Group 1 - The core focus of Shandong Guoxin is on family trust services, which is a strategic business area for the company, emphasizing long-term value maximization [2] - As of August 2025, the company manages nearly 65 billion yuan in family trust assets, maintaining a leading position in the industry [2] - Shandong Guoxin has developed innovative family trust models, including non-listed company equity trusts and trusts for foreign beneficiaries, catering to diverse client needs [2] Group 2 - The company has been recognized at the "2025 Insurance and Trust Industry High-Quality Development Conference" in Beijing, winning the Family Trust Special Honor at the Golden Bull Awards, marking its fourth win [3]

Core Viewpoint - The "Zhengxin Yixing" charity trust represents an innovative model combining charity, trust, and insurance, aimed at providing long-term support for vulnerable groups such as the disabled, marking a significant advancement in the financial sector's engagement in charitable activities [1][3][10]. Group 1: Charity Trust Structure - The charity trust employs a "cash + insurance" dual asset structure, enhancing the longevity of the trust and ensuring continuous funding beyond the lifespan of the trust's founders [3][4]. - This innovative model allows for a diversified funding source, moving away from the traditional reliance on immediate cash donations, thus enriching the channels for charitable funding [4][5]. Group 2: Collaboration and Community Engagement - The trust has established partnerships with various charitable organizations, focusing on aiding the disabled, education, and elderly support, thereby creating a collaborative ecosystem for social welfare [4][5]. - The initiative encourages community involvement, inviting individuals to participate in various ways, such as establishing dedicated charity trusts or volunteering, fostering a culture of planned and sustainable philanthropy [5][6]. Group 3: Financial Sector's Role - The trust's establishment is seen as a practical application of financial services for social good, aligning with broader goals of common prosperity and the development of a robust charitable ecosystem [9][10]. - The insurance sector's involvement highlights its inherent social responsibility, integrating its protective functions with charitable efforts to address societal needs effectively [9][10].

Group 1 - The trust concept sector declined by 0.97% as of the market close on September 30, ranking among the top declines in concept sectors, with notable declines in companies such as COFCO Capital, Aijian Group, and Sinopec Capital [1] - The top-performing concept sectors included zinc metal, which rose by 3.62%, and lead metal, which increased by 3.61%, while the trust concept sector experienced a significant outflow of funds [1] - The trust concept sector saw a net outflow of 608 million yuan, with 22 stocks experiencing net outflows, and 8 stocks having outflows exceeding 30 million yuan, led by Pudong Development Bank with a net outflow of 133 million yuan [1] Group 2 - The companies with the highest net outflows included Jianyuan Trust, COFCO Capital, and New Huangpu, with net outflows of 69.67 million yuan, 66.21 million yuan, and 51.84 million yuan respectively [1] - The trading volume for Pudong Development Bank was 0.30%, while Jianyuan Trust had a turnover rate of 1.95% [2] - Other companies with notable net outflows included Huaguang Huaneng, Jiangsu Guoxin, and Wukuang Capital, with outflows of 36.89 million yuan, 35.91 million yuan, and 32.55 million yuan respectively [2]

Core Viewpoint - Tianjin has launched a pilot program for real estate trust property registration, following similar initiatives in cities like Beijing, Shanghai, and Guangdong, aiming to enhance asset management and promote economic development [1][6]. Group 1: Pilot Program Details - The pilot program involves multiple government departments in Tianjin, including the local financial management bureau and tax authorities, to facilitate the registration of real estate trusts [1][3]. - The program allows for the transfer of real estate ownership through a trust mechanism, where the trustee manages the property on behalf of the client [2][5]. Group 2: Innovations in Trust Services - The pilot expands application scenarios by emphasizing "revitalizing existing assets" as a core focus, encouraging trust institutions to design services around various needs such as elderly care and social welfare [4][6]. - New methods for establishing real estate trusts have been introduced, including the option for clients to commission the purchase of new properties [5][6]. Group 3: Initial Successes - The first four real estate trust projects have been successfully implemented in Tianjin, with North Trust leading the way by launching the "Tianjin Real Estate No. 1" project aimed at asset revitalization [6][7]. - The successful establishment of these trusts is expected to enhance the depth and breadth of trust services in supporting the real economy, providing safer and more professional asset management tools [6][8].

Group 1: Report Overview - The report is titled "Enterprise Asset - Backed Securities Product Report (August 2025)" and is a regular report from CCXI [5]. Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - In August 2025, the issuance scale of enterprise asset - backed securities shrank, with a 8.81% decline compared to the previous month and a 20.69% decline compared to the same period last year. The trading activity in the secondary market decreased month - on - month but still increased year - on - year. The downward trend of financing costs slowed down [5][23]. Group 4: Issuance Situation - In August 2025, 125 single enterprise asset - backed securities were issued, with a total issuance scale of 117.181 billion yuan. Compared with the previous month, the number of issuances increased by 3, but the scale decreased by 8.81%. Compared with the same period last year, the number decreased by 10, and the scale decreased by 20.69% [5][6]. - In terms of issuance venues, the Shanghai Stock Exchange issued 81 products with an amount of 80.279 billion yuan (68.51% of the total), and the Shenzhen Stock Exchange issued 44 products with an amount of 36.902 billion yuan (31.49% of the total) [6]. - The top five original equity holders in terms of issuance scale were China Railway Capital Co., Ltd. (7.465 billion yuan, 6.37%), China Great Wall Asset Management Co., Ltd. (7.32 billion yuan, 6.25%), China Railway Trust Co., Ltd. (6.611 billion yuan, 5.64%), Huaxin International Trust Co., Ltd. (5.4 billion yuan, 4.61%), and China National Foreign Trade Trust Co., Ltd. (5.165 billion yuan, 4.41%). The total issuance scale of the top five was 31.961 billion yuan, accounting for 27.27% [7]. - The top five managers in terms of new management scale were Shanghai Guotai Haitong Securities Asset Management Co., Ltd. (17.66%), Ping An Securities Co., Ltd. (10.61%), CITIC Securities Co., Ltd. (10.33%), China International Capital Corporation Limited (8.23%), and Shenwan Hongyuan Securities Asset Management Co., Ltd. (6.98%). The total new management scale of the top five was 63.05 billion yuan, accounting for 53.81% [9][10]. - The underlying asset types mainly included personal consumer finance, accounts receivable, enterprise financial leasing, CMBS, and micro - loans. Personal consumer finance accounted for 22.74% of the scale, accounts receivable accounted for 19.13%, and enterprise financial leasing accounted for 14.13% [12]. - The highest single - product issuance scale was 5.1 billion yuan, and the lowest was 0.51 billion yuan. The products with a single - issuance scale in the range of (5, 10] billion yuan had the largest number and scale, with 53 products and an amount accounting for 36.84% [15]. - The shortest term was 0.71 years, and the longest was 39.02 years. The products with a term in the range of (1, 3] years had the largest number and scale, with 67 products and an amount accounting for 44.37% [16][17]. - In terms of grade distribution, AAAsf - rated securities accounted for 90.95% [17]. - The lowest issuance interest rate of one - year - around AAAsf - rated securities was 1.71%, and the highest was 2.48%. The interest rate center was approximately between 1.70% and 1.90%, with the median decreasing by about 2BP month - on - month and about 28BP year - on - year [20]. Group 5: Filing Situation - In August 2025, 99 single enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 87.592 billion yuan [5][24]. Group 6: Secondary Market Trading Situation - In August 2025, enterprise asset - backed securities traded 3,566 times on the exchange market, with a total transaction amount of 77.112 billion yuan. The number of transactions decreased by 743 month - on - month and increased by 1,076 year - on - year. The transaction amount decreased by 24.39% month - on - month and increased by 47.56% year - on - year. The Shanghai Stock Exchange accounted for 79.09% of the amount, and the Shenzhen Stock Exchange accounted for 20.91% [5][25]. - The more active underlying asset types in the secondary market were class REITs (27.38%), CMBS (12.44%), supply chain (11.89%), accounts receivable (11.83%), and personal consumer finance (9.53%) [25]. Group 7: Maturity Situation in September 2025 - In September 2025, 172 outstanding enterprise asset - backed securities were due for repayment, with a total scale of 49.737 billion yuan. The main underlying assets were accounts receivable (46.63%), supply chain (16.31%), policy loan (11.26%), and personal consumer finance (8.35%) [27]. - In terms of original equity holders, China Railway Capital Co., Ltd. had 7 due securities with a repayment scale of 6.583 billion yuan (13.24%), China Railway Trust Co., Ltd. had 4 due securities with a repayment scale of 6.012 billion yuan (12.09%), and China Pacific Life Insurance Co., Ltd. had 6 due securities with a repayment scale of 5.602 billion yuan (11.26%) [27].

11 Uni 第十一届资产证券化与调券介绍奖 优秀ABCP发行人 th网金谷国际信托有限责任公司 日前，财视中国主办的"第十一届结构性融资与资产证券化论坛"在上海启幕，第十一届资产证券化与债券·介甫奖颁奖典礼同步揭晓。金谷信托凭借卓越实 力，一举斩获"优秀 ABCP 发行人"与"杰出绿色 ABN 产品"双项殊荣，续写资产证券化领域辉煌篇章。 未来，金谷信托将以此次获奖为新起点，继续以创新为翼、以专业为舵，在资产证券化的蓝海中扬帆远航，为中国金融市场的繁荣与可持续贡献更多"金谷 力量"，书写属于新时代的金融篇章！ 回望往昔，金谷信托在资产证券化赛道上始终步履铿锵。近十年间，公司多次获得"年度中国债券市场优秀成员"、"中国债券市场资产支持证券优秀发行 人"、"优秀ABS发行人"、"优秀ABN发行人"，发行产品屡获"中国资产证券化论坛十佳交易奖"、"优秀不良资产重组ABS产品"、"杰出创新性ABN产 品"、"杰出物业费及运营收益权ABS/ABN奖"、"优秀案例奖"。如今双料大奖再入囊中，印证了公司在产品创新与发行能力上的持续突破，这不仅是行业对 公司综合实力的权威认证，更是对公司"守正创新、追求卓越"精神的肯定。 ...

与此同时，《报告》显示，信托业在乡村振兴、公益慈善、消保护航中也展现了行业的社会责任担当。 2024年，信托业在乡村全面振兴中投入帮扶资金43.04亿元，实施项目289个；信托业新增慈善信托备案 单数539单，新增备案规模16.61亿元，双双创历史新高。截至2024年末，慈善信托累计备案数量达到 2244单，累计备案规模为85.07亿元。 加速转型并服务实体经济过程中，行业人才队伍和"基础设施"也不断优化。 上证报中国证券网讯（记者 马嘉悦）9月29日，中国信托业协会发布《2024—2025中国信托业社会责任 报告》（简称"《报告》"）称，2024年，信托业精准发力，将更多金融资源配置到经济发展的重点领域 和薄弱环节，为经济社会的稳健发展提供了支持。 《报告》显示，截至2024年末，信托业管理的22.25万亿元资金信托中，有28.81%直接投向实体经济领 域，另有46.17%通过资本市场间接支持实体经济，二者合计规模达16.68万亿元，基本涵盖了实体经济 各个行业，体现了信托业服务实体经济的力度和广度。 在服务国家战略、重大项目建设方面，2024年信托业为"一带一路"项目提供资金支持1.12万亿元， 为"京津 ...

Core Viewpoint - The 2024-2025 China Trust Industry Social Responsibility Report highlights the trust industry's commitment to social responsibility and its transformation towards high-quality development, emphasizing its role in supporting the real economy and enhancing people's lives [1][3]. Group 1: Industry Transformation and Development - Since its restoration in 1979, the trust industry has evolved from "scale expansion" to "compliance development," and now to "high-quality development," becoming a significant financial force in serving the real economy [3]. - The trust industry is set to deepen its new classification regulations in 2024 and enter a new phase of high-quality development by 2025 [3]. Group 2: Social Responsibility Achievements - The report outlines achievements in social responsibility across eight areas: party building, livelihood, economic, legal, environmental, public welfare, human-centered, and responsibility management [3]. - By the end of 2024, the trust industry managed a total trust asset scale of 29.56 trillion yuan, a year-on-year increase of 23.58% [4]. Group 3: Financial Support for the Real Economy - Of the 22.25 trillion yuan in funds managed by the trust industry, 28.81% was directly invested in the real economy, while 46.17% supported it indirectly through capital markets, totaling 16.68 trillion yuan [4]. - In 2024, the trust industry allocated 1.6 trillion yuan to inclusive finance, established 1,148 pension service trust projects with an investment of 14.493 billion yuan, and funded 289 rural revitalization projects with 4.304 billion yuan [5]. Group 4: Charity and Green Development - The charity trust sector saw a total of 2,244 registered cases with a cumulative scale of 8.507 billion yuan by the end of 2024, with new registrations increasing by 18.72% year-on-year [5]. - The green trust sector experienced rapid growth, with 390 new projects and a new scale of 177.944 billion yuan, bringing the total to 325.388 billion yuan [5]. Group 5: Talent Development - The trust industry emphasizes talent as a core driver of high-quality development, with a total workforce of 17,884 employees by the end of 2024, over 60% of whom are under 40 years old [6]. - The proportion of employees with master's degrees or higher is steadily increasing, reflecting the enhancement of talent quality within the industry [6]. Group 6: Future Outlook - The trust industry aims to continue enhancing its ability to serve national strategies and improve people's lives while maintaining a focus on compliance and innovation [6].

今年4月以来，北京、上海等地接连落地不动产信托财产登记试点。不动产作为信托财产进行登记解决 了哪些问题？开展试点意义何在？ 近日，天津多部门联合发布《关于开展不动产信托财产登记试点的通知》（以下简称《通知》），这是 继北京、上海、广州、厦门之后，全国第5个地方开启不动产信托财产登记试点。 《通知》发布之后，名为"津不动产1号"的信托项目落地。《金融时报》记者发现，与此前各地以个人 持有的不动产进行登记实践不同，"津不动产1号"是企业将持有的商业地产进行登记后交由信托公司运 营。业内人士认为，此举在盘活企业闲置不动产、提升国有资产运营效率与管理水平方面取得了新突 破。 为何要将不动产作为信托财产登记 "试点意义就在于通过不动产信托登记，明确信托财产的法律地位，从而更有效地盘活庞大的存量资 产。"本报专家组成员、清华大学法学院金融与法律研究中心研究员邢成告诉《金融时报》记者，"此前 一些机构尝试过多种方式盘活不动产，可以说各有千秋。信托财产登记问题解决后，在信托制度的专业 加持下，实现对不动产的专业运营、集中规划、风险隔离和收益专用，对于盘活存量资产，服务实体经 济和民生需求都有积极作用。" 以"津不动产1号"为 ...

近日，天津多部门联合发布《关于开展不动产信托财产登记试点的通知》（以下简称《通知》）， 这是继北京、上海、广州、厦门之后，全国第5个地方开启不动产信托财产登记试点。 《通知》发布之后，名为"津不动产1号"的信托项目落地。《金融时报》记者发现，与此前各地以 个人持有的不动产进行登记实践不同，"津不动产1号"是企业将持有的商业地产进行登记后交由信托公 司运营。业内人士认为，此举在盘活企业闲置不动产、提升国有资产运营效率与管理水平方面取得了新 突破。 为何要将不动产作为信托财产登记 今年4月以来，北京、上海等地接连落地不动产信托财产登记试点。不动产作为信托财产进行登记 解决了哪些问题？开展试点意义何在？ "试点意义就在于通过不动产信托登记，明确信托财产的法律地位，从而更有效地盘活庞大的存量 资产。"本报专家组成员、清华大学法学院金融与法律研究中心研究员邢成告诉《金融时报》记者，"此 前一些机构尝试过多种方式盘活不动产，可以说各有千秋。信托财产登记问题解决后，在信托制度的专 业加持下，实现对不动产的专业运营、集中规划、风险隔离和收益专用，对于盘活存量资产，服务实体 经济和民生需求都有积极作用。" 以"津不动产1号"为 ...