登录新浪财经APP 搜索【信披】查看更多考评等级 文章来源：用益研究 第一，这一变革集中体现为三大转向。一是业务逻辑转向，从依赖非标业务的粗放模式，进一步强化转 向主动管理与净值化运作，契合资管新规统一标准与信托业务分类厘清的政策导向；二是监管导向转 向，从单纯的规模管控，调整为合规经营与投资能力并重的精细化监管，覆盖信托产品设立、运营、终 止全流程；三是竞争逻辑转向，从低门槛的同质化竞争，转向构建差异化、生态化的核心竞争力，立足 私募资管定位发挥信托制度优势。 第二，进一步划定业务边界。《办法》为资产管理信托划定了清晰的业务范围与监管要求，一是业务边 界清晰化，明确禁止通道业务和资金池业务，合理限制非标债权投资范围与结构化产品杠杆水平，确立 其基于信托法律关系的私募资产管理产品定位，面向合格投资者非公开发行，人数不超过200人，从根 源上规范规模扩张行为；二是投资者保护实质化，通过强化销售适当性管理、推行净值化运作、细化信 息披露要求，落实"卖者尽责、买者自负；卖者失责、依法赔偿"原则，引导投资者理性看待资产管理产 品风险收益特征，同时要求以醒目方式提示风险，厘清销售机构责任；三是风控合规穿透化，强调对底 ...

Core Viewpoint - The recent draft of the "Asset Management Trust Management Measures" by the Financial Regulatory Bureau signifies a shift towards a more refined regulatory framework for the trust industry, addressing the need for updated regulations after 18 years of existing rules [1][2] Regulatory Framework - The draft enhances the regulatory chain for the trust industry, following previous regulations that clarified business boundaries and strengthened full-process supervision [1][2] - It emphasizes the private equity nature of asset management trusts, limiting investor numbers to a maximum of 200 and imposing stricter qualifications for high-risk products [2] Business Challenges - The draft imposes strict limitations on non-standard asset investments, which may lead to a decrease in financing trusts and pressure on companies reliant on non-standard business [2][3] - Trust companies are required to enhance their operational capabilities, including building comprehensive research systems and improving IT infrastructure for daily valuation and net asset value disclosures [3] Growth Opportunities - The draft opens avenues for high-quality development in the trust industry, with a focus on standardized trust products becoming a core area of competition [3][4] - Trust companies can leverage their institutional flexibility to create differentiated products, such as family trusts and asset allocation services, to compete with public funds and securities asset management products [4] Long-term Development - The regulatory body will monitor the progress of asset management trust business rectifications, urging companies to reduce existing business steadily [4] - The industry is expected to achieve sustainable development only by genuinely transforming into professional investment management institutions [4]

Core Viewpoint - The new regulatory framework for the trust industry in China requires individual investors to have an average annual income of no less than 400,000 RMB over the past three years, aiming to strengthen risk prevention and ensure the healthy development of asset management trusts [1][3]. Regulatory Background - The current regulations, established in 2007, have been in place for 18 years and require updates to align with industry practices [3]. - Recent regulatory changes include the 2018 guidelines from the People's Bank of China and other ministries, which set unified standards for asset management businesses [3]. - The 2023 notification clarified the boundaries of different types of trusts, indicating that previous classification methods no longer match the industry's development [3]. - The new regulations are part of a broader effort to enhance supervision and risk management in the trust sector [3]. Structure of the New Regulations - The draft regulation consists of 5 chapters and 85 articles, covering general provisions, establishment and termination of trust products, operational management, supervision, and appendices [4]. - The operational management section includes 7 sections detailing management systems, sales, asset custody, investment management, risk management, information disclosure, and beneficiary meetings [4]. - Asset management trusts are categorized into four types: fixed income trusts, equity trusts, commodity and financial derivative trusts, and mixed trusts [4]. Investment Management Requirements - Trust products must involve clear legal relationships and be based on legitimate assets, including various types of bonds, bank deposits, and other approved assets [6]. - Investment in securities must specify stop-loss measures in trust documents, and holdings in a single company's stock cannot exceed 30% of its market value [6]. - Trust companies must track the flow of funds in non-standardized debt assets and ensure compliance with regulations [6]. - Investments in asset management products are allowed, but these products cannot invest in other asset management products, except for public securities investment funds [6]. - The investment amount in a single asset cannot exceed 25% of the trust's actual capital, with exceptions for certain government securities [6]. Investor Eligibility Criteria - Individual investors must meet specific criteria, including having at least two years of investment experience and a family financial net worth of no less than 3 million RMB, or financial assets of at least 5 million RMB, or an average annual income of no less than 400,000 RMB over the past three years [7].

Core Viewpoint - The National Financial Regulatory Administration is seeking public opinions on the draft of the Asset Management Trust Management Measures to standardize the development of asset management trust businesses in response to the central financial work conference's spirit [1][2] Group 1: Product Positioning - Asset management trusts are defined as private asset management products based on trust legal relationships, aimed at qualified investors with risk identification and bearing capabilities, and are issued non-publicly [1] Group 2: Management and Regulation - The draft emphasizes strict management throughout the entire process, including the establishment and sales of trust products, management during the product's duration, and the regulation of trust fund utilization [1] - It highlights the importance of risk management and net value management, along with enhanced disclosure obligations for trust companies [1] Group 3: Sales Management - The draft specifies management requirements for key sales areas, including trust documents, risk declarations, investor commitments, and risk assessments, while reinforcing the appropriateness of investor management [1] - It aims to guide investors in enhancing their awareness of the risks associated with trust product investments [1] Group 4: Investment Management - The draft clarifies requirements for various underlying assets in trust product investments, details rules for portfolio investments, and regulates related party transactions [1] - It prohibits channel business and fund pool operations, while enhancing transparency in the management of other asset management products [1] Group 5: Risk Management and Disclosure - The draft strengthens comprehensive risk management requirements, including operational, credit, and liquidity risks, and standardizes information disclosure behaviors and content to improve the quality of disclosures [2] Next Steps - The National Financial Regulatory Administration will revise and improve the draft based on public feedback before finalizing and implementing the Asset Management Trust Management Measures [2]

Core Viewpoint - The National Financial Supervision Administration has introduced the "Asset Management Trust Management Measures (Draft for Comments)" to enhance regulation and risk prevention in the trust industry, emphasizing the importance of risk disclosure and management in trust product sales [2][3]. Group 1: Background and Purpose - The existing regulations for trust companies have been in place since 2007 and require updates to align with current industry practices and standards [3]. - The new measures aim to strengthen supervision, prevent risks, and establish a solid regulatory foundation for the healthy development of asset management trusts [3]. Group 2: Structure and Content of the Measures - The measures consist of five chapters and eighty-five articles, covering general principles, product establishment and management, operational management, supervision, and definitions [4]. - Asset management trusts are defined as private asset management products based on trust law, with a focus on active management and compliance with market principles [4][5]. Group 3: Sales Requirements for Asset Management Trusts - Trust companies must fully disclose risks to investors and cannot guarantee capital preservation or returns [7]. - Strict risk disclosure requirements mandate that trust documents clearly highlight the nature of risks [7]. - Trust companies are required to assess the risk tolerance of individual investors and match them with appropriate trust products [7]. Group 4: Investment Management Requirements - Trust companies must manage trust assets legally and transparently, adhering to specified investment scopes [8]. - Different asset categories must be managed distinctly, with clear guidelines for investment limits and collaboration with investment partners [8]. Group 5: Risk Management and Information Disclosure - A comprehensive risk management system must be established, covering various types of risks and ensuring compliance with legal and regulatory requirements [8]. - Information disclosure requirements are detailed, ensuring transparency in trust asset management and compliance with regulatory standards [8]. Group 6: Regulation of Key Business Areas - Prohibition of channel business and fund pool operations is emphasized, ensuring trust companies take active management responsibility [9]. - Strict regulations on related party transactions are established to ensure transparency and compliance [9]. Group 7: Rectification of Existing Asset Management Trusts - Trust companies are required to review existing asset management trusts, identify those needing rectification, and develop a plan to address compliance issues [10]. - Progress in rectification will be monitored as part of the regulatory framework [10].

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 Insights - The asset management trust market in July showed a slight decline in issuance quantity and a significant decrease in issuance scale, while the establishment market experienced a notable increase in quantity but a clear decline in scale [1][2]. Issuance Market - In July, a total of 2,549 asset management trust products were issued, representing a month-on-month decrease of 1.13%, with a disclosed issuance scale of 130.318 billion yuan, down 16.35% [1]. - Non-standard products faced significant setbacks, with issuance quantity decreasing by 13.85% and issuance scale dropping by 23.97% [1]. - Conversely, standard products saw a notable increase, with 1,491 standard trust products issued, an increase of 141 products or 10.44%, while the disclosed issuance scale slightly decreased by 1.53% [1]. - The positive performance of the equity market contributed to the growth of standard trust product issuance [1]. Establishment Market - In July, 2,295 asset management trust products were established, marking a month-on-month increase of 10.50%, with a disclosed establishment scale of 77.682 billion yuan, down 6.88% [2]. - Non-standard products also saw a significant decline in establishment scale, with a month-on-month decrease of 9.30% [2]. - The establishment of standard trust products increased significantly, with a rise of 195 products or 17.55%, while the disclosed establishment scale remained relatively stable, decreasing by only 0.09% [2]. - TOF (Trust of Funds) products emerged as a key growth driver in the standard trust establishment market, with 481 products established, an increase of 121 products or 33.62%, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [2]. Importance of Standard Trusts - The development of standard trusts is crucial in the context of the trust industry's transformation, helping to reduce reliance on non-standard business and mitigate existing risks [3]. - Standard trusts offer high transparency, strong liquidity, and clear risk-return characteristics, catering to diverse investor preferences [3]. - By investing in standardized assets like bonds and stocks, standard trusts can channel social funds into the capital market and support the real economy, thereby enhancing resource allocation efficiency [3].

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]