本报（chinatimes.net.cn）记者刘佳 北京报道 在服务实体经济与践行社会责任的双向赛道上，中国信托业正以务实行动力书写发展答卷。 9月29日，中国信托业协会发布《2024—2025 中国信托业社会责任报告》（下称：《报告》）。《报 告》显示，全行业受托管理资产规模突破29.56万亿元创历史新高，慈善信托新增规模同比增长超 30%，绿色信托存续规模超3200亿元。与此同时，员工队伍回暖向好，多项指标印证信托业已从"规模 恢复"迈入"价值提升"的新阶段。 锦天城律师事务所高级合伙人李宪明表示，2024年，信托业务三分类新规从"开局起步"走向"全面深 化"；进入2025年，行业更迎来了高质量发展的新阶段。展望未来，行业将在规范中稳健转型、于创新 中寻求突破。 16.68万亿元投向实体经济 《报告》显示，2024年信托业资产规模实现跨越式增长，全行业受托管理信托资产达29.56万亿元，同 比增幅23.58%，这一增速标志行业转型成效持续释放。 资金信托成为核心增长极，规模达22.25万亿元，同比增长28.02%。其中，28.81%直接投向实体经济领 域，另有46.17%通过资本市场间接支持实体经济，二者 ...

Core Viewpoint - Huaxin Trust is making progress in risk resolution by announcing the acquisition of trust beneficiary rights from individual investors by Dalian Anding, with a deadline for signing by September 25, 2025 [1][2] Group 1: Company Developments - Dalian Anding, established on July 31, 2023, will acquire eligible individual investors' trust beneficiary rights and is fully controlled by Dalian State-owned Financial Capital Management and Operation Co., Ltd. [1] - Since September 2020, Huaxin Trust has issued 17 announcements regarding delayed payments, involving 27 trust products, indicating ongoing risk management efforts [2] - Earlier in 2023, Huaxin Trust signed agreements with beneficiaries of specific trust plans, committing to pay within seven working days after signing [2] Group 2: Industry Context - The trust industry has faced risks due to rapid growth, mismanagement, and regulatory changes, prompting companies to explore risk resolution strategies [2][3] - Other trust companies, such as Xinda Trust and Jianyuan Trust, have also implemented risk resolution plans, indicating a broader trend in the industry [3][4] - Regulatory bodies are emphasizing the need for improved business norms and a comprehensive supervision system to enhance the industry's risk resilience [5][6]

Core Viewpoint - The trust industry in China is experiencing a slight decline in overall profitability, with significant structural differentiation among companies, as reflected in the financial reports for the first half of 2025 [1][6]. Group 1: Financial Performance - The overall operating income of 53 trust companies decreased by 1.98% year-on-year, while total profit fell by 3.72% and net profit declined by 2.83% [1]. - Among the 53 trust companies, 10 companies reported operating income exceeding 1 billion yuan, with the top ten companies generating revenues of 29.16 billion yuan, 19.41 billion yuan, and 16.34 billion yuan respectively [2]. - The largest revenue growth was observed in Shanghai Trust, which achieved an operating income of 11.15 billion yuan, a year-on-year increase of 39.77% [2]. Group 2: Structural Differentiation - Trust business income saw a significant decline of 11.38%, indicating a continued contraction in traditional high-yield trust business [1]. - In the segment of companies with operating income between 500 million and 1 billion yuan, Caixin Trust reported a remarkable growth of 214.65%, reaching 607 million yuan [3]. - Among the 50 comparable trust companies, 21 experienced a decline in net profit or an increase in losses, with the largest drop reported by Industrial Trust at -146 million yuan, a decrease of 323.62% [5]. Group 3: Factors Influencing Profitability - The decline in profitability is attributed to several factors, including rising management costs, increased asset impairment provisions, and the impact of new regulations on traditional high-profit channel businesses [6]. - The shift towards active management is being accelerated due to the significant reduction in channel business scale, which has historically been a profit source for trust companies [6]. Group 4: Group Holdings and Resource Advantages - Trust companies with financial group holdings or state-owned enterprise backing tend to perform better, leveraging group resources for business growth [7][9]. - Notable examples include CITIC Trust, which is part of CITIC Group, and Jiangsu Trust, which is a key member of Jiangsu Guoxin Group, indicating the importance of group affiliations in achieving financial success [8]. Group 5: New Business Directions - The trust industry is exploring new business avenues such as real estate and equity trusts, supported by regulatory initiatives aimed at establishing a formal registration system for these types of trusts [10][11]. - The pilot programs for real estate and equity trust registration signify a major breakthrough in the trust property registration system, showcasing the potential for trust companies to meet public needs and support the real economy [11].

Core Insights - The overall profitability of the trust industry has slightly declined, with operating income down by 1.98%, total profit down by 3.72%, and net profit down by 2.83% year-on-year for the first half of 2025 compared to the same period in 2024 [1] - There is significant structural differentiation within the industry, with trust business income decreasing by 11.38%, indicating a continued contraction of traditional high-yield trust business [1][7] - The top ten trust companies by operating income are primarily controlled by financial groups or state-owned enterprises, which leverage their resources for business growth [8][10] Financial Performance - Among the 53 trust companies, 10 reported operating income exceeding 1 billion yuan, while 13 had income between 500 million and 1 billion yuan, and 29 had income below 500 million yuan [2] - The top ten companies by operating income include CITIC Trust, Yingda Trust, and Huaxin Trust, with revenues of 29.16 billion yuan, 19.41 billion yuan, and 16.34 billion yuan respectively [2] - Shanghai Trust reported the highest growth in operating income at 39.77%, followed by Huaxin Trust at 24.45% and Yingda Trust at 19.18% [2] Profitability Trends - In terms of net profit, CITIC Trust led with 15.67 billion yuan, a year-on-year increase of 13.47%, while Jiangsu Trust and Yingda Trust followed with net profits of 13.98 billion yuan and 13.62 billion yuan respectively [4] - The largest increase in net profit was seen in Kunlun Trust, which grew by 421.10% to 1.08 billion yuan [4] - However, 21 out of 50 comparable trust companies experienced a decline in net profit or an increase in losses, with the largest declines reported by Xingye Trust and Wukuang Trust [5] Industry Challenges - The decline in profitability is attributed to several factors, including rising management costs, increased asset impairment provisions, and the impact of new regulations on traditional high-profit channel businesses [7] - The industry is undergoing a transformation towards active management due to the significant reduction in channel business scale, which has historically been a profit source for trust companies [7][10] Future Outlook - The trust industry is expected to continue evolving under regulatory support, with real estate and equity trusts emerging as new business exploration directions [11][12] - The establishment of property trust registration systems marks a significant breakthrough in the trust asset registration system, indicating the potential for trust companies to better serve public needs and support the real economy [12]