21世纪经济报道记者 唐婧 郭聪聪 2025年是我国信托行业制度变革的关键之年。这一年里，不动产信托财产登记试点在北京、上海等多地持续落地推进，既为"以房养老"破题提 供了制度支撑，也在盘活存量资产方面发挥积极作用。 除了不动产领域，股权信托财产登记试点也迎来了多项突破。北京市朝阳区将破产企业股权装入信托，通过信托机构专业管理和资本运作,帮 助企业实现破产重整。杭州正式启动股权慈善信托登记试点，为信托登记制度的完善和慈善事业发展注入新动力。 "随着配套制度的不断完善，信托正从一项专业金融工具，转型为承载养老保障、资产盘活与财富传承等多重功能的金融载体。"全国两会前 夕，全国政协委员、中国信托业协会养老信托专业委员会主任金李在接受21世纪经济报道记者专访时表示。 金李告诉记者，随着资管新规的深入实施，传统的信托通道类业务难以为继。转向服务型的普惠信托，虽然单笔利润变薄，但服务群体广、需 求粘性高，能够倒逼信托机构提升主动管理能力和服务水平，推动行业真正走上可持续发展的良性轨道。至于主要面向高净值人士的股权信托 业务，也将随着登记制度的不断完善，为民营企业顺利"交接班"提供有力保障。 《21世纪》：去年全国两会期 ...

文章来源：用益研究 撕掉旧标签 信托何以"无可替代"？ 2026年我们或许会见证"温和的分流"：普通投资者将更审慎地选择信托产品，把注意力转向其他资管渠 道；信托公司将一头扎进专业的深水区，用硬核服务能力换取高净值客户的长期托付。 业内观点： 1、现在独立研究、依据市场口碑作出选择的客户占据主流，理财顾问的作用变得很有限。客户的产品 筛选标准已变得极致严苛，对任何负面舆情都会"一票否决"。 2、专业、合规将是2026年行业发展的关键词。本源业务发展逻辑与传统放贷模式完全不同。行业现在 缺的不是项目，而是能搞定这些复杂事务的专业人才。未来，谁能真正为高净值客户解决复杂的法律、 税务、传承等综合性问题，谁才可能建立护城河。 3、对于投资者而言，2026年需要更新认知：信托或许正在撕掉"大众理财产品"的旧标签，转而锚定综 合金融解决方案提供者的新定位。2026年，若为博取收益，可选的优秀资管产品有很多；若投资者有财 富传承等综合性金融需求，信托凭借其制度优势，依然无可替代。 481只去年收益告负基金年内业绩转正 Wind资讯数据显示，截至2月23日，今年以来已有481只去年收益告负的基金实现净值增长率转正，其 中1 ...

以上信息由金融界利用AI助手整理发布。金融界是国内专业的财经资讯平台，致力于为用户提供全 面、权威的金融信息服务，内容涵盖财富管理、市场分析、政策解读等多个领域，助力用户深化对金融 领域的理解与认知。 财富传承是家族信托最基础的功能之一。委托人可通过信托文件详细约定受益人的范围、受益权的行使 条件（如年龄、学业成就、职业发展等）以及财产分配的时间和方式，确保家族财富能够按照其意愿精 准传递给后代，避免因法定继承可能产生的家庭纠纷，维护家族财富的完整性和延续性。这一功能能够 帮助家族实现财富的跨代传递，保持家族资产的稳定传承。 资产隔离是家族信托的突出功能。根据2025年修订的信托法规定，信托财产一旦设立，即与委托人、受 托人和受益人的固有财产相分离，不属于委托人的债务清偿财产范围，也不受受托人自身债务或破产风 险的影响。这一特性使得家族信托能够有效隔离家族财富面临的各类风险，保障受益人在信托项下的合 法权益不受侵害，为家族财富构建起一道风险防护屏障。 合法合规的税务优化是家族信托的重要功能。2025年国家税收政策的调整进一步明确了家族信托在税务 方面的适用规则，委托人可通过合理设计信托结构，在法律允许的范围内 ...

Core Insights - The article emphasizes the evolving wealth management needs of business owners and high-net-worth individuals, highlighting a shift from a focus on asset appreciation to a demand for security, certainty, and orderly wealth transfer [2][4][5]. Group 1: Wealth Management Risks - Business owners are facing a "risk cube" that includes economic cycle risks, corporate debt risks, tax risks, marital risks, and inheritance risks, rather than just market volatility [4]. - Economic cycles, domestic macro and industrial policy adjustments, and the life cycle of businesses can lead to cash flow issues, potentially triggering personal wealth crises [4]. - Marital risks are increasingly significant, with cases of asset division during divorces highlighting the need for preemptive marital asset planning to protect family wealth and personal safety [4][5]. Group 2: Changing Wealth Management Demands - The core demand for wealth management has shifted from "value creation" to "safety," with high-net-worth individuals seeking systems that ensure their family's living standards and wealth transfer align with their intentions [5]. - The tightening of compliance and regulatory frameworks, such as the implementation of the "Golden Tax Phase IV" in China and the Common Reporting Standard (CRS) globally, has increased awareness of tax risks associated with overseas assets [5]. Group 3: Cross-Border Wealth Management - Effective cross-border wealth management requires establishing a top-level legal structure before selecting financial products, with trusts often serving as the core of this structure [7]. - Trusts can provide asset isolation and ensure that wealth is passed on according to the grantor's wishes, highlighting the importance of professional and compliant structure design [8]. Group 4: Comprehensive Wealth Solutions - A thorough assessment of family assets and tax risks is essential for creating tailored wealth management solutions, considering factors such as asset distribution, family member nationalities, and future immigration plans [10]. - The focus is on designing a comprehensive legal-financial framework that includes arrangements for business equity, family trusts, and investment management, rather than recommending single products [10][11]. Group 5: Value of Certainty in Wealth Management - The unique value proposition in wealth management lies in providing certainty amidst a world of variables, with a focus on reverse planning to clarify clients' ultimate goals [13]. - Establishing a clear legal framework for asset ownership is crucial, as it provides a reliable foundation for wealth management that does not depend on individual circumstances [13][14].

大咖领航：共话宏观视野与女性力量 会议伊始，浙江省国际金融学会会长金雪军先生精彩致辞。金院长回顾了浙江金融理财市场二十余年的发展历程，高度赞誉了女企 业家们稳健、细致、认真的独特优势。他强调，搭建女企业家专业委员会平台，旨在促进女性在金融与实业领域的深度跨界合作。 金雪军会长提到，女性的性别优势是稳、细、韧，女性在金融理财中更稳健、细致，这种特质在复杂市场中是巨大优势。浙江女企 业家的特色在于"本地土壤+创新意识+跨界合作"。无论是科技、金融、教育还是健康，单一领域已难突围，整合资源才能打开新 局。 主题分享：从情怀守望到专业护航 在主题分享环节，三位嘉宾从不同维度贡献了思想盛宴。 热爱与坚守：金元证券浙江分公司总经理何华以《热爱可抵岁月长》为题，深情分享了其从创富到守富的心得及深耕金融行业28年 的职业心路。何华总强调，财富管理远不止证券投资，标准化产品只是基础，真正的高净值人群应通过私募、量化等专业工具实现 超额收益，她提醒，97%的人跑不赢指数，别因短期波动焦虑。要懂得敬畏市场，认知即财富：资本市场瞬息万变，要永远保持敬 畏之心，只赚认知范围内的钱。她提出"热爱是避风港，也是动力源"，鼓励女性在职场中通 ...

2月5日，"尊享智第 笃行未来"2026年浦发银行私人银行投资策略三亚论坛在三亚举办。来自全国的高净值客户代表、行业专家及合作伙伴齐聚一堂，共同 探讨全球经济形势下的资产配置策略与财富传承新路径。 本次论坛以"全球视野下的资产配置之道"为主题，深入解析全球经济发展趋势与中国市场机遇。来自上海信托、大成律师事务所及浦发银行海外机构的专 家，就跨境资产配置、家族信托、税务规划等议题展开深度对话，为高净值家庭与企业提供"家业、家族、家财"三位一体的海外财富管理方案。 近年来，浦发银行私人银行持续深化"浦和人生"财富管理信托账户"1+3+N"服务体系，打造覆盖"财富传承、家族传承、企业传承、精神传承"的一站式综合 服务生态。依托"浦发企明星"企业家服务平台与"浦银寰球"海外财富管理品牌，浦发银行为企业及企业实控人、股东高管提供全景化服务，在"分红减持、 股份管理、全球视野、公益慈善"四大场景中持续赋能。2025年，浦发银行私人银行凭借卓越的服务能力与创新实践，在"亚洲银行家"中评选为"年度家族传 承服务"和"最佳跨境财富与业务架构私人银行"两项中国区大奖，品牌影响力与专业价值备受认可。 作为服务海南自贸港建设的重要布 ...

善用保險傳承功能 無間傳承財富----2026 年 2 月 2 日 文匯報 透過保單分拆功能，「類信託」的主保單能如樹木分枝般，按照保單持有人的分配意願化為數份獨立子保 單，每份子保單均擁有獨立的保額和受益人安排，某些多元貨幣保單更可搭配保單貨幣轉換選項，轉換分 拆保單的保單貨幣以滿足不同人生階段的需要。同時，分拆後的子保單亦可單獨轉讓給後代。這項功能像 是一把「分家鑰匙」，有效避免因突發狀況或家族爭議導致傳承中斷。 「類信託」儲蓄保險具多重非傳統功能 傳統儲蓄保單中，受保人身故後保單便宣告終止，「類信託」保單具無限次轉換受保人功能，保單持有人 可根據家庭成員的變動或自身的財產分配意願等申請更換受保人。此外，保單也可配合設立後備保單持有 人，若原持有人因突發事件身故，該後備持有人則自動繼承保單，避免遺產承辦等繁瑣耗時的程序。 保單暫託人選項築起過渡時期安全網。若保單持有人有意將保單傳承給未成年受保人，卻擔憂繼承保單時 受保人仍未適齡或未有足夠能力繼承財富，這時保單持有人可利用保單暫託人選項，提名一位信任摯親代 為管理保單，直至受保人達到其指定年齡或指定日期。值得注意的是，該保單暫託人並非全權擁有保單， 而是代 ...

增额终身寿险的核心价值在于"确定性增长"与"多功能适配"的双重赋能。这类产品将身故保障与保 单增值有机结合，保证部分的现金价值合同明确，不受市场利率波动和保险公司经营状况影响。在当前 低利率环境下，该类产品为长期资金提供了稳定增值渠道，安全性较强，且长期增长效应显著，时间越 久增值优势越突出。 随着居民财富积累与风险意识提升，兼具保障与规划属性的金融产品备受青睐。作为终身寿险的经 典形态，增额终身寿险凭借"保额累积增长、资金灵活规划、财富定向传承"的核心优势，在利率下行与 市场波动的双重背景下，成为越来越多家庭的资产配置"压舱石"。 灵活适配多场景资金需求是增额终身寿险的另一大亮点。保单积累一定现金价值后，投保人可通过 减保功能，按需提取资金用于子女教育、婚嫁创业、养老补充等人生关键节点，剩余资金仍继续年复一 年累积增值；若面临大额资金周转需求，还可申请最高达现金价值80%的保单贷款，手续简便且不影响 保障存续。这种"用时可取、闲时增值"的特性，使其既满足了长期规划的需求，又解决了流动性不足的 痛点，实现了资金规划的弹性平衡。 在财富传承与风险隔离方面，增额终身寿险展现出较强的优势。通过指定受益人，保险金可直 ...

Core Viewpoint - The article discusses the growing interest in Hong Kong savings insurance as a viable investment option amidst market volatility and inflation concerns, highlighting its dual benefits of capital preservation and value appreciation [1][3]. Group 1: Investment Mechanism - Hong Kong savings insurance offers a "guaranteed cash value + non-guaranteed dividends" structure, with a minimum return of 0.5%-1%, ensuring that investors can recover their principal even if non-guaranteed dividends are zero [3][5]. - The investment strategy of companies like Manulife Insurance, supported by strong asset management capabilities, focuses on a "1+N" asset allocation model, primarily consisting of fixed income with alternative investments to balance stability and returns [5][8]. Group 2: Risk Management and Stability - The asset allocation is heavily weighted towards fixed income, with 80% of underlying assets and 99% of fixed income investments managed by a reputable firm, ensuring a solid foundation for stability [5]. - The insurance products include a dividend smoothing mechanism that helps maintain stable payouts during market fluctuations, addressing investor concerns about significant dividend reductions [5][8]. Group 3: Global Diversification and Flexibility - Hong Kong savings insurance provides global investment capabilities and flexible features, such as multi-currency conversion, which helps mitigate exchange rate risks and facilitates diversified asset allocation [6][8]. - The products serve as a comprehensive wealth planning tool, allowing for unlimited changes in insured persons, designated backup policyholders, and flexible withdrawal options to meet various financial needs [6][8]. Group 4: Long-term Wealth Growth - The combination of asset preservation, global investment advantages, and family-oriented features positions Hong Kong savings insurance as a compelling choice for investors seeking stable and long-term wealth growth [8].

Core Insights - The Chinese private banking industry is undergoing a historic shift from "scale expansion" to "value cultivation," with high-quality growth expected by 2025 [3][4] - The number of high-net-worth individuals (HNWIs) in China has surpassed 3 million, with assets under management (AUM) reaching 24.6 trillion yuan, projected to grow to 42 trillion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 9.5% [3][6] - The market is characterized by a dual trend of "head concentration and distinctive breakthroughs," with major state-owned banks dominating the sector [3][8] Industry Overview - The private banking sector in China continues to show steady growth, with AUM reaching 18.8 trillion yuan by mid-2025, a 9.3% increase from the end of 2024 [5][6] - The number of clients served by 16 banks reached 1.649 million, a year-on-year growth of 13.17% [5] - The market is highly concentrated, with the top four state-owned banks holding nearly 70% of the total AUM among the 12 major private banks [8][7] Market Dynamics - Business innovation is becoming a new driving force for industry development, with family trusts and insurance trusts experiencing rapid growth [4][19] - By Q3 2025, the total scale of family trusts exceeded 950 billion yuan, while insurance trusts reached 420 billion yuan, reflecting growth rates of 5.6% and 19.1% respectively [4][19] - The industry faces challenges such as stricter regulations, talent shortages, and intensified competition [4][29] Client Demographics - The number of high-net-worth families in China reached 2.066 million by 2025, with the total wealth of billionaires growing to 1.8 trillion USD, a 22.2% increase [12][6] - The average age of high-net-worth individuals is 35, with a significant portion being young entrepreneurs [13][12] - The income sources of high-net-worth individuals are diverse, with business income being the primary source [13][16] Business Model Innovations - Family office services are rapidly developing, with over 85% of private banking departments establishing independent family office service systems by the end of 2023 [22] - The demand for family office services is expected to grow, with annual expenditures on tax planning projected to reach 2.8 million yuan by 2025 [23] - ESG investments are becoming a key focus, with ESG-themed financial products seeing significant growth [24][25] Digital Transformation - The digital transformation of the private banking sector is entering a deepening phase, with at least 60% of institutions expected to adopt AI-driven advisory systems by 2025 [26][27] - Technology investments are projected to exceed 4.8 billion yuan, with a CAGR of 27.3% [26] - The integration of digital services is crucial for enhancing customer experience and operational efficiency [28] Regulatory Environment - The regulatory environment is becoming stricter, leading to increased compliance costs, which are expected to rise by 23 percentage points of operating income [29][30] - The implementation of new asset management regulations is reshaping product design and increasing the entry barriers for new players [29][30] Talent Shortage - The private banking industry faces a significant talent shortage, with a demand gap of approximately 24,000 professional bankers by 2025 [33][34] - The ratio of talent supply to demand is 1:8, indicating a critical need for skilled professionals [33] - The industry is increasingly focusing on talent training and recruitment to address this gap [34]