Group 1 - The trust industry is experiencing a wave of executive changes, with over 45 institutions undergoing core management transitions this year, including major players like CITIC Trust and Ping An Trust [1][3][4] - Recent approvals for executive positions have been issued by various financial regulatory bodies, indicating a trend of internal promotions and reallocations within trust companies [2][3] - The shift in management is largely driven by the upcoming implementation of the "three classifications" regulation in 2024, which will redefine trust business models and necessitate a transition away from traditional financing methods [4][5] Group 2 - The new regulatory framework requires trust company executives to possess enhanced professional skills and innovative capabilities to adapt to the evolving business landscape [5][6] - As competition intensifies, trust companies are focusing on improving internal governance and risk management, often leading to changes in management teams [5][6] - The trust industry has seen a significant shift in asset allocation, with funds directed towards the securities market rising to 46.17%, surpassing traditional financing sectors [5][6] Group 3 - Regulatory scrutiny has increased, prompting trust companies to prioritize compliance and operational standardization, which is influencing executive turnover [6][7] - The trend of frequent personnel changes is expected to continue in the short term, but stability is anticipated as companies refine their development strategies [7][8] - Trust companies are exploring new opportunities in areas such as green finance and ESG, while also addressing challenges posed by reduced financing demand in traditional sectors [7][8]

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 实习生 周雨 北京报道 日前，吉林信托被当地金融监管局处以罚款30万元。这是今年被金融监管部门处罚的第6家信托公司。 据《中国经营报》记者梳理，2025年年内，中诚信托、陆家嘴信托、华澳信托、国元信托、吉林信托、 雪松信托等6家信托公司，被金融监管部门总计罚款1615万元。其中，最大的一张罚单落在中诚信托， 其因10项违法违规行为被罚款660万元。 业内专家对记者表示，监管部门对信托公司的处罚表明，"严监管常态化"的方向已然确立。当前信托业 正处于转型发展关键时期，修补合规漏洞、提升合规管理水平是信托业转型发展的基石。因此，需要制 度建设与公司内部治理协同，推动信托公司从根本上提升合规管理水平。 年内6家信托被罚 11月4日，吉林金融监管局公布了对吉林信托及相关责任人的行政处罚。其主要违法违规行为系以财务 顾问费形式收取信托报酬，且收取财务顾问费未向受益人公开。为此，该局对吉林信托公司罚款30万 元，对一名相关责任人给予警告。 "处罚案例暴露了信托公司内部控制机制薄弱和合规流程形式化问题。反映出的合规漏洞集中体现在公 司治理不健全、风险 ...

Core Viewpoint - The release of the "Asset Management Trust Management Measures (Draft for Comments)" marks a significant regulatory upgrade for the trust industry, aiming to address structural issues and promote high-quality development in asset management [1][2]. Group 1: Transformation Goals of the Trust Industry - The trust industry aims to achieve three main transformation goals: clarify the legal positioning of asset management trusts, break the rigid repayment mechanism, and standardize investment operations to enhance professional asset management capabilities [2][3]. Group 2: Comprehensive Regulatory Framework - The Measures establish a comprehensive regulatory framework covering product positioning, establishment conditions, sales management, investment operations, risk control, and information disclosure [4]. - The Measures define asset management trusts as "private asset management products based on trust legal relationships," reinforcing the independence of trust property and severing the basis for rigid repayment [4][5]. Group 3: Investor Protection and Risk Management - A strict investor suitability management system is introduced, with specific requirements for investor qualifications and minimum investment amounts, enhancing preemptive investor protection [5][6]. - The Measures prohibit various business forms that deviate from the essence of asset management, including channel business and fund pool operations, aiming to eliminate past profit models that contributed to systemic risks [6][8]. Group 4: Industry Dynamics and Future Outlook - The Measures will accelerate the restructuring of trust companies' business models, leading to a potential short-term contraction in asset management scale but opening opportunities for standardized securities investment and family trusts [8][10]. - The industry is expected to shift from a "scale-oriented" approach to one focused on "capability," resulting in increased market concentration and the exit of underperforming firms [10][11]. - Trust companies will need to compete with other asset management institutions under unified regulatory rules, necessitating strategic positioning to leverage their strengths while addressing weaknesses [11].

● 本报记者 吴杨 "十五五"规划建议提出，推动金融机构专注主业、错位发展。这为信托业转型发展提供了关键指引。截 至今年6月末，信托业资产管理规模32.43万亿元，较上年末增长9.7%。这一数据背后，是信托业告别传 统通道业务，在服务实体经济、响应监管导向、创新发展模式等领域的深度变革——从产业链金融的精 准滴灌到不动产信托的制度突破，从养老生态的构建到标品投资的布局，信托公司正以多元实践稳步前 行。 实体经济是信托业转型的核心锚点。今年以来，信托公司摒弃"资金放贷"传统模式，通过场景嵌入、工 具创新、生态共建等方式，将金融服务渗透到产业发展与民生保障的全链条，形成"实体赋能+民生托 底"的双重服务格局，而这一转型方向正与行业资产结构优化形成深度呼应。 形成差异化突围之势 中国信托业协会首席经济学家蔡概还近日透露，截至今年6月末，全行业资产管理规模32.43万亿元，较 上年末明显增长。这一增长并非简单回归，而是历经转型阵痛后的质效提升。2024年，信托业积极顺应 行业新变化和新要求，以业务"三分类"的改革深化促进转型发展。以财富管理信托业务为例，截至2024 年末，家族信托余额6435.79亿元。 超30万亿 ...

Core Viewpoint - China's charitable trust sector has transitioned from a policy exploration phase to a new stage of scaled development, with a total of 2,582 registered charitable trusts and a scale of 9.877 billion yuan as of mid-October 2025, nearing the 10 billion yuan mark [2] Policy Framework - The institutional framework for charitable trusts in China has evolved through a progressive structure of "legal foundation - policy clarification - detailed regulations," starting with the 2001 Trust Law and culminating in the 2023 classification of trust company businesses [3] - Continuous policy support is expected to guide the development direction and institutional boundaries for charitable trusts, with specific mandates for involvement in key areas such as rural revitalization and education [3] Industry Growth - The charitable trust sector is experiencing steady growth, with the number of registered trusts increasing by 306 and the scale rising by 1.314 billion yuan from the end of 2024 to September 2025, indicating a likely breach of the 10 billion yuan threshold by year-end [5] - Shanghai Trust has successfully raised 200 million yuan for over 150 charitable projects, benefiting more than 14,000 individuals across 24 provincial-level regions, focusing on education, healthcare, and rural revitalization [6] Operational Models - Shanghai Trust has established a dedicated charitable trust department to enhance business professionalism and sustainability, creating a collaborative network with various stakeholders to ensure transparency and traceability of projects [7] Challenges and Solutions - The charitable trust sector faces challenges related to public perception, professional capacity, and ecological collaboration, with misconceptions about its purpose and insufficient strategic alignment with national goals [8] - Recommendations for high-quality development include enhancing public education on charitable trusts, improving industry professional capabilities, and fostering multi-party collaboration to create a sustainable development framework [9][10]

Core Viewpoint - The recent release of the "Asset Management Trust Management Measures (Draft for Comments)" by the National Financial Supervision Administration aims to enhance regulation and risk prevention in the trust industry, marking a significant shift towards quality development and true asset management functions [1][2]. Regulatory Framework - The new measures consist of five chapters and eighty-five articles, clearly defining asset management trusts as private asset management products based on trust law relationships [1]. - The principles of "seller responsibility, buyer self-responsibility" are emphasized, prohibiting channel business, fund pool operations, and rigid repayment [1][2]. - The measures align with previous regulations, such as the "Asset Management New Regulations," to eliminate rigid repayment, multi-layered nesting, and introduce independent custody mechanisms [3]. Investor Standards and Sales Management - The measures significantly upgrade the standards for qualified investors, raising the investment threshold for individual investors and introducing requirements for institutional investors [2][3]. - Sales management is more stringent, with clear regulations on sales methods, documents, and institutions, and a prohibition on any form of capital preservation promises [3][4]. Investment Management Requirements - The measures outline strict management of trust assets, requiring clear legal relationships and adherence to specified investment ranges [4]. - Different asset categories must be managed distinctly, and investment cooperation institutions must meet specific qualifications [4]. Business Model Transformation - The new regulations signify a shift from a financing-driven model to an investment-driven model, requiring trust companies to focus on professional investment management capabilities [5][6]. - Revenue models will transition from fixed expected returns to net value fluctuations, compelling trust companies to enhance their investment research capabilities [5][6]. Industry Dynamics - The introduction of these measures is expected to lead to increased competition, with leading institutions leveraging research and resource advantages to capture market share [6]. - Smaller institutions may need to focus on niche areas or face consolidation or market exit, leading to higher industry concentration [6].

Core Viewpoint - The release of the "Asset Management Trust Management Measures (Draft for Comments)" marks a significant step in the transformation of the trust industry, emphasizing the need for improved active management capabilities and compliance in asset management trusts [1][6]. Group 1: Regulatory Changes - The new measures introduce specific requirements for asset management trusts, including limits on investment amounts from individual and institutional investors, which aim to end the single financing model for non-standard trusts [2][3]. - The measures require trust companies to enhance their active management capabilities and focus on developing and managing equity-related products while adhering to compliance [1][6]. Group 2: Sales and Compliance - The measures will eliminate the single performance assessment model for sales personnel, mandating the establishment of qualification assessments, ongoing training, and tracking evaluations [4][6]. - Trust companies are now required to define their sales channels clearly, allowing for direct sales or sales through licensed institutions, which aims to reduce risks associated with third-party sales channels [4][5]. Group 3: Industry Trends - Many trust companies are prioritizing wealth management by recruiting talent to strengthen their wealth management teams, indicating a shift towards a more client-oriented approach [5]. - The industry is facing challenges such as increased revenue without corresponding profit growth, prompting a need for trust companies to reduce channel business and enhance active management capabilities [3][6].

Core Insights - The trust industry in China is experiencing rapid expansion, with the total asset management scale reaching a historical high of 32.43 trillion yuan as of June 2023, marking a year-on-year growth of over 20% [1][2] Industry Growth - The trust industry's asset management scale increased by 2.87 trillion yuan from the end of last year, representing a growth rate of 9.7% [2] - The scale of trust assets has shown accelerated growth over the past two years, with significant increases noted in 2022 and 2023 [2] - The trust asset scale was only 3.04 trillion yuan in 2010, but surged to 26.25 trillion yuan by 2017, driven by the booming real estate sector [2] - Following regulatory changes, the industry faced a contraction from 2018 to 2020, dropping to 20.49 trillion yuan, but has since rebounded [2] Institutional Expansion - The number of trillion-yuan trust institutions has increased, with seven institutions now managing over 1 trillion yuan in assets [5] - China Ping An Trust reported a management scale of 1,052.416 billion yuan as of June 2025 [5] Market Trends - By the end of 2024, the scale of funds directed towards the securities market reached 10.27 trillion yuan, a significant increase of 55.61% from the previous year [7] - Trust companies are shifting their focus from traditional non-standard financing to more diversified and professional asset services, indicating a positive trend in scale recovery and structural optimization [7] Profitability Challenges - Despite the rapid growth in scale, the profitability of the trust industry remains under pressure, with a reported decline in revenue and net profit for many companies [9] - The total operating income for 53 reporting trust companies was 31.591 billion yuan in the first half of the year, down 1.98% year-on-year, while net profit fell by 2.83% [9] - The industry faces challenges due to late transformation for some companies, leading to a decline in traditional business income and difficulties in generating profits from innovative business models [9][10]

Core Insights - The trust industry in China has seen significant growth, with total assets under management reaching 32.43 trillion yuan by mid-2023, marking an increase of 2.87 trillion yuan (9.7%) from the end of the previous year and a year-on-year increase of 5.43 trillion yuan (20.11%) [1][2] Group 1 - The trust industry's asset management scale has rapidly increased from 3.04 trillion yuan in 2010 to 26.25 trillion yuan in 2017, driven by the booming real estate sector [1] - Following a period of contraction from 2018 to 2020, where the scale fell to 20.49 trillion yuan, the industry has shown signs of recovery, with asset sizes projected to reach 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan (23.58%) from 2023 [1] - The trust industry is transitioning from traditional non-standard financing to more diversified and specialized services, including asset service trusts, asset management trusts, and charitable trusts [2] Group 2 - The transformation of trust companies has been positively influenced by regulatory guidance, leading to a recovery in scale and optimization of structure [2] - The future focus for the trust industry includes enhancing the independent property and asset isolation functions, while adhering to the "three classifications" of business [2] - Aiming for high-quality development, the industry seeks to establish a framework characterized by clear positioning, improved governance, stable operations, professional services, and effective regulation [2]

Core Viewpoint - The trust industry is experiencing a targeted recruitment trend in response to regulatory changes and the need for transformation, emphasizing the strategic value of talent as a core driver for this transition [2][5]. Group 1: Recruitment Trends - Multiple trust companies, including Zhongguo Trust, Xiamen International Trust, and CITIC Trust, have launched recruitment plans focusing on wealth management, asset management, and risk compliance, covering various job levels from department heads to technical positions [2][3]. - The recruitment strategies are tailored to align with each company's transformation direction, showcasing a clear focus on specialized talent needs rather than broad hiring [3][4]. - Zhongguo Trust is leveraging its state-owned enterprise background to recruit both experienced and young talents in key cities, focusing on wealth management and digital operations [3][4]. Group 2: Industry Transformation - The recruitment drive is primarily driven by the need to adapt to new regulatory frameworks and business models, moving from reliance on non-standard products to core businesses like asset securitization and family trusts [5][6]. - The trust industry is witnessing a rebound in employee numbers, with a reported increase to 17,884 employees by the end of 2024, reflecting a strategic shift rather than mere personnel adjustments [6][8]. - The emphasis on hiring is not just about filling vacancies but is seen as a foundational investment for future transformation [6][7]. Group 3: Skills and Competencies - Trust companies are prioritizing not only professional skills but also soft skills such as communication, customer service, and teamwork in their recruitment strategies [5][6]. - The need for a structured training system is highlighted to ensure new hires can quickly adapt to business needs and regulatory requirements [7][8]. - The regulatory body is also enhancing training programs to align with the evolving legal and compliance landscape, introducing new subjects like Trust Law to better equip industry professionals [8].