证券研究报告 金融行业周报 ——央行发布8月社融数据，金融监管总局修订信托管理办法 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年9月15日 1 核心观点 央行发布8月社融数据，金融监管总局修订信托管理办法 1 重点聚焦 央行发布社会融资规模数据 事件：9月12日，央行发布2025年8月社会融资规模统计数据报告。 （资料来源：央行，wind，平安证券研究所） 点评：2025年8月新增人民币贷款增加5900亿元，同比少增3100亿元，余额同比增速6.8%。住户贷款增加303亿元，企 （事）业单位贷款增加5900亿元，票据融资增加531亿元。2025年8月社会融资规模增量为2.57万亿元，比上年同期少 4630亿元，社融余额同比增速为8.8%。其中：对实体经济发放的人民币贷款增加6233亿元，同比少增4178亿元；企业 M1及M2增速 -14 - ...

Core Insights - The Beijing Financial Regulatory Bureau has officially approved Tu Yikai's qualification as a director of CITIC Trust as of August 22 [1] - CITIC Trust, a leading trust company in the industry, reported a revenue of 5.379 billion yuan in 2024, with a net profit of 2.653 billion yuan [1] - As of the end of 2024, CITIC Trust's total trust assets reached 26.244 trillion yuan, with 15.3 trillion yuan in asset service trusts and 10 trillion yuan in asset management trusts [1] Company Overview - Tu Yikai has been with CITIC Bank since April 2002 and has held various positions within CITIC Trust since December 2008, currently serving as the Deputy Secretary of the Party Committee, General Manager, and Secretary of the Board [1] - CITIC Trust was established on March 1, 1988, with a registered capital of 11.276 billion yuan, and is a subsidiary of China CITIC Financial Holdings [1] Financial Performance - In the first half of 2025, CITIC Trust achieved a total revenue of 2.916 billion yuan, with net commission income of 1.005 billion yuan, both showing growth compared to the same period in 2024 [1] - The company reported a total profit of 1.682 billion yuan in the first half of 2025, representing a year-on-year increase of 3.6%, while net profit rose by 13.5% to 1.567 billion yuan [1]