南方财经全媒体记者林汉垚北京报道 近日，华润深国投信托有限公司(下称"华润信托")发布公告，华润信托原董事长刘小腊辞职。同时，经 公司第八届董事会第十九次会议决议，推举华润信托董事、总经理胡昊代为履行董事长及法定代表人职 责。 华润信托称，公司董事会于近日收到董事长刘小腊递交的书面辞职报告，刘小腊因工作变动原因，申请 辞去公司董事长、董事、法定代表人职务。 刘小腊本次工作变动早有迹象，几日前，华润信托母公司华润金控投资有限公司（下称"华润金控"）发 布了关于总经理变动的公告。 公告显示，华润金控原无总经理任职，根据《公司法》及华润金控公司章程规定，华润金控董事会决议 聘任刘小腊为总经理。 据了解，华润金控为华润集团金融业务专业化管理平台，香港主体华润金融控股有限公司（以下简 称"华润金融"）成立于2009年，境内主体华润金控成立于2016年。其业务涵盖银行、信托、资产管理、 股权投资、融资租赁、保险经纪、公募基金等领域。 华润金控管理平台企业包括珠海华润银行股份有限公司、华润信托、华润资产管理有限公司、华润资本 管理有限公司、华润融资租赁有限公司、华润保险经纪有限公司、华润深国投投资有限公司等。 华润金控公告 ...

证券代码：600326 证券简称：西藏天路 公告编号：2025-036 号 转债代码：110060 转债简称：天路转债 债券代码：188478 债券简称：21 天路 01 西藏天路股份有限公司 关于续开展信托融资业务的公告 二、信托融资业务主要内容 一年期定期存款挂牌利率计算，待融资到期后，本金及利息将全额返还。） 上述具体业务内容以公司与信托公司最终签订的相关协议为准。 三、合作对方的基本情况介绍 （一）西藏信托有限公司 注册资本：520,000 万元人民币 法定代表人：周贵庆 注册地址：西藏拉萨市经济开发区博达路 1 号阳光新城别墅区 A7 栋 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、概述 西藏天路股份有限公司（以下简称"公司"）为进一步契合企业自身发展目 标，全面提升上市公司资本运作效能，增强资金统筹的灵活性与配置效率，最大 化释放资产价值，优化企业财务结构、改善资金流动性，拟继续向信托机构申请 总额不超过 3 亿元的信托融资，融资期限为 1 年，融资利率不超过 3.3%，同时 需按融资金额的 1%向信托业保 ...

Core Viewpoint - Dongguan Trust has completed another capital increase of 155 million yuan, raising its registered capital from 2.065 billion yuan to 2.22 billion yuan, following a previous increase of approximately 409 million yuan last year, indicating a trend of capital strengthening among trust companies in response to regulatory pressures and business transformation needs [2][3][4]. Group 1: Capital Increase Details - Dongguan Trust's registered capital has increased multiple times in recent years, from 1.45 billion yuan to 1.656 billion yuan in December 2022, then to 2.065 billion yuan in June 2023, and now to 2.22 billion yuan [3][4]. - In 2023, four trust companies have completed capital increases, including Tianjin Trust, Northern Trust, and Jilin Trust, with a total capital increase of 3.238 billion yuan across these companies [11][12]. Group 2: Regulatory Context - The capital increase aligns with the requirements set forth in the "Interim Measures for the Regulatory Rating and Classification of Trust Companies," which emphasizes capital adequacy as a key factor in regulatory ratings [3][4]. - The regulatory framework mandates that trust companies allocate risk capital based on business scale, directly linking net capital levels to the maximum trust assets they can manage [3][4]. Group 3: Company Strategy and Performance - Dongguan Trust's chairman emphasized the importance of risk management and the need to enhance the company's governance structure, including board reforms and human resources optimization [5]. - For the year 2024, Dongguan Trust reported an operating income of 447 million yuan, with net profit remaining stable at 58.41 million yuan compared to the previous year [6].

Core Viewpoint - The news highlights the importance of the trust industry in China's financial system and its role in serving the real economy and improving people's lives, emphasizing the need for high-quality development and regulatory compliance in the sector [1][2][3]. Group 1: Regulatory Framework and Industry Direction - The State Council's issuance of the "Opinions" document marks a significant regulatory guideline for the trust industry, aiming to enhance risk prevention and promote high-quality development [1]. - The trust industry is recognized as a crucial component of China's financial system, with a clear mandate to support the real economy and contribute to societal well-being [1][2]. - The "Opinions" document reinforces the need for trust companies to prioritize risk management as a fundamental theme, establishing a comprehensive risk management framework [3]. Group 2: Company Strategy and Development - The company is committed to transforming its business model while adhering to the new regulatory requirements, focusing on risk compliance and management [3]. - Middle Trust aims to enhance its service offerings by developing asset service trusts, asset management trusts, and charitable trusts, with a target of exceeding 520 billion yuan in new policy-related business by 2024 [2][5]. - The company is actively pursuing innovation in financial services, including green finance and pension finance, to meet diverse market demands [6]. Group 3: Brand and Market Positioning - The trust industry is transitioning from a focus on licensing advantages to a competitive landscape centered on capabilities, where brand reputation plays a critical role in risk pricing and resource acquisition [7]. - The company emphasizes the importance of maintaining a strong brand image to ensure it is seen as a trustworthy partner by investors and collaborators [7].

Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to the continuous regulatory efforts to eliminate institutional arbitrage and fill regulatory gaps across financial sectors [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, leading to increased inflow of funds, particularly from low-risk preference bank wealth management [2][3]. - The collaboration between trust companies and wealth management firms has resulted in a significant increase in standard trust product scales, achieving historical highs [2][3]. Group 2: Risks Associated with "Borrowing Path" - The regulatory authorities have raised concerns regarding the risks accumulated through the "borrowing path," prompting a notification to trust companies to strengthen compliance management in their cooperation with wealth management firms [3][4]. - Investors may face mismatched risk profiles and potential losses due to the improper use of smoothing mechanisms in product returns, which can lead to unfair distribution of returns among different investors [4][5]. - The risks associated with low-rated bonds and improper valuation methods can result in significant losses for investors, deviating from their actual risk tolerance [6]. Group 3: Scale Growth Driven by Strong Performance - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk return environment and the preference for low-volatility bonds have attracted substantial funds into standard trust products, contributing to the industry's record scale [15]. Group 4: Regulatory Actions and Future Outlook - Regulatory measures are being implemented to address institutional arbitrage and ensure fair competition among asset management institutions, guiding them back to their core investment functions [10][11]. - The ongoing regulatory cleanup aims to protect investors and ensure fair distribution of investment returns, while also addressing the risks associated with fixed-income products [10][11]. - Looking ahead, the challenge for trust companies will be to find new business opportunities in a declining yield environment, as the previous strategies may not yield similar results in the future [15].

Core Insights - The successful launch of real estate trust projects by Shanghai Trust and Aijian Trust marks an expansion of real estate trust applications in China, focusing on family wealth inheritance and special needs for elderly individuals, showcasing the unique value of trust services in meeting public needs [1][2] Group 1: Shanghai Trust Project - Shanghai Trust's project is the first nationwide "real estate + cash" mixed asset family service trust, addressing urban family needs rather than focusing on special needs or charity [1] - The project involves a client using a commercial apartment as trust property, supplemented by cash assets, to generate stable cash flow through long-term leasing, aimed at supporting the client's mother's pension and future inheritance for children [1] - The trust structure ensures asset isolation from the client's other properties, mitigating risks related to debts or marital issues, and effectively addresses multiple core demands such as elderly care, future support for children, and property management [1] Group 2: Aijian Trust Project - Aijian Trust's case focuses on "housing for elderly care," being the first real estate trust for special needs in Shanghai, catering to the comprehensive needs of elderly individuals living alone [2] - The case involves an 80-year-old woman with no children, who uses a rental property to secure her living conditions while ensuring the property is passed on to her nephew [2] - The trust allows for risk isolation of assets, legal protection of trust rights, and systematic solutions for her needs, including rental income as a supplement to her limited retirement funds [2] Group 3: Efficient Implementation and Future Plans - The rapid implementation of these projects reflects a "full-process closed loop," with innovative processes and collaboration among multiple departments in Shanghai [3] - Within 10 days, six departments completed the issuance of a notification, operational guidelines for real estate trust product registration, and specific case registrations, demonstrating professional efficiency [3] - Shanghai plans to deepen the real estate trust registration pilot, enrich application scenarios, and enhance the legal framework to promote high-quality development in the trust industry, thereby strengthening Shanghai's position as an international financial center [3]

华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 信托行业正经历着前所未有的人员结构重塑。 据57家信托公司公布的2024年年报数据，信托行业员工人数降至16150人，较去年减少252人，同比降幅达 1.54%。其中，有54.39%的信托公司减员。 员工人数的持续下行印证着行业转型的迫切性。 业内人士分析指出，随着业务结构的持续优化，行业人才流动或将展现出显著的专业化导向。这场人员结构重 塑，既是行业应对挑战的必然选择，也为未来高质量发展奠定基础。 半数以上信托公司人员缩减 在此之前，信托行业员工数量曾保持多年增长态势，而自 2021 年起，员工人数数量首次出现下滑拐点。 据中国信托业协会每年披露的《中国信托业社会责任报告》中员工人数数据显示，截至2021年底，68家信托公司 共有员工22387人，较2020年同期减少了284人。 截至目前，据云南信托研究发展部统计，57家信托公司中，有54.39%信托公司减员。虽然还有10家信托公司未公 开披露最新人数，但员工人数数量与此前相比已明显减少。 头部机构精简人员的现象较为普遍。以平安信托为例，在去年共减少161人，成为缩减幅度最大的机构 ...

Core Viewpoint - The Chinese trust industry has been actively engaging in social responsibility and public welfare, contributing significantly to various sectors such as education, rural revitalization, and ecological protection, showcasing its unique value and commitment in the public welfare domain [2][9]. Group 1: Charitable Trusts - Charitable trusts are seen as innovative models for public welfare, allowing trust companies to convert social wealth into sustainable support for charitable initiatives [2]. - The Industrial and Commercial Bank of China launched the "Gentleman Partner Charity Trust" on March 24, 2023, marking the first domestic charitable trust based on a Donor-Advised Fund model, aimed at enhancing the quality of public welfare in China [2]. - Zhejiang Jin Trust established a charitable trust department in May 2023, registering 120 charitable trusts with a total scale of 116 million yuan, benefiting nearly 180 organizations and 100,000 individuals nationwide [2]. Group 2: Education Support - The trust industry is actively supporting education, exemplified by Shanghai Trust's collaboration with various organizations to train 100 rural school principals and teachers from impoverished areas in Shanghai [4]. - Bohai Trust created a charitable trust brand "Yue Ming" to promote long-term charitable donations, raising over 1 million yuan to support 133 students from financially challenged families in Hebei [5]. Group 3: Rural Revitalization - The trust industry is injecting financial resources into rural development, with China Railway Trust launching three charitable trusts totaling 247.3 million yuan to support rural revitalization projects in various provinces [7]. - Charitable trusts have funded soil improvement and irrigation system upgrades in Shanxi, and supported agricultural modernization projects in Hunan, contributing to local economic growth [7]. Group 4: Ecological Protection - The trust industry is also contributing to ecological protection, with 321 new green trust projects in 2023, totaling an asset balance of 359.75 billion yuan [8]. - China Aviation Trust has established various green trust models, including the first "carbon neutrality" themed green asset management trust, promoting environmental protection and rural revitalization [8]. Group 5: Future Outlook - The trust industry is expected to deepen its engagement in public welfare as societal attention to charitable activities increases, supported by the revised Charity Law effective from September 5, 2024, which clarifies the attributes and operations of charitable trusts [9]. - The industry aims to leverage its professional advantages to innovate public welfare models and expand its contributions to social development [9].

Core Insights - The trust industry in China is undergoing a critical transformation characterized by scale expansion and value reconstruction, with total trust assets expected to reach 29.56 trillion yuan by the end of 2024, marking a year-on-year increase of 23.58% [2][3][4] Industry Scale - Trust assets have shown a spiral growth pattern over the past 15 years, increasing from 3.04 trillion yuan in 2010 to 26.25 trillion yuan in 2017, followed by a decline during the 2018-2020 transition period, and are now rebounding to nearly 30 trillion yuan [3][4] - The growth in trust assets is attributed to the industry's scale and network economy characteristics, enhancing asset allocation efficiency and better serving client needs [3][4] Business Transformation - The significant increase in trust assets reflects the effectiveness of the industry's transition towards a "three-category" business model, focusing on asset service trusts and standardized product trusts [4][5] - Asset service trusts, which provide tailored wealth planning and risk management services, have become a key growth area, with a total scale of 18,176.79 billion yuan in 2024 [4][5] Revenue and Profit Trends - The trust industry experienced a mixed performance in 2024, with operating income rising to 94.04 billion yuan, an increase of 8.89% from 2023, while profits plummeted by 45.52% to 23.09 billion yuan [5][6] - The decline in profits raises concerns about the long-term growth potential of the industry, as companies shift focus from traditional financing to asset service trusts, which typically have lower fees [5][6] Business Structure Optimization - Despite the overall revenue and profit challenges, the trust industry is witnessing a gradual optimization of its business structure, with 67% of new trust products in 2024 being asset service trusts [7][8] - The establishment of new trust products, including wealth management and asset securitization trusts, indicates a commitment to serving the real economy and addressing wealth management needs [7][8]

Core Insights - The Chinese trust industry has shown significant growth, with the total trust assets reaching 29.56 trillion yuan by the end of 2024, marking a 23.58% increase from the end of 2023 [1][2][3] Industry Overview - By the end of 2024, the trust asset scale is close to 30 trillion yuan, reflecting a substantial transformation following the implementation of the "Three Classification New Regulations" [1][3] - The trust industry experienced a historical peak in asset scale, surpassing the previous high of 26.25 trillion yuan in 2017, after a period of decline from 2018 to 2020 [2][3] Business Structure Optimization - In 2024, the trust industry established 67,400 new trust products, with a total scale of 8.32 trillion yuan, indicating a shift towards asset service trusts, which accounted for 70.17% of new products [4][5] - The growth in trust assets is attributed to the optimization of business structure, with a focus on asset service trusts and wealth management services [4][5] Financial Performance - The trust industry's operating income for 2024 was 94.036 billion yuan, an increase of 8.89% from 2023, while profits fell to 23.087 billion yuan, a decrease of 45.52% [5][6] - The shift towards asset service trusts, which typically have lower fees, has impacted overall profit margins, necessitating a focus on improving business efficiency and profitability [5][6] Future Developments - The "Three Classification New Regulations" aim to guide the trust industry back to its core functions, with a clear path for future development and the introduction of supporting regulations [6][7] - The trust industry is expected to see new opportunities with the implementation of property trust registration trials in major cities, enhancing regulatory compliance and operational efficiency [8]