（编辑 张昕） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，东莞信托有限公司发生工商变更，注册资本由约20.65亿元增至约22.2 亿元。 ...

Core Insights - Dongguan Trust Co., Ltd. has recently undergone a business change, increasing its registered capital from approximately 2.065 billion RMB to about 2.22 billion RMB [1] - The company has also experienced changes in several key personnel [1] Company Overview - Dongguan Trust Co., Ltd. was established in March 1987 and is legally represented by Zhang Qingwen [1] - The company's business scope includes various types of trusts such as fund trusts, movable property trusts, real estate trusts, and securities trusts, as well as engaging in investment fund activities as a sponsor or fund management company [1] Shareholder Information - The company is jointly held by Dongguan Investment Holding Group Co., Ltd. and Dongguan Road and Bridge Investment Construction Co., Ltd. [1]

Core Viewpoint - The trust industry is experiencing a targeted recruitment trend in response to regulatory changes and the need for transformation, emphasizing the strategic value of talent as a core driver for this transition [2][5]. Group 1: Recruitment Trends - Multiple trust companies, including Zhongguo Trust, Xiamen International Trust, and CITIC Trust, have launched recruitment plans focusing on wealth management, asset management, and risk compliance, covering various job levels from department heads to technical positions [2][3]. - The recruitment strategies are tailored to align with each company's transformation direction, showcasing a clear focus on specialized talent needs rather than broad hiring [3][4]. - Zhongguo Trust is leveraging its state-owned enterprise background to recruit both experienced and young talents in key cities, focusing on wealth management and digital operations [3][4]. Group 2: Industry Transformation - The recruitment drive is primarily driven by the need to adapt to new regulatory frameworks and business models, moving from reliance on non-standard products to core businesses like asset securitization and family trusts [5][6]. - The trust industry is witnessing a rebound in employee numbers, with a reported increase to 17,884 employees by the end of 2024, reflecting a strategic shift rather than mere personnel adjustments [6][8]. - The emphasis on hiring is not just about filling vacancies but is seen as a foundational investment for future transformation [6][7]. Group 3: Skills and Competencies - Trust companies are prioritizing not only professional skills but also soft skills such as communication, customer service, and teamwork in their recruitment strategies [5][6]. - The need for a structured training system is highlighted to ensure new hires can quickly adapt to business needs and regulatory requirements [7][8]. - The regulatory body is also enhancing training programs to align with the evolving legal and compliance landscape, introducing new subjects like Trust Law to better equip industry professionals [8].

Core Viewpoint - The company has demonstrated significant operational improvements and strategic transformation in the first half of 2025, achieving notable revenue and profit growth despite a complex external environment [1][2][3] Financial Performance - In the first half of 2025, the company reported total revenue of 6.785 billion yuan, a year-on-year increase of 1% [1] - The net profit for the same period reached 1.7 billion yuan, reflecting a substantial year-on-year growth of 36% [1] - As of June 30, 2025, total assets amounted to 320.746 billion yuan, up 6% year-on-year, while net assets increased by 2% to 55.784 billion yuan [1] Subsidiary Performance - Guotou Securities achieved a net profit of 1.71 billion yuan in the first half of 2025, marking a 45% increase year-on-year, with a return on equity (ROE) improvement of 0.82 percentage points [2] - The assets under management (AUM) for Guotou Securities grew to 1.6 trillion yuan, an increase of over 192 billion yuan since the beginning of the year [2] - Guotou Taikang Trust reported a net profit of 233 million yuan, focusing on family, pension, and charitable trust services amidst a challenging regulatory environment [2] - Guotou Futures achieved a net profit of 158 million yuan, a 43% increase year-on-year, and facilitated the establishment of its first futures asset management product [2] Strategic Initiatives - The company has actively engaged in market value management since 2024, implementing a new share buyback plan and enhancing governance and investor relations [3] - The company aims to optimize its business layout around industrial finance, emphasizing core competitiveness and differentiation [3] - The ongoing development of a multi-tiered capital market in China presents both opportunities and challenges, which the company plans to navigate through strategic transformation and collaboration [3]

中铁信托拥有44年持续经营的历史。1980年10月，由成都市人民政府批准，中国人民银行成都市支行兴 办的成都市金融信托公司正式成立，是我国较早设立且连续经营未曾中断的信托机构之一。2008年11 月，经原四川银监局批准，"衡平信托有限责任公司"更名为"中铁信托有限责任公司"。 公司共有16家股东，股权结构为央企控股、地方国企及民营企业参股的多元化形态。控股了宝盈基金管 理有限公司，参股了中国信托业保障基金有限公司、华西证券股份有限公司、富滇银行股份有限公司 等。中铁信托的控股股东——中国中铁股份有限公司(A+H)是特大型央企集团。 据2024年财报，2024年公司实现营业收入13.3亿元，同比增长22.24%；归母净利润2.38亿元，同比增长 4.4%。 （原标题：中铁信托迎新掌门人：李正斌任职资格获批） 10月13日，四川金融监管局公布相关批复，核准李正斌中铁信托有限责任公司总经理的任职资格。以下 是相关批复正文： 据公司官网，中铁信托是经国家金融监督管理总局批准，以金融信托为主营业务的非银行金融机构，注 册资本50亿元，综合管理资产规模超过6000亿元，现有员工350人，建立以成都总部为核心，以北京、 上 ...

Core Insights - The Chinese trust industry is demonstrating practical actions in serving the real economy and fulfilling social responsibilities, as highlighted in the 2024-2025 Social Responsibility Report [2][3] Industry Overview - The total assets under management in the trust industry have surpassed 29.56 trillion yuan, marking a historical high with a year-on-year growth of 23.58% [4] - The core growth driver is the funds trust, which reached 22.25 trillion yuan, growing by 28.02% year-on-year [4] - Direct investments in the real economy account for 28.81%, while 46.17% indirectly support the real economy through capital markets, totaling 16.68 trillion yuan [4] - The funds trust directed towards the securities market has exceeded 10.27 trillion yuan, showing a significant increase of 55.61% year-on-year [4] Social Responsibility and Charitable Trusts - The trust industry provided 1.12 trillion yuan for the Belt and Road Initiative, 0.77 trillion yuan for the Beijing-Tianjin-Hebei coordinated development, and 2.67 trillion yuan for the Yangtze River Economic Belt [5] - In September 2024, the revised Charity Law came into effect, leading to a significant increase in charitable trusts, with 539 new registrations and a total scale of 16.61 billion yuan, reflecting a year-on-year growth of 30.07% [6] - The cumulative number of charitable trusts reached 2,244, with a total scale of 8.507 billion yuan by the end of 2024 [6] Workforce Development - The total number of employees in the trust industry increased by 321 to 17,884 by the end of 2024, indicating a recovery in the workforce [8][9] - The workforce is becoming younger and more professional, with over 60% of employees aged 40 and below, and an increasing proportion of employees holding master's degrees [9][10] - The industry is focusing on internal mobility and external recruitment to enhance talent integration and effectiveness [10]

Core Insights - The trust industry in China has directed 16.68 trillion yuan towards the real economy as part of its social responsibility efforts, with a total of 22.25 trillion yuan in trust assets under management by the end of 2024 [1][2] Group 1: Financial Support to the Real Economy - 28.81% of the trust funds are directly invested in the real economy, while 46.17% are indirectly supporting it through capital markets, totaling 16.68 trillion yuan [2] - The trust industry has provided significant funding for national strategic projects, including 1.12 trillion yuan for the Belt and Road Initiative and 2.67 trillion yuan for the Yangtze River Economic Belt [2] Group 2: Social Welfare and Livelihood Support - 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 430.4 million yuan [3] Group 3: Green Trust Initiatives - The scale of green trust projects reached 325.3 billion yuan, with 390 new projects added in 2024, marking a 21.5% increase year-on-year [4] - Trust companies have implemented over 20 "dual carbon" target guidelines and conducted 46 training sessions on green trust, with 4,520 participants [5] Group 4: Charitable Trust Developments - By the end of 2024, the cumulative number of charitable trusts reached 2,244, with a total scale of 8.507 billion yuan, reflecting a year-on-year growth of 30.07% in new registrations [5]

Core Viewpoint - The recent developments in the consumption finance trust business highlight a resurgence in the sector, driven by regulatory changes and market dynamics, despite the risks exemplified by the Huaneng Trust loan fraud case [1][4][14]. Group 1: Regulatory Environment - The local securities regulatory bureau has initiated a special self-inspection of asset-backed securities (ABS) related to Huaneng Trust's "credit guarantee loan" business to prevent similar fraud risks from affecting the ABS market [1]. - The implementation of the new lending regulations on October 1 is expected to impose stricter constraints on trust institutions involved in consumer loans, including limits on borrowing rates and platform management [2][7]. Group 2: Market Trends - In the first eight months of 2025, 26 trust companies issued consumption finance collective trust plans totaling 173.3 billion yuan, marking a year-on-year increase of over 50% [4][6]. - Major trust companies such as Tianjin Trust, Guomin Trust, and Huaxin Trust have significantly increased their issuance of consumption finance trust products, with some companies doubling their issuance compared to the previous year [4][6]. Group 3: Business Models - The consumption finance trust business, which primarily involves providing consumer loans, has evolved from a focus on non-standard financing to a more regulated environment due to increased scrutiny [3][11]. - The trust companies are now exploring various business models, including lending partnerships with banks and consumer finance companies, to mitigate risks and enhance profitability [10][12]. Group 4: Risks and Challenges - The Huaneng Trust loan fraud case serves as a cautionary tale for the industry, highlighting the risks associated with over-reliance on third-party platforms and inadequate risk management practices [14][15]. - The new lending regulations are expected to challenge traditional financing models, pushing trust companies to adapt their strategies to comply with stricter regulatory requirements [29][30]. Group 5: Future Outlook - The consumption finance trust business is anticipated to continue evolving, with a focus on compliance and proactive risk management becoming paramount for trust companies [29][30]. - The shift towards asset service trusts, particularly in prepayment funding services, is seen as a potential optimal solution for trust companies facing regulatory pressures [30].

Core Viewpoint - Tianjin has become the fifth city in China to launch a pilot program for real estate trust property registration, integrating innovative systems to enhance financial services for the real economy and meet public needs [1][2]. Group 1: Pilot Program Overview - The pilot program is a collaboration among multiple governmental bodies in Tianjin, aiming to establish a comprehensive framework for real estate trust property registration [1][2]. - The program emphasizes three core objectives: creating a benchmark for financial innovation, guiding the trust industry back to its fundamental purpose, and leveraging the advantages of the free trade zone [2][3]. Group 2: Key Innovations - The pilot introduces three major innovations to optimize service experience and improve processing efficiency [4]. - The first innovation is the explicit identification of "revitalizing existing assets" as a core application scenario for real estate trusts, addressing issues related to asset liquidity and management [5]. - The second innovation allows for a dual approach of "holding + purchasing," enabling trustees to buy real estate, thus catering to both existing asset revitalization and new asset creation [6][7]. - The third innovation establishes a "transfer in + transfer out" dual process, enhancing transparency and efficiency in the registration process, with a complete cycle from establishment to exit [8].

Core Viewpoint - The trust industry has experienced significant fluctuations over the past 23 years, characterized by three distinct development phases: exploration, rapid growth, and adjustment [1][2]. Summary by Sections Development Phases - The trust industry can be divided into three phases based on asset scale: exploration period (2002-2006), rapid growth period (2007-2017), and adjustment period (2018-present) [2][3]. - During the exploration period, the industry laid the groundwork for future growth, despite slow growth and small scale [2]. - The rapid growth period saw trust assets increase from 4.8 trillion yuan to 26.25 trillion yuan, with annual growth rates exceeding 50% [2][3]. - The adjustment period began in 2018, with a decline in asset scale due to regulatory pressures, reaching a low of 20.49 trillion yuan in 2020, but has since started to recover [3][4]. Key Metrics - Trust assets peaked at 26.25 trillion yuan in 2017, representing a significant portion of the financial sector [3]. - The industry’s profit reached a peak of 82.4 billion yuan in 2017, followed by a decline as the industry adjusted [4]. Regulatory Environment - The introduction of the Trust Law in 2001 marked the beginning of a more regulated environment for the trust industry [2]. - Regulatory measures have been implemented to address risks associated with real estate trust businesses, including financial support policies for real estate projects [7]. Industry Risks and Misconceptions - The trust industry does not face systemic risks, as most companies have addressed issues related to non-standard funding pools and shareholder self-financing [6]. - The misconception of trust companies as "shadow banks" is addressed, emphasizing that they operate under strict regulatory oversight [7]. Future Outlook - The future of the trust industry is expected to focus on restructuring business models according to the three categories of trust services: asset service trusts, asset management trusts, and charitable trusts [8]. - The industry is anticipated to experience a second growth curve, particularly in asset service trusts, driven by regulatory encouragement and market demand [8][9]. - Long-term growth will depend on the industry's ability to manage risks, cultivate trust, and create value through services [10].