登录新浪财经APP 搜索【信披】查看更多考评等级 中经记者 孙汝祥 夏欣 北京报道 2025年是信托业务分类改革过渡期第二个、也是最后一个完整自然年。 这一年，随着信托行业"1+N"政策体系不断完善，"强监管、防风险、促转型"三大主线，为信托行业高 质量发展进一步指明了方向。不动产信托登记试点、股权信托登记试点持续扩围，行业基础设施建设逐 渐得以完善。 这一年，全行业信托资产规模突破32万亿元，再创新高。"三分类"政策下的资产管理信托与资产服务信 托已经替代传统的"融资信托+通道信托"业务模式，成为驱动信托资产规模增长的主导业务模式；慈善 信托财产总规模突破100亿元大关。 这一年，信托业重大风险处置取得决定性成果，系统性风险防火墙不断加固，极大提振了市场与投资者 信心。 政策体系不断完善 "方向更准、路基更平、底盘更稳、引擎更强。"中国信托业协会特约研究员袁田如是总结2025年信托行 业发展态势。 其中，"方向更准"源自信托行业"1+N"政策体系的不断完善。 2025年1月，国务院办公厅转发国家金融监管总局《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》（以下简称《若干意见》）。 "这是指导信托行业 ...

Core Viewpoint - The new regulations for the trust industry, effective from January 1, 2026, aim to reshape the business structure, governance, risk management, and regulatory mechanisms of trust companies, promoting a return to core functions and risk-controlled development [1][3][8]. Business Scope Adjustment - The revised regulations reduce the five types of trust businesses to three: asset service trusts, asset management trusts, and public welfare trusts, while also clarifying the types of services trust companies can provide [4][5]. - Certain non-core and conflicting business activities have been eliminated, such as acting as initiators of investment funds and providing intermediary services [4][5]. Focus on Core Responsibilities - The regulations emphasize the role of trust companies as fiduciaries, moving away from channel arbitrage and off-balance-sheet financing, which is expected to enhance risk isolation and asset security [5][6]. - This shift is anticipated to foster innovation and breakthroughs in high-quality development areas such as serving the real economy, wealth management, family trusts, and charitable trusts [5][6]. Governance and Risk Management Enhancements - New requirements include a minimum registered capital of 50 million RMB, regular evaluations of major shareholders, and the establishment of a chief compliance officer to strengthen internal controls and compliance management [6][7]. - The regulations aim to address concentrated risks in areas like real estate financing and local government hidden debts, enhancing the overall risk management framework [6][7]. Transition and Rectification of Existing Businesses - Trust companies are required to identify and rectify existing businesses that do not comply with the new regulations, with a structured plan for reducing non-compliant business scales [8][10]. - The industry is expected to undergo significant restructuring, with traditional high-leverage models facing pressure, while compliant and innovative companies may gain competitive advantages [8][9]. Industry Differentiation and Compliance - There is a noticeable disparity in compliance levels among trust companies, particularly regarding registered capital and information disclosure practices [9]. - Companies are encouraged to develop a scientific rectification roadmap and enhance transparency in information disclosure to protect beneficiary rights [10].

Core Viewpoint - Regulatory authorities are advancing the classification reform of trust business, aiming to categorize trust operations into three new types: asset management trusts, asset service trusts, and public/charitable trusts [1][2]. Group 1: Reform Details - The upcoming consultation draft for the business classification reform is expected to be released soon, marking it as a key focus for the trust industry in 2022 [1]. - The reform is seen as essential for the transformation and upgrading of the trust industry, which is currently in a critical phase of development [1]. Group 2: Historical Context and Current Trends - The first classification standard for trust business was published in 2014, categorizing trust operations across nine dimensions, which included various types of trusts and management styles [1]. - The existing classification method has overlapping categories and fails to accurately reflect the essence of trust business, making it difficult for industry professionals and ordinary investors to navigate [1]. - Since the implementation of the asset management new regulations, the trust industry has been under strict supervision, leading to a continuous reduction in asset scale [2]. - As of the end of Q3 2021, the total balance of entrusted trust assets was 20.44 trillion yuan, a decrease of 22.11% from the peak in Q4 2017 [2]. - The scale of financing trusts was 3.86 trillion yuan, showing a year-on-year decline of 35.13% and a quarter-on-quarter decline of 6.57% [2]. - The classification of "asset management trusts, asset service trusts, and public/charitable trusts" is emerging as a straightforward and positive standard in response to regulatory requirements [2].

Group 1 - The core viewpoint of the news is that the trust industry in China is experiencing significant growth in asset scale, with a projected increase to 29.56 trillion yuan in 2024, reflecting a 9.48% growth compared to mid-2024 and a 23.58% increase from the end of 2023 [1] - By the end of 2024, the scale of fund trusts is expected to reach 22.25 trillion yuan, marking an 11.53% increase from mid-2024 and a 28.02% increase from the end of 2023 [1] - The operating income of the trust industry is projected to rise to 94.036 billion yuan in 2024, an 8.89% increase from 86.361 billion yuan in 2023, while profits are expected to drop significantly by 45.52% to 23.087 billion yuan [1] Group 2 - The trust industry is shifting from a focus on capital financing and asset management to prioritizing asset service trusts, which is expected to impact overall profit margins due to the low-fee nature of asset service trusts [2] - The regulatory framework established by the China Banking and Insurance Regulatory Commission in 2023 aims to categorize trust business, with a three-year transition period set to ensure orderly implementation [2] - Wealth management service trusts are highlighted as a key focus in the business classification adjustment, accounting for 76% of the 25 categories, with family trusts, insurance trusts, and other personal wealth trusts collectively amounting to 1.028882 trillion yuan [2] Group 3 - There is a growing demand for comprehensive wealth management among trust clients, driven by the stable growth of the Chinese economy and increasing personal income, indicating significant development potential for wealth management services in the trust industry [3]