Core Insights - The era of single non-standard asset investment in the trust industry has ended, as mandated by the China Trust Registration Company, requiring trust companies to implement portfolio investment strategies starting September 1 [1][2] - This shift indicates a significant transformation in the wealth management industry, necessitating upgrades in product design, risk management, and customer service systems [1] - The new policy aims to mitigate systemic risks and promote industry standardization, marking a critical step towards proactive management transformation in the trust sector [2] Industry Changes - Trust companies must transition from relying on single financing entities to diversified portfolio investments, which will increase complexity and management challenges for non-standard trust products [1] - The move towards portfolio investment is seen as a response to regulatory guidance aimed at returning the trust industry to its foundational principle of fiduciary responsibility [2] - Although the transition may lead to short-term business contraction and transformation pains, it is expected to foster a more stable and sustainable industry in the long run [2]

从智能网联汽车到空天经济，从半导体与集成电路制造到具身智能机器人，这些引领未来发展的领 域有一个共同标签——新型工业化。 何谓新型工业化？在业内人士看来，新型工业化是在信息化、自动化、智能化的背景下，通过技术 创新和产业升级实现的工业生产方式的变革。 近日，中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意见》（以下简称《指导 意见》），强调加强金融支持新型工业化能力建设，旨在提升金融服务新型工业化效能。 作为我国金融体系的重要组成部分，信托业在服务实体经济方面具有重要作用。中国信托业协会发 布的《2024年度中国信托业发展评析》显示，2024年，信托业将22.25万亿元资金信托中占比28.81%的 资金直接投向实体经济部门，并通过证券市场将占比46.17%的资金间接支持实体经济部门，两者合计 资金量达到16.68万亿元。 在此背景下，聚焦新型工业化，信托公司可以怎样做？ 产融结合 回归本源 赋能科技 推动创新 科技创新是新型工业化的核心动力，而长期资本的注入则是科技企业成长的关键支撑。 值得注意的是，《指导意见》提到要"引入长期资金和发展耐心资本，加快科技成果转化""推动社 会资本投早、投小、投长 ...

2025年8月13日，建元信托(600816.SH)发布2025年中报。 公司较去年同报告期摊薄每股收益基本持平，同比较去年同期上涨13.89%。 公司最新总资产周转率为0.01次，较去年同期总资产周转率持平，实现3年连续上涨，同比较去年同期 上涨69.44%。 公司股东户数为8.63万户，前十大股东持股数量为73.56亿股，占总股本比例为74.73%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 上海砥安投资管理有限公司 | 50.30% | | | 中国信托业保障基金有限责任公司 | 14.78% | | WN | 中国银行股份有限公司 | 2.75% | | 4 | 四川信托有限公司-四川信托·宝鼎优选集合资金信托计划 | 1.61% | | 5 | 四川信托有限公司-川信·安信信托股票收益权投资6号单一信托 | 1.46% | | 6 | 日照银行股份有限公司 | 1.34% | | 7 | 营口银行股份有限公司沈阳分行 | 1.02% | | 8 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 0. ...

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration will end the single financing model for non-standard trust products starting September 1, 2025, requiring trust companies to adopt a diversified investment approach [1][2] Group 1: New Regulations - China Trust Registration will enforce new pre-registration review standards from September 1, 2025, which will impact non-standard asset management trusts significantly [1] - The updated guidelines mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2] Group 2: Impact on Trust Companies - The new guidelines will primarily affect non-standard trust products, while standard asset management trusts will not face substantial changes [2] - Trust companies will need to disclose complete transaction chains, including information on special purpose vehicles (SPVs) and the final underlying assets [2] Group 3: Industry Implications - The shift to combination investments in non-standard trusts is expected to reduce non-systemic risks and enhance the overall risk management of trust assets [2] - This change is anticipated to realign the role of trust companies back to asset management, focusing on maximizing beneficiary interests rather than solely serving financing parties [2]

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration Center on September 1, 2025, will end the single financing model for non-standard trust products, requiring asset management trusts to adopt a diversified investment approach [1][2]. Group 1: New Regulations - Starting from September 1, 2025, the updated trust registration guidelines will mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2]. - The new guidelines will also introduce requirements for transparent disclosure of transaction chains, including details about special purpose vehicles (SPVs) and the final underlying assets [2]. Group 2: Impact on the Industry - The new regulations are expected to have no substantial impact on standard asset management trusts but will significantly affect non-standard trusts, effectively ending the single borrower model [2]. - Currently, the proportion of non-standard trusts utilizing combination investments is relatively low, indicating a need for industry adaptation [2]. Group 3: Benefits of Combination Investment - Implementing combination investments can mitigate non-systematic risks, as reliance on a single financing party can lead to significant asset devaluation if issues arise [2]. - The shift towards combination investments is anticipated to realign trust companies' roles back to asset management, focusing on maximizing beneficiary interests rather than merely serving financing parties [2]. - This change is expected to enhance the professional investment capabilities of trust companies, promoting sustainable industry development and improving service quality to the real economy [2].

Core Viewpoint - The report highlights the financial performance and strategic direction of J-Yuan Trust Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit while emphasizing the company's commitment to transforming its business model in line with regulatory changes in the trust industry [1][2]. Financial Performance - Total operating revenue for the first half of 2025 reached CNY 149.73 million, an increase of 84.89% compared to CNY 80.99 million in the same period last year [2][7]. - The net profit attributable to shareholders was CNY 40.29 million, reflecting a year-on-year growth of 13.36% from CNY 35.54 million [2][7]. - The company's total assets increased by 5.20% to CNY 25.12 billion from CNY 23.88 billion at the end of the previous year [2][7]. - The net asset attributable to shareholders rose by 3.00% to CNY 14.11 billion compared to CNY 13.70 billion at the end of the previous year [2][7]. Industry Overview - The trust industry in China is undergoing significant transformation, with a focus on returning to core trust services and enhancing asset management capabilities [3][4]. - As of the end of 2024, the total trust assets in the industry reached CNY 29.56 trillion, marking a 9.48% increase from mid-2024 and a 23.58% increase from the end of 2023 [3][4]. - The industry is shifting from traditional non-standard financing to more diversified and professional asset service trusts, with asset service trust scale approaching CNY 11 trillion, accounting for 40% of the total [3][4]. Business Strategy - The company aims to enhance its service offerings by focusing on risk management, asset securitization, and innovative financial products to better serve the real economy [6][8]. - In the first half of 2025, the company established 117 new trust projects, corresponding to a new trust scale of CNY 1.08 trillion, a remarkable increase of 785% year-on-year [6][8]. - The company is actively exploring new business models and enhancing its asset management capabilities, particularly in the areas of infrastructure and equity projects [8][10]. Risk Management - The company emphasizes a robust risk management framework, integrating risk identification, assessment, monitoring, and response into its strategic planning and operational processes [9][10]. - Continuous improvement of compliance and internal control mechanisms is a priority to ensure sustainable development and mitigate potential risks [9][10]. Talent and Technology Development - The company is committed to building a professional talent team, having recruited 20 new professionals in key strategic areas during the reporting period [9][10]. - A focus on digital transformation is evident, with initiatives aimed at enhancing operational efficiency and customer service through advanced technology and data management [10][11].

Core Points - The report indicates that the total assets of the company reached approximately 25.12 billion RMB, reflecting a 5.20% increase compared to the previous year [1] - The total operating revenue for the reporting period was approximately 149.73 million RMB, showing a significant increase of 84.89% year-on-year [1] - The total profit amounted to approximately 36.04 million RMB, which represents a decrease of 12.76% compared to the previous year [1] - The net profit attributable to shareholders was approximately 40.29 million RMB, marking a year-on-year increase of 13.36% [1] - The net profit after deducting non-recurring gains and losses was approximately 67.52 million RMB, an increase of 9.67% compared to the same period last year [1] - The basic and diluted earnings per share were both 0.0041 RMB, reflecting a 13.89% increase from the previous year [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 600816, with the stock name "建元信托" [1] - As of the end of the reporting period, the total number of shareholders was 86,323 [2] - The top shareholder, Shanghai Di'an Investment Management Co., Ltd., holds approximately 2.48 billion shares, representing a significant portion of the company's equity [2]

Core Points - The company held its 28th meeting of the 9th Board of Directors on August 12, 2025, to discuss and approve several key resolutions [2][3] - The resolutions included the approval of the 2025 semi-annual report and updates on recovery and disposal plans [2][3] - All resolutions were passed unanimously with 8 votes in favor and no votes against or abstentions [2][3] Summary by Categories Financial Reporting - The company approved the full text and summary of the 2025 semi-annual report, which will be disclosed on the Shanghai Stock Exchange website [2] - The report was reviewed and confirmed by the Board of Directors and senior management [2] Strategic Planning - The Board approved updates to the company's recovery and disposal plans, indicating a proactive approach to managing its operations [3] - A resolution regarding the management of litigation-related matters was also approved, reflecting the company's commitment to addressing legal issues effectively [3] Risk Management - The company approved the formulation of a risk preference statement and indicators, which is essential for guiding its risk management strategy [3] - The audit report for the first half of 2025 was also approved, ensuring transparency and accountability in financial practices [3]

Core Points - The company held its 19th meeting of the 9th Supervisory Board on August 1, 2025, via email, with all three supervisors present [2] - The Supervisory Board approved the company's 2025 semi-annual report in full and summary, which reflects the company's operational status and results accurately [2] - The report's preparation process complies with relevant laws and regulations, ensuring the information disclosed is true, accurate, and complete [2][3] Voting Results - The voting results for the report were unanimous, with 3 votes in favor, 0 against, and 0 abstentions [3]

Group 1 - The company will hold a half-year performance briefing on August 22, 2025, from 15:00 to 16:00 [1][4] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [1][3] - Key company personnel, including the Chairman, General Manager, and Financial Director, will participate in the briefing [1][2] Group 2 - Investors can submit questions from August 15, 2025, to August 21, 2025, before 16:00 through the Roadshow Center website or via the company's email [2][3] - The company will address commonly asked questions during the performance briefing [2][3] - After the briefing, investors can access the main content and details of the event on the Roadshow Center [2]