尊敬的各位嘉宾，大家好！非常感谢《证券日报》的邀请。我今天汇报的题目是《以"本源"链接"能 源"》，介绍昆仑信托在目前新能源转型的情况下，在大资管时代的一些具体的做法。 昆仑信托前身是金港信托，成立于1986年，注册地在宁波。2009年中国石油收购了金港信托，更名为昆 仑信托，昆仑是中石油一个重要的品牌。2017年我们和中油资本（000617）旗下的昆仑银行、昆仑租赁 一块整体上市，资本金目前是102亿元。我们目前的管理规模是3000多亿元，这两年我们在北京、宁 波、西安、成都、咸阳、广州等地设立了机构，主要是积极拓展产融结合业务。 要破解目前在低利率时代信托行业在大资管背景下怎么做好业务的问题，首先得了解我们目前的行业背 景和业务态势。2024年新"国九条"为资本市场改革定调，构建1+N的政策体系。中央经济工作会议也强 调深化投融资的综合改革，打通长钱入市卡点，这都为信托行业提供了政策的沃土。信托是国内唯一具 备横跨货币市场、资本市场、实业市场的工具，这是与银行、证券、保险相比，信托最独特的地方，通 过信托工具，可以实现风险隔离、财产独立，这样就可以让信托工具在很多场景中发挥作用。现在行业 也在不断规范，处 ...

根据中国信托业协会发布的2025年上半年中国信托业发展数据，截至2025年6月末，全行业信托资 产规模余额为32.43万亿元，同比增长20.11%。 从信托行业经营业绩来看，2025年上半年，全行业实现经营收入343.62亿元，同比增长3.34%；实 现利润总额196.76亿元，同比增长0.45%。经营收入与利润总额的"双增"表现，在业内人士看来，或意 味着行业已触底回暖，围绕"回归本源"的业务调整初见成效，但行业转型发展的阵痛仍不可忽视。 "资产服务信托特别是财富管理服务信托将会获得更好更快发展，今后或将逐步形成有价值的商业 模式，成为既有规模又有业绩贡献的增长引擎。"周小明表示。 然而，非标资产与标准资产的配置比例是此消彼长的。2022年末，非标资产的投资规模在资金信托 总规模中占比高达54.52%，但在2025年上半年，资金信托对非标资产的投资规模占资金信托总规模的 比例仅为39.70%。 资产服务信托稳步增长 资产服务信托呈现稳步增长的态势，已发展成为信托业增长的重要引擎。其应用场景广覆盖，信托 的财富管理与社会服务功能充分彰显。 数据显示，截至2025年6月末，财富管理、行政管理、风险处置、资产证券 ...

Core Viewpoint - The trust industry is focusing on returning to its roots, serving the real economy and people's well-being, and transitioning towards high-quality development during the "14th Five-Year Plan" period [1][6]. Group 1: Strategic Positioning and Business Transformation - The core strategic positioning of the company during the "14th Five-Year Plan" is to adhere to the essence of trust, serving the real economy and people's welfare, and fully transitioning to high-quality development [1]. - The strategic focus has fundamentally shifted from financing-related businesses, such as real estate and government financing, to developing wealth management, asset management, and social governance services [1][2]. - The development goal has changed from pursuing scale expansion to seeking quality and sustainable growth [1]. Group 2: Business Data and Performance - By the end of the "14th Five-Year Plan," the company expects its business scale to reach 1.3 trillion yuan, with significant growth in areas like securities trust exceeding 700 billion yuan and active management asset management trusts reaching 200 billion yuan [2]. - The net assets of the company have increased from 6.7 billion yuan in 2015 to 25 billion yuan [2]. Group 3: Response to Regulatory Changes - The company has proactively adapted to the "three-category" new regulations by forward-looking layout and active restructuring, focusing on professional capabilities to align with regulatory guidance [2]. - The company pioneered family trusts in 2014 and launched family service trusts in 2021, achieving the highest market share in this area [2]. Group 4: Social Impact and Community Engagement - In rural revitalization, the company emphasizes "investing in people" by establishing charitable trusts and providing training for local officials, enhancing governance capabilities [3]. - In the elderly care sector, the company has developed unique trust accounts to address issues related to wealth inheritance and care for the elderly [3]. Group 5: Green Transformation and Differentiation - The company aims to build a differentiated advantage in green trust development by utilizing the broad investment characteristics of trust systems and developing various green financial tools [4][5]. - Challenges in green trust include the mismatch between long-term funding needs of green projects and the market's short-term capital preferences [5]. Group 6: Future Outlook and Strategic Focus - Looking ahead to the "15th Five-Year Plan," the company will focus on deepening efforts in technology finance, green finance, inclusive finance, elderly finance, and digital finance [5]. - The company has made substantial investments in major technology innovation funds, with a total investment scale of nearly 40 billion yuan [5]. Group 7: Industry Development and Challenges - The trust industry is expected to enter a new phase of high-quality development characterized by greater regulation, transparency, and sustainability [6]. - The industry faces higher demands for professional capabilities, risk control, product innovation, and differentiated services [6].

Core Viewpoint - Xingye Trust was awarded the "2025 Annual Outstanding Influence Trust Company" at the 13th "Capital Power" annual brand event, highlighting its achievements in transformation and industry influence [1] Group 1: Company Achievements - Xingye Trust has consistently adhered to its cultural philosophy of "Integrity and Excellence" and the principle of "Finance for the People," aligning with the trust industry's "new three classifications" transformation requirements [1] - As of October 2025, Xingye Trust's managed trust business scale exceeded 780 billion yuan, showcasing its robust capital strength and diversified business structure [1] Group 2: Industry Positioning - The company has become a backbone force in the trust industry, emphasizing its role in supporting national major strategies and accelerating transformation development [1] - Xingye Trust aims to enhance its service quality to the real economy, striving towards the goal of being a "value-oriented trust institution" that is trusted by customers and satisfies shareholders and employees [2]

Group 1 - The core viewpoint of the news is that Daye Trust's "Shaoxing Project Risk Disposal Service Trust" has been recognized as an "Excellent Risk Disposal Service Trust" in the 2025 Annual Excellent Trust Company Selection, reflecting the company's proactive exploration in addressing real estate risk and its commitment to social responsibility [1] - The project involves a trust structure that combines existing trust loan debts with newly issued loans for construction, addressing the challenge of shared collateral between old and new debts [1] - The project has received acknowledgment from the local government for its professional financial services and strong sense of social responsibility, indicating a positive reception and support for the initiative [1] Group 2 - The implementation of the "three classifications" new regulations in the trust business marks the beginning of the third transformation of the trust industry, with risk disposal service trusts being recognized as an important category of asset service trusts [2] - Since 2020, Daye Trust has expanded its business to include the relief of troubled projects and enterprises, with the current scale of risk disposal service trusts exceeding 17.4 billion [2] - The company emphasizes its role as a trustee, leveraging the advantages of the trust system to support national economic development, while adhering to high-quality development principles and the spirit of the 20th National Congress [2]

Core Points - The implementation of the "Notice on Strengthening the Management of Internet Loan Business by Commercial Banks" has established a "whitelist" system for financial institutions involved in internet lending, requiring banks to disclose and manage their partner institutions [1] - The new regulations have prompted at least 16 trust companies to publicly disclose their cooperation lists, indicating a shift towards greater transparency in the industry [1][2] - The focus of the regulations is not only on compliance but also on encouraging trust companies to enhance their active management capabilities and transition from a "light capital, high turnover" model to a "heavy capability, high value-added" model [2][3] Summary by Sections Section 1: Regulatory Changes - The "Notice" mandates that commercial banks manage platform operators and credit enhancement service providers through a whitelist system, prohibiting partnerships with non-listed entities [1] - The implementation has led to a significant number of trust companies publicly announcing their cooperation lists, enhancing market clarity [1] Section 2: Industry Impact - Major internet companies and fintech firms are the primary partners listed by banks and trust companies, indicating a concentration of collaboration among leading players in the market [2] - Less than 30% of companies in the consumer finance sector have disclosed their cooperation lists, reflecting a varied approach to compliance within the industry [2] Section 3: Future Directions - The "Asset Management Trust Management Measures" draft emphasizes the need for improved information disclosure, risk management, and a return to core asset management practices [3] - Experts suggest that the trust industry is moving towards a more regulated, transparent, and market-oriented development phase, marking the end of the old channel-based business model [3]

Core Insights - The asset management trust market is experiencing a shift, with non-standard products cooling off while standard trust products are gaining traction [1][4]. Group 1: Market Performance - In October, the issuance of asset management trusts saw a decline in both quantity and scale month-on-month, with 2,208 products issued, a decrease of 9.39%, but a year-on-year increase of 19.87% [2]. - The disclosed issuance scale was 110.73 billion yuan, down 12.99% month-on-month, but up 25.52% year-on-year [2]. - Non-standard products saw a significant drop, with issuance quantity down 18.72% and scale down 19.81% month-on-month [2]. - Standard trust products experienced a slight decrease in issuance quantity by 1.23%, but their scale increased by 1.00% [2]. Group 2: Market Dynamics - The establishment of asset management trusts also declined, with 1,651 products established in October, a decrease of 27.71% month-on-month, but a slight year-on-year increase of 0.61% [2]. - The disclosed establishment scale was 60.52 billion yuan, down 14.62% month-on-month, but up 28.95% year-on-year [2]. - Non-standard products faced a weak establishment market, with a 37.12% decrease in quantity and a 22.78% decrease in scale month-on-month [2][3]. - In contrast, standard trust products saw a growth in establishment scale by 12.86% despite a decrease in quantity [2][3]. Group 3: Regulatory Environment - The trust industry is undergoing a transformation due to a series of new regulations aimed at clarifying the boundaries of various trust business categories [4]. - The recent regulations emphasize a shift from traditional non-standard business models to a focus on asset management trusts, which are defined as private asset management products based on trust law [4]. - The new regulations prohibit channel and fund pool businesses, and impose reasonable restrictions on non-standard debt investment ranges and structured product leverage levels [4]. Group 4: Future Outlook - The trust industry is expected to transition from a scale-oriented approach to a quality and efficiency-first model, enhancing competitive differentiation in the large asset management market [5].

Core Viewpoint - The trust industry is experiencing a significant shift towards standardized trust products as non-standard products face a downturn due to regulatory changes and market conditions [1][4]. Group 1: Market Performance - In October, the issuance of asset management trusts saw a decline in both quantity and scale compared to the previous month, with 2,208 products issued, a decrease of 9.39% month-on-month, but an increase of 19.87% year-on-year [2]. - The disclosed issuance scale was 110.732 billion yuan, down 12.99% month-on-month, but up 25.52% year-on-year [2]. - Non-standard products experienced a significant drop, with issuance quantity down 18.72% and scale down 19.81% month-on-month [2]. - Standardized trust products saw a slight decrease in issuance quantity by 1.23%, but their disclosed issuance scale increased by 1.00% [2]. Group 2: Market Dynamics - The establishment of asset management trusts also declined, with 1,651 products established in October, a decrease of 27.71% month-on-month, but a slight increase of 0.61% year-on-year [2]. - The disclosed establishment scale was 60.516 billion yuan, down 14.62% month-on-month, but up 28.95% year-on-year [2]. - Non-standard products showed a weak performance, with establishment quantity down 37.12% and scale down 22.78% month-on-month [2]. - In contrast, standardized trust products, while also seeing a decrease in establishment quantity, had their disclosed establishment scale increase by 12.86% month-on-month [2]. Group 3: Regulatory Impact - The decline in non-standard products is attributed to the implementation of new pre-registration regulations and the impact of the holiday season, which disrupted market dynamics and extended fundraising cycles [3]. - The trust industry is undergoing a transformation due to a series of new regulations aimed at clarifying the boundaries of trust business categories and enhancing regulatory oversight [4]. - The recent regulatory framework emphasizes a shift from traditional non-standard business models to a focus on asset management trusts, which are defined as private asset management products based on trust law [4]. - The new regulations prohibit channel and fund pool businesses, limit non-standard debt investment ranges, and establish clear business scopes and regulatory requirements for asset management trusts [4]. Group 4: Future Outlook - The trust industry is expected to transition from a scale-oriented approach to a quality and efficiency-first model, enhancing competitive differentiation in the broader asset management market [5].

Core Viewpoint - The recent draft regulation from the National Financial Supervision Administration aims to tighten the trust "channel" business, reshaping the cooperation model of internet lending and pushing trust companies towards active management roles [1][4]. Summary by Sections Regulation Overview - The draft regulation defines asset management trusts as private equity products based on trust law, requiring trust companies to fulfill active management responsibilities and prohibiting any form of capital preservation promises [2][3]. - Trust companies are forbidden from conducting channel and fund pool businesses, necessitating separate accounting for trust products and accurate reflection of trust property status [2][3]. Impact on Trust Companies - Trust companies have historically acted as "shadow roles" in channel businesses, which has led to regulatory arbitrage and increased systemic risks [2][3]. - The new regulation compels trust companies to transition from passive channels to active managers, necessitating the establishment of independent risk control systems and operational capabilities [5][6]. Changes in Internet Lending - The regulation will lead to a reshuffling of cooperation models in internet lending, requiring trust companies to have substantial management and supervisory authority over the entire loan process [1][6]. - The prohibition of common practices in internet lending, such as rolling issuance and pooled operations, will necessitate greater transparency and compliance in fund usage [5][6]. Industry Transformation - The regulation is expected to accelerate the transformation of the trust industry, with a focus on professionalization, transparency, and compliance, ultimately enhancing risk identification and pricing capabilities [1][4]. - The anticipated shift may result in the elimination of trust companies lacking core competencies, as they face increased compliance costs and a narrowing of operational scope [4][6].

Core Viewpoint - Jianyuan Trust is experiencing significant growth in trust asset scale but is facing challenges with declining revenue and cash flow pressure, indicating underlying operational issues despite a recent restructuring [1] Group 1: Financial Performance - In the first three quarters, the company achieved total operating revenue of 189 million, a year-on-year decrease of 24.61%, while net profit attributable to shareholders was 51.57 million, an increase of 24.25% [1] - The net profit after deducting non-recurring gains and losses was 143 million, reflecting a modest year-on-year growth of 1.39% [1] - The net cash flow from operating activities was -96.13 million, compared to 562 million in the same period last year, indicating a significant decline in cash flow [1][3] Group 2: Business Transformation Challenges - The primary challenge faced by Jianyuan Trust in the third quarter is the decline in revenue from existing business, particularly from traditional fee and commission income, which aligns with the overall industry trend [2] - Despite a notable increase in trust asset scale, this growth has not effectively translated into revenue growth, highlighting challenges in developing profitability from new business [2] - The company is actively transitioning from traditional business to service trusts and standardized products, but this shift requires time and is unlikely to fully compensate for the revenue gap from traditional business in the short term [2] Group 3: Concerns Over Financial Stability - The quality of the company's earnings is under scrutiny, as the growth in net profit is primarily driven by non-recurring factors rather than strong performance in core business operations [3] - The cash flow situation is concerning, with a significant decline compared to the previous year, indicating increasing pressure on cash flow recovery [3][4] - The total profit of the company has also decreased, mainly due to reduced revenue from existing business and fluctuations in the valuation of financial assets [4]