"我们可为理财公司定制信托产品，若采用'T-1'估值，市场大涨时以昨日价格申购即可锁定收益，大跌 前赎回便能规避亏损。"某数千亿元规模信托公司的投资经理向中国证券报记者透露，部分理财公司通 过此类操作，让规模较大的老产品为新发打榜产品输送收益，进而吸引投资者购买。 近年来，银行理财与信托的委外合作已成为资管行业的重要业务模式。在债券投资开户受限等背景下， 理财公司对信托通道的依赖依然显著。这一紧密合作在成就一批万亿元级信托公司的同时，其背后也潜 藏估值调节、收益输送等操作。近日，《资产管理信托管理办法（征求意见稿）》发布，其中对于投资 者集中度的要求，引发市场对银信合作未来走向的深入探讨。业内人士普遍认为，从长期来看，信托公 司拓展标品信托与组合投资产品是必然趋势，理财公司应加快提升投研能力，双方应在监管规范框架下 探寻新的合作空间。 ● 本报记者 吴杨 委外合作花样繁多 中金公司（601995）近日发布的研报认为，结合公开披露的数据，截至2025年三季度末，从前十大持仓 资产来看，理财产品配置信托产品规模为1.31万亿元，占比较二季度末有所提升。在此背景下，信托行 业"万亿俱乐部"扩容，截至今年6月末，多家 ...

中金公司近日发布的研报认为，结合公开披露的数据，截至2025年三季度末，从前十大持仓资产来看， 理财产品配置信托产品规模为1.31万亿元，占比较二季度末有所提升。在此背景下，信托行业"万亿俱 乐部"扩容，截至今年6月末，多家信托公司管理资产规模突破万亿元。 "不是我们想做这么快，而是理财公司的钱推着你跑。"北部地区某信托公司的投资经理透露，理财公司 非标投资压降后，理财资金涌入债券市场，而银行间市场的开户限制使得与信托公司合作成为大多数理 财公司的选择，"到目前为止，我们的标品规模较去年底增加了千亿元，团队一个人当五六个人在用"。 东部地区某信托公司相关部门业务总监也证实："由于投资范围和债券交易开户受限，有些资产理财公 司自己买不了，只能走信托通道。" 近年来，银行理财与信托的委外合作已成为资管行业的重要业务模式。在债券投资开户受限等背景下， 理财公司对信托通道的依赖依然显著。这一紧密合作在成就一批万亿元级信托公司的同时，其背后也潜 藏估值调节、收益输送等操作。近日，《资产管理信托管理办法（征求意见稿）》发布，其中对于投资 者集中度的要求，引发市场对银信合作未来走向的深入探讨。业内人士普遍认为，从长期来看， ...

Group 1: Monetary Policy and Financial Regulation - The People's Bank of China emphasizes maintaining a reasonable growth in financial totals and utilizing various tools to keep social financing conditions relatively loose, focusing on social financing scale and money supply as more comprehensive indicators compared to bank loans [1] - The Financial Regulatory Bureau stresses the importance of preventing and resolving financial risks in key areas while enhancing overall financial regulation, aiming for high-quality development in the financial sector [2] Group 2: Policy Financial Tools and Investment - The National Development and Reform Commission reports that the 500 billion yuan new policy financial tool funds have been fully allocated, effectively supporting private investment projects in key areas and promoting the implementation of these projects [3] - In October, the asset management trust market saw a 12.86% month-on-month growth in the scale of standard trust products, despite a decrease in the number of products, indicating a shift towards standard trust business amid tightening regulations on non-standard products [4] Group 3: Corporate Changes - Lanzhou Bank announced the resignation of its director and vice president Liu Jing due to work adjustments, with plans for Liu to take a position in a controlling subsidiary of the bank [5]

Core Viewpoint - The recent draft of the "Asset Management Trust Management Measures" by the Financial Regulatory Bureau signifies a shift towards a more refined regulatory framework for the trust industry, addressing the need for updated regulations after 18 years of existing rules [1][2] Regulatory Framework - The draft enhances the regulatory chain for the trust industry, following previous regulations that clarified business boundaries and strengthened full-process supervision [1][2] - It emphasizes the private equity nature of asset management trusts, limiting investor numbers to a maximum of 200 and imposing stricter qualifications for high-risk products [2] Business Challenges - The draft imposes strict limitations on non-standard asset investments, which may lead to a decrease in financing trusts and pressure on companies reliant on non-standard business [2][3] - Trust companies are required to enhance their operational capabilities, including building comprehensive research systems and improving IT infrastructure for daily valuation and net asset value disclosures [3] Growth Opportunities - The draft opens avenues for high-quality development in the trust industry, with a focus on standardized trust products becoming a core area of competition [3][4] - Trust companies can leverage their institutional flexibility to create differentiated products, such as family trusts and asset allocation services, to compete with public funds and securities asset management products [4] Long-term Development - The regulatory body will monitor the progress of asset management trust business rectifications, urging companies to reduce existing business steadily [4] - The industry is expected to achieve sustainable development only by genuinely transforming into professional investment management institutions [4]

Group 1 - The core viewpoint of the articles highlights the significant presence of trust funds in the A-share market, particularly in the financial sector, with a total market value of holdings reaching 59.21 billion yuan as of June 30 this year [1][2] - A total of 18 trust companies are among the top ten circulating shareholders of 25 A-share listed companies, with the number of shares held remaining stable compared to the end of the first quarter, but the total market value of holdings increased by 6.456 billion yuan [1] - The six stocks with the highest number of shares held by trust companies are all from the financial industry, with Guosen Securities and Jiangsu Bank leading at 2.137 billion shares and 1.281 billion shares respectively [1] Group 2 - The characteristics of financial industry companies, such as stability, dividends, and safety, align well with the principles of trust funds seeking steady progress, making it a core logic for trust companies to heavily invest in this sector [2] - Financial stocks are noted for their strong profitability stability and dividend capacity, providing relatively considerable and stable returns for investors [2] - As the trust industry undergoes transformation, there is an expectation for an increase in trust funds directed towards equity markets, with a trend of rising allocation ratios and expanded industry focus [2][3] Group 3 - The development of standardized trust business is progressing rapidly, with regulatory policies encouraging trust companies to increase direct financing and capital market allocations [3] - The maturity of the equity market and the upgrading of wealth management demands from Chinese residents are driving trust clients to seek capital appreciation, prompting trust companies to enhance their research and layout in stocks and funds [3] - Future investments by trust companies in equity markets will focus more on risk control and stable performance, providing differentiated and professional asset allocation solutions for high-net-worth clients [3]

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].