信托业规模正在快速扩张。 近日，中国信托业协会首席经济学家蔡概还透露，截至今年6月末，信托全行业资产管理规模为32.43万亿元，创出历史新高。值得注意的是，近两年来信 托业规模进入增长"快车道"，去年信托业规模同比增长超20%。在业内人士看来，伴随着信托业转型加速以及证券市场持续涌现投资机会，信托业近年来 实现了快速发展。未来，各家信托公司需进一步加大转型力度，提升主动管理能力，在规模增长的同时强化盈利能力，并不断服务实体经济发展。 信托业规模突破32万亿元 10月21日，中国信托业协会首席经济学家蔡概还在上海举办的资产管理与财富管理循环驱动论坛上表示，截至今年6月末，信托全行业资产管理规模为 32.43万亿元，与上年末相比增加了2.87万亿元，增幅为9.7%；与上年同期相比增加了5.43万亿元，增长幅度20.11%。 值得注意的是，不仅是今年，近两年来信托业规模也呈现加速增长态势。 行业规模快速扩张过程中，万亿信托机构持续扩容。 中国平安半年报显示，截至2025年6月末，平安信托受托管理资产规模达10524.16亿元。浦发银行披露的数据也显示，截至2025年6月末，上海国际信托合 并管理规模达到11863. ...

在如今的互联网借贷领域，信托公司的身影已并不鲜见。 目前，消费金融信托业务主要有"助贷""流贷"和资产证券化三种模式，其中"助贷"模式最为常见。在这 种模式下，信托公司作为资方，与拥有流量和技术的平台合作来获取客源。 然而，尽管信托公司在消费金融领域的参与度越来越高，但很多人对其从事该业务仍存在不解。记者调 查发现，很多借款平台对背后资方信息并未明确公示。 比如，记者打开某些平台尝试在借款页面查询平台全部的资方时发现，仅有包括抖音、去哪儿等在内的 部分平台在明显位置公示了其所有贷款合作方名称，大部分平台比如拍拍贷、度小满、高德地图等并未 列明，记者以借款人身份咨询某平台客服时，客服表示"借款前确实无法查看具体合作机构，只有在成 功借款后才能看到对应的放款机构信息。" 虽然政策层面没有直接要求助贷平台公布资方名称，但这种信息不对称很容易让助贷平台或包括信托公 司在内的资方陷入投诉与舆论纠纷。 当你打开抖音"放心借"的授权机构页面时，会发现除了银行和消费金融公司外，云南信托、华鑫信托、 中诚信托等7家信托公司也位列其中。 据《金融时报》记者不完全统计，目前参与消费金融业务的信托公司已达20余家，像天津信托、国民信 ...

新华社天津10月22日电（记者杨文）记者从天津市科技局获悉，天津市科技局等部门近期研究出台了 《天津市促进科技成果"先使用后付费"实施办法》《天津市科技成果转化尽职免责工作指引（试 行）》，推动更多科技成果从"实验室"走向"生产线"。传统科技成果转化模式中，高校院所持有大量专 利成果，常因缺乏转化渠道和风险顾虑无法走出校门。而科技企业，尤其是中小微企业，则因难以预估 成果价值、担心成本高望而却步。在天津市科技局等部门21日召开的实施办法、指引政策发布暨工作推 动会上，天津市科技局相关负责人表示，"先使用后付费"模式是破解高校院所与中小企业合作壁垒、推 动科技成果就地转化的机制创新。天津市科技局成果处处长赵晓鹏告诉记者，天津市通过对此前探索的 128项"先使用后付费"典型案例深入研究，形成成果转化一次性买断许可、阶段性付费、根据销售利润 提成等灵活付费模式，这让转化中的工作焦点从事前顾虑转向事中协同和事后收益分成。多元化金融手 段为成果转化分担风险、提供支撑。此前，人保财险已推出"专利实施失败费用损失保险"。发布会上， 中国太平洋财产保险股份有限公司天津分公司推出"科技成果转化综合保障保险"，北方国际信托股份有 ...

Core Viewpoint - Shaanxi Guotou Trust (000563.SZ) reported a significant recovery in its performance for the first three quarters of 2025, with total revenue reaching 2.161 billion yuan, a year-on-year increase of 7.18%, and net profit of 996 million yuan, up 6.60% compared to the previous year, indicating successful business transformation and asset operation [2][3][5]. Financial Performance - The company achieved total revenue of 2.161 billion yuan in the first three quarters, with a notable 30.64% increase in revenue for the third quarter alone, amounting to 794 million yuan compared to 608 million yuan in the same period last year [3][4]. - Net profit for the first three quarters reached 996 million yuan, reflecting a year-on-year growth of 6.60%, with the third quarter's net profit at 270 million yuan, an increase of 8.96% [4][5]. - Basic earnings per share rose to 0.1948 yuan, up 6.62% from the previous year [4][6]. Business Transformation - The growth in revenue and net profit is attributed to the improved performance of proprietary business investments, with the scale of consolidated structured entities increasing by 3.04 billion yuan year-on-year [5][6]. - The company has demonstrated resilience and adaptability in a challenging industry environment, indicating a potential optimization of its business model and a solid customer base [6][8]. Asset Management - As of September 30, 2025, total assets reached 28.291 billion yuan, an increase of 11.16% from the beginning of the year, while net assets rose to 18.577 billion yuan, reflecting a growth of 3.85% [4][6]. - The company has also announced a plan to issue shares to raise up to 3.8 billion yuan to enhance its capital base and support business transformation [8]. Strategic Initiatives - Monthly operational analysis meetings are held to ensure the achievement of annual targets and to promote innovation and transformation within the company [9][10]. - The company is focusing on enhancing its digital capabilities and risk management systems to maintain stable profitability and support business expansion [10].

中诚信托本次被监管点名的违法违规事项涉及多个领域，特别是在本月刚起执行的助贷新规（全称《关于加强商业银行互联网助贷业务管理提升金融服务质 效的通知》）背景下，"个人信托贷款业务开展不规范"一项尤为值得关注。 智通财经记者梳理发现，近年来，因"个人贷款业务违规"被罚的商业银行和消费金融公司屡见不鲜，但信托机构因此被罚者却较为少见。 原北京银保监局曾在2020年9月发布的《关于进一步规范信托公司个人信托贷款业务的通知》（下称：《通知》）提及，信托机构在个人信托贷款业务调 查、审批、协议签订、放款、收费、催收等多个环节存在突出问题，信托机构未来应重点从履行贷款人义务、改进业务模式、规范合作机构管理和保护消费 者权益等四方面针对性加强监管，深入整治市场乱象。 智通财经记者 | 邹文榕 业内又见个人贷款业务违规被罚的信托公司。 近日，国家金融监督管理总局北京监管局（下称：北京监管局）公开的行政处罚信息公开表显示，中诚信托因存在10项违法违规行为，被监管处以罚款660 万元，5名相关业务负责人分别被处以罚款五万元。 | 序 | 当事人 | 主要违法违规行为 | 行政处罚内容 | | --- | --- | --- | - ...

经济观察网 上海信托党委书记、总经理陈兵在10月21日召开的"全球资产管理中心上海国际活动周 2025"财富管理专场上介绍，《资管信托》颁布以来，上海信托在监管部门压降融资类业务和银信通道 业务的要求下，公司管理资产规模从2017年末的9000亿元下滑至2022年末的4700亿，通道业务大幅下 降，房地产融资类基本归零。近五年来，公司重塑客户服务体系，大力发展财富管理账户体系，夯实投 研基础，构建信托特色立体化产品线，管理资产规模突破1.3万亿。 陈兵表示，公司的长期战略就是致力于成为全球资产和财富管理服务提供商。据了解，上海信托目前已 经具有QDII、QFII、香港证监会4号和9号牌、香港公司注册"离岸信托"牌照和新加坡金融管理局资本市 场服务牌照"六合一"跨境业务资质，已建成覆盖现金类、债券、固收+、股票等多种资产类别的国际理 财产品矩阵，涵盖中资美元债、全球多资产轮动、全球成长股等多种策略，累计发行QDII产品规模超 过230亿元。目前，公司正在申请获得离岸信托业务资格，积极探索新的跨境金融模式。（记者 陈姗） 陈兵表示，信托制度在财产独立、风险隔离、财富传承和资产配置方面具有独特优势，受托资产种类多 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After a high - level oscillation in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is likely to remain loose, and domestic residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4519.80, 4506.80, 4482.00, and 4447.20 respectively, and the previous day's closing prices were 4588.60, 4577.60, 4550.20, and 4515.00 respectively. The price increases were 71.00, 73.40, 71.20, and 71.00 respectively, and the corresponding price increase rates of the CSI 300 were 1.57, 1.63, 1.59, and 1.60. The trading volumes were 29776.00, 77133.00, 12638.00, and 2919.00 respectively, and the open interests were 41688.00, 157558.00, 56187.00, and 3333.00 respectively. The changes in open interests were 1009.00, 1159.00, - 780.00, and - 73.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts were 2972.00, 2970.40, 2972.00, and 2969.80 respectively, and the previous day's closing prices were 3004.20, 3004.80, 3005.60, and 3004.00 respectively. The price increases were 33.00, 35.20, 35.20, and 35.20 respectively, and the corresponding price increase rates of the SSE 50 were 1.11, 1.19, 1.19, and 1.19. The trading volumes were 12905.00, 35150.00, 4265.00, and 1113.00 respectively, and the open interests were 14510.00, 62330.00, 13436.00, and 1032.00 respectively. The changes in open interests were - 484.00, 1866.00, - 42.00, and 76.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts were 6972.00, 6909.20, 6747.40, and 6567.00 respectively, and the previous day's closing prices were 7108.80, 7052.80, 6886.20, and 6709.80 respectively. The price increases were 138.40, 144.00, 140.40, and 145.40 respectively, and the corresponding price increase rates of the CSI 500 were 1.99, 2.08, 2.08, and 2.22. The trading volumes were 33289.00, 89215.00, 17433.00, and 5710.00 respectively, and the open interests were 50505.00, 139981.00, 52019.00, and 6571.00 respectively. The changes in open interests were 1557.00, 4488.00, - 549.00, and 364.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts were 7137.60, 7059.20, 6841.60, and 6637.40 respectively, and the previous day's closing prices were 7261.00, 7182.80, 6966.80, and 6753.60 respectively. The price increases were 126.40, 129.40, 130.20, and 126.40 respectively, and the corresponding price increase rates of the CSI 1000 were 1.77, 1.83, 1.90, and 1.91. The trading volumes were 44744.00, 151318.00, 26613.00, and 10398.00 respectively, and the open interests were 72051.00, 190486.00, 80131.00, and 12634.00 respectively. The changes in open interests were 985.00, 832.00, - 2419.00, and 1567.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 11.00, 0.60, - 56.00, and - 78.20 respectively, while the previous values were - 13.00, - 1.60, - 62.80, and - 78.40 respectively [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4607.87, with a trading volume of 215.71 billion lots and a total trading value of 5513.90 billion yuan. The previous two - day value was 4538.22, with a trading volume of 218.42 billion lots and a total trading value of 5057.99 billion yuan. The price increase rate was 1.53 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3007.26, with a trading volume of 55.30 billion lots and a total trading value of 1472.70 billion yuan. The previous two - day value was 2974.86, with a trading volume of 53.18 billion lots and a total trading value of 1283.62 billion yuan. The price increase rate was 1.09 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 7185.62, with a trading volume of 205.97 billion lots and a total trading value of 3449.91 billion yuan. The previous two - day value was 7069.64, with a trading volume of 176.83 billion lots and a total trading value of 3146.75 billion yuan. The price increase rate was 1.64 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 7344.05, with a trading volume of 237.25 billion lots and a total trading value of 3481.59 billion yuan. The previous two - day value was 7239.18, with a trading volume of 218.58 billion lots and a total trading value of 3284.45 billion yuan. The price increase rate was 1.45 [1] - **Industry Indexes**: Different industries in the CSI 300 had different price increase rates. For example, the price increase rates of energy, raw materials, industry, and optional consumption were - 0.58%, 1.10%, 1.53%, and 0.60% respectively; the price increase rates of major consumption, medical and health, real - estate and finance, and information technology were 0.16%, 0.97%, 0.52%, and 3.74% respectively; the price increase rates of telecommunications services and public utilities were 5.72% and - 0.36% respectively [1] 3.3 Basis between Futures and Spot - **CSI 300 - related Basis**: The previous values of the basis between IF contracts (current month, next month, next quarter, far - quarter) and the CSI 300 were - 19.27, - 30.27, - 57.67, and - 92.87 respectively, and the previous two - day values were - 18.42, - 31.42, - 56.22, and - 91.02 respectively [1] - **SSE 50 - related Basis**: The previous values of the basis between IH contracts (current month, next month, next quarter, far - quarter) and the SSE 50 were - 3.06, - 2.46, - 1.66, and - 3.26 respectively, and the previous two - day values were - 2.86, - 4.46, - 2.86, and - 5.06 respectively [1] - **CSI 500 - related Basis**: The previous values of the basis between IC contracts (current month, next month, next quarter, far - quarter) and the CSI 500 were - 76.82, - 132.82, - 299.42, and - 475.82 respectively, and the previous two - day values were - 97.64, - 160.44, - 322.24, and - 502.64 respectively [1] - **CSI 1000 - related Basis**: The previous values of the basis between IM contracts (current month, next month, next quarter, far - quarter) and the CSI 1000 were - 83.05, - 161.25, - 377.25, and - 590.45 respectively, and the previous two - day values were - 101.58, - 179.98, - 397.58, and - 601.78 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Main Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3916.33, 13077.32, 8038.31, and 3083.72 respectively. The previous two - day values were 3863.89, 12813.21, 7870.96, and 2993.45 respectively. The price increase rates were 1.36%, 2.06%, 2.13%, and 3.02% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26027.55, 49185.50, 6735.35, and 24330.03 respectively. The previous two - day values were 25858.83, 47582.15, 6735.13, and 24258.80 respectively. The price increase rates were 0.65%, 3.37%, 0.00%, and 0.29% respectively [1] 3.5 Macroeconomic Information - US President Trump said he would visit China early next year. The Chinese Foreign Ministry spokesman responded that no information could be provided for the time being [2] - Chinese Minister of Commerce Wang Wentao held a video conference with EU Commissioner for Trade and Economic Security Valdis Dombrovskis, discussing key China - EU economic and trade issues such as export controls and the EU's anti - subsidy case against Chinese electric vehicles. He also had a phone call with Dutch Minister of Economic Affairs Micky Adriaansens, discussing issues related to Nexperia. Wang stated that China's recent measures on rare - earth export controls were normal actions to improve the export control system in accordance with laws and regulations, and urged the Dutch side to resolve issues related to Nexperia properly [2] - The Ministry of Commerce held a policy - interpretation round - table meeting for foreign - invested enterprises, with over 170 representatives of foreign - invested enterprises and foreign business associations in China attending. Deputy Minister of Commerce Ling Ji emphasized that China's export controls were responsible actions to maintain world peace and regional security and stability and fulfill non - proliferation obligations, while also approving compliant trade in accordance with laws to maintain the stability of the global industrial and supply chains [2] - The Ministry of Culture and Tourism released data showing that in the first three quarters, the number of domestic tourist trips was 4.998 billion, an increase of 0.761 billion year - on - year, representing a growth rate of 18%. The domestic tourism consumption was 4.85 trillion yuan, a year - on - year increase of 11.5% [2] 3.6 Industry Information - The National Medical Products Administration will further improve the legal and standard systems, increase support for R & D innovation, improve the quality and efficiency of review and approval, strengthen the safety bottom - line for high - level medical devices, accelerate the launch of innovative products, and promote the innovative and high - quality development of the medical device industry [2] - As of the end of June 2025, the total asset management scale of China's trust industry reached 32.43 trillion yuan, a year - on - year increase of 20.11%. This was the first time that China's trust scale exceeded 30 trillion yuan, ranking third after insurance asset management and public funds in terms of asset scale [2] - Guangzhou announced a new blueprint for future industries, planning to develop six core future industries, including intelligent unmanned systems, embodied intelligence, cell and gene technology, future networks and quantum technology, advanced new materials, and deep - sea and deep - space exploration [2] - Shanghai issued an action plan to promote the high - quality development of the construction industry, proposing 21 specific measures in eight aspects, such as encouraging the integration of homogeneous businesses of construction enterprises, building a new model for real - estate development, and accelerating urban renewal [2] 3.7 Stock Index Views - The three major US stock indexes showed mixed performance. In the previous trading day, the stock index rose significantly, with the communication and electronics sectors leading the gains and the coal sector leading the losses. The market trading volume was 1.89 trillion yuan. On October 20, the margin trading balance increased by 396 million yuan to 2.413231 trillion yuan. The volatile situation of China - US tariffs has led to frequent shifts between long and short positions in the stock index. Meanwhile, during the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd, market funds were relatively cautious [2]

据不完全统计，截至2024年底，信托行业已有华润信托、中信信托、外贸信托、建信信托、英大信托五 家万亿级机构，管理规模分别为2.68万亿元、2.62万亿元、2.15万亿元、1.47万亿元、1.09万亿元。 今年10月，国家金融监督管理总局上海监管局公布相关批复，核准崔炳文上海信托董事、董事长的任职 资格，此举意味着公司董事长职位一年多过渡期结束。 据公司官网，上海信托成立于1981年，是国内最早成立的信托公司之一，公司注册资本人民币50亿元。 （原标题：上海信托跻身万亿俱乐部） 日前，信托行业头部阵营再添新成员。据浦发银行披露数据显示，截至2025年6月末上海国际信托有限 公司(以下简称："上海信托")合并管理信托资产规模达11863.69亿元，正式跻身"万亿级"信托行列。 从经营数据看，2025年上半年，上海信托实现合并报表营业收入14.00亿元，净利润4.36亿元；对比2024 年上半年，其实现合并报表营业收入 13.92 亿元，净利润 4.11 亿元。 ...

Macro Economy - The Ministry of Commerce held a video meeting discussing export controls and the EU's anti-subsidy case against Chinese electric vehicles, with both sides expressing a willingness to enhance communication on semiconductor issues [4] - China's GDP growth averaged 5.5% during the first four years of the 14th Five-Year Plan, showcasing resilience and potential despite external challenges [4] - Domestic tourism saw 4.998 billion trips in the first three quarters, a year-on-year increase of 18.0%, with total spending reaching 4.85 trillion yuan, up 11.5% [4] Real Estate Dynamics - The Guangzhou Real Estate Agency issued a statement urging real estate agents to improve service quality and resist commission-based practices that harm the industry's reputation [6] - In September, the real estate sector raised 56.1 billion yuan in bond financing, a 31% year-on-year increase, with credit bonds accounting for 57.4% of the total [6] - Shenzhen plans to launch 39 new residential projects in Q4, with a total supply area of approximately 1.6 million square meters, indicating a significant increase compared to Q3 [6] Stock Market Review - The Shanghai Composite Index rose 1.36% to 3916.33 points, with a total market turnover of 1.87 trillion yuan, reflecting a broad-based rally [7] - The Hang Seng Index increased by 0.65%, with significant gains in the insurance and technology sectors, while new consumption concepts showed signs of adjustment [7] - As of October 21, the total market capitalization of companies listed on the Beijing Stock Exchange was 863.865 billion yuan [8] Company News - Bubble Mart reported a 245%-250% year-on-year increase in overall revenue for Q3, with domestic revenue up 185%-190% and overseas revenue up 365%-370% [18] - CATL is accelerating the production of its 587Ah battery, aiming to increase its market share in the future [19] - Yushutech launched a four-legged robot training platform aimed at enhancing engineering practice capabilities for students [19]

Group 1 - The US President Trump plans to visit China early next year, emphasizing the importance of high-level diplomatic communication in US-China relations [2] - The Chinese Ministry of Commerce held a video conference with EU officials to discuss key trade issues, including export controls and the EU's anti-subsidy measures against Chinese electric vehicles [2] - The Chinese government is enhancing its export control system in response to international obligations, while urging the Netherlands to resolve semiconductor-related issues to maintain global supply chain stability [2] Group 2 - The precious metals market experienced a significant decline, with spot gold dropping as much as 6.3% to approximately $4080 per ounce, marking the largest single-day drop in over 12 years [3] - Spot silver fell by 8.7% to $47.89 per ounce, the worst single-day performance since February 2021, driven by reduced safe-haven demand and a stronger dollar [3] - COMEX gold and silver futures also saw substantial declines, with gold futures down 5.07% to $4138.5 per ounce and silver futures down 6.27% to $48.16 per ounce [3] Group 3 - The Ministry of Commerce held a roundtable meeting with over 170 foreign enterprises, emphasizing China's commitment to maintaining global supply chain stability through responsible export control measures [4] - Domestic tourism in China saw significant growth, with 4.998 billion trips taken in the first three quarters, an increase of 18% year-on-year, and total spending reaching 4.85 trillion yuan, up 11.5% [4] - The People's Bank of China plans to accelerate legislation in key and emerging areas to enhance the financial legal system and support high-quality financial development [4] Group 4 - The A-share market saw a strong upward trend, with the Shanghai Composite Index rising 1.36% to 3916.33 points, driven by interest in technology stocks and consumer themes [5] - The Hong Kong Hang Seng Index closed up 0.65% at 26027.55 points, with significant gains in major financial stocks [5] - A total of 843 A-share companies announced mid-term dividend plans, with a total dividend amount of 662.03 billion yuan, indicating a trend of high amounts and frequency of dividends [6] Group 5 - A report predicts that Wuliangye's third-quarter revenue may decline by 30% year-on-year, with net profit expected to drop by 45% [7] - Changxin Storage, a leading Chinese memory chip manufacturer, plans to launch an IPO on the Shanghai Stock Exchange, targeting a valuation of 300 billion yuan [7] - Pop Mart anticipates a 245%-250% year-on-year increase in overall revenue for the third quarter, with significant growth in both domestic and overseas markets [7] Group 6 - China Telecom reported a third-quarter net profit of 7.756 billion yuan, a year-on-year increase of 3.6% [9] - Wens Foodstuff Group's third-quarter net profit fell by 65.02%, with a proposed dividend of 3 yuan per share [9] - China Giant Glass reported a 54.06% year-on-year increase in net profit for the third quarter [9] Group 7 - The National Medical Products Administration plans to enhance the legal standards for medical devices and accelerate the approval process for innovative products [10] - The total asset management scale of the trust industry in China is expected to reach 32.43 trillion yuan by June 2025, marking a 20.11% year-on-year growth [10] - Guangzhou has announced plans to develop six core future industries, including intelligent systems and quantum technology [10] Group 8 - The US stock market showed mixed results, with the Dow Jones rising 0.47% while the Nasdaq fell 0.16% [17] - Japan's Nikkei 225 index closed above 49000 points for the first time, reflecting investor optimism regarding the new prime minister's fiscal policies [17] - European stock indices experienced slight gains, supported by strong performances in the technology and luxury goods sectors [17]