Core Viewpoint - The recent issuance of the "Notice on the Registration of Equity Trust Property" marks a significant advancement in the trust property registration system in China, aimed at enhancing the management and independence of trust assets [1][3]. Group 1: Overview of the Notice - The Notice, issued by the Beijing Regulatory Bureau and the Beijing Market Supervision Administration, mandates the registration of equity trust property by trust companies in Beijing [1]. - The Notice is currently in the public application phase and will be trialed for one year starting from its issuance date [1]. - Equity trust involves the transfer of equity by the trustor to a trust institution, which then manages and disposes of the equity according to the trustor's wishes [1]. Group 2: Registration Process - The registration process for equity trust property consists of three steps: pre-registration of the trust product, signing of the trust document, and application for equity change or establishment registration [2]. - The specific process for equity change or establishment registration requires the company holding the equity to apply to the registration authority, submitting necessary legal documents and proof from the China Trust Registration Co., Ltd. [2]. Group 3: Importance of Trust Property Registration - Trust property registration is a crucial supplement to China's civil and commercial registration system, enhancing the flexibility and functional advantages of trusts while ensuring the independence of trust assets [3]. - The lack of a supporting registration mechanism has historically led to ambiguities in trust property ownership and doubts about risk isolation effectiveness [3]. Group 4: Recent Developments in Trust Property Registration - In recent years, regulatory bodies have been actively promoting the establishment of a trust property registration system, with the State Council advocating for the exploration of registration mechanisms for real estate and equity as trust property [4]. - Beijing has accelerated the implementation of trust property registration, with previous notifications allowing for the registration of real estate trust property [5]. - The China Trust Registration Co., Ltd. has begun providing registration services for real estate trust property in Beijing, marking a transition from policy design to practical implementation [6].

Core Viewpoint - The Financial Regulatory Bureau has released a revised draft of the "Trust Company Management Measures," aiming to promote the trust industry’s return to its core functions, deepen reforms, and effectively prevent risks [1][2]. Group 1: Key Revisions - The revised measures focus on four main areas: emphasizing the core business of trust companies, enhancing party building, establishing a comprehensive risk management system, and increasing the minimum registered capital [1][2]. - The new regulations are a refinement of previous rules aimed at high-quality development in the trust industry, enhancing operational behavior, and improving risk management and market exit mechanisms [1][2]. Group 2: Business Scope Adjustments - The revised measures adjust the business scope of trust companies to focus on asset service trusts, asset management trusts, and charitable trusts, moving away from rigid repayment practices [3]. - The previous five categories of trust business have been consolidated into three main types, aligning with the core responsibilities of trust companies [3]. Group 3: Asset and Liability Management - The revised measures clarify that trust companies can engage in liquidity borrowing from shareholders and issue targeted bonds under inherent liabilities, while prohibiting external guarantees [4]. - Trust companies are restricted from lending to related parties or transferring assets, and must adhere to strict limits on borrowing and investment activities [4]. Group 4: Corporate Governance Enhancements - The measures emphasize the importance of corporate governance, requiring trust companies to strengthen party building and manage shareholder behavior and related transactions [6][7]. - Trust companies must establish specialized committees to protect the rights of clients and beneficiaries, ensuring compliance with legal and regulatory requirements [6][7]. Group 5: Risk Management and Capital Requirements - The revised measures mandate the establishment of a comprehensive risk management system focusing on compliance and operational risks, with specific requirements for trust documentation and risk disclosure [9][10]. - The minimum registered capital for trust companies has been increased to 500 million RMB from the previous 300 million RMB, with stricter regulations on capital and reserve management [10].

Core Viewpoint - The "Trust Company Management Measures" is undergoing a comprehensive revision to enhance regulatory frameworks, risk management, and operational standards in the trust industry, reflecting a shift towards stronger supervision and high-quality development [1][2]. Regulatory Changes - The revised draft introduces stricter regulatory measures, including an expanded regulatory scope and enhanced transparency requirements, such as a trust registration system and increased information disclosure [2][3]. - The capital requirements for trust companies are raised, with a significant emphasis on shareholder responsibilities and obligations [2]. Business Scope Adjustments - The business scope of trust companies is redefined to include three main categories: trust business, asset-liability business, and other services [4]. - Specific changes in trust business include the categorization into asset service trusts, asset management trusts, and public welfare trusts, while prohibiting practices like fund pools and channel businesses [4]. Governance and Internal Control - The draft emphasizes improved corporate governance, including the establishment of a dedicated committee for the protection of trustors and beneficiaries' rights, and stricter management of shareholder behaviors and related transactions [5][6]. - Internal control and risk management processes are to be strengthened, ensuring comprehensive management of trust business operations [6]. Risk Management and Recovery Plans - The revised measures enhance the operational and binding nature of recovery and disposal plans for high-risk trust companies, including requirements for shareholder dividends and liquidity borrowing [7]. - The draft outlines specific conditions under which the regulatory authority can revoke licenses for companies engaging in illegal operations or poor management practices [7].

Core Viewpoint - The introduction of the "Double First Registration" for real estate trust property in Beijing marks a significant breakthrough in the registration process, facilitating the establishment of real estate trusts and addressing long-standing industry challenges [1][3][4]. Group 1: Regulatory Developments - The Beijing Financial Regulatory Bureau announced the successful implementation of the first real estate trust property registrations by Guotou Taikang Trust and Foreign Trade Trust on April 2, achieving a "zero breakthrough" in the city [1][3]. - A joint notice was issued by the Beijing Financial Regulatory Bureau and the Beijing Municipal Planning and Natural Resources Committee to establish a clear registration path for real estate trusts, making Beijing the first in the country to do so [3][4]. Group 2: Practical Applications - The first two cases of real estate trust registration focus on special needs services and charitable legacy projects, demonstrating the transition of real estate trusts from exclusive high-net-worth tools to inclusive wealth management vehicles [4][5]. - Guotou Taikang Trust set up a real estate trust for an elderly individual and their autistic children, while Foreign Trade Trust customized a trust for a middle-aged citizen, directing 50% of the trust income to charity [3][4]. Group 3: Industry Impact - The lack of a trust property registration system has been a significant pain point for the real estate trust industry, hindering risk isolation and the differentiation of trust assets from the trust company's own assets [4]. - The introduction of the notice provides a systematic guarantee for the registration of real estate as trust property, potentially resolving ownership disputes and protecting the legal rights of trust parties [4][5]. - The successful pilot in Beijing is seen as a proactive attempt to address industry pain points and may serve as a model for nationwide implementation, potentially leading to rapid growth in non-monetary trust businesses [5].

陕西省国际信托股份有限公司 投资者关系活动记录表 编号：2025-01 | 投资者 | □分析师会议 □特定对象调研 | | --- | --- | | 关系活 动类别 | □媒体采访 业绩说明会 | | | □路演活动 □新闻发布会 | | | □其他（请文字说明其他活动内容） □现场参观 | | 活动参 与人员 | 上市公司参与人员： | | | 1.党委书记、董事长 姚卫东 | | | 2.党委副书记、董事、总裁 解志炯 | | | 3.董事会秘书 王维华 | | | 4.总会计师 乔晓雷 | | | 徐秉惠 5.独立董事 | | | 6.保荐代表人 彭源 | | 时间 | 2025 年 4 月 2 日 (周三) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | 网络远程的方式召开业绩说明会 | | | 1、公司在南方业务占比低，可能和文化传统有关。公司是否有了新 的改变思路？ | | | 尊敬的投资者，您好！公司以异地部门整改为契机，优化全国化业 | | 交流内 | 务布局，加大总部对异地部门集中资源精准投入 ...

四川本土国资系券商"添丁"。 近日，成都市中级人民法院宣布裁定终结四川信托有限公司（以下简称"四川信托"）重整程序，标志着四 川信托重整工作落下帷幕，其已成为由四川省国资实际控股的信托公司，而其旗下券商宏信证券也从民营 背景转变为由地方国资实控。 从2020年6月起至去年底长达4年时间，宏信证券受历史实际控制人及控股股东负面舆情影响，业务开展 及融资面临挑战。 随着蜀道投资集团有限责任公司（以下简称"蜀道集团"）"入主"四川信托，宏信证券迎来新的发展机遇。 券商中国记者注意到，蜀道集团在年初对四川信托、宏信证券进行调研，要求做精业务、服务集团、发挥 区域优势，打造蜀道"天府金融"品牌核心价值。 当前四川券业发展格局中，地方国资系券商业绩表现相对较弱。未来蜀道集团如何赋能宏信证券，以及宏 信证券如何凭借股东优势在四川省找准发展定位，探索差异化路线，值得持续关注。 成为国资券商 近日四川省成都市中级人民法院公告称，在3月26日裁定终结四川信托重整程序。这意味着四川信托控股 的宏信证券股东负面舆情问题得到解决。 在这轮重整中，四川本土国资企业"入主"四川信托。天眼查显示，2024年年末，蜀道集团、四川天府春晓 企业 ...

2023年，原中国银保监会印发《关于规范信托公司信托业务分类的通知》，明确将信托业务分为资产服 务信托、资产管理信托和公益慈善信托三大类，为行业转型奠定基础。今年，监管层进一步强化信托业 高质量发展导向，2025年1月国务院办公厅转发的《关于加强监管防范风险推动信托业高质量发展的若 干意见》提出系统性改革框架，成为当前信托业务转型的核心指引。在此背景下，信托公司正加速布局 转型，行业呈现"减量提质、特色发展"新趋势。 坚持长期主义 走信托特色资管之路 上海信托所历经的资管实践是一项符合市场规律、满足市场需求的长期过程。早在2006年，上海信托就 设立了信托业第一只类货币基金产品，至今已迭代4个版本。 1.0版本为"非标时期"。2006年至2014年期间，尽管上海信托所配置的资产仍然以非标为主，但是依然 在标品资管产品上展开创新。2.0版本为"混标时期"。从2014年开始，上海信托标品资管规模开始稳步 上升，推出了红宝石系列固收产品，尽管产品中仍配有非标，但是投资范围和策略向大类资产配置迈进 坚实的一步。3.0版本为"标品时期"。从2017年开始，上海信托相继推出一系列固收增强的产品。到 2021年年底，公司标 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of multiple economic promotion policies and regulations in February, aimed at stabilizing growth and enhancing financial openness, particularly for Hong Kong and Macau financial institutions [7][10] - The focus remains on the "Five Major Articles" in financial services, with regulatory bodies continuing to push for institutional development and service innovation [8][12] - There is an emphasis on strengthening the collaboration between fiscal, financial, and industrial sectors to enhance policy consistency [9] Summary by Sections 1. Overview of Financial Regulations in February - In February, 14 significant new regulations were released by various regulatory bodies, covering areas such as economic promotion, inclusive finance, green finance, personal information protection, and insurance [10] 2. Capital Market and the "Five Major Articles" - The China Securities Regulatory Commission (CSRC) issued implementation opinions on enhancing the capital market's role in supporting technology finance, green finance, inclusive finance, pension finance, and digital finance [16][17] - Specific measures include supporting quality technology companies in issuing shares, optimizing the system for mergers and acquisitions, and enhancing the service capabilities of financial institutions [23][25] 3. Insurance Group Concentration Risk Management - The National Financial Supervision Administration released guidelines to improve the risk management standards of insurance groups, emphasizing the need for a systematic approach to concentration risk management [29][30] - The guidelines require insurance groups to establish comprehensive risk management processes and improve information disclosure practices [32][36] 4. Trust Industry Regulations - New regulations were introduced to strengthen supervision and risk prevention in the trust industry, focusing on enhancing the core functions of trust companies and ensuring compliance with legal standards [39][40] - The regulations aim to improve the governance structure and risk management capabilities of trust companies [43][46] 5. Personal Information Protection - The National Internet Information Office published a compliance audit management method for personal information protection, which will take effect in May 2025 [51][56] - The method establishes a framework for conducting compliance audits and outlines the responsibilities of personal information processors and auditing institutions [52][53] 6. Rural Revitalization Initiatives - The Central Government issued a document aimed at promoting rural revitalization through systemic reforms and practical measures, including financial support for agricultural projects [61][65] - The initiatives focus on enhancing the financial services available to rural areas and improving the overall governance structure [66][68] 7. Government Financing Guarantee Development - A new management method for government financing guarantees was released to support small and micro enterprises and the agricultural sector, emphasizing performance evaluation and risk control [71][77] - The method aims to enhance the capacity of local government financing guarantee institutions and improve their operational standards [72][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of 14 important new regulations in February, focusing on economic promotion, inclusive finance, green finance, personal information protection, and insurance [7][9] - The emphasis on the "Five Major Articles" continues to be a priority for financial services, with regulatory bodies pushing for systemic reforms and service innovations [10][25] - There is a notable trend of enhanced collaboration between fiscal, financial, and industrial sectors, indicating a stronger alignment of policies [11] Summary by Sections 1. Economic Promotion - Multiple new policies were introduced to stabilize growth, focusing on rural revitalization, foreign investment, and consumer confidence [9][64] - The report outlines the government's commitment to improving the investment environment and supporting entrepreneurship [8] 2. Insurance - The Financial Regulatory Bureau issued guidelines to standardize concentration risk management for insurance groups, enhancing their risk management capabilities [28][29] - The guidelines emphasize the need for a systematic approach to managing concentration risks, including the establishment of multi-dimensional indicators and limits [30][33] 3. Trust Industry - New regulations aim to strengthen supervision and risk prevention in the trust industry, emphasizing the importance of adhering to the essence of trust services [38][41] - The report discusses the need for trust companies to enhance their governance and risk management frameworks [41][45] 4. Personal Information Protection - The National Internet Information Office introduced a compliance audit management method for personal information protection, effective from May 1, 2025 [49][56] - The framework aims to enhance the legal compliance of personal information processing activities and protect individual rights [56][58] 5. Rural Revitalization - The Central Government's document outlines strategies for rural revitalization, focusing on enhancing agricultural productivity and improving rural governance [62][66] - Financial mechanisms are proposed to support rural development, including the issuance of special financial bonds for agriculture [64][68] 6. Government Financing Guarantee - A new management method for government financing guarantees aims to support small and micro enterprises, enhancing their access to financing [73][79] - The report highlights the importance of risk control and the standardization of asset disposal processes to mitigate financial risks [80][81]

Core Viewpoint - A new type of trust product featuring "beneficiary representative" clauses is gaining popularity in Jiangsu and Zhejiang regions, offering higher annual yields compared to traditional government credit trusts [1][2]. Group 1: Product Characteristics - Trust products with "beneficiary representative" clauses typically yield 0.3-0.5 percentage points higher than similar conventional products, and can reach up to 7% annual yield [1]. - These products are often used to replace local government financing, referred to as "fixed income replacement" trust products [1][2]. - The distribution of trust assets to the beneficiary representative signifies the completion of the trustee's responsibilities, terminating the trust plan [2]. Group 2: Market Dynamics - Major trust companies like Jingu Trust and Daye Trust are actively selling these "fixed income replacement" products in the Jiangsu and Zhejiang regions [2][3]. - The products are primarily marketed to local investors and are not listed in the company's direct sales system, differing from traditional government credit trusts [2][3]. Group 3: Regulatory and Risk Considerations - The presence of "beneficiary representative" clauses allows trust companies to classify these products as channel-type, thus avoiding responsibility for defaults [3][4]. - There are concerns that the beneficiary representatives may be shell companies linked to the financing parties, complicating recovery in case of defaults [4]. - Regulatory measures have been implemented to limit the scale of channel-type business, with a significant reduction in financing trust scale observed since 2019 [5][6]. Group 4: Industry Perspectives - Some industry insiders suggest that the emergence of fixed income replacement trusts may indicate a return to channel business practices, despite regulatory pressures [7]. - The financing platforms utilizing these products generally possess better ratings than traditional fixed income entities, potentially lowering financing costs without adding new debt [8][9]. - There is speculation that regulators may not yet be fully aware of the existence of these trust products, as they focus on reported project elements rather than specific contract details [10].