作者简介 建信信托公益慈善与消保部总经理徐进，德恒律师事务所顾问、天津新开法律研究院院长柏高原，天津 新开法律研究院研究员、涉外法治研究中心主任汤杰 登录新浪财经APP 搜索【信披】查看更多考评等级 文章来源：WEALTH财富管理 本文重点以家族信托为例，研究思考财富管理服务信托适当性管理的理论框架、实践路径与优化策略， 以期对规范行业发展、保护委托人和受益人权益、防范金融风险提供建设性的理论参考与现实借鉴。 2025年7月11日，国家金融监督管理总局正式颁布《金融机构产品适当性管理办法》（以下简称《办 法》），并规定自2026年2月1日起实施。该《办法》的出台标志着我国金融消费者适当性保护进入了更 加系统化、规范化的新阶段。 近年来，我国金融市场不断深化发展，金融产品和服务日趋丰富和复杂，金融消费者保护也成为了监管 部门的重点关注领域。适当性管理作为金融消费者保护的核心制度，其理念是通过要求金融机构将适当 的产品销售给适当的客户，来弥补金融交易中信息不对称和专业能力不对等的缺陷。 这次出台的《办法》中第一条明确阐述了其立法目的："为规范金融机构产品适当性管理，保护金融消 费者合法权益"。 这表明《办法》的核 ...

近年来，新华保险积极响应市场与客户需求，持续深化保险与信托工具的融合应用，推动保险金信托业 务实现跨越式发展。2025年，公司全年保险金信托服务件数近2000件，规模突破50亿元，同比增长 68%。自信托业务启动以来，累计规模已突破100亿元，近两年均实现规模翻番。这一成绩不仅体现了 新华保险在财富管理领域的深耕成果，也反映出市场对"保险+信托"创新服务模式的高度认可，为公司 进一步优化服务体验、提升业务价值奠定了坚实基础。 此次成功签约服务的客户为一名拥有多家企业的实业经营者，家庭资产规模较大，长期关注财富安全传 承与养老规划。客户最终选择新华保险，正是基于对公司品牌实力、专业团队以及"保险+信托"一体化 服务模式的充分信任。新华保险通过"总部专家支撑、分支机构协同、信托机构高效对接"的全流程服务 机制，为客户量身定制综合方案，有效解决了传统信托服务中存在的流程和服务断点、决策环节冗长等 痛点，展现了公司在复杂财富规划场景下的专业服务能力与高效执行水平。 2026年2月，新华保险营销渠道开局业务期间首单2.0模式保险金信托在广东分公司东莞中支成功签约， 标志着公司在"保险+信托"综合金融服务领域实现重要进步 ...

Core Viewpoint - The article discusses the evolving landscape of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing a shift from "scale expansion" to "quality enhancement" in the industry, particularly in the context of the 14th and 15th Five-Year Plans [1]. Group 1: National Strategy Focus - Hu Hao, Chairman of China Resources Trust, highlights the company's approach to align with national strategies, regulatory guidance, and customer needs, focusing on serving the real economy and social governance [2]. - The company aims to create financing bridges for sectors like technology innovation and green economy through innovative tools such as intellectual property securitization [2]. - Emphasis is placed on compliance and robust asset management, with a focus on creating scenario-based products like prepaid trust and community governance charity trusts [2]. Group 2: Trust Industry Role in Wealth Management - The trust industry is increasingly important in meeting residents' wealth management needs, with a focus on covering the entire wealth lifecycle [4]. - Customized asset allocation strategies are provided for different wealth stages, including wealth creation, preservation, and inheritance [4]. - Trust structures are utilized to create a "safety net" for high-net-worth individuals, ensuring asset isolation and tailored beneficiary rules [4]. Group 3: Diverse Asset Management - The company supports the inclusion of various asset types, such as real estate and intellectual property, into trust structures, enhancing asset management capabilities [5]. - A comprehensive asset management solution is offered, ensuring risk isolation and clear ownership through professional asset valuation and compliance checks [5]. - The trust company acts as a link between products and clients, facilitating efficient integration of assets, capital, and funds [5]. Group 4: Product and Service Development - China Resources Trust is focused on developing a diverse wealth management product and service system to meet various client needs [6]. - The establishment of the "Runxin Wealth" brand aims to convey professional value and enhance client relationships [6]. - A multi-tiered account system is created to cater to different family needs, including family trusts and insurance trusts [6]. Group 5: Technology Integration - The trust industry is leveraging technology, such as AI and big data, to enhance customer service capabilities [8]. - The company is implementing a "smart trust" initiative to build a secure and compliant digital trust ecosystem [8]. - Efforts are being made to improve data governance and enhance data-driven capabilities across various business areas [9].

Core Viewpoint - The article discusses the evolving landscape of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the transition from "scale expansion" to "quality enhancement" in the industry, particularly in Shenzhen, which is a key engine for development in the region [1]. Group 1: Current Trends in Wealth Management - The phenomenon of "deposit migration" is deepening, with Shenzhen experiencing a faster pace compared to the national average. This trend is seen as an opportunity for wealth management upgrades rather than a crisis of deposit loss [2]. - The "deposit migration" is driven by a combination of low interest rates, a recovering capital market, and the expiration of excess savings, indicating a reallocation of household wealth [2][3]. - The customer base in Shenzhen is characterized by youth, high net worth, and a strong presence of technology finance, leading to diverse and rapid flows of wealth [3]. Group 2: Strategic Shifts in Wealth Management - The Postal Savings Bank of Shenzhen is transitioning from a "savings bank" to a "wealth management bank," focusing on professional capabilities, technological empowerment, and cross-border advantages to provide superior services to high net worth clients [2][3]. - The bank aims to establish deeper customer trust by shifting from merely selling products to providing asset allocation and accompanying services, which is seen as a long-term strategy to enhance competitive advantage [3]. Group 3: Product and Service Development - The bank is committed to creating "Shenzhen characteristic combinations" tailored to different customer segments, emphasizing appropriate product matching and risk management [4]. - A focus on digital technology is being implemented to enhance customer experience and operational efficiency, with the goal of building a comprehensive wealth management digital capability [6]. - The bank has established a wealth management system with differentiated services for various customer tiers, including mass affluent and high net worth clients, since 2019 [5][6]. Group 4: Future Outlook and Competitive Strategy - For 2026, the bank plans to enhance its competitive edge in wealth management by integrating financial services into key customer scenarios and providing tailored experiences for different demographics [7]. - The bank will promote a range of financial products, including investment products, insurance, and precious metals, to meet the diverse needs of its clientele [8].

大咖领航：共话宏观视野与女性力量 会议伊始，浙江省国际金融学会会长金雪军先生精彩致辞。金院长回顾了浙江金融理财市场二十余年的发展历程，高度赞誉了女企 业家们稳健、细致、认真的独特优势。他强调，搭建女企业家专业委员会平台，旨在促进女性在金融与实业领域的深度跨界合作。 金雪军会长提到，女性的性别优势是稳、细、韧，女性在金融理财中更稳健、细致，这种特质在复杂市场中是巨大优势。浙江女企 业家的特色在于"本地土壤+创新意识+跨界合作"。无论是科技、金融、教育还是健康，单一领域已难突围，整合资源才能打开新 局。 主题分享：从情怀守望到专业护航 在主题分享环节，三位嘉宾从不同维度贡献了思想盛宴。 热爱与坚守：金元证券浙江分公司总经理何华以《热爱可抵岁月长》为题，深情分享了其从创富到守富的心得及深耕金融行业28年 的职业心路。何华总强调，财富管理远不止证券投资，标准化产品只是基础，真正的高净值人群应通过私募、量化等专业工具实现 超额收益，她提醒，97%的人跑不赢指数，别因短期波动焦虑。要懂得敬畏市场，认知即财富：资本市场瞬息万变，要永远保持敬 畏之心，只赚认知范围内的钱。她提出"热爱是避风港，也是动力源"，鼓励女性在职场中通 ...

Core Viewpoint - The article emphasizes the importance of appropriate management in wealth management services, particularly focusing on family trusts, to protect the rights of clients and beneficiaries while mitigating financial risks [2][3]. Group 1: Regulatory Framework - The introduction of the "Financial Institutions Product Appropriateness Management Measures" marks a new phase in the systematic and standardized protection of financial consumers in China, effective from February 1, 2026 [3]. - The core value of the new regulations is to standardize the behavior of financial institutions while focusing on protecting relatively vulnerable financial consumers [3]. Group 2: Market Growth - The family wealth management market in China is rapidly growing, with family trusts and insurance trusts becoming essential tools for high-net-worth individuals, leading to a market size of 643.58 billion yuan by the end of 2024 and exceeding 950 billion yuan by the third quarter of 2025, reflecting a 5.6% increase from 2024 [4][5]. Group 3: Unique Characteristics of Family Trusts - Family trusts possess unique characteristics that complicate their appropriateness management, including their dual nature as legal service frameworks and financial products, the complexity of client needs, diverse asset types, and the long-term nature of these trusts [7][8]. - The separation of interests between the trustor and beneficiaries necessitates a comprehensive assessment of both parties' needs in appropriateness evaluations [8]. Group 4: Challenges in Appropriateness Management - The flexibility of the trust system creates challenges in determining the management responsibilities of trust companies, especially when investment management is outsourced to other financial institutions [10]. - There is ambiguity regarding whether the risk tolerance of individual trustors or beneficiaries can be equated with that of the family trust itself, complicating the appropriateness assessment [10]. Group 5: Recommendations for Improvement - The article suggests that family trusts should be evaluated based on a comprehensive framework that considers the decision-making authority, trust objectives, and overall investment portfolio, rather than merely matching products to clients [19]. - It advocates for a dynamic and systematic approach to appropriateness management that incorporates ongoing information collection and assessment of client needs and investment goals [17][18].

Core Insights - The trust industry in China has shown improved profitability in 2025, despite a decline in trust business revenue, with significant growth in proprietary business income [1][2] Group 1: Financial Performance - The total operating revenue of 50 disclosed trust companies reached 70.871 billion yuan, a year-on-year increase of 15.87%, with 28 companies (56%) reporting positive revenue growth [1] - The total profit of the trust industry was 38.2964 billion yuan, up 13.64% year-on-year, with 29 companies (58%) achieving positive profit growth [2] - The net profit of the industry reached 31.418 billion yuan, reflecting a 14.23% increase year-on-year, with 28 companies (56%) reporting positive net profit growth [2] Group 2: Revenue Breakdown - Trust business revenue totaled 36.568 billion yuan, a decline of 8.76% year-on-year, with only 18 companies (36%) reporting positive growth in this segment [3] - Proprietary business income surged by 73.06% year-on-year, totaling 31.375 billion yuan, becoming the main driver of industry profitability [3][4] Group 3: Market Dynamics - The top five companies by proprietary business income are: Industrial Trust, CITIC Trust, Jiangsu Trust, China Resources Trust, and Huaxin Trust, with significant growth rates observed in several firms [4] - The industry is experiencing a structural shift, with investment income playing a crucial role in revenue for some companies, and asset service trusts emerging as a new growth driver [5][6] Group 4: Future Outlook - The capital market recovery in 2025 has provided a favorable environment for proprietary business growth, supported by enhanced investment management capabilities of trust companies [5] - The wealth management sector is evolving, with companies like Shanghai Trust expanding their service offerings and client base, indicating a trend towards high-quality development in family trusts and personalized services [6]

Core Insights - The Chinese private banking industry is undergoing a historic shift from "scale expansion" to "value cultivation," with high-quality growth expected by 2025 [3][4] - The number of high-net-worth individuals (HNWIs) in China has surpassed 3 million, with assets under management (AUM) reaching 24.6 trillion yuan, projected to grow to 42 trillion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 9.5% [3][6] - The market is characterized by a dual trend of "head concentration and distinctive breakthroughs," with major state-owned banks dominating the sector [3][8] Industry Overview - The private banking sector in China continues to show steady growth, with AUM reaching 18.8 trillion yuan by mid-2025, a 9.3% increase from the end of 2024 [5][6] - The number of clients served by 16 banks reached 1.649 million, a year-on-year growth of 13.17% [5] - The market is highly concentrated, with the top four state-owned banks holding nearly 70% of the total AUM among the 12 major private banks [8][7] Market Dynamics - Business innovation is becoming a new driving force for industry development, with family trusts and insurance trusts experiencing rapid growth [4][19] - By Q3 2025, the total scale of family trusts exceeded 950 billion yuan, while insurance trusts reached 420 billion yuan, reflecting growth rates of 5.6% and 19.1% respectively [4][19] - The industry faces challenges such as stricter regulations, talent shortages, and intensified competition [4][29] Client Demographics - The number of high-net-worth families in China reached 2.066 million by 2025, with the total wealth of billionaires growing to 1.8 trillion USD, a 22.2% increase [12][6] - The average age of high-net-worth individuals is 35, with a significant portion being young entrepreneurs [13][12] - The income sources of high-net-worth individuals are diverse, with business income being the primary source [13][16] Business Model Innovations - Family office services are rapidly developing, with over 85% of private banking departments establishing independent family office service systems by the end of 2023 [22] - The demand for family office services is expected to grow, with annual expenditures on tax planning projected to reach 2.8 million yuan by 2025 [23] - ESG investments are becoming a key focus, with ESG-themed financial products seeing significant growth [24][25] Digital Transformation - The digital transformation of the private banking sector is entering a deepening phase, with at least 60% of institutions expected to adopt AI-driven advisory systems by 2025 [26][27] - Technology investments are projected to exceed 4.8 billion yuan, with a CAGR of 27.3% [26] - The integration of digital services is crucial for enhancing customer experience and operational efficiency [28] Regulatory Environment - The regulatory environment is becoming stricter, leading to increased compliance costs, which are expected to rise by 23 percentage points of operating income [29][30] - The implementation of new asset management regulations is reshaping product design and increasing the entry barriers for new players [29][30] Talent Shortage - The private banking industry faces a significant talent shortage, with a demand gap of approximately 24,000 professional bankers by 2025 [33][34] - The ratio of talent supply to demand is 1:8, indicating a critical need for skilled professionals [33] - The industry is increasingly focusing on talent training and recruitment to address this gap [34]

Group 1 - The Shanghai Financial Regulatory Bureau has issued an action plan to support the development of customized family trusts, family service trusts, and insurance trusts as part of enhancing the pension financial system [1][7] - The action plan includes 20 measures focusing on building a multi-level pension security system, strengthening support for the pension industry, and meeting the financial needs of the elderly [1][8] - Trust companies are encouraged to integrate diversified family assets to meet the comprehensive pension needs of the elderly and explore new types of pension service trusts and special needs service trusts [1][8] Group 2 - Several trust companies have recently launched their first special needs trust projects, including a real estate special needs trust for families with autism and a trust focused on long-term care for special needs individuals [2][9] - Special needs trusts typically do not have a set minimum investment amount, allowing trust companies to establish flexible entry points, commonly starting around 300,000 yuan [3][10] - Trust companies are advised to collaborate with care institutions to facilitate direct payment of service fees from the trust, enhancing convenience for clients [3][10]

Core Viewpoint - The Shanghai Financial Regulatory Bureau has issued an action plan to promote high-quality development in the banking and insurance sectors related to elderly finance, emphasizing investment in elderly care facilities and services [1] Group 1: Investment Support - The action plan supports financially strong and well-managed insurance institutions to invest in the construction of elderly care institutions and facilities through equity investments or REITs [1] - It encourages stable and orderly investments in rehabilitation hospitals and specialized hospitals, as well as the development of home, community, and institutional elderly care services, providing long-term stable funding for the elderly care industry [1] Group 2: Innovation and Project Development - The plan promotes insurance and trust institutions to actively engage in investments that align with the technological innovation and new productive forces required for the silver economy [1] - It supports the construction of high-level silver economy industrial parks [1] Group 3: Customized Trust Services - The action plan encourages trust companies to offer customized family trusts, family service trusts, and insurance money trusts, integrating diverse family assets to meet the comprehensive elderly care needs of the aging population [1]