2025年以来，北京、上海、广州、厦门等地开始试点不动产信托财产登记和股权信托财产登记，明确不 动产、股权的信托登记路径，为资产服务信托特别是以家族信托为代表的财富管理服务信托的发展扫清 制度障碍。4月，"双首单"不动产信托财产登记在北京落地，国投泰康信托与外贸信托率先进行了不动 产信托财产登记，以前难处理的房子、股权，如今都能顺顺当当做进信托。 专注能力、人才培养 "这哪是做业务，分明是签一份跨越半生的承诺。"前述千亿元级信托公司总经理的话戳中了行业核心 ——拼到最后，拼的还是信任。一位信托公司业务人士对此感触颇深，家族信托合同期限通常长达数十 年，"等我退休了，合同还在履行，交接工作、档案保存、传承接续等事宜，都需要提前规划并借助科 技手段保障"。 但这份信任绝非口头承诺，必须有硬实力兜底。 ● 本报记者 吴杨 岁末回眸，2025年的家族信托行业暖意十足。伴随高净值人群财富传承需求持续迸发，在政策护航与信 托机构深耕布局的推动下，该行业一改往日"小众高冷"的标签，以规模提速、服务焕新、合规前行的姿 态，走进更多家庭的财富规划清单。 "需求确实旺，但找到一家能放心托付身家的机构太难了。这行拼的不是一时热闹， ...

不过，随着行业逐步理清自身定位、加速回归本源业务，2021年信托资产规模开始企稳回升，之后一直 稳步增长，于2024年6月末重回历史峰值，达到27万亿元，并于2024年末再创历史新高，达到29.56万亿 元，四年间（2021年至2024年）增幅达44.27%。 目前，信托业在整个资产管理行业中的市场地位得到进一步提升。2025年上半年，我国资产管理行业整 体资产管理规模达到174.50万亿元，较2024年末增长约5.57%。其中，保险资金运用余额36.23万亿元， 公募基金产品34.39万亿元，信托资产规模32.43万亿元，银行理财产品30.67万亿元，私募基金20.26万亿 元，证券期货经营机构私募资产管理业务12.09万亿元，基金管理公司管理的养老金6.30万亿元，企业资 产证券化业务2.13万亿元。信托行业的资产管理规模仅次于保险资管（36.23万亿元）和公募基金 （34.39万亿元）。 "资产管理信托呈现良性发展态势，业务结构与时俱进调整，业务功能不断优化，主要表现为标准资产 已成主导配置方式，非标资产降为辅助配置方式。"中国信托业协会专家理事周小明表示。从产品类型 来看，证券投资信托已经成为资产管理 ...

2025.12. 22 本文字数：2962，阅读时长大约5分钟 作者 | 第一财经 亓宁 中国信托业协会最新数据显示，截至今年上半年末，全行业信托资产规模余额首次突破30万亿元， 达到32.43万亿元。这也意味着， 信托行业超越理财市场规模，跃升至中国资管市场第三位。 近年来，信托行业在深度调整中持续面临盈利压力，利润较高峰时期已几度腰斩。不过，今年上半 年，行业营收和利润增速双双回正，被视为"触底反弹"的重要信号。在中国信托业协会专家理事周小 明看来，这可能意味着，信托业围绕"回归本源"的业务调整已初见成效。 在"三分类"新规引导下，资产管理信托和资产服务信托已经替代传统的"融资信托+通道信托"业务模 式成为行业主导，且近年来资金信托向证券市场"搬家"趋势明显，过去一年投向债券、股票、基金市 场的规模合计增加了约2.5万亿元，不过仍以债券为主。 营收、净利润增速回正 回顾2024年上半年，信托业在经历2023年盈利增速短暂回暖后，经营收入与利润总额同比均出现了 较大幅度下滑。其中，经营收入同比下滑32.73%，利润总额同比下滑40.63%。2024年全年，行业 实现利润230.87亿元，比2023年减少19 ...

（原标题：建信信托党委副书记、总裁卢刚： 信托核心价值在于"服务、整合、跨期"） 证券时报记者 刘敬元 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国信托业发展高峰论 坛"上，建信信托党委副书记、总裁卢刚以《拥抱变革 重塑价值：走好信托业差异化发展之路》为题发 表演讲。 信托的核心价值究竟是什么？卢刚认为，信托的价值，是基于信托法理和制度的"服务价值""整合价 值"与"跨期价值"。 首先要深耕"服务价值"，做最专业的"受托人"。资产服务信托不仅是监管指引下的业务方向，更是信托 公司构建持续竞争优势的战略选择。这一价值的深度挖掘，要求行业从传统的"产品中心"思维转向"客 户中心"思维，从"交易驱动"模式转向"服务驱动"模式。资产服务信托作为服务价值的重要载体，正在 风险处置、资产证券化、养老服务等领域展现出强大生命力。 其次要提升"整合价值"，做资源与需求的"连接器"。信托公司作为能够横跨货币市场、资本市场和实体 产业的金融业态，具有独特的整合优势。这种整合价值不仅体现在业务范围的广泛性上，更体现在能够 根据客户需求，灵活运用多种金融工具，提供多元的金融服务。跨市场、多工具 ...

Core Insights - The trust industry has successfully transitioned from traditional non-standard financing to asset service trusts, asset management trusts, and charitable trusts, leading to significant growth in asset management scale [1] - As of June 2025, the total asset management scale of the trust industry reached 32.43 trillion yuan, a year-on-year increase of 20.11%, surpassing 30 trillion yuan for the first time [1] - Asset service trusts and asset management trusts have become the dominant business models driving the growth of trust assets, replacing traditional financing and channel business models [1] Industry Structure - The trust industry is experiencing a notable decline in financing-related and channel business due to regulatory pressures, prompting companies to reshape their customer service systems [1] - Trust companies are focusing on developing wealth management account systems and creating a diversified product line, with managed asset scale exceeding 1.3 trillion yuan [1] - The unique advantages of trust institutions include asset independence, risk isolation, wealth inheritance, and asset allocation, meeting the societal demand for cross-generational arrangements of various assets [2]

Core Viewpoint - The recent developments in the consumption finance trust business highlight a resurgence in the sector, driven by regulatory changes and market dynamics, despite the risks exemplified by the Huaneng Trust loan fraud case [1][4][14]. Group 1: Regulatory Environment - The local securities regulatory bureau has initiated a special self-inspection of asset-backed securities (ABS) related to Huaneng Trust's "credit guarantee loan" business to prevent similar fraud risks from affecting the ABS market [1]. - The implementation of the new lending regulations on October 1 is expected to impose stricter constraints on trust institutions involved in consumer loans, including limits on borrowing rates and platform management [2][7]. Group 2: Market Trends - In the first eight months of 2025, 26 trust companies issued consumption finance collective trust plans totaling 173.3 billion yuan, marking a year-on-year increase of over 50% [4][6]. - Major trust companies such as Tianjin Trust, Guomin Trust, and Huaxin Trust have significantly increased their issuance of consumption finance trust products, with some companies doubling their issuance compared to the previous year [4][6]. Group 3: Business Models - The consumption finance trust business, which primarily involves providing consumer loans, has evolved from a focus on non-standard financing to a more regulated environment due to increased scrutiny [3][11]. - The trust companies are now exploring various business models, including lending partnerships with banks and consumer finance companies, to mitigate risks and enhance profitability [10][12]. Group 4: Risks and Challenges - The Huaneng Trust loan fraud case serves as a cautionary tale for the industry, highlighting the risks associated with over-reliance on third-party platforms and inadequate risk management practices [14][15]. - The new lending regulations are expected to challenge traditional financing models, pushing trust companies to adapt their strategies to comply with stricter regulatory requirements [29][30]. Group 5: Future Outlook - The consumption finance trust business is anticipated to continue evolving, with a focus on compliance and proactive risk management becoming paramount for trust companies [29][30]. - The shift towards asset service trusts, particularly in prepayment funding services, is seen as a potential optimal solution for trust companies facing regulatory pressures [30].

Core Insights - The trust industry in China is experiencing significant growth in asset scale and optimization of business structure, with total trust assets reaching 29.56 trillion yuan by the end of 2024, marking a 9.48% increase from mid-2024 and a 23.58% increase from the end of 2023 [1][2] - The shift towards a diversified and professional asset service trust model is evident, as the industry transitions from traditional non-standard financing to a more balanced approach between asset service trusts and asset management trusts [1][2] - The demand for comprehensive wealth management is rising among trust clients, driven by stable economic growth and increasing per capita income, indicating substantial growth potential for wealth management services within the trust sector [2] Asset Scale and Structure - By the end of 2024, the wealth management service trust scale exceeded 1 trillion yuan, with family trusts at 643.58 billion yuan and insurance trusts at 270.40 billion yuan [1] - The number of newly established wealth management service trusts in 2024 reached 45,300, with a total scale of 1.98 trillion yuan, significantly outpacing the establishment of asset management trusts [1] Securities Investment and Financial Performance - The trust industry is actively engaging in securities investment, with 66 trust companies managing over 10 trillion yuan in securities investment trusts by the end of 2024, primarily focused on bonds [2] - The total scale of funds in trust reached 22.25 trillion yuan by the end of 2024, reflecting a year-on-year growth of 28.02%, with over 5% of funds directed towards stocks and funds [2] - Despite an increase in operating income to 94.04 billion yuan (up 8.89% from 2023), the industry's profit declined by 45.52% to 23.09 billion yuan, attributed to the shift in business focus towards asset service trusts [2] Regulatory Support and Development - The trust industry is presented with new opportunities for high-quality development, supported by regulatory frameworks from the State Council aimed at enhancing risk prevention and promoting industry growth [3] - Pilot programs for trust property registration have begun in major cities like Beijing and Shanghai, facilitating the industry's standardization and transformation [3]

Core Insights - The Chinese trust industry has shown significant growth, with the total trust assets reaching 29.56 trillion yuan by the end of 2024, marking a 23.58% increase from the end of 2023 [1][2][3] Industry Overview - By the end of 2024, the trust asset scale is close to 30 trillion yuan, reflecting a substantial transformation following the implementation of the "Three Classification New Regulations" [1][3] - The trust industry experienced a historical peak in asset scale, surpassing the previous high of 26.25 trillion yuan in 2017, after a period of decline from 2018 to 2020 [2][3] Business Structure Optimization - In 2024, the trust industry established 67,400 new trust products, with a total scale of 8.32 trillion yuan, indicating a shift towards asset service trusts, which accounted for 70.17% of new products [4][5] - The growth in trust assets is attributed to the optimization of business structure, with a focus on asset service trusts and wealth management services [4][5] Financial Performance - The trust industry's operating income for 2024 was 94.036 billion yuan, an increase of 8.89% from 2023, while profits fell to 23.087 billion yuan, a decrease of 45.52% [5][6] - The shift towards asset service trusts, which typically have lower fees, has impacted overall profit margins, necessitating a focus on improving business efficiency and profitability [5][6] Future Developments - The "Three Classification New Regulations" aim to guide the trust industry back to its core functions, with a clear path for future development and the introduction of supporting regulations [6][7] - The trust industry is expected to see new opportunities with the implementation of property trust registration trials in major cities, enhancing regulatory compliance and operational efficiency [8]

Group 1 - The core viewpoint of the news is that the trust industry in China is experiencing significant growth in asset scale, with a projected increase to 29.56 trillion yuan in 2024, reflecting a 9.48% growth compared to mid-2024 and a 23.58% increase from the end of 2023 [1] - By the end of 2024, the scale of fund trusts is expected to reach 22.25 trillion yuan, marking an 11.53% increase from mid-2024 and a 28.02% increase from the end of 2023 [1] - The operating income of the trust industry is projected to rise to 94.036 billion yuan in 2024, an 8.89% increase from 86.361 billion yuan in 2023, while profits are expected to drop significantly by 45.52% to 23.087 billion yuan [1] Group 2 - The trust industry is shifting from a focus on capital financing and asset management to prioritizing asset service trusts, which is expected to impact overall profit margins due to the low-fee nature of asset service trusts [2] - The regulatory framework established by the China Banking and Insurance Regulatory Commission in 2023 aims to categorize trust business, with a three-year transition period set to ensure orderly implementation [2] - Wealth management service trusts are highlighted as a key focus in the business classification adjustment, accounting for 76% of the 25 categories, with family trusts, insurance trusts, and other personal wealth trusts collectively amounting to 1.028882 trillion yuan [2] Group 3 - There is a growing demand for comprehensive wealth management among trust clients, driven by the stable growth of the Chinese economy and increasing personal income, indicating significant development potential for wealth management services in the trust industry [3]