近日，云南信托发布研报，分析了信托公司2025年的业绩情况。截至2026年1月16日，已有50家信托公司披露2025年度未经审计财务报表（下称"财 报"），17家暂未公布。财报显示，信托公司实现营业收入达708.71亿元，同比增长15.87%；实现利润总额为382.96亿元，同比增长13.64%；净利润上升 至314.18亿元，同比增长14.23%。单家公司来看，兴业信托营收增长796.52%，中信信托净利增长112.72%。 华宸信托清仓公募股权 华宸信托有限责任公司（简称"华宸信托"）转让所持公募基金公司40%股权项目，再度挂牌。近日，内蒙古股权交易中心上线华宸未来基金管理有限公司 （简称"华宸未来基金"）40%股权转让项目，为二次挂牌，此次转让底价较2025年11月第一次挂牌价大幅降低。 华信信托破产重整迎新进展 信托公司纷纷换领《金融许可证》 近日，中海信托公告，经国家金融监督管理总局上海监管局批准，公司已于2026年1月16日获准换领新版《中华人民共和国金融许可证》。换领事由为"业 务范围变更"。信托百佬汇记者根据金融监管总局披露信息梳理，今年以来，上海信托、财信信托、华宝信托等15家信托公司获发新 ...

随着新版《信托公司管理办法》全面落地执行，信托行业迎来密集换证期。 记者近日梳理获悉，今年以来，爱建信托、华宝信托、中海信托、上海国际信托、建元信托等15家信托 公司换领《中华人民共和国金融许可证》。 从换新的许可证可以看出，新版《信托公司管理办法》对信托业务范围进行了系统性重构，形成了"信 托业务+固有资产负债业务+其他业务"的统一框架。信托业务由原有的五项分类整合为资产服务信托、 资产管理信托、公益慈善信托三大类。 固有资产负债业务新增"向股东及股东关联方申请流动性支持借款、定向发债""向信托业保障基金公司 申请流动性支持借款"等合规融资渠道，同时剔除了与主业关联度低的非核心业务。其他业务板块则新 增金融产品投资顾问、代理销售等配套服务，取消了代保管、居间咨询等低效业务。 用益信托研究员帅国让对记者分析指出，2026年以来，多家信托公司换领新的金融许可证，主要目的是 落地新版《信托公司管理办法》的"三分类"框架，业务体系方面形成"信托业务+固有业务+其他业务"的 标准框架，新增金融产品投顾、代销等配套服务，取消代保管、居间咨询等低效业务，推动行业从"规 模扩张"转向"专业深耕+合规风控"。 合规提质专业升 ...

近日，中海信托公告称，经国家金融监督管理总局上海监管局批准，公司已于2026年1月16日获准换领新版 《中华人民共和国金融许可证》，换领事由为"业务范围变更"。 建元信托近日也发布公告称，收到国家金融监督管理总局上海监管局出具的《许可证公告通知》，经国家金融 监督管理总局上海监管局批准，公司已获准颁发许可证。截至该公告披露日，公司已换领新的《金融许可 证》。建元信托表示，后续公司将依法办理修订《公司章程》及经营范围变更事宜。 除了上述公司，还有多家信托公司完成了新版《金融许可证》换领。券商中国记者根据国家金融监督管理总局 披露的信息梳理发现，今年以来，已有上海信托、财信信托、华宝信托等15家信托公司获发新证。 许可证是指依法颁发的特许银行保险机构经营金融业务的法律文件。根据2021年发布的《银行保险机构许可证 管理办法》，银行保险机构开展金融业务，应当依法取得许可证和市场监督管理部门颁发的营业执照。 用益信托研究员帅国让分析，信托公司纷纷换领新版《金融许可证》，可能有这三方面原因： 第一，落实新版《信托公司管理办法》（下称《办法》）要求。该管理办法于2026年1月1日正式实行，要 求所有信托公司必须按照新的监 ...

回顾过去，不仅是对过往复盘，更重要的是对新一年发展进行清晰务实的谋划。当前，信托业仍处 在一个充满机遇与挑战的时代。从市场环境看，"三分类"业务具有深厚的市场基础，为信托行业发展提 供了难得的发展机遇。伴随我国居民社会财富的积累以及老龄化、企业代际传承等时代的到来，多元化 资产管理、资产服务和公益慈善等社会服务需求不断增长，这些需求的满足离不开信托这一工具。我们 看到，2026年伊始，信托公司在服务领域捷报频传——东莞地区落地不动产信托财产登记试点，中原信 托落地河南省首批物业服务信托，粤财信托首单教育类预付款信托落地，上海信托预付类资金服务信托 成立并完成集中签约和上线，这些都是信托公司在服务国计民生和经济高质量发展方面开展的探索，也 是社会各界对信托价值的再认识和肯定。 不可否认，在朝着高质量发展目标迈进的过程中，信托行业仍面临巨大挑战，转型、业绩、风险等 都是各信托公司不可回避的现实问题。近段时间，信托公司2025年成绩单陆续出炉，反映出行业发展正 经历分化与阵痛。传统非标融资类业务收缩，房地产信托风险暴露带来的减值压力仍在消化，部分信托 公司营收与利润双降仍在持续。同时，面对业务调结构，资管市场竞争压 ...

Core Viewpoint - The financial regulatory authority has initiated a path for the trust industry to return to its core mission and focus on high-quality development, emphasizing risk prevention and compliance [1] Group 1: Regulatory Developments - The Financial Regulatory Authority released guidelines to strengthen supervision and prevent risks in the trust industry, marking the beginning of a high-quality development journey [1] - The Ministry of Civil Affairs and the Financial Regulatory Authority issued the "Charity Trust Information Disclosure Measures," which consists of 26 articles aimed at enhancing the transparency and effectiveness of charity trusts [2][3] Group 2: Industry Transformation - The trust industry is focusing on reducing financing and channel trusts while enhancing its core business, with a significant emphasis on risk management and compliance [1] - Charity trusts have seen a substantial increase in registration, with 2,799 trusts registered and a total asset scale of 10.705 billion yuan as of January 28, 2026 [2] Group 3: Information Disclosure Requirements - The new measures require timely public disclosure of key information related to charity trusts, including registration details and financial management, to ensure transparency [3][4] - The measures encourage public and media oversight of charity trust information disclosure, promoting accountability and transparency in operations [3][4] Group 4: Performance of Trust Companies - Several trust companies, including CITIC Trust and Shanghai Trust, reported stable performance in 2025, with CITIC Trust achieving 6.326 billion yuan in revenue and expanding its service offerings [6] - Shanghai Trust's asset management scale reached nearly 1.4 trillion yuan, with over 13,000 active wealth accounts totaling 100 billion yuan [6] - Kunlun Trust reported a 439.75% increase in net profit, focusing on energy trust development and successfully registering a new charity trust project at the beginning of 2026 [6]

Core Viewpoint - The trust industry is crucial for the financial system and the economy, facing challenges due to governance failures and imbalanced business models, leading to increased risks and the need for regulatory intervention [2] Group 1: Regulatory Actions and Risk Management - The Financial Regulatory Bureau issued opinions to strengthen supervision and manage risks in the trust industry, emphasizing the orderly handling of high-risk trust companies [2] - A year after the issuance of the opinions, significant progress has been made in the disposal of high-risk institutions like Sichuan Trust and Huaxin Trust, indicating a shift in the industry towards risk clearance and transformation [3][4] Group 2: Case Studies of High-Risk Company Resolutions - Huaxin Trust, established in 1981, has undergone a five-year risk resolution process, culminating in a key agreement in January 2025 to pay beneficiaries, with a 95.5% signing rate by September 2025, leading to its entry into bankruptcy proceedings by November 2025 [4] - Sichuan Trust, founded in 2010, completed its risk disposal in March 2025, retaining its trust license and transitioning to a state-owned enterprise by changing its major shareholder to a state-owned investment group [5] Group 3: Industry Transformation and Development - The resolution of high-risk institutions marks the beginning of a transformation phase for the trust industry, with companies like Jianyuan Trust and Xingbao Trust showing improved financial performance and stability [6] - The trust industry is shifting from traditional financing roles to asset management and service-oriented models, with trust assets reaching 32.43 trillion yuan by mid-2025, a 20.11% increase year-on-year [6] - New business avenues are emerging, including real estate and equity trust registrations, which facilitate the development of wealth management services [7] Group 4: Challenges Ahead - Despite progress, the trust industry faces ongoing challenges such as risk management, business model transformation, and regulatory compliance, which will require strategic adaptation and innovation [7]

Core Insights - The trust industry is experiencing growth in both revenue and net profit for 2025, but internal differentiation among companies is intensifying [1][3][4] Revenue and Profit Overview - In 2025, 50 trust companies reported a total revenue of 70.871 billion yuan and a net profit of 31.418 billion yuan, with nearly 60% of companies achieving positive net profit growth [1][5] - The top five companies account for over 30% of the total revenue, indicating a significant head effect, with the leading company, CITIC Trust, generating 6.326 billion yuan in revenue, representing 8.93% of the total [3][4] - The revenue of the top ten companies constitutes 51.85% of the total revenue of the 50 companies, while half of the companies reported revenues below 1 billion yuan [3][4] Profitability Differentiation - The net profit margin varies significantly among companies, with 16 companies exceeding a 50% net profit margin, while 7 companies reported margins below 10%, the lowest being 2.87% [7] - CITIC Trust led in net profit with 3.052 billion yuan, followed closely by Yingda Trust and Jiangsu Trust [5][6] Business Model Transformation - The trust industry is shifting from homogeneous competition to differentiated operations, driven by inherent resource endowments and strategic transformation paths [4][8] - Companies with different backgrounds, such as bank-affiliated trusts and financial holding group trusts, are leveraging their unique advantages to enhance their competitive edge [4][8] Trust Business vs. Proprietary Business - Trust business revenue decreased to 36.568 billion yuan, down 8.76% year-on-year, continuing a downward trend [8][9] - In contrast, proprietary business revenue saw significant growth, supported by a recovering capital market and improved investment management capabilities [9][10] Asset Management Growth - By mid-2025, the total trust asset management scale reached 32.43 trillion yuan, a year-on-year increase of 20.11%, ranking third in the asset management industry [9][10]

1月23日，中海信托发布公告称，经国家金融监督管理总局上海监管局批准，公司已于2026年1月16日获 准换领新版《中华人民共和国金融许可证》，换领事由明确为"业务范围变更"。 近期，信托行业掀起新版《金融许可证》集中换领潮，多家信托公司陆续发布公告，披露换领相关进 展。此次密集换领，主要是为配合新版《信托公司管理办法》落地实施。 责任编辑：安东 此次集中换领的核心背景，是2025年9月国家金融监督管理总局修订发布的《信托公司管理办法》。该 办法聚焦信托公司"受托人"核心定位，对原有规则全面修订，重点调整业务范围，于2026年1月1日正式 生效。 新版《办法》对信托公司业务范围作出多项核心调整：将原有信托业务整合为三大类，明确固有业务的 增减项，同时新增多项配套服务业务，优化业务边界与合规要求。 针对存量业务，《办法》要求信托公司制定整改计划，锁定规模并逐步压降不合规业务，同时明确以新 版《办法》作为监管执行核心依据。从已披露信息来看，各公司新版《金融许可证》载明的业务范围， 均严格契合新版《办法》规定。 信托频道更多独家策划、专家专栏，免费查阅>> 建元信托也于近日公告了换领情况，经国家金融监督管理总局上海监 ...

Core Insights - The trust industry in China has shown significant improvement in profitability and structural adjustments in revenue, with inherent business becoming the main growth engine as of 2025 [1] Industry Overview - The total operating revenue of the trust industry reached 70.87 billion yuan in 2025, a 15.87% increase from 61.16 billion yuan in 2024 [2] - Total profit amounted to 38.30 billion yuan, reflecting a year-on-year growth of 13.64%, while net profit rose to 31.42 billion yuan, with a growth rate of 14.23% [2] - The revenue structure has notably diversified, with trust business revenue declining by 8.76% to 36.57 billion yuan, while inherent business revenue surged by 73.06% to 31.38 billion yuan, accounting for nearly 50% of total industry revenue [2] Revenue Performance - Among 50 trust companies, 28 reported positive revenue growth, with the top five companies being CITIC Trust, Industrial Trust, Yingda Trust, Huaxin Trust, and China Resources Trust [3] - Industrial Trust exhibited the highest growth rate at 796.52%, followed by CITIC Trust at 81.84% and Yingda Trust at 53.14% [3] - The industry is experiencing increasing revenue differentiation, with bank-affiliated trust companies leveraging parent bank resources for synergy [3] Trust Business Analysis - Trust business revenue totaled 36.57 billion yuan, down 8.76%, but 18 companies achieved positive growth, indicating early signs of industry transformation [4] - The top five companies in trust business revenue were Yingda Trust, CITIC Trust, Jianxin Trust, Huaxin Trust, and Foreign Trade Trust [4] - Institutions demonstrating strong risk resistance have successfully transitioned from non-standard to standard business models, with asset management in standard products becoming a core growth driver [4] Inherent Business Growth - Inherent business revenue soared by 73.06% to 31.38 billion yuan, becoming the main driver of industry profitability, with 33 companies reporting positive growth [5] - The top five companies in inherent business revenue included Industrial Trust, CITIC Trust, Jiangsu Trust, China Resources Trust, and Huaxin Trust [5] - Significant growth in fair value changes and investment income supported this increase, with Yingda Trust and CITIC Trust seeing fair value changes rise by 1179.12% and 1095.87%, respectively [5] Profitability Metrics - The total profit of the industry grew by 13.64%, with 29 companies achieving positive growth, while net profit increased by 14.23% with 28 companies reporting positive growth [7] - The top five companies by total profit were Yingda Trust, CITIC Trust, Jiangsu Trust, Huaxin Trust, and China Resources Trust [7] - The concentration of net profit among the top ten companies remained stable, accounting for 59.24% of the total industry net profit [7] Capital and Efficiency - By the end of 2025, the average net asset balance of the trust industry reached 12.76 billion yuan, a 5.68% increase [8] - The return on equity (ROE) improved to 5.06%, with the top five companies in ROE being Yingda Trust, Jingu Trust, Huaxin Trust, Zijin Trust, and Yuecai Trust [8] - The differences in ROE among institutions are primarily due to capital utilization capabilities, with leading firms diversifying investments to mitigate risks and enhance returns [8]

从净利润行业排名分析，前五名依次为中信信托、英大信托、江苏信托、华润信托及华鑫信托。在净利 润前十梯队中，6家机构实现同比增长，分别为中信信托（112.72%）、英大信托（65.94%）、华鑫信 托（13.48%）、陕国投信托（5.70%）、紫金信托（6.41%）及粤财信托（0.53%）。头部阵营的盈利集 中度较高，前十家信托公司的净利润合计占全行业的59.24%，2024年前十家信托公司的净利润合计占 全行业的60.54%，行业集中度与2024年基本持平。 研报显示，2025年，信托行业主要盈利指标呈现积极增长，营业收入达708.71亿元，较2024年的611.64 亿元增长15.87%；利润总额为382.96亿元，同比增长13.64%；净利润上升至314.18亿元，同比增幅达 14.23%。从收入构成贡献来看，固有业务收入贡献了主要增长。 北京商报讯（记者廖蒙）1月26日，云南信托发布研报，主要分析了2025年信托公司财务指标。研报显 示，截至2026年1月16日，已有50家信托公司披露2025年度未经审计财务报表（以下简称"财报"），另 有17家暂未公布。 ...