2005年的春天，一场影响深远的变革在中国基金业悄然启幕。 当工商银行、交通银行、建设银行获准首批设立基金公司的消息传出，整个行业为之震动。彼时，有人 视之为"狼来了"，预言行业将面临重新洗牌；也有人期待"鲶鱼效应"，认为这将激活一池春水。 "威胁论"者主要担忧两个方面：一是销售渠道的垄断性优势。一位基金业内人士当时直言："对现有基 金管理公司而言，银行进入基金行业，主要的威胁就来自于基金销售"。在基金销售高度依赖银行渠道 的时代，这种担忧不无道理。 二是货币基金市场的冲击。博时基金时任副总裁李全指出："商业银行在发行和运作货币市场基金上具 有先天的优势，货币市场基金很可能成为其进入基金行业后推出的主要产品。" 相比之下，"发展论"者则更为乐观。他们认为银行系基金的加入有利于将整个基金业的蛋糕进一步做 大，推动行业多元化发展格局的形成。商业银行凭借其在百姓心目中树立的良好信誉、遍布全国的网点 和大量高素质客户经理，能够为投资者提供更便捷的服务，同时普及基金理财知识。 首战告捷 二十年弹指一挥间，这批当年被认为"含着金汤匙出生"的银行系基金公司，不仅在中国资管行业站稳了 脚跟，更以其独特的发展路径，深刻影响着行 ...

Core Insights - The collaboration between wealth management companies and trust companies has become a significant business model in the asset management industry, particularly in the context of restrictions on bond investment accounts [1][4][5] - Customized trust products are favored by wealth management companies, allowing them to specify valuation methods and investment targets, which enhances their operational flexibility [2][3] - The recent draft of the "Asset Management Trust Management Measures" has sparked discussions about the future of bank-trust cooperation, emphasizing the need for regulatory compliance and the exploration of new collaboration opportunities [1][7] Group 1: Market Dynamics - As of Q3 2025, the scale of trust products held by wealth management companies reached 1.31 trillion yuan, indicating a growing reliance on trust channels [1] - Wealth management companies have seen a significant increase in their customized trust product scale, with reports of a 100 billion yuan increase compared to the previous year [2][5] - The trust industry has expanded its "trillion club," with several trust companies managing assets exceeding one trillion yuan as of June [1] Group 2: Operational Practices - Wealth management companies often utilize "T-1" valuation methods to lock in profits during market upswings and avoid losses during downturns, which has raised concerns about valuation manipulation [3][6] - Tail difference adjustments in trust product valuations can create "invisible profits," allowing larger products to support smaller ones, thereby influencing net asset values [3][6] - The operational model of customized trust products involves wealth management companies making investment decisions while trust companies handle clearing and trading [2][4] Group 3: Regulatory Environment - The draft regulations limit the investment amount of a single institutional investor in the same trust product to no more than 80% of the product's actual trust scale, aiming to mitigate concentration risks [5][7] - The regulatory framework encourages trust companies to shift from being mere financing intermediaries to investment management institutions, promoting a focus on active management capabilities [7][9] - The ongoing policy reforms, including the "1+N" system and the revised "Trust Company Management Measures," aim to guide the transformation of the trust industry and reduce reliance on channel-based operations [9] Group 4: Future Outlook - The trust industry is expected to return to its core functions, emphasizing the establishment of comprehensive research and investment systems to enhance active management capabilities [8][9] - Wealth management companies are urged to break away from scale obsession and focus on improving their research capabilities and risk management practices [8][9] - The competitive landscape is anticipated to intensify, with institutions relying on channels likely to be phased out in favor of those with robust investment research capabilities [9]