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][5] - Customized trust products are favored by wealth management companies, allowing them to specify valuation methods and investment targets, which enhances their operational flexibility [2][3] - The recent draft of the "Asset Management Trust Management Measures" has sparked discussions about the future of bank-trust cooperation, emphasizing the need for regulatory compliance and the exploration of new collaboration opportunities [1][7] Group 1: Market Dynamics - As 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] - Wealth management companies have seen a significant increase in their customized trust product scale, with reports of a 100 billion yuan increase compared to the previous year [2][5] - The trust industry has expanded its "trillion club," with several trust companies managing assets exceeding one trillion yuan as of June [1] Group 2: Operational Practices - Wealth management companies often utilize "T-1" valuation methods to lock in profits during market upswings and avoid losses during downturns, which has raised concerns about valuation manipulation [3][6] - Tail difference adjustments in trust product valuations can create "invisible profits," allowing larger products to support smaller ones, thereby influencing net asset values [3][6] - The operational model of customized trust products involves wealth management companies making investment decisions while trust companies handle clearing and trading [2][4] Group 3: Regulatory Environment - The draft regulations limit the investment amount of a single institutional investor in the same trust product to no more than 80% of the product's actual trust scale, aiming to mitigate concentration risks [5][7] - The regulatory framework encourages trust companies to shift from being mere financing intermediaries to investment management institutions, promoting a focus on active management capabilities [7][9] - The ongoing policy reforms, including the "1+N" system and the revised "Trust Company Management Measures," aim to guide the transformation of the trust industry and reduce reliance on channel-based operations [9] Group 4: Future Outlook - The trust industry is expected to return to its core functions, emphasizing the establishment of comprehensive research and investment systems to enhance active management capabilities [8][9] - Wealth management companies are urged to break away from scale obsession and focus on improving their research capabilities and risk management practices [8][9] - The competitive landscape is anticipated to intensify, with institutions relying on channels likely to be phased out in favor of those with robust investment research capabilities [9]

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]