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、中国信托业协会第一届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、需求黏性高，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。 金李。资料图 将"不动产"变成流动的金融资源 《21世纪》 ...

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 ...

2026年，有两个关于信托公司信息公开和信披的新规即将施行，分别是《慈善信托信息公开办法》 以及《银行保险机构资产管理产品信息披露管理办法》（以下简称《资管产品信披办法》）。 距离新规正式实施还有几个月，信托公司做了哪些准备？该如何积极应对信息披露新要求带来的变 化？ 信托公司——对新规重视程度不一 "知道有新规，但感觉公司相关部门也不知道怎么办。" "应该是涉及一些业务部门，公司层面还没关注。" "还有过渡期，有关部门会不会出台细则？" "信息披露不合规"是近些年监管处罚信托公司的主要事由之一。例如，2024年和2025年，陆家嘴信 托两次因信息披露问题受到机构和责任人双罚。 "新政频出表明监管对相关行业信息披露的高度关注，提升信息披露规范性和透明度是当务之急， 不能等到罚单来了才开始重视。"一位信托业内人士直言。 专家分析——同一业务统一监管 "新政释放了积极信号，即同一业务、同一标准、统一监管，这实际上是从业务实质着力，发挥功 能监管的重要作用。"本报专家组成员邢成表示。从《慈善信托信息公开办法》来看，监管范围包括了 慈善信托的所有参与方，不仅是信托公司，还有各类慈善组织。根据《资管产品信披办法》，资产 ...

【大河财立方消息】2月25日，河南水利投资集团有限公司2026年面向专业投资者公开发行公司债券项目提交注册。 本期债券拟发行金额25亿元，承销商/管理人为中金公司、中信证券、中信建投证券、广发证券、中国银河证券。2025年8月18日，经上海新世纪综合评定， 发行人主体信用评级为AAA，评级展望为稳定。 | | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | --- | | 愤务人 | 愤权人 | 债务类型 | 起息日 | 偿还时间 | 未还本会 | 本次债券拟 偿还规模 | | | 中国银行股份有限 公司河南省分行 | 银行借款 | 2023-04-28 | 2026-04-28 | 23,500.00 | 23,000.00 | | | 兴业国际信托有限 公司 | 信托借款 | 2023-03-31 | 2026-03-31 | 60,000.00 | 60,000.00 | | 河南水利 | 渤海国际信托股份 有限公司 | 信托借款 | 2023-11-22 | 2026-11-21 | 66,700.00 | 62,000.00 | | 投 ...

Group 1 - The core point of the news is the resignation of Mr. Zeng Xu, the General Manager of Jianyuan Trust, due to personal reasons, which has raised significant attention in the financial sector [1][2] - Mr. Zeng's resignation is effective immediately upon delivery of his resignation report to the board, and he will not hold any position in the company thereafter [2] - The board has appointed Chairman Qin Yi to act as the General Manager for a period of up to six months while a suitable replacement is found [2] Group 2 - Mr. Zeng, aged 48, has extensive experience in the securities, asset management, and digital finance sectors, having previously held several key positions at Industrial Securities before joining Jianyuan Trust [3] - During his tenure, Mr. Zeng's annual salary was reported to be 3.268 million yuan [4] - Jianyuan Trust has faced significant legal challenges, with total litigation amounts reaching 936 million yuan, including a notable case involving a 498 million yuan dispute with Sanxia Capital [5] Group 3 - The company's financial performance has been under pressure, with total operating revenue for the first three quarters of 2025 at 189 million yuan, a year-on-year decline of 24.61% [6] - The core business revenue from fees and commissions dropped significantly by 41.0% to 135 million yuan compared to the previous year [6] - Despite a year-on-year increase of 24.25% in net profit attributable to shareholders, this was primarily due to a substantial reduction in income tax expenses rather than improvements in core business operations [6]

Core Viewpoint - The trust industry is undergoing a significant transformation with the implementation of the new "Trust Company Management Measures," leading to a wave of license renewals among trust companies, indicating a shift towards high-quality development in the sector [2][3][4]. Group 1: License Renewal Progress - Dongguan Trust has received approval to renew its financial license, marking a step in the broader trend of trust companies adapting to new regulations [1][7]. - As of February 10, 2026, 24 trust companies have successfully completed the renewal process, all citing "business scope change" as the reason for renewal [2][9]. - The renewed licenses align with the new "three-category" framework, categorizing businesses into asset service trusts, asset management trusts, and public welfare trusts [2][9]. Group 2: Industry Transformation - The renewal of licenses signifies the trust industry's transition into a new phase of high-quality development, characterized by increased industry concentration and a shift in competition from scale to professional and risk management capabilities [2][3][9]. - Trust companies are focusing on core business areas, shedding non-core activities, and enhancing compliance and risk management to align with regulatory requirements [3][4][9]. - The "standardization + differentiation" business model is expected to drive the industry from homogeneous competition to a more stratified development approach [3][9]. Group 3: Future Outlook - More than half of the trust companies have yet to complete the license renewal process, with significant attention on those facing risks, such as Zhongrong Trust and Minsheng Trust, regarding their ability to obtain new licenses [4][11]. - The industry is expected to complete the license renewal process by the end of March 2026, with a focus on compliance and business transformation being crucial post-renewal [12]. - The overall structure of the trust industry is anticipated to optimize further, reshaping the competitive landscape and enhancing risk prevention capabilities, ultimately better serving the real economy and wealth management needs [13].

2026.02. 11 相较于2024年，去年慈善信托新设规模有所下降，但追加规模明显提升。与此同时，在2025年设立 慈善信托的308个非自然人委托人中，有109个委托人在2016～2024年已有慈善信托设立经验；另 有17个委托人往年未设立过慈善信托，2025年首次参与便集中设立多单。 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 亓宁 由中国信托业协会、中国慈善联合会联合发布的《2025年度中国慈善信托发展报告》（下称《报 告》）显示，截至2025年末，我国慈善信托累计备案规模已突破百亿元。 作为三分类新规下监管鼓励探索发展的业务，慈善信托也是近年来信托公司转型发展的重要探索方 向，多数信托公司已经作为受托机构参与其中。但从信托数量和规模来看，机构间分化依然明显。第 一财经记者在《报告》发布会现场了解到，2025年，新增慈善信托备案规模排在前十位的受托机构 中，规模最高为4.81亿元、最低为0.66亿元，首尾差距超过4亿元。 参与设立慈善信托的委托人中，自然人和民营企业依然是主要参与主体。在业内人士看来，随着慈善 信托的效果持续释放，其功能优势也受到越来越多的机构和个人关注、认可。接下来， ...

制度优势是信托业的根基，而将这一优势转化为面向未来的深度服务能力，是2026年展业的核心关键。 随着《信托公司管理办法》修订并正式施行，行业监管框架完成根本性重构，为信托公司回归"受人之 托、代人理财"的本源奠定了坚实基础。 当"存款搬家"成为居民财富管理常态，资管新规全面落地重构行业逻辑，一个共识在金融业形成：服务 能力已成为所有金融机构面向未来的核心竞争力。 从功能上看，信托公司能提供其他金融机构难以企及的确定性架构。如在企业破产重整服务中，信托计 划能实现资产隔离与有序处置；在预付金管理中，信托架构能保障资金安全。以上海为例，其成功落地 的不动产信托登记试点，就将服务拓展至家庭财富定向传承、银发老人特殊需要等普惠金融领域。 从服务范围看，信托的触角可延伸至传统金融之外的社会治理领域。家族信托、慈善信托、员工持股信 托等业务，对应的是家族财富传承、社会公益落地、企业激励机制构建等综合性需求。 当银行聚焦信贷、券商发力交易、基金深耕标准化投资时，信托公司的生态位在于：通过定制化、结构 化的受托服务，解决需要长期锁定、风险隔离和复杂安排的"非标需求"。 构建面向未来的服务能力：从功能实现到信任建立 银行、券商 ...

Core Insights - The trust industry is transitioning from a period of rapid growth to a more pragmatic approach, emphasizing differentiated strategic positioning and compliance risk management [1][2] Group 1: Industry Overview - Trust companies like Kunlun Trust and Industrial Trust are focusing on unique survival and development spaces, indicating a shift from broad growth to specialized strategies [1] - In 2025, several trust companies reported impressive operational results, with Industrial Trust's trust business management scale exceeding 800 billion yuan and Zhejiang Jin Trust's wealth management service trust scale surpassing 60 billion yuan [1] - The overall profitability of the trust industry is facing challenges, with significant income structure differentiation among companies, particularly benefiting those with capital market exposure [2] Group 2: Strategic Focus - Trust companies are adopting clear and determined strategic deployments for 2026, focusing on differentiation rather than mere transformation [2][3] - Kunlun Trust aims to pursue a differentiated development path in energy trust, providing financial solutions for the energy and chemical industries [2] - Industrial Trust emphasizes leveraging the synergy between bank and trust licenses to enhance service capabilities [3] Group 3: Risk Management - Risk prevention and compliance are prioritized by trust companies, with many outlining specific measures to mitigate existing risks and ensure sustainable development [4] - Companies like Foreign Trade Trust and Kunlun Trust have made risk resolution a key focus for 2026, aiming to clear obstacles for growth [4] - The establishment of a robust risk control system is highlighted as essential for high-quality development, with companies like Shaanxi Guotou emphasizing comprehensive risk management [4]

Group 1 - The core viewpoint of the article highlights the launch of the first public REITs project by Guomin Trust, named "Guomin Trust · Jingneng No. 1 REITs Investment Collective Fund Trust Plan," which is involved in the expansion of the AVIC Jingneng photovoltaic REIT listed on the Shanghai Stock Exchange [1] - The public REITs market in China is entering a normalized issuance phase, with a projected total issuance scale exceeding 210 billion yuan by the end of 2025, indicating a positive market development trend [1] - The "Jingneng No. 1" project specifically targets the operation and development of the Yunnan Province Sujiahekou Hydropower Station and Songshanhekou Hydropower Station, creating a virtuous value cycle through indirect ownership of infrastructure project assets [1] Group 2 - Guomin Trust aims to deepen its focus on the green finance sector, enhancing its professional operational capabilities in public REITs, and guiding more social capital towards sustainable development [2] - The company is committed to supporting the construction of a green low-carbon circular economy system in China, contributing to high-quality economic and social development [2]