4月11日傍晚，国家金融监督管理总局就《信托公司管理办法（修订征求意见稿）》（简称《办法》）公开征 求意见。 国家金融监督管理总局表示，现行《办法》于2007年制定，部分条款难以满足信托公司风险防范、转型发展 和有效监管的需要，与资管新规、信托业务三分类通知等近年新出台制度的衔接也有待加强。 此次，金融监管总局对《办法》进行了全面修订完善，围绕信托公司"受托人"定位要求，调整信托公司业务范 围，进一步明确信托公司经营原则、股东责任、公司治理、业务规则、监管要求、风险处置安排等，完善促进 信托业强监管防风险高质量发展的监管制度体系。 主要修订四方面内容 《办法》共计8章77条，修订内容则主要涉及四个方面： 一是聚焦主责主业，坚持回归本源。 结合信托公司业务实践，突出信托主业，调整业务范围。明确立足受托 人定位，规范开展资产服务信托、资产管理信托和公益慈善信托业务。坚持"卖者尽责，买者自负；卖者失 责，按责赔偿"，打破刚性兑付。 二是坚持目标导向，强化公司治理。 明确信托公司要加强党的建设，发挥治理机制制衡作用。加强股东行为 和关联交易管理，强化行为约束。按照收益与风险兼顾、长期与短期并重的原则，建立科学的内部考 ...

Core Viewpoint - The Financial Regulatory Bureau has revised the "Trust Company Management Measures (Draft for Solicitation of Comments)" to promote the trust industry’s return to its core functions, deepen reform and transformation, and effectively prevent risks [1][2] Group 1: Regulatory Changes - The draft emphasizes the main business of trust companies, adjusting their business scope to focus on trustee roles and regulating asset service trusts, asset management trusts, and charitable trusts [1] - The minimum registered capital for trust companies has been increased to 500 million RMB or equivalent freely convertible currency, up from the previous 300 million RMB [2] Group 2: Governance and Risk Management - Trust companies are required to strengthen party building and governance mechanisms, manage shareholder behavior and related transactions, and establish a scientific internal assessment and incentive mechanism [1] - A comprehensive risk management system focusing on compliance and operational risks must be established, with clear requirements for trust documents, legality of trust purposes, risk disclosure, and other key business processes [1] Group 3: Cultural and Ethical Standards - The draft promotes a value orientation that maximizes the legitimate interests of beneficiaries and fosters a culture of honesty, integrity, prudent management, and legal compliance within trust companies [1]

Core Viewpoint - Shaanxi Guotou A reported significant growth in both revenue and net profit for the year 2024, indicating a successful business transformation and innovation strategy [1][2] Financial Performance - In 2024, Shaanxi Guotou A achieved an operating income of 2.928 billion yuan, a year-on-year increase of 4.08% [1] - The net profit attributable to shareholders reached 1.361 billion yuan, reflecting a substantial year-on-year growth of 25.73% [1] - Basic earnings per share were reported at 0.27 yuan [1] - The company plans to distribute a total cash dividend of 0.9 yuan per 10 shares for the year 2024 [1] Asset Growth - As of the end of Q4 2024, total assets of Shaanxi Guotou A amounted to 25.451 billion yuan, representing a growth of 5.9% compared to the previous year [2] - The net assets attributable to shareholders were 17.888 billion yuan, showing a year-on-year increase of 4.7% [2] Strategic Initiatives - The company has been actively involved in business transformation and innovation, leveraging its shareholder background and local resource advantages [1] - Shaanxi Guotou A has established a private equity investment fund with 50 million yuan to support the development of specialized "little giant" enterprises in sectors like new energy and intelligent technology [1] - The company, in collaboration with Hai Tong Mergers & Acquisitions Private Fund Management Co., has initiated a 2 billion yuan industrial merger fund to promote the upgrade and market expansion of advantageous enterprises in the Qin Chuang Yuan platform [1][2] Future Outlook - The management indicated plans to raise up to 3.8 billion yuan through a private placement of A-shares to enhance capital reserves, which will support industry transformation and regional financial development [2] - With the ongoing "three classifications" reform in the trust industry, Shaanxi Guotou A is expected to leverage its competitive advantages to continue achieving growth while supporting local economic development [2]

Group 1 - The event on March 12 was guided by the Shandong Regulatory Bureau of the National Financial Supervision Administration and organized by the Shandong Banking Association to promote financial consumer rights protection [1] - Shandong Guoxin actively participated in the event, using various promotional materials to educate the public on financial knowledge and risk prevention in a fun and engaging manner [1] - During the "3·15" period, Shandong Guoxin will utilize both online and offline methods to guide financial consumers in learning about financial knowledge, including original comic series and interactive quiz activities [1] Group 2 - Shandong Guoxin aims to deepen the service concept of "consumer protection for the people" by integrating internal and external resources to build a comprehensive consumer rights protection system [2] - The company focuses on helping financial consumers to "learn finance, understand finance, and enjoy finance," contributing to a trustworthy and harmonious financial ecosystem [2]

Core Viewpoint - The article discusses the recent capital increase announcement by Shaanxi Guotou A (陕国投A), highlighting the company's ongoing efforts to bolster its capital base through various financing methods over the past decade, reflecting the broader transformation of the trust industry in China [2][4][5]. Group 1: Capital Increase and Historical Context - On March 2, Shaanxi Guotou A announced plans to issue shares to no more than 35 specific investors, aiming to raise up to 3.8 billion yuan, which will be used to supplement the company's capital [2]. - Over the past ten years, Shaanxi Guotou A has raised nearly 10 billion yuan through multiple rounds of financing, including private placements and share issuances [4][15]. - The company’s capital-raising history illustrates the challenges faced by the trust industry, including structural economic adjustments, increased credit risks, and intensified competition [4][5]. Group 2: Business Model Transformation - The company is seeking new growth points while managing risks, which involves reshaping its business model and transitioning towards asset management trust standardization and industrial transformation [5][22]. - In 2023, regulatory changes categorized trust business into three main types, prompting a shift in the industry’s operational models [18][21]. - Shaanxi Guotou A is adapting to these changes by establishing new operational structures, including asset management and wealth management divisions, and enhancing its research capabilities [23][24]. Group 3: Technological Investment and Future Directions - The company is focusing on technological empowerment, investing in core systems for asset management and valuation to strengthen its operational capabilities [25]. - Recruitment efforts are underway to attract professionals in key departments, indicating a commitment to building a robust workforce to support its strategic goals [26]. - According to a report by KPMG, future directions for trust companies may include standardized trusts, wealth management, family trusts, and digital transformation [27].