Core Viewpoint - Huabao Trust has been awarded the "Three-Year Mixed Product Golden Bull Award" for its strong investment research capabilities and excellent long-term product performance, marking its fourth consecutive year of receiving accolades in the trust industry [1] Group 1: Awards and Recognition - Huabao Trust has accumulated a total of 8 Golden Bull Awards in the trust industry over the past four years, reflecting its deep commitment and recognition in the asset management sector [1] Group 2: Strategic Direction - The company is accelerating its return to the core of trust services, focusing on market demand and customer-centric approaches, and adhering to a "product + service" dual-driven strategy to enhance active investment management [1] - Huabao Trust is actively developing standardized trust products and improving its product system to create competitive financial products and services for investors [1] Group 3: Research and Product Development - The company has established a robust application-oriented "crowd research" investment research system to effectively translate research outcomes into financial support for industrial upgrades, technological innovation, green low-carbon initiatives, and public welfare [1] - Huabao Trust is committed to building a comprehensive range of "fixed income/fixed income+" products, including distinctive offerings such as "Zhaocai Jinbao," "Huaying," "Yingtai," and "ESG," with the addition of the new "Dingtai" series this year, which focuses on consumer themes while balancing value and growth [1] - The company aims to further enhance its product development and asset management capabilities to provide attractive and high-quality specialty products to its clients [1]

Core Viewpoint - The trust industry in China is undergoing significant transformation, with a projected asset scale of 29.56 trillion yuan by the end of 2024, reflecting a year-on-year growth of 23.58% due to the implementation of the "three classifications" business model [1] Group 1: Asset Scale and Growth - By the end of 2024, the trust asset scale is expected to reach 29.56 trillion yuan, an increase of 5.64 trillion yuan from the end of 2023 [1] - The growth is attributed to the shift from traditional non-standard financing to a more diversified and professional asset service trust model [1] Group 2: New Product Formation - Over 70% of newly established products in 2024 are asset service trusts, with 4.73 million products totaling 4.48 trillion yuan, accounting for 70.17% and 53.84% of new products by number and scale, respectively [2] - Wealth management service trusts alone have a scale exceeding 1 trillion yuan, with family trusts at 6435.79 billion yuan and insurance trusts at 2703.97 billion yuan [2] Group 3: Wealth Management Demand - The demand for wealth management services is increasing as both high-net-worth individuals and the general public seek to enhance their income through asset allocation [3] - The "three classifications" regulation is seen as a driving force for sustainable development in the trust industry, encouraging a return to core competencies [3] Group 4: Risk Disposal Services - By the end of 2024, risk disposal service trusts have become the largest segment within asset service trusts, with a scale of 24099.78 billion yuan [4] Group 5: Securities Investment Trusts - The scale of securities investment trusts has surpassed 10 trillion yuan, with a total of 10.99 trillion yuan by the end of 2024, primarily invested in bonds [5] - Funds directed towards the securities market from trust funds have increased significantly, with over 40% of funds now allocated to this area [5] Group 6: Revenue and Profit Trends - In 2024, the trust industry's operating income rose to 940.36 billion yuan, an increase of 8.89% from 2023, while profits fell by 45.52% to 230.87 billion yuan [7] - The shift towards asset service trusts, which typically have lower fees, is impacting overall profit margins [7] Group 7: Regulatory Developments - The trust industry is experiencing new opportunities with the implementation of regulatory measures aimed at promoting high-quality development [8] - Pilot programs for trust property registration are being launched in various cities, supporting the industry's standardization and transformation [8]