Core Viewpoint - China Trust Registration Co., Ltd. (China Xindeng) will implement new requirements for asset management trust products starting from September 2025, mandating portfolio investment to avoid single financing for trust businesses [1][2]. Group 1: Regulatory Changes - New pre-registration review standards for trusts will take effect on September 1, 2025, requiring trust companies to adopt portfolio investment strategies [1]. - The regulatory body has indicated that asset management trusts should primarily use portfolio investment to mitigate risks, with plans to revise relevant regulations [2]. Group 2: Industry Response - Trust companies are currently observing the situation regarding the new portfolio investment requirements, with expectations that the impact on actively managed trust businesses will be manageable [3]. - Many trust companies have already begun implementing portfolio investment strategies in their self-issued asset management trust products, particularly in standard and non-standard trusts [4]. Group 3: Challenges and Considerations - The shift to portfolio investment increases management complexity for trust companies, as they must now manage multiple projects within a single trust product, which poses challenges in aligning project timelines and credit evaluations [4].

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration Center on September 1, 2025, will end the single financing model for non-standard trust products, requiring asset management trusts to adopt a diversified investment approach [1][2]. Group 1: New Regulations - Starting from September 1, 2025, the updated trust registration guidelines will mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2]. - The new guidelines will also introduce requirements for transparent disclosure of transaction chains, including details about special purpose vehicles (SPVs) and the final underlying assets [2]. Group 2: Impact on the Industry - The new regulations are expected to have no substantial impact on standard asset management trusts but will significantly affect non-standard trusts, effectively ending the single borrower model [2]. - Currently, the proportion of non-standard trusts utilizing combination investments is relatively low, indicating a need for industry adaptation [2]. Group 3: Benefits of Combination Investment - Implementing combination investments can mitigate non-systematic risks, as reliance on a single financing party can lead to significant asset devaluation if issues arise [2]. - The shift towards combination investments is anticipated to realign trust companies' roles back to asset management, focusing on maximizing beneficiary interests rather than merely serving financing parties [2]. - This change is expected to enhance the professional investment capabilities of trust companies, promoting sustainable industry development and improving service quality to the real economy [2].

非标信托单一融资模式终结，为时不远。 近日，信托百佬汇记者核实了解到，中国信登发布新的信托登记业务指南，自2025年9月1日起，将执行新的信托预登记审查标准。其中包括，对于资产管 理信托，信托公司应当落实组合投资要求，不得开展实质为单一融资方提供融资的信托业务。 同时，底层资产属于贷款、非标债权、收（受）益权或未上市股权的，应当逐一明确募集资金用途：补充流动资金、固定资产建设、项目融资或其他具体 用途。信托资金用于置换金融机构贷款的，应当补充说明原贷款产品类别、原贷款资金用途和原贷款起止时间，并遵循各类贷款展期原则的规定。 受访人士分析，这一要求主要影响的是非标类资产管理信托。展望未来，非标信托组合投资有多重积极意义，可以实现风险分散化，同时促进信托公司回 归资产管理本源，并提升专业投资能力和服务实体经济质效。不过，也要求信托公司进一步提升投资管理、风险管理等能力。 9月1日起新登记信托要求组合投资 近日，中国信登向信托公司发布信托登记系统公告（2025年第1号）。中国信登表示，为进一步强化信托产品登记审核，把牢把紧登记入口关，结合监管 要求及登记实务，优化预登记报送标准和审查要求。 中国信登更新并发布《信托 ...