Core Viewpoint - The Chinese trust industry is undergoing a significant structural transformation, with new pre-registration standards set to take effect on September 1, 2025, prohibiting non-standard trusts that provide financing to a single borrower, marking the end of the "credit-like" trust model and ushering in a period of "composite" investment [1][2]. Group 1: Regulatory Changes - The new guidelines from China Trust Registration Co., Ltd. (中信登) mandate that asset management trusts must implement composite investments and explicitly prohibit trusts that essentially provide financing to a single borrower [2]. - This regulatory shift is seen as a continuation of previous guidance, formalizing the requirement for composite investments and establishing clear boundaries for the industry’s transformation [2]. Group 2: Industry Transformation - The new regulations are expected to compel trust companies to accelerate their transition from a simplistic channel model to a wealth and asset management model centered on investor needs [3]. - Trust companies will need to evolve from being mere "lenders" to becoming "investment managers" with capabilities in asset allocation, risk diversification, and proactive management [3]. Group 3: Impact on Non-Standard Assets - The introduction of these regulations is anticipated to cause short-term challenges for the trust industry and the wealth management sector reliant on non-standard assets, as the attractiveness of such investments is expected to decline [5]. - In the long term, the regulations are viewed as a significant benefit for the healthy development of the industry, as they will lead to better risk dispersion and improved investor protection [5]. - The shift towards composite investment models will help mitigate the impact of risks from individual underlying assets on the overall product value, thus controlling potential investor losses [5]. Group 4: Market Adaptation - The industry is expected to reduce its reliance on non-standard assets, with a notable shift towards standardized and more transparent assets, optimizing the overall asset structure of wealth management products [5]. - Institutions like Ping An Wealth Management are planning to enhance their capabilities in diversified asset allocation, including bonds, ABS, REITs, and equities, to adapt to the new competitive environment [6].

Core Viewpoint - Charitable trusts are emerging as a new model that integrates financial tools with public welfare goals, playing a significant role in serving national strategies and adjusting income distribution in the context of promoting common prosperity and deepening financial supply-side reforms [1][2]. Group 1: Role of Charitable Trusts - Charitable trusts can effectively mobilize various social resources through professional asset management, addressing public needs in areas like green development and inclusive finance, while enhancing the credibility of financial services through transparency [3][4]. - The unique characteristics of charitable trusts allow for targeted service models that align with specific national strategies, such as rural revitalization and ecological protection [4]. - Charitable trusts enable sustainable operation of public welfare resources through mechanisms like "retaining principal and using interest," allowing funds to serve strategic goals over extended periods [4][5]. Group 2: Integration and Collaboration - Charitable trusts serve as a cross-sector platform that integrates resources from government, enterprises, and social organizations, creating synergistic effects that enhance the effectiveness of public welfare initiatives [4][6]. - The ability of state-owned enterprises (SOEs) to link industrial resources through charitable trusts is crucial for addressing imbalances in development and pooling donation resources [4][6]. Group 3: Transparency and Accountability - The structured operation of charitable trusts, including professional management and regular disclosures, ensures that funds are accurately aligned with specific national strategic goals, thereby enhancing public trust in charitable activities [5][6]. Group 4: Advantages and Challenges for State-Owned Enterprises - SOEs possess significant advantages in establishing charitable trusts due to their stable funding and resource integration capabilities, which can create large-scale public welfare funding pools [6][8]. - The public credibility of SOEs provides a natural endorsement for charitable trusts, facilitating trust from the government and the public [6][8]. - Challenges include regulatory complexities and a general lack of understanding of charitable trusts among the public and within SOEs, which can hinder effective collaboration and implementation [8][9]. Group 5: Motivation for Establishing Charitable Trusts - Policy incentives are a primary driver for SOEs to establish charitable trusts, as the government encourages the development of such trusts to support various social initiatives [9][10]. - The inherent responsibilities of SOEs to fulfill political and social obligations necessitate their involvement in charitable activities, with charitable trusts serving as a key mechanism for achieving these goals [9][10]. Group 6: Integration with Core Business - Charitable trusts can be integrated into the core operations of SOEs, leveraging industry advantages to create sustainable public welfare initiatives that align with business objectives [10]. - By embedding charitable projects within the entire energy industry chain, SOEs can address local community needs while simultaneously enhancing their operational footprint [10].

Core Viewpoint - The article discusses the innovative structure and practical challenges of charitable trusts, emphasizing the need for customized terms to meet diverse public welfare demands while balancing fund security and charitable effectiveness [1][4]. Group 1: Charitable Trust Structure Design - Charitable trusts can be designed with "customized terms" to address various public welfare needs, such as education, healthcare, and rural revitalization [4]. - The design allows clients to set the trust's name, purpose, decision-making model, beneficiary scope, fund usage, and duration, with regular disclosures to ensure public oversight [4]. Group 2: Investment Strategy - The primary focus of charitable trusts is on fund security, followed by liquidity and returns, with investments primarily in deposits, money market funds, cash management products, and high-rated bonds [4][8]. - The "leave the principal and use the interest" model is suggested for sustainable operations, ensuring that only investment returns are used for charitable expenditures [8]. Group 3: Challenges in Non-Monetary Charitable Trusts - The lack of a dedicated registration system for non-monetary assets like equity and real estate poses significant challenges for establishing charitable trusts [5]. - Current regulations require tax payments on non-monetary asset transfers, complicating the establishment of charitable trusts with such assets [5]. Group 4: Collaboration with Charitable Organizations - Charitable trusts and organizations complement each other, with trusts benefiting from the operational experience of established charitable organizations in project selection and management [6]. - Trust companies are encouraged to collaborate with reputable charitable organizations to enhance project execution efficiency [6]. Group 5: Fund Management and Supervision - Charitable trusts utilize unique advantages of the trust system, such as asset independence and flexible management, to ensure funds are used according to the trust agreement [7]. - Trust companies implement strict fund disbursement protocols, requiring project execution entities to provide complete documentation for fund usage [7]. Group 6: Regulatory Challenges - New regulations from the Ministry of Civil Affairs and the Financial Regulatory Bureau require charitable trusts to spend a minimum of 3%-6% of their net asset value annually, which may challenge the "leave the principal and use the interest" model [9]. - Trust companies must find financial products that meet return requirements while managing risks to ensure compliance with spending regulations [9]. Group 7: Innovative Practices by Kunlun Trust - Kunlun Trust has developed a wide range of charitable trust products addressing various social issues, including rural revitalization and community governance [10]. - The trust has established the first equity charitable trust registration case in the country and has launched several innovative charitable trust models [12].

Core Viewpoint - The forum emphasized the importance of ESG (Environmental, Social, and Governance) principles in transforming the trust industry and aligning with national strategies for high-quality development [2][4][11]. Industry Insights - The trust industry is currently in a "transformation critical period," where implementing ESG principles is both a regulatory requirement and a necessary choice for achieving high-quality development [4][5]. - The China Trust Industry Association is actively promoting the transition of the industry through various measures, including the revision of the "Green Trust Guidelines" and the introduction of the "ESG Disclosure Guidelines" [5][7]. Company Developments - Minmetals International Trust Co., Ltd. has committed to integrating ESG principles into its operations, viewing it as a mission and responsibility aligned with national strategies [11]. - The company reported a green trust balance of 6.402 billion yuan and has successfully developed benchmark products like "Green Investment No. 3" [16]. Financial Data - As of the end of 2024, the total funds in the trust industry supporting the real economy reached 16.68 trillion yuan, accounting for 75% of the total trust scale [14]. - Minmetals Trust's investments in the real economy amounted to 543.062 billion yuan, representing 85.21% of the total trust plan principal scale [16]. Future Outlook - The year 2025 is anticipated to be a breakthrough year for ESG principles, transitioning from theoretical advocacy to practical implementation within the trust industry [13]. - Experts at the forum discussed pathways for ESG innovation in the trust business value chain, indicating a shift towards high-quality development in service to the real economy [17].

Core Viewpoint - The forum emphasized the importance of ESG (Environmental, Social, and Governance) principles in transforming the trust industry and achieving high-quality development in alignment with national strategies [1][3][5]. Group 1: ESG Integration in Trust Industry - ESG principles are highly compatible with China's "Five-in-One" overall layout and the financial "Five Major Articles" strategy, serving as a crucial engine for the trust industry's transformation [1][5]. - The trust industry must move away from traditional path dependence and integrate asset allocation, wealth management, and social services into the promotion of Chinese-style modernization [3][6]. Group 2: Industry Developments and Achievements - Five Minerals Trust released the industry research report "ESG Principles Leading the New Pattern of Trust and Financial Integration" and the "2024 ESG Report" showcasing its annual achievements [7]. - The scale of green trust at Five Minerals Trust reached 6.402 billion yuan, with successful products like "Green Investment No. 3" [8]. - By the end of 2024, the scale of investments directed towards the real economy reached 543.062 billion yuan, accounting for 85.21% of the total trust plan principal [9]. Group 3: Innovations and Social Contributions - The family trust management scale approached 80 billion yuan, with innovations in pension trusts and special needs trusts leading the industry [10]. - The "Sanjiangyuan" charity trust brand accumulated a scale of 220 million yuan, ranking among the industry leaders, while the company actively participated in the establishment of the charity trust sector [10].

Core Viewpoint - The event focused on the strategic significance of ESG (Environmental, Social, and Governance) principles in the transformation and high-quality development of the trust industry, emphasizing the alignment with national strategies and the necessity for the industry to integrate ESG into its operations [4][7]. Group 1: Industry Insights - The trust industry is undergoing a transformation that aligns with national strategies such as "accelerating the green transformation of development methods," making the adoption of ESG principles essential for achieving high-quality development [4][5]. - The China Trust Industry Association is actively promoting the implementation of ESG principles through initiatives like the revised "Green Trust Guidelines" and the "ESG Disclosure Guidelines" [5][9]. - The trust industry has a natural compatibility with ESG principles, as it emphasizes long-term value, rigorous risk control, and flexible business models that can innovate green financial products [9][19]. Group 2: Company Developments - Minmetals International Trust released the "ESG Principles Leading the New Pattern of Trust Industry and Financial Integration" report and the "2024 ESG Report," showcasing its commitment to ESG practices [10][14]. - As of the end of 2024, the trust industry had a total of 16.68 trillion yuan supporting the real economy, representing 75% of the total trust scale, highlighting the industry's role as a connector between financial capital and industrial elements [13]. - Minmetals International Trust's green trust scale reached 6.402 billion yuan, and its investments in the real economy amounted to 543.062 billion yuan, accounting for 85.21% of its total trust plan principal [14]. Group 3: Expert Perspectives - Experts discussed how ESG is reshaping the trust business value chain, emphasizing the need for the industry to address externalities and internalize environmental and social costs [19][20]. - ESG is seen as a dual return model, combining financial returns with social value, thus redefining the role of trust institutions in wealth management [20][21]. - The transition towards ESG principles is viewed as a critical step for the trust industry to align with national strategic needs and to overcome financing bottlenecks in green industries [21].

Macro Dynamics - Mexico's President is considering imposing tariffs on countries without trade agreements with Mexico, including China, which has prompted a response from China's Foreign Ministry advocating for mutually beneficial economic cooperation and opposing unilateralism and protectionism [2] - The State Administration of Foreign Exchange encourages banks to include more cross-border e-commerce platforms and small and micro enterprises in the facilitation policies for trade foreign exchange income and expenditure [3] - The Ministry of Commerce has extended the anti-dumping investigation period for imported canola seeds from Canada until March 9, 2026, due to the complexity of the case [4] Financial Institutions - Zhejiang Merchants Bank was fined a total of 11.308 million yuan for imprudent management of related internet loan businesses [7] Market Data - On September 5, A-shares saw all three major indices rise, with the Shanghai Composite Index up 1.24%, Shenzhen Component Index up 3.89%, and ChiNext Index up 6.55%. The total trading volume in the Shanghai and Shenzhen markets was approximately 230.47 billion yuan, a decrease of about 23.96 billion yuan from the previous trading day [9] - The Hong Kong stock market closed with the Hang Seng Index up 1.43% and the Hang Seng Tech Index up 1.95%, with significant gains in the solar energy sector [10] Company Dynamics - The Shanghai Stock Exchange announced it would closely monitor stocks with abnormal trading behaviors, including *ST Yazhen, and has reported five suspected illegal cases to the China Securities Regulatory Commission [11] - Yihua Tong announced the termination of a major asset restructuring plan due to a lack of consensus among the parties involved [12] - Tesla's board proposed a new compensation plan for CEO Elon Musk, seeking to supplement 60 million shares for employees [13] - Former Vivo Vice President Jia Jingdong has joined Anker Innovations as Chief Marketing Officer [14] - Dalian Wanda Group's equity worth over 9.4 billion yuan has been frozen for three years by the Beijing Financial Court [15] - Baili Tianheng's self-developed drug, the world's first EGFR×HER3 dual-target ADC drug, has been included in the priority review program by the National Medical Products Administration [17]

中证报中证网讯（王珞）9月5日上午，第八届浙江慈善大会在浙江省人民大会堂召开。浙金信托"善本 信托·浙金"系列慈善信托荣获第八届"浙江慈善奖"。"浙江慈善奖"始创于2006年，每三年评选一届，截 至目前已举办八届，是浙江省政府颁发的慈善领域最高奖项。该荣誉不仅是对该项目实现金融与慈善深 度融合实践成果的认可，更是对公司积极履行国有金融机构使命与担当的高度肯定。 未来，浙金信托将始终牢记国企使命，坚守金融向善、服务于民的发展理念，持续深耕慈善领域，不断 创新服务模式，不断提升服务质效，不断优化慈善合作生态圈，在助力乡村振兴、扶贫济困、文化教 育、保护生态等领域，用信托的温度和力量，书写更多温暖人心的公益故事。 "善本信托·浙金"系列慈善信托于2023年11月发起成立。截至当前，共设立65单，累计备案规模2645万 元，支出960万元，项目覆盖助学、助困、乡村振兴等多个领域，惠及杭州、台州、丽水、南京等地的 弱势群体，切实推进共同富裕示范区建设。"善本信托·浙金"系列慈善信托的模式突显了浙江省慈善联 合总会慈善项目执行经验优势、银行资金保管和服务优势以及公司在信托领域的专业优势，既确保财产 独立，实现风险隔离，又 ...

日前，云南国际信托有限公司(以下简称：云南信托)发布公告，公司董事会于近日收到甘煜书面提交的 《辞任申请》，其辞去公司董事、董事会下设委员会委员、董事长及法定代表人职务。后续，公司总经 理舒广将代为履行董事长及法定代表人职责。 云南信托公告称，甘煜因工作调动，向董事会提出辞任，甘煜先生的《辞任申请》自送达公司董事会之 日起生效。公司董事会对甘煜任职公司期间为公司发展所作出的杰出贡献表示衷心的感谢。 （原标题：官宣！云南信托甘煜辞任董事长） 公开资料显示，云南信托成立于1991年，2003年经中国人民银行批准，由原云南省国际信托投资公司增 资改制后重新登记为非银行金融机构，目前注册资本22亿元。2019年3月甘煜正式获批担任云南信托董 事长，至今已有6年。据云南信托2025年年报，甘煜曾在中国人民银行、原中国银监会和平安银行等机 构任职。 根据《公司法》《公司章程》等有关规定，经云南信托第八届董事会第二十三次会议审议通过，推举舒 广董事代为履行董事长及法定代表人职责，代为履职时间自董事会通过之日起，代为履职期限不超过 6 个月。 ...

Group 1 - The former chairman of Yunnan Trust, Gan Yu, will take over as the general manager of China Resources Trust after completing necessary procedures [1][2] - The previous general manager of China Resources Trust, Hu Hao, has been appointed as the party secretary and chairman (proposed) of the company [1][2] - Gan Yu has served as the chairman of Yunnan Trust for six years and has a strong academic background, holding a PhD in finance [1][2] Group 2 - Yunnan Trust's board expressed gratitude for Gan Yu's contributions during his tenure [2] - Following Gan Yu's departure, the board appointed Shu Guang, the current president of Yunnan Trust, to temporarily fulfill the chairman and legal representative duties for up to six months [2] - China Resources Trust, established in 1982, has a registered capital of 11 billion yuan, with China Resources Financial Holdings holding 51% and Shenzhen Investment Holdings holding 49% [2] Group 3 - China Resources Trust is a leading trust company, achieving an operating income of 2.912 billion yuan and a total profit of 1.563 billion yuan in 2024 [3] - As of the end of 2024, the trust asset scale of China Resources Trust reached 2.68 trillion yuan, ranking among the top in the industry [3]