用益金融信托研究院研究员帅国让对记者表示："金融股具有收益稳定性、高分红等特性，使其不仅与 信托资金的风险偏好、收益目标高度相契合，也符合相关合规要求及资产配置的底层逻辑。" 随着信托行业转型步入深水区，标品信托的发展成为重要抓手。南开大学金融学教授田利辉对记者表 示，未来，投向权益市场的信托资金有望逐步增加，且呈现出配置比例持续提升、投向行业进一步拓展 的趋势。 本报记者 方凌晨 证券市场是信托资金投向的重要领域，透过A股前十大流通股股东名单，可以窥见信托资金在证券市场 布局的最新落点。 据Wind资讯数据统计，截至今年6月底，18家信托公司现身25家A股上市公司的前十大流通股股东行 列，持股总市值达592.1亿元，银行、券商等金融行业获得青睐。数据同时显示，信托公司的持股总量 与今年一季度末基本持平，但持股总市值增长64.56亿元。 具体来看，信托公司持股数量居前的6只个股均来自金融行业。国信证券、江苏银行获信托公司持股数 量均为十亿级，分别达21.37亿股、12.81亿股；郑州银行、国元证券、国联民生、东北证券获持股也较 多，分别为7.05亿股、5.92亿股、3.90亿股和2.76亿股。 上述6只个股也 ...

Core Viewpoint - Trust funds are increasingly investing in the securities market, particularly in the financial sector, reflecting a strategic alignment with their risk and return preferences [1][2]. Group 1: Trust Fund Holdings - As of June 30, 18 trust companies are among the top ten shareholders of 25 A-share listed companies, with a total holding value of 59.21 billion yuan, showing a growth of 6.456 billion yuan from the previous quarter [1]. - The top six stocks held by trust companies are all from the financial sector, with Guosen Securities and Jiangsu Bank having significant holdings of 2.137 billion shares and 1.281 billion shares, respectively [1]. - The market value of the top six stocks held by trust companies includes Guosen Securities at 24.618 billion yuan, Jiangsu Bank at 15.291 billion yuan, and others like Guoyuan Securities and Zhengzhou Bank also showing substantial values [1]. Group 2: Characteristics of Financial Sector - The financial sector's characteristics of stability, dividends, and safety align well with the trust funds' pursuit of steady progress, making it a favored investment area [2]. - Financial stocks provide strong profitability and dividend capabilities, offering relatively stable returns to investors [2]. - Trust companies have a natural intersection with the financial sector, allowing for better risk assessment and opportunity identification due to deeper insights into the companies' fundamentals and industry trends [2]. Group 3: Future Trends in Trust Funds - The development of standardized trust products is becoming a key focus as the trust industry undergoes transformation [3]. - There is an anticipated increase in trust funds directed towards equity markets, with a trend towards higher allocation ratios and broader industry investments [3]. - Trust companies are expected to enhance their focus on risk control and stable performance in equity market investments, providing differentiated and professional asset allocation solutions for high-net-worth clients [3].

Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to regulatory measures aimed at eliminating institutional arbitrage and ensuring fair competition among financial sub-industries [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, attracting significant capital inflow, particularly from low-risk preference bank wealth management funds [2][3]. - The collaboration between trust companies and wealth management firms has led to a reliance on smoothing mechanisms to adjust product yields, which may pose risks to investors and the overall market [3][4]. Group 2: Risks and Regulatory Attention - Regulatory bodies have issued notifications to strengthen compliance management regarding the cooperation between trust companies and wealth management firms, focusing on issues such as improper use of smoothing mechanisms and risk asset transactions [3][4]. - Investors may face mismatched risk exposure and potential losses due to the improper adjustment of yields between different wealth management products [4][5]. - The regulatory focus aims to prevent liquidity risks and ensure that the actual risks of products are accurately reflected, protecting investors from misleading risk perceptions [6][10]. Group 3: Performance-Driven Scale Increase - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk yield environment and the preference for low-volatility bonds have further driven capital into standard trust products, contributing to record-high industry scales [15]. Group 4: Future Outlook - The ability to sustain growth in scale driven by performance may become challenging as the bond market experiences lower absolute yields and reduced credit spreads [15]. - Trust companies may need to diversify their asset allocation strategies to seek stable long-term returns, which poses a challenge for their management capabilities [15][16]. - The ongoing regulatory efforts to eliminate arbitrage opportunities and ensure fair competition will likely shape the future landscape of the asset management industry [10][11].