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][6] - Customized trust products are favored by wealth management companies, allowing them to specify valuation methods and investment targets, which enhances their operational efficiency [2][4] - The recent draft of the "Asset Management Trust Management Measures" has sparked discussions about the future of bank-trust cooperation, emphasizing the need for trust companies to focus on active management and risk control [6][7][8] Group 1: Market Dynamics - As of the end 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] - Trust companies have seen an expansion in their asset management scale, with several surpassing 1 trillion yuan in managed assets by mid-2023 [1][5] - The regulatory environment is shifting, with new measures aimed at clarifying the boundaries of trust company operations and preventing systemic risks associated with concentrated investments [6][7] Group 2: Operational Strategies - Wealth management companies are increasingly using "T-1" valuation methods to lock in profits during market upswings and avoid losses during downturns, which has raised concerns about valuation manipulation [3][4] - Trust companies are adapting by offering customized products that allow wealth management firms to maintain control over investment decisions while outsourcing operational tasks [2][4] - The reliance on trust companies is driven by the limitations faced by wealth management firms in accessing the interbank market for bond investments [4][5] Group 3: Future Outlook - The industry is expected to see a transition towards more active management practices among trust companies, as they are encouraged to build comprehensive research and investment frameworks [7][8] - The ongoing regulatory changes are likely to enhance the focus on risk management and reduce the dependency on traditional channel-based revenue models [6][7] - The competitive landscape is shifting, with firms that lack research capabilities facing potential obsolescence, while those with strong investment management skills are likely to thrive [8]