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].

监管部门正在酝酿推进信托业务分类改革，只争朝夕，探索以信托目的、信托成立方式、信托财产 管理内容和方式作为分类的基础，将信托业务分为新的三类：资产管理信托、资产服务信托、公益/慈 善信托。 据了解，有关此次业务分类改革的征求意见稿将于近期下发，业务分类改革将作为2022年信托行业 重点工作推进。 改革信托业务分类制度确是业界翘首以盼之事。深化制度改革是转型升级之本，眼下正是信托行业 转型发展的攻坚期，强化顶层设计，也即夯实基础保障。 行业内第一份关于信托业务分类标准是2014年发布的《信托业务分类及编码》，从九个维度对信托 业务进行大类划分，具体包括：资金信托与财产信托，单一信托与集合信托，私益信托、公益信托与目 的信托，合同信托、遗嘱信托与其他书面信托，机构信托和个人信托，主动管理信托与被动管理信托， 融资信托、投资信托和事务管理信托，固定收益信托与浮动收益信托，境内运用信托与境外运用信托。 上述分类方法存在重叠交叉，且不能准确体现信托业务本质。区分如此纷繁的业务类别对业内人士 尚有难度，更遑论普通投资者。近年来，关于改革信托业务分类体系的呼声渐高，监管部门此前亦有数 次筹划。 银保监会原副主席黄洪曾表示， ...

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]