10月9日，北京商报记者注意到，中国信托业协会官网日前发布《2024—2025中国信托业社会责任报告》（以下简称《报告》），旨在强化信托业社会责任 意识，促进信托业与经济社会和谐发展。 《报告》对2024年信托行业的整体数据进行了披露。《报告》显示，截至2024年末，全行业67家信托公司受托管理信托资产规模达29.56万亿元，创历史新 高。报告期内，信托行业全年实现经营收入940.36亿元，利润总额230.87亿元，出现明显"一升一降"。 而在"三分类"等新规指引下，信托行业加速转型，也带来了信托业务结构持续优化、传统高收益业务萎缩等变化。有从业机构指出，在行业整体转向"轻资 本运营、重受托服务"的过程中，对信托公司经营的评价或更应关注其转型类业务发展及业务结构的优化。 2024年信托行业利润接近"腰斩" 在行业概况部分，《报告》对信托行业的发展现状进行了介绍。数据显示，截至2024年末，经批准设立的信托公司共有67家，从业人员约1.8万人。行业受 托管理信托资产规模总计29.56万亿元，创历史新高。 作为信托公司最重要的主动管理型业务之一，资金信托在"三分类"新规要求下被划入资产管理信托范畴。《报告》显示， ...

根据《报告》，信托业管理的22.25万亿元资金信托中，28.81％直接投向实体经济领域，另有46.17％通 过资本市场间接支持实体经济，二者合计规模达16.68万亿元，基本涵盖了实体经济各个行业，充分体 现了信托业服务实体经济的力度和广度。 《报告》最新披露，截至2024年末，信托公司员工总数达17884人，较2023年增加321人。同时队伍结构 呈现"年轻化、专业化"特征。其中，40岁及以下员工占比超六成，体现出信托业以中青年从业人员为中 坚力量。 （原标题：信托业年度"责任答卷"出炉，迈入价值提升新阶段） 在服务实体经济与践行社会责任的道路上，中国信托业正凭借务实的行动力，书写着高质量发展的新篇 章。日前，中国信托业协会发布的《2024—2025中国信托业社会责任报告》（以下简称：《报告》）显 示，信托业在资产规模、慈善信托等方面取得显著进展，已从"规模恢复"迈向"价值提升"新阶段。 这是中国信托业协会自2013年起连续编制发布的第13份行业社会责任报告。《报告》显示，2024年信托 业坚决贯彻落实中央金融工作会议部署，着力发挥信托制度功能和优势，深耕主责主业，围绕"五篇大 文章"持续开拓创新，坚持服务实 ...

证券板块 市场成交额抬高，据 Wind 数据显示，截至目前 2025Q3 日均股票成交额（单边）1.00 万亿元，同比增长 117%；两融 余额创新高，截至 2025 年 9 月 29 日两融余额达到 24287 亿元，日均余额同比+29.9%；2025 年第三季度上证指数上 涨 12.7%，同比+0.29pct；沪深 300 上涨 17.9%，同比+1.83pct；中债总财富指数下跌 1.0%，同比-2.02pct。我们预 计券商经纪、利息、自营等收入有望继续受益，券商三季报业绩预计表现较好。 投资建议：建议关注三条主线：（1）市场成交额抬高，主要指数上涨，建议关注经纪、两融、投资占比高的券商；券 商板块上半年业绩同比显著改善，高盈利与低估值的显著错配凸显配置性价比，建议关注估值显著低于平均水平的头 部优质券商；建议关注券商并购潜在标的机会。（2）四川双马：科技赛道占优，创投业务有望受益，布局基因治疗赛 道新标的，深化生物医药产业链。公司管理基金的已投项目：屹唐股份（科创板已上市）、奕斯伟材料（科创板 IPO 过 会）、奕斯伟计算以及群核科技（港交所 IPO 申报）、沐曦、邦德激光、丽豪半导体等上市进程加快 ...

Core Viewpoint - The 2024-2025 China Trust Industry Social Responsibility Report highlights the trust industry's commitment to social responsibility and its transformation towards high-quality development, emphasizing its role in supporting the real economy and enhancing people's lives [1][3]. Group 1: Industry Transformation and Development - Since its restoration in 1979, the trust industry has evolved from "scale expansion" to "compliance development," and now to "high-quality development," becoming a significant financial force in serving the real economy [3]. - The trust industry is set to deepen its new classification regulations in 2024 and enter a new phase of high-quality development by 2025 [3]. Group 2: Social Responsibility Achievements - The report outlines achievements in social responsibility across eight areas: party building, livelihood, economic, legal, environmental, public welfare, human-centered, and responsibility management [3]. - By the end of 2024, the trust industry managed a total trust asset scale of 29.56 trillion yuan, a year-on-year increase of 23.58% [4]. Group 3: Financial Support for the Real Economy - Of the 22.25 trillion yuan in funds managed by the trust industry, 28.81% was directly invested in the real economy, while 46.17% supported it indirectly through capital markets, totaling 16.68 trillion yuan [4]. - In 2024, the trust industry allocated 1.6 trillion yuan to inclusive finance, established 1,148 pension service trust projects with an investment of 14.493 billion yuan, and funded 289 rural revitalization projects with 4.304 billion yuan [5]. Group 4: Charity and Green Development - The charity trust sector saw a total of 2,244 registered cases with a cumulative scale of 8.507 billion yuan by the end of 2024, with new registrations increasing by 18.72% year-on-year [5]. - The green trust sector experienced rapid growth, with 390 new projects and a new scale of 177.944 billion yuan, bringing the total to 325.388 billion yuan [5]. Group 5: Talent Development - The trust industry emphasizes talent as a core driver of high-quality development, with a total workforce of 17,884 employees by the end of 2024, over 60% of whom are under 40 years old [6]. - The proportion of employees with master's degrees or higher is steadily increasing, reflecting the enhancement of talent quality within the industry [6]. Group 6: Future Outlook - The trust industry aims to continue enhancing its ability to serve national strategies and improve people's lives while maintaining a focus on compliance and innovation [6].

Core Insights - The core conclusion of the report is that Chinese households are experiencing a shift in risk perception, characterized by a decrease in traditional survival-type risk anxiety and a significant increase in wealth risk awareness [1][2] Group 1: Changes in Risk Awareness - The current economic environment is reshaping household risk awareness due to factors such as economic slowdown, structural adjustments, low interest rates, aging population, and technological advancements [1][2] - While traditional risks like illness, retirement, and accidental injury remain the top concerns, their perceived importance has declined, whereas awareness of wealth security and management risks has notably increased [1][2] Group 2: Impact of Macro Environment - The report identifies six major impacts of macroeconomic changes on household risk: increased income and debt risks due to economic structural adjustments, purchasing power risks from inflation, asset allocation changes from low interest rates, consumption and investment strategy impacts from exchange rate fluctuations, social security pressure from an aging population, and a structural transformation in household asset allocation [2] Group 3: Insurance Product Development - Insurance companies need to adapt their product design and customer service to meet the new risk preferences, such as developing insurance products that cover unemployment risks and offering diversified products that align with the structural transformation of household asset allocation [3] Group 4: Tailored Insurance Solutions - The report emphasizes the need for insurance companies to create a comprehensive product system that includes: a basic risk defense system centered on medical insurance, a retirement risk response system based on commercial annuities, a wealth preservation system focused on participating insurance, and a wealth transfer system centered on leveraged life insurance and trust funds [4] - It also suggests that consumers should adjust their asset allocation in response to changing risks, with specific recommendations based on income levels and life stages [4]

Core Insights - The core conclusion of the report is that Chinese households are experiencing a shift in risk perception, characterized by a decrease in traditional survival-type risk anxiety and a significant increase in wealth-related risk awareness [1][3]. Group 1: Changes in Risk Awareness - The current economic environment is undergoing profound changes, leading to a transformation in household risk awareness and response systems due to factors such as economic slowdown, structural adjustments, low interest rates, aging population, and technological revolutions [3]. - Although health, retirement, and accidental death risks remain the top three concerns for families, their attention to these risks has decreased, while awareness of wealth security and management risks has significantly increased [3][4]. - The report identifies six major impacts of macroeconomic changes on household risk, including increased income and debt risks, purchasing power risks due to inflation, asset allocation shifts due to low interest rates, consumption and investment strategy impacts from exchange rate fluctuations, social security pressures from an aging population, and a structural transformation trend in household asset allocation [3]. Group 2: Insurance Industry Response - As household risk awareness evolves, commercial insurance is transitioning from a focus on single risk compensation to becoming a comprehensive management tool for quality of life and wealth management [4]. - There is a mismatch between product supply and demand, as the industry continues to offer standardized products despite the diverse risk management preferences and protection needs of different families [4]. - Insurance companies need to make targeted adjustments in product design and customer service to address new risk preferences, such as developing insurance products that cover unemployment risks and offering more diversified insurance products that align with the structural transformation of household asset allocation [4][5]. Group 3: Recommendations for Insurance Product Development - The report suggests that insurance companies should establish a comprehensive product system focusing on four key areas: a basic risk defense system centered on health insurance, a retirement risk response system based on commercial annuities, a wealth preservation system centered on participating insurance, and a wealth transfer system based on leveraged life insurance and trust funds [5]. - Specific guidance is provided for insurance coverage and financial planning, including an analysis framework of "income-asset-liability" to prioritize high-leverage products for low-income families and recommend critical illness and retirement annuities for middle-income families [6]. - Families are encouraged to adjust their asset allocation in response to changing risks, with specific recommendations for different life stages, such as prioritizing term life and health insurance for single or startup families, planning for retirement during development or maturity stages, and supplementing cancer and nursing insurance during the sunset phase [6][7].

Core Insights - The white paper on the risk protection system for Chinese families highlights that the insurance industry in China is at a critical transformation point, transitioning from institutional-driven growth to economy-driven growth, with significant opportunities ahead as the per capita GDP is around $13,500, close to the elasticity peak of $10,000 [2][4]. Industry Overview - As of the end of 2024, China has 239 insurance institutions with total assets of 359,058 billion yuan and net assets of 33,247 billion yuan. The total insurance premium income for 2024 is projected to reach 56,963 billion yuan, with a financial return rate of 3.43% and a comprehensive return rate of 7.21% [4]. - The comprehensive solvency adequacy ratio of insurance companies is 199.4%, and the core solvency adequacy ratio is 139.1%, indicating a solid foundation for sustainable development [4]. Policy Environment - The Chinese government has introduced several policies to support the insurance industry's development, including the strategic goal of building a multi-level social security system, which creates a favorable environment for high-quality development [5]. - The recent "Opinions on Strengthening Supervision and Preventing Risks to Promote High-Quality Development of the Insurance Industry" outlines development goals for 2029 and 2035, serving as a guiding document for the next five to ten years [5]. Changing Family Risk Structure - Families in China are facing challenges such as slowing income growth, increased employment and debt risks, currency asset depreciation, and reduced investment returns, leading to a shift in risk perception [7]. - A survey indicates that modern families are increasingly concerned about health, retirement planning, children's education, wealth security, and inheritance, reflecting a strong demand for certainty and sustainability [8]. Supply-Demand Mismatch - The insurance industry has not adequately adjusted to changing consumer needs, resulting in four key mismatches: 1. Individualized needs versus standardized supply [9]. 2. Insufficient health coverage despite high demand [9]. 3. Short-term supply versus long-term wealth management needs [9]. 4. Diverse retirement needs versus weak collaborative supply [9]. Recommendations for Improvement - The white paper suggests several strategies to enhance the insurance industry's service capabilities: 1. **Precise Risk Identification**: Shift from a product-oriented approach to a family needs-oriented approach, identifying risks based on family lifecycle and wealth levels [12]. 2. **Scientific Risk Assessment**: Utilize a "Family Risk Defense Index Model" to balance adequate coverage with cost, allowing families to anticipate uncertainties [13]. 3. **Efficient Risk Solutions**: Develop a comprehensive product system that addresses the full lifecycle of family risks, including health, retirement, wealth preservation, and inheritance [14]. 4. **Long-term Risk Management**: Integrate resources to create a high-quality service ecosystem that addresses the growing demand for elderly care and health management [16].

Core Insights - The macroeconomic changes in China are leading to various challenges for households, including slowing income growth, increased employment and debt risks, currency asset depreciation, and reduced investment returns [2] - The white paper identifies six major impacts of macroeconomic changes on household risks, including income and debt risk, purchasing power risk due to inflation, asset allocation shifts due to low interest rates, consumption and investment strategy impacts from exchange rate fluctuations, social security pressure from an aging population, and a structural transformation in household asset allocation [2] Household Risk Perception - There is a noticeable shift in household risk perception in China, with a decline in anxiety over traditional survival risks and an increase in awareness of wealth-related risks, particularly unemployment and asset depreciation [3] - Consumers are adjusting their asset allocation in response to these risk changes, maintaining bank savings as a solid foundation while combining commercial insurance with bank wealth management and government bonds for a dual strategy of protection and stable returns [3] Consumer Preferences - Consumers are increasingly interested in health-related value-added services, with 41% prioritizing health check-up services, and there is a growing demand for comprehensive retirement solutions that include not just insurance products but also community planning and home care support [4] Supply-Demand Mismatches - The white paper highlights four major mismatches in the insurance industry: 1. Mismatch between personalized demand and standardized supply, as the industry continues to offer one-size-fits-all products [5] 2. Mismatch between sufficient health coverage needs and low coverage supply, with the median cost of critical illness treatment reaching 300,000 yuan while average claims for critical illness insurance are below 100,000 yuan [5] 3. Mismatch between long-term wealth management needs and short-term supply, with a lack of products addressing cross-cycle financial management for child-rearing and personal retirement [5] 4. Mismatch between diversified retirement needs and weak collaborative supply, as the industry struggles to provide integrated solutions that combine cash flow with care services [6] Strategic Recommendations - To address these mismatches, the insurance industry must break away from a one-size-fits-all approach and focus on accurately identifying customer risks, shifting from a product-oriented to a family needs-oriented approach [7] - The industry should develop a comprehensive product system that includes a core medical insurance risk defense system, a commercial annuity-based retirement risk response system, a wealth preservation and growth system centered on participating insurance, and a wealth transfer system focused on leveraged life insurance and trust services [7] Service Ecosystem Development - The insurance industry should move beyond traditional compensation models to create a high-quality customer service ecosystem that integrates health management, retirement services, and wealth planning [8] - This includes providing a closed-loop service for health that encompasses check-ups, screenings, and rehabilitation, as well as connecting retirement services with community resources to address care needs [8]

Core Viewpoint - The article emphasizes the importance of family trusts as a crucial tool for wealth management and intergenerational wealth transfer in high-net-worth families in China, especially in the context of increasing wealth accumulation and the complexities of wealth succession [1][2][5]. Group 1: Understanding Family Trusts - Family trusts are defined as a legal structure that allows individuals to manage and protect their assets according to their wishes, ensuring compliance, asset isolation, and tax planning [3][4]. - Contrary to the belief that family trusts are exclusive to the ultra-wealthy, they can be tailored for families with varying asset scales, starting from as little as 1 million yuan [3][4]. Group 2: Growth and Adoption - The adoption of family trusts in China has seen significant growth, with the number of family trust clients at Shanghai Trust increasing from 1,200 to 12,000 in three years, marking a tenfold increase [4]. - This growth reflects a shift in focus from short-term gains to long-term wealth preservation among families [5]. Group 3: Functions and Benefits - Family trusts serve multiple functions, including risk isolation, asset protection, and structured wealth transfer, particularly in complex family dynamics [6][7]. - They provide legal independence and long-term stability, effectively safeguarding assets from marital disputes, debt issues, or inheritance conflicts [4][7]. Group 4: Planning for the Future - Family trusts allow for proactive planning, enabling clients to set specific conditions for wealth distribution, such as educational milestones or age thresholds for beneficiaries [8][11]. - In the context of an aging population, family trusts are increasingly seen as essential for ensuring the financial security of dependents and managing wealth transitions [13][14]. Group 5: Professional Management - The complexity of modern family wealth necessitates professional management, as family assets now often include diverse forms such as equity, intellectual property, and cross-border assets [14]. - Family offices, like Shanghai Trust's family management office, provide comprehensive support for family trusts, integrating legal, tax, investment, and governance expertise [9][10].

Core Viewpoint - The trust industry is undergoing a transformation and is currently facing profitability challenges, with a significant decline in trust business income and net profit in the first half of 2025 compared to the same period in 2024 [1][10][11]. Financial Performance - As of the first half of 2025, 53 trust companies reported a total trust business income of 181.31 billion yuan, a year-on-year decrease of 11.38% from 204.59 billion yuan in the same period of 2024 [7][4]. - The net profit for these companies was 163.74 billion yuan, down 2.83% from 168.51 billion yuan in the previous year [7][4]. - Overall, the operating income for the industry decreased by 1.98%, and total profit fell by 3.72% year-on-year [2]. Business Structure Changes - The trust business is under pressure, with traditional high-yield trust business continuing to shrink, while proprietary business income has shown strong growth, increasing by 16.72% year-on-year [4][11]. - The decline in profit metrics is less severe than the drop in trust business income, indicating that trust companies are actively working on cost reduction and efficiency improvements [4]. Industry Challenges - The trust industry is transitioning from a traditional "interest margin-driven" profit model to a new model based on "management fees + performance sharing," which has led to a significant drop in trust business income [11][18]. - Increased compliance and operational costs due to stricter regulatory requirements are also impacting profitability [11]. - The industry is still dealing with legacy risk projects, which continue to erode profits [11]. Future Outlook - Experts believe that the trust industry, with its dual advantages in asset management and wealth management, has the potential for sustainable profitability and high-quality development as new business models are gradually adopted [1][17]. - The restructuring of profit models is seen as a critical necessity, with a focus on new business areas and enhancing active management capabilities [15][18]. - The industry is expected to stabilize and potentially recover as the proportion of new business increases and risk management continues [18].