Core Viewpoint - The trust industry is facing ongoing strict regulatory trends, highlighted by a significant penalty of 6.6 million yuan imposed on Zhongcheng Trust, marking the largest public penalty of the year [3][4]. Regulatory Penalties - Zhongcheng Trust was penalized for ten major violations, including unapproved senior management appointments, inadequate risk project management, and non-compliance in providing financing to projects [3][4]. - Other trust companies, such as Huacao Trust and Lujiazui Trust, have also faced penalties this year, with total fines exceeding 18 million yuan across multiple firms [5][6]. Industry Trends - Since 2019, there has been a notable decrease in the number of large penalties in the trust sector, with a shift towards more frequent and multidimensional penalties reflecting historical risks and compliance needs [5][6]. - The report indicates that while issues like non-standard funding pools and loan fund misappropriation have decreased, violations related to financing non-compliant projects and inadequate post-project management remain prevalent [6].