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].

《登记指南》还有穿透披露的要求。例如，在交易链条方面，信托资金通过合伙企业或金融产品等特殊 目的载体间接投向底层资产的，应当完整披露交易链条、各层嵌套SPV（特殊目的机构）、最终底层资 产和最终募资主体等信息。 据记者了解，此前各区域监管标准不甚一致，各家信托公司投资组合的实践进度不一。业内人士表示， 整体上，目前非标信托组合投资的占比仍不算高。 帅国让分析，非标信托进行组合投资，有多重积极意义。从风险角度来看，单一融资方业务若出现问 题，容易导致信托资产大幅减值，组合投资可降低非系统性风险，避免"把鸡蛋放在一个篮子里"。从业 务模式看，可扭转信托公司私募投行角色，使其回归资产管理本源，以受益人利益最大化为目标，而非 单纯为融资方服务。从行业发展看，能促使信托公司提升专业投资能力，推动行业可持续发展，增强服 务实体经济质效，避免过度依赖单一融资项目的不规范业务模式。 （文章来源：证券时报） 非标信托单一融资模式即将终结。证券时报记者获悉，中国信登自2025年9月1日起，将执行新的信托预 登记审查标准。其中，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。受访人士分 ...