登录新浪财经APP 搜索【信披】查看更多考评等级 文章来源：用益研究 2025年信托业"1+N"制度体系逐步完成顶层布局，以核心政策文件明确行业转型总方向，同时信托业协 会、信托公司合作完善新监管形势之下各项业务的配套制度。"1+N"体系中，"1"为行业转型总纲领， 即《关于加强监管防范风险推动信托业高质量发展的若干意见》，"N"是围绕业务三分类（资产管理信 托、资产服务信托、公益慈善信托）的主体规范、业务细则、配套机制等系列政策。 一、2025年信托行业政策回顾 （一）行业顶层设计——转型纲领性文件落地 2025年年初，《关于加强监管防范风险推动信托业高质量发展的若干意见》发布，设定信托业2029年和 2035年两阶段发展目标。意见明确要求坚守受托人定位，发展资产服务信托、资产管理信托、公益慈善 信托三大类业务，服务实体经济和人民美好生活；从严设定准入标准，加强股东穿透审查，建立"黑名 单"制度；完善公司治理，加强关联交易管控，实施分级分类监管，落实"双罚"制度；规范设立销售、 存续管理、信息披露和清算流程，坚决打破刚性兑付；建立风险预警与早期干预机制，明确高风险机构 处置路径，重点防控通道、资金池、房地产 ...

"资产管理信托配置标的向标准化转型，是政策与市场双向契合的结果。"在中国信托业协会专家理事周 小明看来，从市场层面上，单一的非标资产管理产品已难以满足投资者日益增强的对多元化资产管理产 品的需求，同时，近年来资本市场的投资效益也逐渐显现。这是政策与市场的这种双向契合，使得标准 资产逐渐成为资产管理信托的主导配置模式。 规模首破32万亿元 本报（chinatimes.net.cn）记者刘佳 北京报道 2025年上半年，信托业转型深化迎来里程碑式的突破。 据中国信托业协会最新披露的数据显示，截至2025年6月末，全行业信托资产规模余额为32.43万亿元。 与上年同期相比，增加了5.43万亿元，同比增长20.11%。这一数据规模在资产管理行业中位居第三位， 远超银行理财产品和私募基金。 更具行业转型标志的是，标准资产已成主导配置方式，非标资产降为辅助配置方式。其中，证券投资信 托占资金信托比例首次超过50%，达到51.09%，这意味着信托业彻底告别传统"融资+通道"模式。 随着行业逐步理清自身定位、加速回归本源业务，2021年起规模企稳回升，2024年6月末重回历史峰 值，2024年末再创29.56万亿元新高，而2 ...

来源：中国信托业协会 原标题：2025年度上半年中国信托业发展评析 2025年上半年，面对国际环境复杂多变、外部压力明显加大的挑战，国内经济凭借强劲韧性顶住压力、 迎难而上，整体运行呈现"总体平稳、稳中向好"的良好态势，上半年国内生产总值（GDP）达66．05万 亿元，按不变价格计算同比增长5.3%，对全球经济增长贡献率已经连续十多年维持在30%左右。在此宏 观背景下，信托业继续围绕"三分类"政策进行业务布局，加大推进回归本源业务的转型发展力度，充分 挖掘服务实体经济和人民美好生活的信托功能，上半年成效显著，信托资产规模继续稳步增长，信托业 务结构持续优化，信托服务功能不断强化，整体经营业绩"稳中有升"，信托业高质量发展的基础进一步 夯实。 一、信托资产规模继续稳步增长 自2018年起，因受市场环境变化与监管政策调整的影响，信托业步入了转型发展阶段，在清理压缩传统 业务（融资类信托和通道信托）的同时，积极拓展信托本源业务，全行业信托资产规模从2017年末 26.25万亿元的高位，回落至2020年末的20.49万亿元，三年间（2018-2020年）降幅达到21.94%。随着行 业逐步理清自身定位、加速回归本源业 ...

（原标题：深耕产业+创新服务 信托公司亮出差异化答卷） 证券时报记者 邓雄鹰 数据显示，截至2025年6月末，信托业资产管理规模为32.43万亿元，增长20.11%，规模再创新高。随着信托业务"三分类"推进，信托公司管理资 产情况和业务结构变化受到关注。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国信托业发展高峰论坛"上，行业嘉宾围绕"差异化破局"主题展 开深入探讨。 此次圆桌论坛由中诚信托董事会秘书王玉国担任主持人，参与讨论的行业高管包括华能信托副总经理雷妮亚、上海信托副总经理简永军、中信信 托党委委员吴晓帆。 "三分类"下业务结构巨变 雷妮亚表示，华能信托在规模上实行差异化思路，整体基调是"炉要小，火要旺"，逐步调整结构，提质增效。这种考量下，近几年华能信托管理 的信托资产规模保持在6000亿元左右。总体规模保持稳定的情况下，公司业务结构有降、有稳、有增，其中增速比较大的是权益类信托，还有财 富管理信托。 简永军表示，信托制度之所以有生命力，一是有庞大的服务群体，二是与经济社会发展的需求相适应。紧扣信托业务"三分类"政策导向，三类信 托业务均大有可为。 吴晓帆表示， ...

Core Viewpoint - The trust industry has experienced significant fluctuations over the past 23 years, characterized by three distinct development phases: exploration, rapid growth, and adjustment. The future outlook remains optimistic as the industry adapts to regulatory changes and seeks new growth avenues. Summary by Sections Development Phases - The trust industry can be divided into three phases: exploration (2002-2006), rapid growth (2007-2017), and adjustment (2018-present). The exploration phase laid the groundwork for future development, while the rapid growth phase saw trust assets increase from 4.8 trillion yuan to 26.25 trillion yuan, marking a significant transformation in the industry [2][3]. Asset Scale and Growth - By the end of 2007, trust assets reached 9.8 trillion yuan, doubling from the previous year. The industry experienced exponential growth, with annual increases exceeding 50% from 2007 to 2013. However, growth began to slow after 2013, with assets at 10.91 trillion yuan, indicating a shift in the growth trajectory [3][4]. Current Trends and Future Outlook - The trust asset scale declined to a low of 20.49 trillion yuan by the end of 2020 but has since shown signs of recovery, projected to reach 29.56 trillion yuan by the end of 2024. The industry is adapting to new regulations and focusing on service-oriented trusts, which are expected to drive future growth [4][10]. Profitability and Economic Contribution - Trust industry profits have closely followed asset growth, peaking at 82.4 billion yuan in 2017 before declining. The industry plays a vital role in the national economy, contributing significantly to tax revenues through asset management product VAT [4][5]. Key Industry Insights - The trust industry does not face systemic risks, with most companies having addressed issues related to non-standard funding pools. The industry has moved away from rigid repayment structures, allowing for healthier growth dynamics [6][7]. Regulatory Environment and Market Perception - The trust industry has been subject to strict regulation, distinguishing it from shadow banking. Recent regulatory frameworks have enhanced transparency and compliance, positioning the industry for sustainable growth [7][8]. Long-term Strategies - The future of the trust industry hinges on restructuring business models according to the three classifications of trust services: asset service trusts, asset management trusts, and charitable trusts. This reclassification is expected to alleviate competitive pressures and foster new growth opportunities [9][10]. Risk Management and Cultural Development - Trust companies are encouraged to enhance risk management capabilities and cultivate a culture of trust to ensure long-term sustainability. Emphasizing service value and community engagement will be crucial for the industry's future success [11].

Core Viewpoint - The trust industry has experienced significant fluctuations over the past 23 years, characterized by three distinct development phases: exploration, rapid growth, and adjustment [1][2]. Summary by Sections Development Phases - The trust industry can be divided into three phases based on asset scale: exploration period (2002-2006), rapid growth period (2007-2017), and adjustment period (2018-present) [2][3]. - During the exploration period, the industry laid the groundwork for future growth, despite slow growth and small scale [2]. - The rapid growth period saw trust assets increase from 4.8 trillion yuan to 26.25 trillion yuan, with annual growth rates exceeding 50% [2][3]. - The adjustment period began in 2018, with a decline in asset scale due to regulatory pressures, reaching a low of 20.49 trillion yuan in 2020, but has since started to recover [3][4]. Key Metrics - Trust assets peaked at 26.25 trillion yuan in 2017, representing a significant portion of the financial sector [3]. - The industry’s profit reached a peak of 82.4 billion yuan in 2017, followed by a decline as the industry adjusted [4]. Regulatory Environment - The introduction of the Trust Law in 2001 marked the beginning of a more regulated environment for the trust industry [2]. - Regulatory measures have been implemented to address risks associated with real estate trust businesses, including financial support policies for real estate projects [7]. Industry Risks and Misconceptions - The trust industry does not face systemic risks, as most companies have addressed issues related to non-standard funding pools and shareholder self-financing [6]. - The misconception of trust companies as "shadow banks" is addressed, emphasizing that they operate under strict regulatory oversight [7]. Future Outlook - The future of the trust industry is expected to focus on restructuring business models according to the three categories of trust services: asset service trusts, asset management trusts, and charitable trusts [8]. - The industry is anticipated to experience a second growth curve, particularly in asset service trusts, driven by regulatory encouragement and market demand [8][9]. - Long-term growth will depend on the industry's ability to manage risks, cultivate trust, and create value through services [10].

Core Viewpoint - The report highlights the financial performance and strategic direction of J-Yuan Trust Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit while emphasizing the company's commitment to transforming its business model in line with regulatory changes in the trust industry [1][2]. Financial Performance - Total operating revenue for the first half of 2025 reached CNY 149.73 million, an increase of 84.89% compared to CNY 80.99 million in the same period last year [2][7]. - The net profit attributable to shareholders was CNY 40.29 million, reflecting a year-on-year growth of 13.36% from CNY 35.54 million [2][7]. - The company's total assets increased by 5.20% to CNY 25.12 billion from CNY 23.88 billion at the end of the previous year [2][7]. - The net asset attributable to shareholders rose by 3.00% to CNY 14.11 billion compared to CNY 13.70 billion at the end of the previous year [2][7]. Industry Overview - The trust industry in China is undergoing significant transformation, with a focus on returning to core trust services and enhancing asset management capabilities [3][4]. - As of the end of 2024, the total trust assets in the industry reached CNY 29.56 trillion, marking a 9.48% increase from mid-2024 and a 23.58% increase from the end of 2023 [3][4]. - The industry is shifting from traditional non-standard financing to more diversified and professional asset service trusts, with asset service trust scale approaching CNY 11 trillion, accounting for 40% of the total [3][4]. Business Strategy - The company aims to enhance its service offerings by focusing on risk management, asset securitization, and innovative financial products to better serve the real economy [6][8]. - In the first half of 2025, the company established 117 new trust projects, corresponding to a new trust scale of CNY 1.08 trillion, a remarkable increase of 785% year-on-year [6][8]. - The company is actively exploring new business models and enhancing its asset management capabilities, particularly in the areas of infrastructure and equity projects [8][10]. Risk Management - The company emphasizes a robust risk management framework, integrating risk identification, assessment, monitoring, and response into its strategic planning and operational processes [9][10]. - Continuous improvement of compliance and internal control mechanisms is a priority to ensure sustainable development and mitigate potential risks [9][10]. Talent and Technology Development - The company is committed to building a professional talent team, having recruited 20 new professionals in key strategic areas during the reporting period [9][10]. - A focus on digital transformation is evident, with initiatives aimed at enhancing operational efficiency and customer service through advanced technology and data management [10][11].

Core Viewpoint - The article discusses the relevance of trust products in wealth management, highlighting their unique features and benefits as depicted in the popular drama "A Good Life" [1][6]. Group 1: Trust Products and Their Features - Trust products mentioned in the drama include insurance trusts and will trusts, which serve as tools for wealth protection and management [1][2]. - The "three classifications" of trust business, established by the former China Banking and Insurance Regulatory Commission, categorize trust services into asset service trusts, asset management trusts, and public welfare trusts, with wealth management service trusts falling under asset service trusts [4][6]. - Wealth management service trusts offer five key values: trust accounts, diverse scenarios, property independence, asset allocation, and public welfare [4][6]. Group 2: Market Growth and Development - China's wealth management market is the second largest globally, driven by a growing middle-income group and high-net-worth individuals, creating significant opportunities for wealth management service trusts [6][7]. - The implementation of the "three classifications" regulation marks a golden period for the development of wealth management service trusts, with companies like Ping An Trust reporting over 30% growth in this sector [7]. - As of April 2025, Ping An Trust's wealth management service trust business has surpassed 220 billion yuan, with insurance trusts accounting for 170 billion yuan and family trusts exceeding 50 billion yuan [7]. Group 3: Future Outlook and Innovations - The trust industry is expected to leverage system building and artificial intelligence to efficiently meet the wealth management needs of clients, particularly high-net-worth individuals [8]. - The unique advantages and broad development prospects of wealth management service trusts position them as a vital option for wealth management in the future [8].

Core Insights - The trust industry in China is experiencing significant growth in asset scale and optimization of business structure, with total trust assets expected to reach 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% year-on-year [1][2] Group 1: Industry Growth and Transformation - The growth in trust assets is attributed to the implementation of the "three classifications" business transformation, moving from traditional non-standard financing to a more diversified and professional asset service trust model [1][2] - Over 70% of newly established products in 2024 are asset service trusts, indicating a strong shift towards this business type, which includes wealth management, administrative management, asset securitization, and risk disposal services [2][3] Group 2: Wealth Management and Client Demand - Wealth management trust business is becoming increasingly important, driven by rising income levels and the demand for comprehensive wealth management solutions among both high-net-worth individuals and the general public [3] - The scale of wealth management service trusts exceeded 1 trillion yuan in 2024, with family trusts and insurance trusts making significant contributions [2][3] Group 3: Securities Investment Trusts - The trust industry is actively engaging in securities investment, with a total scale of over 10 trillion yuan in securities investment trusts by the end of 2024, primarily invested in bonds [3][4] Group 4: Regulatory Support and Opportunities - The issuance of regulatory guidelines in early 2024 is expected to support the high-quality development of the trust industry, alongside the initiation of trust property registration trials in major cities [5][6] - The trust property registration trials are seen as a significant opportunity for the industry to standardize and upgrade its operations [5] Group 5: Financial Performance - In 2024, the trust industry's operating income increased by 8.89% to 94.04 billion yuan, while profits decreased by 45.52% to 23.09 billion yuan, reflecting the impact of the shift towards lower-fee asset service trusts [6]

证券代码：000563 证券简称：陕国投A 公告编号：2025-13 陕西省国际信托股份有限公司 未来三年资本管理及使用规划 （2025 年-2027 年） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 在当前全球格局复杂多变、国内经济结构调整转型和行业变革持续深化的 背景下，信托行业转型持续深化。党的二十届三中全会和中央金融工作会议提 出深化金融体制改革，做好科技金融、绿色金融、普惠金融、养老金融、数字 金融五篇大文章。2025年1月，国务院转发金融监督管理总局《关于加强监管 防范风险推动信托业高质量发展的若干意见》（国办函〔2025〕14号），对 信托提出强监管、防风险和高质量发展的具体要求，明确到2029年，信托业 风险得到有效管控，业务转型有序推进，机构经营更加稳健，法律制度进一步 健全，全过程监管持续加强，信托业高质量发展基础不断夯实；到2035年， 基本形成坚守定位、治理完善、经营稳健、服务专业、监管有效的信托业新格 局。 为了深入贯彻落实党和国家各项政策要求，提升公司服务实体能力、增强 风险抗御能力、推动高质量发展增强市场竞争力，公司制定了20 ...