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]