一纸判决书，曝光了华能贵诚信托有限公司（简称"华能信托"）的项目风险。 近日，记者获悉的民事判决书显示，多位投资者将华能信托和徽商银行告上法庭，原因是其购买的信托 产品未能如期兑付本金和收益。据知情人士透露，诉讼中涉及的信托产品之所以无法如期兑付，背后其 实是华能信托和徽商银行都未能预料到的"骗局"。 记者采访获悉，2019年开始，深圳兴睿信息科技有限公司（简称"兴睿科技"）实际控制人迟金龙等人通 过伪造保单、冒用人头等方式骗取华能信托与徽商银行"信保贷"项目中的贷款，金额超过10亿元。在业 内人士看来，此次"信保贷"项目不仅对投资者造成巨大伤害，还为行业敲响了警钟。信托公司未来开展 非标业务时，必须强化现场尽调、"核保核贷"意识，不盲目相信担保增信，真正做到卖者尽责。 相关判决书显示，2021年11月12日，原告（投资人）通过徽商银行的金融服务平台"徽常有财"App，购 买了华能信托发行的"华能信托金盈30号"信托产品。原告认购信托产品的本金金额为200万元。 不过，2022年11月15日信托产品到期后，原告要求徽商银行和华能信托给付信托本金并按照5.35%/年的 利率支付信托收益，但被拒绝支付。 对于投资 ...

Core Insights - The trust industry in China is facing a dual challenge of transitioning from old profit growth points to new ones while managing existing business risks [1][2] - As of the end of 2024, the total trust assets managed by 67 companies reached 29.56 trillion yuan, marking a year-on-year growth of 23.58%, despite a significant profit decline of 45.52% to 23.087 billion yuan [1] - The shift in the trust business model from financing and asset management to asset service trusts reflects a fundamental change, but this transition is associated with lower returns, making it difficult to replicate past profit peaks [1] Industry Challenges - Many trust companies are currently experiencing a disconnect between new and old profit growth points, alongside the need to address risks from existing business operations [2] - The ongoing decline in profits may undermine the long-term development momentum of the trust industry, with an increasing number of companies facing operational challenges and liquidity risks [3] - The number of trust companies unable to disclose their 2024 annual reports has risen to 10, with 8 companies reporting losses [3] Risk Management - Trust companies are urged to accelerate the resolution of existing business risks by leveraging the advantages of the trust system and collaborating with shareholders [4] - The real estate sector and local government financing platforms, which have been heavily relied upon by the trust industry, are undergoing significant adjustments, leading to increased defaults and disputes [4] - In 2022 and 2023, 34 and 32 trust companies reported a total of 1,005 and 296 litigation cases, respectively, with the amounts involved reaching approximately 86.3 billion yuan and 72.6 billion yuan [4] Investment Strategy - Trust companies need to enhance their capabilities in equity asset investments and focus on building professional teams to adapt to the changing market [6] - The shift of trust funds from traditional sectors like real estate to capital markets is evident, but only 1.12 trillion yuan, or 5.04%, of the over 10 trillion yuan in funds directed towards securities is allocated to stocks and funds [6] - Trust companies are encouraged to utilize their proprietary funds to support key sectors like technology innovation while managing bad debt rates effectively [6] Regulatory Environment - The trust industry requires more comprehensive and definitive supporting policies to facilitate the transition from old to new growth drivers [7] - Recent pilot programs for real estate and equity trust property registration in major cities provide a framework for the industry’s development, but further improvements in cross-regional coordination and tax policies are necessary [7] - Optimizing policies and legal frameworks for trust companies' participation in capital markets can help alleviate existing barriers and create new growth opportunities [7]