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探索对企业闲置不动产进行“激活”
Jin Rong Shi Bao· 2025-09-30 02:51
今年4月以来,北京、上海等地接连落地不动产信托财产登记试点。不动产作为信托财产进行登记解决 了哪些问题?开展试点意义何在? 近日,天津多部门联合发布《关于开展不动产信托财产登记试点的通知》(以下简称《通知》),这是 继北京、上海、广州、厦门之后,全国第5个地方开启不动产信托财产登记试点。 《通知》发布之后,名为"津不动产1号"的信托项目落地。《金融时报》记者发现,与此前各地以个人 持有的不动产进行登记实践不同,"津不动产1号"是企业将持有的商业地产进行登记后交由信托公司运 营。业内人士认为,此举在盘活企业闲置不动产、提升国有资产运营效率与管理水平方面取得了新突 破。 为何要将不动产作为信托财产登记 "试点意义就在于通过不动产信托登记,明确信托财产的法律地位,从而更有效地盘活庞大的存量资 产。"本报专家组成员、清华大学法学院金融与法律研究中心研究员邢成告诉《金融时报》记者,"此前 一些机构尝试过多种方式盘活不动产,可以说各有千秋。信托财产登记问题解决后,在信托制度的专业 加持下,实现对不动产的专业运营、集中规划、风险隔离和收益专用,对于盘活存量资产,服务实体经 济和民生需求都有积极作用。" 以"津不动产1号"为 ...
天津试点不动产信托登记 探索对企业闲置不动产进行“激活”
Jin Rong Shi Bao· 2025-09-30 01:13
近日,天津多部门联合发布《关于开展不动产信托财产登记试点的通知》(以下简称《通知》), 这是继北京、上海、广州、厦门之后,全国第5个地方开启不动产信托财产登记试点。 《通知》发布之后,名为"津不动产1号"的信托项目落地。《金融时报》记者发现,与此前各地以 个人持有的不动产进行登记实践不同,"津不动产1号"是企业将持有的商业地产进行登记后交由信托公 司运营。业内人士认为,此举在盘活企业闲置不动产、提升国有资产运营效率与管理水平方面取得了新 突破。 为何要将不动产作为信托财产登记 今年4月以来,北京、上海等地接连落地不动产信托财产登记试点。不动产作为信托财产进行登记 解决了哪些问题?开展试点意义何在? "试点意义就在于通过不动产信托登记,明确信托财产的法律地位,从而更有效地盘活庞大的存量 资产。"本报专家组成员、清华大学法学院金融与法律研究中心研究员邢成告诉《金融时报》记者,"此 前一些机构尝试过多种方式盘活不动产,可以说各有千秋。信托财产登记问题解决后,在信托制度的专 业加持下,实现对不动产的专业运营、集中规划、风险隔离和收益专用,对于盘活存量资产,服务实体 经济和民生需求都有积极作用。" 以"津不动产1号"为 ...
万亿信托换帅
Jing Ji Guan Cha Wang· 2025-09-17 12:04
在平安银行任职期间,王欣先后担任平安银行北京分行行长助理兼风险总监、郑州分行行长助理兼风险 总监、济南分行行长等职务。 平安信托表示,相信王欣在银行和资管领域的丰富经验将积极助推公司进一步深化战略转型,有效提升 集团内部生态赋能,推动各项业务迈上新台阶。 当下,转型为信托业的主基调。 经济观察报记者 蔡越坤 2025年9月17日,平安信托有限责任公司(下称"平安信托")宣布,9月16日,经国家金融监督管理总局 深圳监管局核准批复同意,平安信托党委书记王欣正式出任平安信托董事长。 平安信托表示,原董事长方蔚豪因工作调整,不再担任董事长职务。方蔚豪于2023年10月出任平安信托 党委书记,并于2024年1月出任平安信托董事长。 据悉,方蔚豪目前已经调任平安银行担任副行长。2025年8月25日,方蔚豪首次以副行长身份,现身平 安银行业绩发布会。 2025年5月27日,平安资产管理有限责任公司原党委委员、纪委书记、首席风险执行官兼合规负责人王 欣加盟平安信托,并担任平安信托党委书记。 王欣是北京大学硕士研究生、高级经济师,在银行业和保险资管业拥有29年丰富从业经历。据悉,王欣 于1996年加入平安银行(原深圳发展银行 ...
拐点隐现 信托业转型效果渐显
Xin Hua Wang· 2025-08-12 06:29
3月22日,中国信托业协会披露2021年信托业主要业务数据。其中,资产规模、利润总额等主要指 标均呈现增长势头。业内人士指出,行业下行态势已有企稳迹象,业务结构也发生显著变化,新发展格 局正在形成,2021年或成为信托业本轮调整的转折点。 资产规模四年来首度回升 信托业发展现企稳回升态势,主要表现在信托规模、利润总额、主业收入、资本实力等方面。 信托规模止跌回升。数据显示,截至2021年末,全行业信托资产规模余额20.55万亿元,同比增长 0.29%。"增幅虽然不大,却是信托业自2018年步入下行期以来的首次回升。"中国信托业协会专家理事 周小明告诉中国证券报记者。 据了解,信托资产规模自2017年达到26.25万亿元峰值以来,2018-2020年一直呈现负增长,三年间 规模分别降至22.70万亿元、21.61万亿元和20.49万亿元,同比降幅分别为13.50%、4.83%和5.17%。这种 下行趋势在2021年前三季度出现明显企稳迹象,到四季度实现了止跌回升。 利润总额企稳回升。2021年信托全行业实现利润总额601.67亿元,同比增长3.17%,同样是2018年 以来首年度实现正增长。 信托主业地位稳定提 ...
上半年业绩稳中承压 信托业加快布局转型创新
Xin Hua Wang· 2025-08-12 06:19
Core Viewpoint - The trust industry is experiencing a slowdown in growth for the first half of 2022, with some companies showing strong performance in their trust business. The focus for the second half remains on transformation and innovation to achieve high-quality development [1][2]. Group 1: Performance Overview - As of now, most trust companies have disclosed their unaudited financial reports for the first half of 2022, showing overall performance under pressure. The total operating income for 56 trust companies reached 57.544 billion yuan, with trust business income at 37.358 billion yuan, a year-on-year decrease of 13.86%. Proprietary business income was 20.187 billion yuan, down 15.21% year-on-year [2][3]. - Notably, Ping An Trust achieved operating income of 11.679 billion yuan, surpassing the 10 billion yuan mark, while Jianxin Trust saw a steady increase with revenue of 6.288 billion yuan, up 16% year-on-year. Other companies like CITIC Trust, Chongqing Trust, Wukuang Trust, Everbright Trust, and Zhongrong Trust also reported revenues exceeding 2 billion yuan [2][3]. - Many trust companies experienced a slowdown in net profit growth, with some reporting negative growth. Jiangsu International Trust was one of the few to achieve net growth in both operating income and net profit, with figures of 1.124 billion yuan and 1.328 billion yuan, respectively, marking increases of 134 million yuan and 128 million yuan year-on-year [2][3]. Group 2: Business Income Analysis - In terms of trust business income, CITIC Trust, Everbright Trust, and Wukuang Trust each reported over 2 billion yuan, but still saw declines compared to the previous year. Jianxin Trust, Yingda Trust, Foreign Trade Trust, and Guotou Taikang Trust achieved positive year-on-year growth, with Jianxin Trust's income at 1.429 billion yuan, up 10.38% year-on-year, and Guotou Taikang Trust showing a remarkable growth of 52.89% [3][4]. - Analysts attribute the narrowing of trust business income to regulatory pressures and a reduction in financing and management trust business scales. Additionally, fluctuations in the capital market have led to impairments in fair value changes, resulting in lackluster performance in proprietary business income [3][4]. Group 3: Strategic Focus on Transformation - Many trust companies are emphasizing "innovation and transformation" in their mid-year meetings, with a focus on standard product trusts and family trusts as key strategic areas for development. Shanghai Trust highlighted the need to align with asset management and wealth management directions [4][5]. - The issuance of standard product trust products saw a significant increase, with 1,031 products issued in July, up 13.07% month-on-month, and a total issuance scale of 73.653 billion yuan, reflecting a 23.39% month-on-month growth. This segment is becoming a major support for the trust market's growth [4][5]. - Family trust business is also gaining traction, with a reported existing scale of approximately 349.481 billion yuan by the end of 2021, and over 10 billion yuan added in June alone, marking a month-on-month growth of over 60% [5][6]. Group 4: Future Outlook - The trust industry is expected to see performance improvements as various "stabilizing growth" policies are implemented and the economy recovers. Trust companies are encouraged to leverage their resource advantages and explore business transformations in line with the latest regulatory classifications [6][7]. - The asset management and wealth management sectors are anticipated to become focal points for future development, although the industry currently lacks a differentiated competitive landscape, necessitating improvements in technology, research capabilities, and talent quality [7][8].
上半年信托收入与净利双降:信托业仍未走出转型阵痛 盈利模式重构成当务之急
Core Viewpoint - The trust industry is undergoing a transformation and is currently facing profitability challenges, with a significant decline in trust business income and net profit in the first half of 2025 compared to the same period in 2024 [1][10][11]. Financial Performance - As of the first half of 2025, 53 trust companies reported a total trust business income of 181.31 billion yuan, a year-on-year decrease of 11.38% from 204.59 billion yuan in the same period of 2024 [7][4]. - The net profit for these companies was 163.74 billion yuan, down 2.83% from 168.51 billion yuan in the previous year [7][4]. - Overall, the operating income for the industry decreased by 1.98%, and total profit fell by 3.72% year-on-year [2]. Business Structure Changes - The trust business is under pressure, with traditional high-yield trust business continuing to shrink, while proprietary business income has shown strong growth, increasing by 16.72% year-on-year [4][11]. - The decline in profit metrics is less severe than the drop in trust business income, indicating that trust companies are actively working on cost reduction and efficiency improvements [4]. Industry Challenges - The trust industry is transitioning from a traditional "interest margin-driven" profit model to a new model based on "management fees + performance sharing," which has led to a significant drop in trust business income [11][18]. - Increased compliance and operational costs due to stricter regulatory requirements are also impacting profitability [11]. - The industry is still dealing with legacy risk projects, which continue to erode profits [11]. Future Outlook - Experts believe that the trust industry, with its dual advantages in asset management and wealth management, has the potential for sustainable profitability and high-quality development as new business models are gradually adopted [1][17]. - The restructuring of profit models is seen as a critical necessity, with a focus on new business areas and enhancing active management capabilities [15][18]. - The industry is expected to stabilize and potentially recover as the proportion of new business increases and risk management continues [18].
专业是信托业的立身之本
Jin Rong Shi Bao· 2025-08-08 07:52
信托,曾被认为是高净值人士的专属。无论是百万元的起购门槛,还是上千万元的家族信托,都给 人一种"高冷"的印象。在信托业以及一些信托公司迅速发展的同时,资金池运作、通道业务风险频出, 也埋下了刚性兑付等发展隐患。面对行业风险,监管利剑果断出手,一系列引导行业规范发展的政策出 炉,转型也成为信托公司生存的必由之路。 在转型要求下,服务是当前信托业的主要着力点。从信托业数据看,服务信托规模已占据约半壁江 山。也正因为服务,信托制度以及信托公司的社会价值不断得以彰显,越来越多的百姓发现,信托原来 多种多样,能做的事非常多。例如,社会上有以保障未成年人、心智障碍者、生活不能自理的残障人 员、失能失智老人等特殊需要人群为目的的特殊需要信托;破解预付费管理难题的预付类资金服务信 托;在物业服务中引入信托制度的物业管理服务信托;将不动产作为信托财产,从而使得资产盘活的不 动产信托;还有上海近日发布的国内首个取水权行政管理服务信托等。 近日,国家金融监督管理总局就《信托公司管理办法(修订征求意见稿)》公开征求意见。这份涉 及77项条款的制度方案之所以受到各方关注,不仅是因为修订时隔18年,还因为这是一个事关27万亿元 市场的基 ...
信托业半年考:业绩现分化 转型定“输赢”
Core Viewpoint - The trust industry is experiencing significant performance differentiation, with some companies reporting strong profits while others face losses, indicating a long-term trend of divergence in the sector [1][4]. Group 1: Performance Overview - As of July 24, 2025, 53 trust companies disclosed their unaudited financial data for the first half of the year, with four companies reporting net profits exceeding 1 billion yuan and four companies reporting negative net profits [1]. - Shaanxi Guotou A reported a revenue of 1.367 billion yuan, a decrease of 2.95% year-on-year, while net profit increased by 5.74% to 726 million yuan [2]. - State Grid Yingda achieved total revenue of 1.941 billion yuan, with net profit reaching 1.362 billion yuan, showing positive growth across key financial metrics compared to the previous year [2]. - Bai Rui Trust reported a total asset of 12.138 billion yuan but incurred a net loss of 25 million yuan, marking its first loss [3]. - Wukuang Trust's revenue was 40.4978 million yuan, with a net loss of 268 million yuan, a significant decline from a net profit of 188 million yuan in the previous year [3]. - Huaao Trust reported a total profit of -619 million yuan, ranking last among 52 trust companies [3]. Group 2: Industry Trends - The industry is undergoing a transformation, with a clear trend of differentiation among companies, as some have adapted to new asset management regulations while others lag behind [4]. - Companies that began transitioning to core business areas early, such as family trusts and standardized product trusts, are faring better than those that started later [4]. - The scarcity of quality non-standard assets is putting pressure on companies that have not yet effectively transitioned, leading to a decline in traditional business revenues without sufficient income from innovative business models [4]. Group 3: Strategic Shifts - There is a growing recognition among trust companies that returning to core business areas is essential for long-term development, leading to significant management changes within the industry [5]. - Over 10 trust companies have experienced executive changes this year, with new leaders often coming from banking and securities backgrounds, indicating a strategic shift towards better understanding and navigating industry dynamics [5]. - Many trust companies are actively recruiting talent related to core business areas, focusing on innovative asset management projects, supply chain finance, and family trust services [5][6].
财经深一度丨“去通道”、谋转型,信托业出现哪些发展新趋势?
Xin Hua She· 2025-06-18 03:51
Core Insights - The trust industry in China is undergoing significant transformation, moving away from "single trust + trust loans" towards more diversified funding utilization methods [1][3] - The implementation of the "three classifications" regulation is reshaping the trust industry, promoting sustainable development and optimizing business structures [3][4] Asset Scale and Growth - By the end of 2024, the total trust assets managed by 67 trust companies in China reached 29.56 trillion yuan, marking a notable recovery in asset scale [3] - Trust asset scale has experienced a spiral evolution over the past decade, peaking at 26.25 trillion yuan in 2017, dropping to 20.49 trillion yuan in 2020, and stabilizing since 2021 [3] Regulatory Changes and Business Structure - The "three classifications" regulation, effective from June 2023, categorizes trust services into asset service trusts, asset management trusts, and charitable trusts, clarifying business boundaries [3][4] - In 2024, newly established trust products totaled 8.32 trillion yuan, with asset service trusts accounting for 70.17% of the number of products and 53.84% of the total scale [4] Funding to the Real Economy - In 2024, 28.81% of the 22.25 trillion yuan in funds trusts were directly invested in the real economy, with 46.17% funneled through the securities market [5] - The total scale of funds trusts directed towards the securities market reached 10.27 trillion yuan by the end of 2024, reflecting a 55.61% increase from the previous year [5] Wealth Management Development - There is a growing demand for comprehensive wealth management services among clients, shifting from a focus on high returns to a broader wealth management approach [6] - Wealth management service trusts dominate the "three classifications," comprising 76% of the 25 business types, with a total scale exceeding one trillion yuan by the end of 2024 [7] Charitable Trusts and Social Impact - The establishment of charitable trusts is crucial for promoting common prosperity, with 539 new charitable trusts registered in 2024, totaling a scale of 85.07 billion yuan [8] - Trust companies are increasingly involved in various social initiatives, managing nearly 35 billion yuan in charitable trust expenditures [8] Industry Outlook - The trust industry is poised for high-quality development, focusing on enhancing service to the real economy and contributing to social progress [9]
信托业破局价格“内卷”:少赚吆喝多练内功
Core Insights - The trust industry is experiencing intense price competition, leading to a situation where companies are engaging in low-cost bidding to attract clients, which is unsustainable in the long term [2][3][4] - The industry is facing a significant decline in profits despite an increase in revenue, indicating a troubling trend for future growth [5][6] - There is a call for trust companies to enhance their active management capabilities and differentiate themselves to escape the cycle of low-price competition [9][10] Industry Challenges - Many trust companies have focused on non-standard business models over the past decade, resulting in a lack of standardized and efficient operational frameworks, which weakens their bargaining power [6][7] - The introduction of new business models, such as asset securitization and family trusts, has led to fierce competition, with companies often resorting to low pricing to gain market share [4][7] - The current pricing strategies are causing a downward trend in service fees, impacting overall profitability and leading to a vicious cycle of reduced service capabilities [7][8] Financial Performance - In 2024, the trust industry reported operating income of 94.036 billion yuan, an increase of 8.89% from 2023, while profits fell to 23.087 billion yuan, a decrease of 45.52% [5] - The decline in profits is attributed to the low-fee structure of asset service trusts, which is affecting the overall profitability of the industry [5][6] Recommendations for Improvement - Trust companies are advised to focus on enhancing their active management capabilities and developing unique advantages to break free from low-price competition [9][10] - There is a suggestion to establish self-regulatory mechanisms within the industry to promote healthy competition and set standard pricing guidelines [10]