标品信托回归本源

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7月资管信托规模下降,政信项目收益回升支撑非标产品收益回暖
Guo Ji Jin Rong Bao· 2025-08-12 12:55
Group 1 - In July, the issuance of asset management trusts decreased slightly, with a significant decline in issuance scale, while the establishment market showed a notable increase in quantity but a clear decrease in scale [1] - Non-standard financial products saw a substantial decrease in established scale, influenced significantly by the transfer of credit asset income rights, with a reported reduction of 8.309 billion yuan [1][7] - Conversely, basic industry products experienced an increase in established scale by 7.246 billion yuan, reflecting a nearly 30% growth, supported by stable contributions from high-quality regions and significant growth in central and western regions [1][6] Group 2 - The issuance of standard products (标品信托) saw a significant increase, with 1,491 products issued in July, a rise of 141 products or 10.44% compared to the previous month, although the disclosed issuance scale decreased by 1.53% [3] - The establishment of standard products also grew significantly, with an increase of 195 products or 17.55%, while the disclosed establishment scale saw a slight decrease of 0.09% [3] - TOF (Trust of Funds) products were the main growth driver in the standard trust establishment market, with 481 products established, marking a 33.62% increase, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [3] Group 3 - The average performance benchmark for fixed income products in July was 2.89%, a slight increase of 0.03 percentage points, while the benchmark for mixed products was 3.78%, down 0.49 percentage points [4] - The downward trend in performance benchmarks for fixed income products appears to be stabilizing, influenced by changing monetary policy expectations and market conditions [4] - The average expected yield for non-standard trust products in July was 5.18%, reflecting a slight increase of 0.11 percentage points, with basic industry products showing the most significant yield increase [7][8]