根据信托业协会数据，标品信托2024年6月末总规模较年初大幅增加1.78万亿元，增加规模占信托 资产规模总增加额的57.68%。标品信托规模的大幅增加，既得益于行业转型进程加速下信托公司 的主力推动，也有赖于标品信托的灵活性优势，再叠加债券市场的表现。那么2024年规模大幅提 升的优异表现还能延续吗？我们从两个角度展开： 01 因被"借道"而助推的规模增长 在监管持续清除制度套利死角、填补跨市场监管漏洞、拉齐金融子行业公平竞技起点后，因其他金融同 业利用信托制度优势而衍生的通道业务，所带来的规模增长已失去动力源。 当前针对标品信托的监管 细则尚未出台，实务中标品信托一般是在符合资管新规的统一框架下，参照公募基金及银行理财产品规 则执行，但相对来说产品运作的全过程，包括投资范围、合规风控、信评管理、久期管理、估值核算、 信息披露等各方面灵活性均相对更高，进而标品信托产品净值稳健性具备一定的技术空间。基于此制度 优势并结合2024年债券市场环境，衍生了大量的合作资金涌入标品信托，特别是青睐于低波动、低风险 偏好的银行理财资金。理财于2022年底的赎回潮事件后，探索的低波方法之一就包括进一步扩大与信托 公司的合作， ...

根据信托业协会数据，标品信托2024年6月末总规模较年初大幅增加1.78万亿元，增加规模占信托 资产规模总增加额的57.68%。标品信托规模的大幅增加，既得益于行业转型进程加速下信托公司 的主力推动，也有赖于标品信托的灵活性优势，再叠加债券市场的表现。那么2024年规模大幅提 升的优异表现还能延续吗？我们从两个角度展开： 从投资者视角，前述被整改问题可能导致：积累了适当性不匹配风险、承担了不应该承担的损 失，特别是对于能够"拿得住"产品的投资者，甚至可能被动承担更多损失。 针对"违规使用平滑机制调节产品收益" ， 当理财公司多只银行理财产品申赎同一只集合资金信托 计划，信托账户通过循环"计提（削峰）""补差（填谷）"特别信托利益，来平滑理财产品净值 时，既可以对单一理财产品在时间维度上纵向进行前后收益调节，也可以对申购了这个"信托产 品"的不同理财产品之间进行横向调节，类似于"变相资金池"。 （1）第一种调节在极端情况下理财产品遭遇大量被动赎回时，初期先赎回的投资者，可能只享受 到了投资收益 而后赎回或未赎回的那些 拿得住 的投资者 既没有拿到此前本应积累的收益 到了投资收益，而后赎回或未赎回的那些"拿得住" ...

Group 1: Company Strategy and Financial Management - The company aims to build a modern financial system centered around trust, integrating various financial licenses including banking, insurance, and securities, to create a comprehensive financial service platform [1] - The net capital/net asset ratio for 2024 is projected to decline to 85%, nearing regulatory limits, but remains compliant with the 40% requirement [2] - The company plans to maintain a stable dividend policy, ensuring predictable returns for shareholders, with a cumulative dividend payout ratio of 33.82% for 2024 [7] Group 2: Business Performance and Growth - The scale of standard trust business is expected to grow by 28% in 2024, with revenue growth at 12%, indicating potential downward pressure on product fees [2] - The total trust asset scale is projected to increase by 10% in 2024, with actively managed trust assets accounting for approximately 73.4% of total trust assets [3] - The company aims to enhance its asset management capabilities and diversify its product offerings, targeting a product scale of 2.7 trillion yuan by 2025 [4] Group 3: Market Communication and Investor Relations - The company emphasizes the importance of market communication, planning regular announcements, performance briefings, and roadshows to keep investors informed [5] - As of May 9, 2025, the total number of shareholders is reported to be 110,804 [6] - The company is committed to protecting the interests of all shareholders, particularly minority shareholders, by optimizing resource allocation and enhancing long-term value [7] Group 4: Risk Management and Compliance - The company is focused on strengthening its risk management framework to address various risks, including credit, market, operational, and liquidity risks [7] - The company is in the process of completing necessary approvals for a targeted stock issuance, which includes obtaining approvals from the provincial finance department and the national financial supervision authority [8]