规模达27万亿元的信托行业即将迎来新的管理办法。 近日，国家金融监督管理总局发布《信托公司管理办法（修订征求意见稿）》（以下简称《办 法》），对2007年实施的《信托公司管理办法》进行了全面修订和完善。 接受《金融时报》采访的业内人士认为，作为一项规范信托公司功能定位和经营管理的基础性制 度，《办法》的核心是促改革、防风险。根据信托行业目前的业务实践，进一步明确业务结构，取消与 信托本源无关的业务。此外，通过内外联动，强化风险防控。 对行业发展意义重大 "《办法》可谓行业发展的制度基石。此次修订，其核心意义在于破解信托行业长期积累的结构性 矛盾，推动行业从规模扩张转向高质量发展。此外，有助于风险防控升级，完善长效监管机制，构建全 流程管理体系。"本报专家组成员、清华大学法学院金融与法律研究中心研究员邢成分析认为。 "《办法》修订符合市场预期。今年1月，《关于加强监管防范风险推动信托业高质量发展的若干意 见》（以下简称《意见》）出台。《办法》作为'1+N'顶层设计的重要组成部分，进一步对信托公司主 责主业予以明确。至此，在信托法和公司法等上位法的明确支持下，信托公司以营业为目的的市场主体 地位得到了充分尊重。" ...

Core Viewpoint - The pilot program for equity trust property registration is a significant benefit for the trust industry, simplifying equity trust structures and reducing setup costs, while promoting the integration of equity into family trusts and other wealth management services [1][3]. Summary by Sections Equity Trust Registration - Equity trust refers to the transfer of equity by the trustor to a trust institution, which manages and disposes of the equity according to the trustor's wishes [2]. - The pilot program in Beijing is part of broader efforts to innovate financial services and is expected to meet substantial market demand for equity trusts [2][5]. Market Demand and Opportunities - The equity trust market is projected to be worth trillions, with over 55 million private enterprises in China, indicating a significant demand for equity trusts as tools for enterprise management and inheritance [5]. - The pilot program aligns with the reality of limited liability companies, which constitute over 92.2% of all companies in China, thus addressing practical needs in the market [5]. Challenges and Future Directions - Current regulations are limited to property registration, with complexities in pre-registration and dynamic management processes, and further clarity is needed on aspects like circulation, listing, and tax systems [6]. - The independence of trust property can be confirmed through registration, separating it from the assets of the trustor and trustee, although tax treatment remains unaddressed in the current notification [6]. - The trust industry is encouraged to closely monitor policy developments and actively participate in system construction and business innovation to enhance the role of equity trusts in corporate governance, wealth inheritance, and employee incentives [6].

Core Insights - The asset securitization market is experiencing a decline in both existing and new issuance volumes, yet the number of trust companies participating in this sector continues to grow, indicating a shift in focus towards asset securitization as a mainstream business for the trust industry [1][2] Group 1: Knowledge Property Securitization - In April 2023, a significant knowledge property securitization project led by China Foreign Trade Trust was successfully issued, with a total framework size of 1 billion yuan, marking it as the largest project in Chongqing covering nine high-tech enterprises [2][3] - From 2018 to August 2024, a total of 153 knowledge property securitization products have been issued in China, with a cumulative scale of 29.148 billion yuan, highlighting the growing interest in this area despite overall market adjustments [3][4] Group 2: Asset Types and Regulations - The implementation of the "Three Classification New Regulations" in 2023 has diversified the types of assets that can be securitized, including loans, receivables, and royalties, which can generate predictable cash flows [4][5] - The green asset securitization market has seen significant growth, with a scale reaching 90.947 billion yuan, reflecting the industry's commitment to supporting green initiatives [4] Group 3: Challenges and Opportunities - Trust companies face increasing competition in the asset securitization space, necessitating improvements in their full-chain service capabilities and professional expertise to enhance their market position [6][7] - There is a growing trend for trust companies to explore personal consumption loan asset securitization, driven by the demand from internet platforms for new issuance opportunities [5][6]

Core Insights - The development of charitable trusts in China is gaining momentum due to an improved policy environment and active participation from various sectors, with a total of 2,375 registered charitable trusts and a total asset scale of approximately 9.169 billion yuan as of April 21, 2025 [1] Group 1: Trends in Charitable Trusts - Charitable trusts are expanding their focus areas, breaking industry barriers, and collaborating with financial institutions, NGOs, enterprises, and professional organizations to innovate resource integration models [1] - The "Shanxi Trust · Liu Wei Zhai Charity Trust" project exemplifies the combination of social responsibility and financial innovation, targeting diverse public welfare areas such as poverty alleviation and elderly care [1] - The "Foreign Trade Trust - China Sinochem Rural Revitalization Charity Trust" project has innovated a new model of "Aid + Charity Trust + Foundation" by adding 56.1 million yuan in trust funds [1][2] Group 2: Participation and Focus Areas - In 2024, charitable trusts focusing on education reached 202, accounting for over one-third of new trusts, while those focusing on elderly care and poverty alleviation numbered 155 and 134, respectively [2] - Trust companies are actively exploring multi-faceted collaboration and professional depth in charitable trusts, integrating financial resources and management expertise to enhance asset allocation models [2] - Digital tools are being utilized to create transparent and professional information management platforms, optimizing the operational mechanisms of charitable trusts [2] Group 3: Challenges and Regulatory Developments - The diversification of funding sources for charitable trusts now includes non-monetary assets such as real estate and intellectual property, enhancing sustainability and attracting various participants [4] - Challenges include unclear boundaries of responsibilities among participants, differing interests in cross-sector collaborations, and the need for improved asset valuation and risk management systems [5] - Recent legislative progress includes the "Hangzhou Charity Promotion Regulations," which aim to enhance the establishment of charitable trusts and provide tax incentives for donors [5][6]

Core Viewpoint - The establishment of special needs trusts is a significant development aimed at providing long-term support for individuals with disabilities, addressing concerns of their families regarding care and financial security after their passing [1][3][4]. Group 1: Special Needs Trusts - Special needs trusts are designed to meet the living needs of individuals with disabilities, offering support in areas such as daily care, education, employment, and medical rehabilitation [3]. - The unique characteristics of special needs trusts include property independence, specific purposes for trust assets, and the fiduciary duties of trustees, which enhance their appeal to families of individuals with disabilities [4]. Group 2: Implementation and Impact - The first successful implementation of real estate trust property registration in Beijing's Tongzhou District marks a significant breakthrough, providing a new pathway for financial services in the welfare sector and offering hope to families with special needs [6]. - The case of a 70-year-old mother establishing a real estate trust for her 40-year-old son with autism illustrates the practical application of these trusts, ensuring housing and lifelong care funding [5][7]. - The pilot program addresses two critical issues: legally designating the property as trust assets and allowing property transfer without cash transactions, thereby reducing costs and time for establishing trusts [7].

Core Viewpoint - The trust industry is undergoing unprecedented transformation, with companies actively responding to regulatory calls for development and risk prevention, aiming for business structure optimization and asset quality improvement for sustainable growth [1] Group 1: Industry Transformation - The implementation of the "New Three Classifications" by the former CBIRC in March 2023 has clarified the business boundaries and development directions for trust companies [2] - The trust industry is shifting from traditional financing to asset services, asset management, and public welfare, aligning with national economic and social development [2] - By 2024, the total trust asset scale is expected to reach 27 trillion yuan, with positive developments in asset management trusts, asset service trusts, and public welfare trusts [2] Group 2: Company Performance - As of the reporting period, CITIC Trust has an asset service trust scale of 15,303.56 billion yuan and an asset management trust scale of 10,003.85 billion yuan, leading the industry in charitable trust registrations [3] - Huaxin Trust reported a total trust scale of 5,022.48 billion yuan, with asset management trusts at 3,703.12 billion yuan and asset service trusts at 1,226.82 billion yuan [3] - Kunlun Trust has made significant progress in charitable trusts, becoming the third company in the industry to exceed 100 charitable trust registrations [3] Group 3: Risk Management - The Central Economic Work Conference in December 2024 emphasized the importance of effectively preventing and resolving key area risks, with trust companies playing a crucial role in risk management [5] - CITIC Trust has engaged in major risk resolution projects, including the restructuring of HNA Group and other significant service trust projects [6] - Trust companies are enhancing their risk management capabilities, focusing on credit risk management and adapting strategies to mitigate risks associated with high-risk trust assets [7]

2024年，信托行业整体盈利状况如何？各信托公司的业绩又呈现出怎样的分化态势？哪些业务板块 成为盈利增长的关键驱动力？ 其中，江苏信托以28.19亿元的净利润位列第一，这也是该公司连续第二年蝉联净利润头名。背靠 大型金融集团和央企的信托公司——中信信托和华鑫信托分别以26.53亿元和18.30亿元的净利润跻身行 业前三。 英大信托、华能信托、华润信托、陕国投、建信信托、紫金信托和粤财信托也在2024年有着较好的 净利润表现，净利润规模均超过10亿元。 此外，在盈利的48家信托公司中，有8家净利润不足1亿元，另有万向信托、杭州工商信托、五矿信 托等出现了从千万元到亿元级别不同程度的亏损。五矿信托由盈转亏，2024年亏损约9.54亿元，净利润 同比减少180.17%。 虽然部分机构深陷利润增长困局，但行业中仍有"黑马"突围。 数据显示，2024年净利润保持正向增长的共有27家。其中，尽管规模在行业中并不突出，但吉林信 托和金谷信托在净利润增长上表现突出。 截至5月6日，共有57家信托公司披露了2024年年报。《金融时报》记者梳理数据发现，信托行业延 续"增量不增利"态势，经营承压明显，整体盈利有所下滑，资产服务信 ...

Core Insights - The trust industry is experiencing significant growth, with the total managed assets surpassing 27 trillion yuan in 2024, up from approximately 22.78 trillion yuan in 2023, indicating a robust increase in asset scale [1][2] - The top five trust companies now manage over 10 trillion yuan, accounting for 37% of the industry's total assets, highlighting a pronounced head effect within the sector [2] - Despite overall growth, some companies are still downsizing, with 13 firms reporting a year-on-year decrease in asset scale, and five of those experiencing declines exceeding 20% [3] Asset Scale Growth - As of May 6, 2024, 57 trust companies reported a combined asset scale of approximately 27.11 trillion yuan, with 44 companies showing an increase compared to the previous year [1] - The number of trust companies with assets between 5 billion and 10 billion yuan has risen to 15, an increase of two from 2023 [2] - Five companies, including Jingu Trust and Huazhong Trust, have seen their asset scales double, with growth rates ranging from 106.77% to 151.88% [2] Structural Challenges - Some trust companies are focusing on "thinning" their operations, with examples like China Ocean Trust reducing its scale by over 40% in 2023 and continuing to decrease by about 20% in 2024 [3] - The industry is facing a "quantity increase but profit decline" phenomenon, indicating structural contradictions in the transition process, driven by conflicts between traditional practices and new regulatory guidelines [4][5] - The reliance on channel business for asset scale expansion has led to concerns about "scale inflation," as these low-value passive management strategies consume resources that could be better allocated to active management [5] Profitability and Management - Among the 13 companies with declining asset scales, five reported an increase in net profit, suggesting that profitability can be maintained despite a reduction in scale [4] - The average fee rate for channel business is significantly lower (0.1% to 0.3%) compared to active management (1.5% to 3%), indicating a disparity in revenue contribution versus resource consumption [5] - Experts recommend that trust companies enhance their research and investment capabilities and shift towards service trusts and family trusts to break free from traditional non-standard business inertia [5]

Core Viewpoint - The article discusses the relevance of trust products in wealth management, highlighting their unique features and benefits as depicted in the popular drama "A Good Life" [1][6]. Group 1: Trust Products and Their Features - Trust products mentioned in the drama include insurance trusts and will trusts, which serve as tools for wealth protection and management [1][2]. - The "three classifications" of trust business, established by the former China Banking and Insurance Regulatory Commission, categorize trust services into asset service trusts, asset management trusts, and public welfare trusts, with wealth management service trusts falling under asset service trusts [4][6]. - Wealth management service trusts offer five key values: trust accounts, diverse scenarios, property independence, asset allocation, and public welfare [4][6]. Group 2: Market Growth and Development - China's wealth management market is the second largest globally, driven by a growing middle-income group and high-net-worth individuals, creating significant opportunities for wealth management service trusts [6][7]. - The implementation of the "three classifications" regulation marks a golden period for the development of wealth management service trusts, with companies like Ping An Trust reporting over 30% growth in this sector [7]. - As of April 2025, Ping An Trust's wealth management service trust business has surpassed 220 billion yuan, with insurance trusts accounting for 170 billion yuan and family trusts exceeding 50 billion yuan [7]. Group 3: Future Outlook and Innovations - The trust industry is expected to leverage system building and artificial intelligence to efficiently meet the wealth management needs of clients, particularly high-net-worth individuals [8]. - The unique advantages and broad development prospects of wealth management service trusts position them as a vital option for wealth management in the future [8].

Core Viewpoint - The establishment of family trusts by private entrepreneurs is becoming a crucial method for wealth transfer and management of equity stakes in their companies, as evidenced by recent actions taken by 361 Degrees International Limited and other well-known brands [1][2]. Group 1: Importance of Family Trusts - Family trusts provide various solutions for entrepreneurs, including legal asset protection, orderly succession, centralized equity management, risk isolation, and the transmission of entrepreneurial spirit [2]. - The application of family trusts for equity holding and succession is more common abroad, with notable examples including JD.com and Xiaomi, where founders utilize offshore trust structures to manage their stakes [2]. Group 2: Current State of Domestic Family Trusts - The domestic family trust market is underdeveloped, with a total scale of less than 10 billion yuan, representing only 0.34% of the family trust market, which has an asset management scale of 435.72 billion yuan [3]. - Concerns regarding the safety of equity in family trusts arise from the lack of a property registration system for trust assets in China, leading to uncertainty among entrepreneurs [3]. Group 3: Recent Developments - Recent regulatory changes, including the issuance of a notification by the National Financial Regulatory Administration and the Beijing Market Supervision Administration, aim to enhance the public effectiveness of equity as trust property, promoting the application of equity trusts in private enterprise succession [4][5]. - The successful implementation of equity trust property registration marks a significant milestone for the trust industry, providing clearer legal foundations and operational norms for trust companies [6]. Group 4: Future Prospects - The future development of family equity trusts in China requires clarification of the legal nature of trust property and the transfer of ownership, as well as the establishment of effective registration methods [6].