层社会工作者提升专业能力。在浙江舟山，博施济众16号慈善信托聚焦改造居家养老照料中心食堂、实施基础道路建设等 项目，多角度提升社区服务质量。 本报讯 （记者方凌晨 ...

Core Insights - The trust industry has stabilized its overall revenue in 2025, but significant performance disparities exist among individual companies, marking a shift from homogeneous competition to differentiated competition [1][2] Performance Disparities - Leading companies like CITIC Trust, Yingda Trust, and Huaxin Trust reported substantial revenue and profit growth, with CITIC Trust achieving 6.326 billion yuan in revenue and 3.052 billion yuan in net profit, maintaining its leading position [2] - Yingda Trust exhibited remarkable growth, with revenue and net profit increasing by 51.49% and 63.70% year-on-year, respectively [2] - Huaxin Trust reported a net profit of 2.076 billion yuan, with its core business revenue growing by 167.94% [2] - Other companies like Shanghai Trust and Shaanxi Guotou also showed steady growth, with Shanghai Trust achieving 2.399 billion yuan in revenue (up 30%) and 0.763 billion yuan in net profit (up 14%) [2] Strategic Differentiation - Some companies, such as Zhongyic Trust and Kunlun Trust, have successfully navigated their transformation with clear strategic choices, with Kunlun Trust's net profit increasing over 400% [3] - Conversely, companies like Wukuang Trust are struggling, reporting a revenue of -0.203 billion yuan and a net loss of -0.806 billion yuan [3] Growth Engines - The restructuring of business models has led to significant growth in asset service trusts, which have become a new growth engine for the industry [4][5] - Investment income has played a crucial role in supporting the performance of certain companies, with Jiangsu Trust reporting 3.13 billion yuan in revenue, of which 2.348 billion yuan (75%) came from investment income [5] Wealth Management and Service Trusts - In wealth management, Shanghai Trust has developed a multi-tiered wealth management account system, achieving a total scale of 100 billion yuan with over 13,000 accounts [6] - CITIC Trust's asset scale reached 3.8 trillion yuan, with service trusts accounting for 47% of this total [6] Innovative Approaches - Companies like Kunlun Trust are focusing on integrating industry and finance, launching innovative projects in areas such as carbon capture and hydrogen energy [7] - The family trust sector is moving towards compliance, professionalism, and diversification, with increasing demand for personalized services like cross-border inheritance and charitable trusts [7]

4家信托公司2025年净利润均实现较大增幅。华鑫信托净利润达到20.76亿元，同比增长13.48%；陕国投 A实现净利润14.39亿元，同比增长5.70%；金谷信托实现净利润8.23亿元，同比增长48.81%；上海信托 实现净利润7.63亿元，同比增长14% 本报记者 方凌晨 信托公司2025年业绩披露拉开帷幕。近日，陕国投A、上海信托、华鑫信托、金谷信托等4家信托公司 率先公布2025年度"成绩单"，整体来看，这些信托公司多项核心指标实现同比增长。 业内人士认为，在信托业转型的大背景下，各家信托公司立足自身禀赋，积极探索转型路径，努力实现 业绩稳健增长。 具体来看，已披露2025年度"成绩单"的4家信托公司，在营业收入、净利润等关键维度均实现稳健增 长。 营业收入方面，4家信托公司2025年营业收入均在10亿元以上。其中，华鑫信托实现营业收入36.76亿 元，同比增长23.87%；陕国投A实现营业总收入29.28亿元，同比增长0.03%；上海信托实现营业收入 23.99亿元，同比增长30%；金谷信托实现营业总收入约15.62亿元，同比增长10.72%。 利润表现方面，4家信托公司2025年净利润均实现较大增 ...

Core Viewpoint - Special needs trusts are not limited to disabled individuals but can also benefit single, childless, and families with special needs children, providing a comprehensive solution for elder care, life support, guardianship, and inheritance issues [1][2] Group 1: Definition and Purpose - Special needs trusts are defined as a type of trust where a trust company manages assets for specific beneficiaries to meet their living needs [2] - The primary goal is to create a customized "life security plan" for individuals or families with special needs, ensuring a stable and dedicated financial resource [5] Group 2: Market Trends and Innovations - Several trust companies have recently launched special needs trusts, focusing on long-term care and life security for special needs individuals [3] - Innovations include combining special needs trusts with real estate and charitable trusts to provide tax benefits and address specific family needs [3][20] Group 3: Unique Features and Advantages - Special needs trusts offer a unique management system for assets, ensuring that funds are used appropriately and protecting beneficiaries from potential misuse [6] - The structure includes roles such as "directive authority" and "supervisor" to enhance risk management and ensure compliance with the grantor's wishes [8][9] Group 4: Challenges and Limitations - The implementation of special needs trusts faces challenges such as legal framework limitations, tax issues, and the need for professional service providers [12][15] - Trust companies must address client trust issues and the complexity of finding suitable guardians or directive authorities [13][15] Group 5: Accessibility and Affordability - The entry threshold for establishing a special needs trust is significantly lower than traditional trusts, with a minimum requirement of 300,000 yuan compared to 1 million yuan for family trusts [18] - Trust companies are exploring innovative models to cater to families with limited resources, including potential tax subsidies for real estate trusts [20][21]

Core Insights - The trust asset scale in China reached 29.56 trillion yuan by the end of 2024, marking a year-on-year growth of 23.58%, despite a significant profit decline of 45.52% to 23.09 billion yuan [1][7] - The implementation of the "three-category" regulation in 2024 has prompted the industry to adjust positively, indicating a need for new revenue and profit growth points [1][2] Trust Asset Scale and Growth - The trust asset scale increased by 2.56 trillion yuan from mid-2023, reflecting a growth rate of approximately 9.5%, and a year-on-year increase of 5.64 trillion yuan [1][2] - Over the past 15 years, the trust asset scale has fluctuated, initially rising to a peak of 26.25 trillion yuan before experiencing a decline due to regulatory changes, stabilizing in mid-2022, and now approaching 30 trillion yuan [2] Business Structure Optimization - The "three-category" regulation has shifted the focus of trust companies from traditional non-standard financing to more diversified and specialized asset service trusts, asset management trusts, and charitable trusts [2] - By the end of 2024, wealth management service trusts exceeded 1 trillion yuan, with family trusts at 643.58 billion yuan and insurance trusts at 270.40 billion yuan [3] Fund Trust Allocation - By the end of 2024, the scale of fund trusts reached 22.25 trillion yuan, with a year-on-year increase of 28.02% [4][5] - Fund trusts directed towards the securities market amounted to 10.27 trillion yuan, representing a significant year-on-year growth of 55.61% [5][6] Profitability Challenges - The trust industry faced a decline in profits, with total operating income rising to 94.04 billion yuan, but profits plummeting to 23.09 billion yuan, nearly halving [7] - The shift towards asset service trusts, which typically have lower fees, has impacted overall profit margins, necessitating a focus on enhancing business yield [7] Support for the Real Economy - Approximately 28.81% of the 22.25 trillion yuan in fund trusts was directly allocated to the real economy, with an additional 46.17% indirectly supporting it through the securities market, totaling 16.68 trillion yuan [8]

Core Insights - The overall performance of the trust industry has declined, with total revenue of 90.55 billion yuan in 2024, down 11.48% from 2023, and net profit of 29.80 billion yuan, a decrease of 20.58% [1] - Despite the overall downturn, certain "bank-affiliated" trust companies like Ping An Trust, CITIC Trust, and Industrial Bank Trust have shown strong performance [1] - The implementation of the new "three classifications" regulation is driving ongoing transformation within the industry [1] Group 1: Company Performance - Jianxin Trust reported a revenue of 5.497 billion yuan in 2024, a decline of 26.98%, and a net profit of 543 million yuan, down 71.57% from 1.910 billion yuan in 2023 [1] - CITIC Trust achieved total revenue of 5.379 billion yuan, with net profit of 2.653 billion yuan, and a trust asset balance of 26.244 billion yuan by the end of 2024 [1] - China Overseas Trust reported a revenue of 1.474 billion yuan, a year-on-year increase of 22.7%, but net profit fell by 46.9% to 338 million yuan [2] Group 2: Revenue and Profit Trends - Ping An Trust is the only trust company with revenue exceeding 10 billion yuan, while CITIC Trust and Industrial Bank Trust follow in second and third place [2] - Among the top ten trust companies by revenue, Yingda Trust saw a significant increase of 14.58%, while Shanghai Trust and China Resources Trust experienced declines of 62.05% and 18.13%, respectively [2] - Jilin Trust reported an extraordinary revenue increase of 917.56%, with several other companies like Kunlun Trust and Hangzhou Industrial Trust also showing over 100% growth [2] Group 3: Net Profit Analysis - The top three companies by net profit are Ping An Trust, Jiangsu Trust, and CITIC Trust, with seven companies, including Wanxiang Trust and Zhejiang Jin Trust, reporting losses [2] - Shan Guotou Trust had a notable net profit increase of 25.79%, attributed to a significant reduction in credit impairment losses [3] - Jilin Trust was the only company to double its net profit, achieving a growth of 216.97% [3] Group 4: Asset Management Scale - As of the end of 2024, five trust companies managed over 1 trillion yuan in trust assets, with three exceeding 2 trillion yuan [3] - The five leading companies in asset management are China Resources Trust, CITIC Trust, Foreign Trade Trust, Jianxin Trust, and Yingda Trust, with asset scales of 2.68 trillion yuan, 2.62 trillion yuan, 2.15 trillion yuan, 1.47 trillion yuan, and 1.09 trillion yuan, respectively [3]