Core Insights - The pilot program for real estate trust property registration has been launched in Nanjing and Suzhou, Jiangsu Province, aiming to resolve ownership disputes and invigorate the over 30 trillion yuan trust asset market in China [1][2] - The initiative provides a clear procedural framework for trust institutions, enhancing the clarity of property rights and addressing core concerns regarding asset safety in trust operations [2][4] Group 1: Pilot Program Details - Jiangsu Province's pilot program is a significant step beyond previous single-location trials, establishing a dual-city approach that demonstrates a coordinated effect [1] - The registration process involves a closed-loop workflow: pre-registration of trust products, application for proof documents, registration of trust property, and feedback on registration results [1] - The registration will ensure that trust-related matters are recorded in the property registry, facilitating the management of trust assets throughout their lifecycle [1] Group 2: Industry Implications - As of June 2025, the total trust asset management scale reached 32.43 trillion yuan, reflecting a year-on-year growth of 20.11%, positioning the trust industry as a key financial sector [4] - The lack of a long-term property registration system has been identified as a bottleneck for industry development, necessitating legislative improvements to clarify operational rules and integrate with existing property registration systems [4] - The pilot program is expected to support the development of diverse trust service scenarios, including family trusts, elder care, and charitable services, promoting high-quality growth in the real estate trust business [2][4]

这场由证券时报社主办的年度金融盛会，将汇聚来自银行、证券、保险、信托、期货等领域的数百位行业领袖，通过 六大专业论坛，共同探寻金融业高质量发展新路径。 很轻巅 分 万博3C合议 作者 ad 证券出版 ( ) 2000 0 图画照APP 图画家号 今日头条 0 微视 sino MANE O MM 4 en 网易新闻 KE 11月19-20日 中国·深圳 会议议程 11月19日 周三 9号馆 活动A区 09:00-10:20 ● 第十九届深圳国际金融博览会 2025金融科技大会开幕式 10:30-11:30 ● 2025中国金融机构年会 9号馆 活动B区 金融精英汇聚鹏城，行业领袖共议金融强国建设！ 11月的深圳，风起南海，潮涌珠江。这座将举办2026年APEC会议的创新之都，即将迎来一场金融界的思想盛宴——第 十九届深圳国际金融博览会暨2025中国金融机构年会将于11月19日至21日在深圳会展中心(福田)隆重举行，这也是两大 品牌活动首次强强联合。 13:30-17:30 ● 2025中国金融机构年会 暨2025中国银行业年会 11月20日 周四 9号馆 活动B区 09:30-11:40 ● 2025中国金融机 ...

助贷新规落地一个月有余，信托机构的合作"白名单"披露进展备受关注。11月17日，北京商报记者统计 发现，9月以来，业内至少已有15家信托公司在官网对合作机构名单进行了公示，合作机构类型主要包 括平台运营机构、增信服务机构两类，合作机构数量多则近20家，少则仅有2家。 作为助贷市场的"老玩家"，扮演资金方角色的信托机构早在十余年前便参与其中。当前，信托与助贷两 大行业均在持续规范，双方之间的合作更受关注。有分析人士指出，信托公司与助贷平台的合作本质上 是金融资源与获客能力的结合，在拓宽融资渠道、服务实体经济方面发挥了积极作用，监管要求下，行 业格局将被深刻重塑。 上海金融与发展实验室首席专家、主任曾刚指出，信托公司与助贷平台的合作本质上是金融资源与获客 能力的结合，在拓宽融资渠道、服务实体经济方面发挥了积极作用。但助贷平台客户质量参差不齐，信 托公司若过度依赖平台风控，容易形成风险敞口累积。助贷新规规范"白名单"机制，信托公司在合作前 需要完成更严格的尽职调查与动态评估，有助于强化助贷平台的筛选和管理。 头部助贷平台"不爱"信托 15家信托机构公示"白名单" 早前，国家金融监督管理总局发布关于《加强商业银行互联 ...

Group 1: Regulatory Developments - The approval of chief compliance officers for trust companies is increasing, with recent approvals for Ningyu Shanxi Trust, Huaxin Trust, Yunnan Trust, and Aijian Trust [2] - The Financial Regulatory Bureau of Shanxi has approved the chief compliance officer for Ningyu Shanxi Trust, marking another instance of compliance officer approvals this year [2] - The new compliance management regulations will take effect on March 1, 2025, requiring financial institutions to establish chief compliance officer positions at their headquarters [2] Group 2: Leadership Changes - Hu Hao has officially been appointed as the chairman of China Resources Trust, having previously served as the general manager since the end of 2023 [3] - Wang Huimiao has been approved as the president of Zhongcheng Trust, previously serving as the deputy general manager and has been with the company for many years [8] Group 3: Industry Initiatives - The China Trust Industry Association has released a proposal aimed at promoting the high-quality development of pension trust services, outlining nine specific initiatives [4] - Zhongcai Trust's general manager Liu Yansong emphasized the necessity of digital transformation for the company's survival and development, integrating digital technology across all operations [5] - Beijing has established a registration mechanism for non-monetary trust assets, addressing long-standing issues in the trust industry related to property registration [6] Group 4: Financial Issues - A portion of the equity of Bai Rui Trust has been judicially frozen, amounting to 38.4 million yuan, with the freeze set to last for three years [9]

Core Viewpoint - The recent draft regulation from the National Financial Supervision Administration aims to tighten the trust "channel" business, reshaping the cooperation model of internet lending and pushing trust companies towards active management roles [1][4]. Summary by Sections Regulation Overview - The draft regulation defines asset management trusts as private equity products based on trust law, requiring trust companies to fulfill active management responsibilities and prohibiting any form of capital preservation promises [2][3]. - Trust companies are forbidden from conducting channel and fund pool businesses, necessitating separate accounting for trust products and accurate reflection of trust property status [2][3]. Impact on Trust Companies - Trust companies have historically acted as "shadow roles" in channel businesses, which has led to regulatory arbitrage and increased systemic risks [2][3]. - The new regulation compels trust companies to transition from passive channels to active managers, necessitating the establishment of independent risk control systems and operational capabilities [5][6]. Changes in Internet Lending - The regulation will lead to a reshuffling of cooperation models in internet lending, requiring trust companies to have substantial management and supervisory authority over the entire loan process [1][6]. - The prohibition of common practices in internet lending, such as rolling issuance and pooled operations, will necessitate greater transparency and compliance in fund usage [5][6]. Industry Transformation - The regulation is expected to accelerate the transformation of the trust industry, with a focus on professionalization, transparency, and compliance, ultimately enhancing risk identification and pricing capabilities [1][4]. - The anticipated shift may result in the elimination of trust companies lacking core competencies, as they face increased compliance costs and a narrowing of operational scope [4][6].

Core Viewpoint - The article highlights the existence of "financial assassins" in the banking wealth management sector, where investors are misled by high advertised returns but receive significantly lower actual returns due to manipulative practices by wealth management companies [1][2]. Group 1: Industry Practices - Wealth management companies are engaging in unfair competition by using "T-1 valuation" methods to manipulate returns, leading to discrepancies in actual investor earnings [2][6]. - The practice of "yield shifting" allows new products to appear more attractive by transferring returns from older products, creating an illusion of high performance [6][10]. - The regulatory environment has tightened, limiting previous methods of smoothing returns, prompting companies to seek new ways to maintain high reported yields [9][12]. Group 2: Impact on Investors - Investors in older products often receive lower returns, leading to feelings of being treated unfairly and encountering "financial assassins" [15][16]. - The average net value growth rate for certain products has been low, with a reported annualized return of only 1.7%, indicating that many investors are not receiving the returns they expect [16]. - The reliance on short-term gains and high turnover in investment behavior is detrimental to the overall market, as it discourages long-term value investing [15][16]. Group 3: Regulatory and Market Dynamics - The shift towards T-1 valuation methods has been driven by a desire to circumvent stricter regulations, reflecting a persistent "scale obsession" within the industry [9][14]. - The article calls for regulatory measures to ensure fairness in the market and to penalize non-compliant practices, emphasizing the need for a more equitable investment environment [15][16].

Core Viewpoint - The article highlights the existence of "wealth management assassins" in the banking wealth management sector, where investors are misled by high advertised returns that are not realized, leading to unfair treatment among clients and potential market manipulation [1][16]. Group 1: Industry Practices - Many wealth management companies are still pursuing scale blindly, leading to the development of new "ranking methods" that manipulate product returns [1][8]. - A prevalent method involves using the T-1 valuation model to shift returns between products, creating high-yield "ranking" products while older products suffer losses [1][5][7]. - This practice results in unfair treatment of clients, where some investors see their returns redirected to other products, leading to dissatisfaction and complaints [1][16]. Group 2: Regulatory Environment - Financial regulators have restricted various practices that circumvent asset management regulations, such as smoothing trust and self-built valuation models [1][8]. - The shift to T-1 valuation methods is partly a response to regulatory scrutiny, as companies seek new ways to maintain high returns amidst changing market conditions [8][12]. Group 3: Market Dynamics - The current market environment shows a significant shift, with increased volatility in the bond market and declining attractiveness of wealth management products compared to public funds [8][9]. - The reliance on trust companies for T-1 valuation has increased, with a notable rise in the proportion of outsourced investments in wealth management assets [9][10]. Group 4: Impact on Investment Behavior - The manipulation of returns leads to a short-term investment behavior among clients, as they adapt to fluctuating returns and are forced into quick buy-sell decisions [17]. - This environment hampers the ability of wealth management companies to engage in value investing, as they focus on managing client redemptions rather than long-term strategies [17]. Group 5: Ethical Concerns - The practices of shifting returns raise ethical concerns, as they may border on fraud by creating unrealistic expectations for investors regarding product performance [17][18]. - Industry insiders call for regulatory measures to ensure fairness and compliance, emphasizing the need for a level playing field in the market [18].

Company Dynamics - Jilin Trust Co., Ltd. was fined 300,000 yuan for collecting trust fees in the form of financial advisory fees without disclosing this to beneficiaries, marking the second public penalty for the company this year [2][4] - Li Jianguang, a member of the Party Committee and Deputy General Manager of Jilin Trust, received a warning related to the violations [2][4] Regulatory Issues - In February, eight investors of Jilin Trust received a response from the Jilin Regulatory Bureau of the National Financial Supervision Administration, identifying two violations in the Huairong No. 38 Zhongke Construction Specific Asset Income Rights Collective Fund Trust Plan: failure to ensure that part of the funds were used according to the trust contract and lack of a list management system for the appraisal institutions of collateral [5] Company Overview - Jilin Trust was established in 1985 and is the only trust company in Jilin Province, with a registered capital of 4.205 billion yuan [5] - The company has subsidiaries including Tianzhi Fund Company and Tianfu Futures Company, and holds stakes in Northeast Securities and several banking and insurance institutions, forming a comprehensive financial institution with a focus on trust services, as well as securities, funds, and futures [5]

Core Viewpoint - Jilin Trust has faced regulatory penalties while simultaneously experiencing significant growth in revenue and net profit, highlighting the challenges and contradictions within the trust industry amid increasing regulatory scrutiny [1][7]. Group 1: Regulatory Issues - Jilin Trust was fined 300,000 yuan for collecting trust fees disguised as "financial advisory fees" without disclosing this to beneficiaries, marking the second penalty within the year [1][2]. - Earlier in February, Jilin Trust was found to have violated regulations by failing to ensure that certain funds were used according to the trust contract and not managing the evaluation of collateral properly [2]. - The company has been implicated in a scheme of disguised guarantees, which is prohibited under current regulations, indicating deeper issues in fund management and risk control [2][3]. Group 2: Financial Performance - Following a capital increase to 4.205 billion yuan, Jilin Trust's revenue is projected to surge tenfold in 2024, with net profit expected to grow by 221%, positioning the company as a rising star in the industry [1][5]. - In 2022, Jilin Trust's revenue was only 117 million yuan, but it jumped to 1.596 billion yuan in 2023, with net profit reaching approximately 283.85 million yuan, indicating a remarkable turnaround [6][7]. - Despite the overall decline in profits across the trust industry, Jilin Trust's revenue growth stands out, achieving a tenfold increase while the industry saw a 20.38% decrease in total profits [7][9]. Group 3: Governance and Ownership Changes - Jilin Trust has experienced significant leadership instability, with four previous chairpersons being investigated for corruption, raising concerns about governance [4]. - The company has undergone a major capital restructuring, with state-owned enterprises now holding a controlling stake, which is expected to improve governance and operational stability [5][6]. - The new leadership team, primarily sourced from the banking sector, is anticipated to bring fresh perspectives and stability to the company [4][5]. Group 4: Industry Context - The trust industry is facing collective challenges under stringent regulatory environments, with numerous companies receiving penalties for various violations, including disguised guarantees and improper fund management [9][10]. - The introduction of stricter regulations in 2025 aims to enhance oversight and prevent risks, marking a significant shift towards high-quality development in the trust sector [10].

Core Viewpoint - The article emphasizes the importance of proactive compliance in the financial sector, urging institutions to integrate regulatory signals into their strategic processes rather than merely responding to penalties after the fact [1][5]. Summary by Sections Financial Regulatory Trends - The "15th Five-Year Plan" suggests a focus on strengthening financial regulation and enhancing risk management systems to ensure stable financial operations in China [1]. - In October 2025, the National Financial Supervision Administration issued 204 administrative penalties across various financial institutions, marking an increase from 135 penalties in the same month the previous year [8][9]. Compliance and Risk Management - Traditional compliance methods are criticized for being reactive, relying on manual checks and lacking a comprehensive view of regulatory motivations [5]. - The introduction of the "Financial Regulatory Penalty Monthly Report Agent" aims to automate the monitoring and analysis of regulatory penalties, shifting from a reactive to a proactive compliance approach [3][5]. Penalty Details and Categories - The penalties issued in October 2025 were categorized into several areas, including corporate governance, operational violations, market regulation, information disclosure, and other illegal activities [8]. - Specific violations included inadequate internal controls, unauthorized personnel hiring, and misleading information disclosures [9]. Insights and Future Actions - The report provides insights into regulatory trends, helping institutions adjust their compliance strategies in anticipation of regulatory changes [7]. - The article encourages financial institutions to utilize the monthly report as a decision-making tool to enhance compliance and risk management practices [15].