为全面落实积极应对人口老龄化国家战略，有效满足"银发"客群全方位、多层次的金融服务需求，紫金 农商银行秉持金融服务的政治性、人民性，以网点适老化改造、产品适老化倾斜、服务适老化延伸为抓 手，统筹推进养老金融综合服务，用情用力书写养老金融大文章。 有所享：网点适老化升级 紫金农商银行聚焦养老金融痛点难点，严格按照适老化服务改造标准，持续优化厅堂服务环境和金融功 能，着力提升老年客户业务办理的便捷性和舒适性。 "服务好不好，老人说了算！"金牛湖支行负责人对员工说道。走进省级适老网点金牛湖支行，适老化改 造的"温度"扑面而来。在"银发关爱区"，老花镜、轮椅、急救箱等适老设施一应俱全；在"助老爱心窗 口"，"密码键盘闪亮提示标签"格外醒目；在"老年文化活动室"，一场场有声有色的反诈情景剧正在上 演…… 这只是紫金农商银行积极落实网点适老化改造的一个缩影。该行在营业厅堂外设置无障碍通道，增添无 障碍扶手，张贴醒目的"注意台阶""小心地滑"等适老化指引标识和紧急联络电话；厅堂内设置爱心座 椅，配备老花镜、便民服务箱、放大镜、轮椅等便民服务设施；为老年客户专设"绿色服务"通道，开 设"爱心窗口"，设置敬老服务专员，全程为老 ...

11月12日，中诚信托在北京总部为成都客户举办"保险金信托"专场分享活动，数十名来自人保寿险四川 省分公司的高净值客户及业务骨干受邀参会。这场从成都到北京跨越千里的客户活动，让成都客户真 正"走进受托人"，近距离了解保险金信托在家族财富管理与传承中的独特功能。 当前，外部经济环境复杂多变，国内经济稳中有进，成都作为西部经济核心引擎，民营经济活跃，家族 财富积累进入"代际传承"关键期。如何让居民辛苦积累的财富既能抵御市场风险，又能精准传递给下一 代，既保障子女教育、父母养老等民生需求，又规避债务等潜在风险？ 基于成都高净值家庭的共同关切，中诚信托养老金融部家族信托二部负责人以"守富时代家族财富传承 与规划"为主题，从宏观经济趋势出发，结合成都本土财富特征，为参会客户进行了一场有针对性的深 度解析。 信托与保险作为普惠金融体系的重要组成，是满足居民长周期资产配置需求的核心工具。保险金信托这 一"保险+信托"的创新融合产物，更是将人寿保险的风险保障属性与信托灵活的受托管理职责精准对接 ——既能通过保险杠杆为家庭筑牢风险"防护网"，又能依托信托制度优势，实现财富在子女教育、创业 支持、养老保障等民生关键节点的精准分配 ...

南方财经全媒体记者 孙诗卉 实习生 徐若萱 上海报道 11.39万亿元的资产管理信托市场，正在向保险机构敞开大门。 近日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》，明确保险公司可代销资 产管理信托。这一政策不仅打破了保险机构代销信托的资格限制，更推动了保险业从传统产品销售向综 合财富管理转型。 "这意味着保险行业财富管理业务的一次战略性升级。"对外经济贸易大学创新与风险管理研究中心副主 任龙格接受21世纪经济报道记者采访时指出。 保险代销信托开闸 2025年10月31日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》（下称"《办 法》"），其第35条明确规定，允许商业银行、理财公司、保险公司、保险资产管理公司等机构代理销 售信托产品。 这一规定是对今年初政策的延续与完善。 2025年1月27日，国务院办公厅转发金融监管总局《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》的通知，第五条要求"规范（信托）销售行为，严格代销管理，严禁非金融机构代销信托产 品。" 此次《办法》则进一步明确了金融机构代销资产管理信托的细则，放开了保险机构代销信托产品的资格 限制。 中国信托 ...

Core Viewpoint - The company is actively implementing a comprehensive strategy to address the financial service needs of the aging population, focusing on the renovation of service points, product adaptation, and service extension to enhance elderly financial services [1] Group 1: Service Point Renovation - The company has completed the renovation of all 135 service points to meet elderly-friendly standards, ensuring that elderly clients can conveniently access financial and governmental services nearby [3] - The renovated service points include features such as barrier-free access, elderly care zones equipped with necessary facilities, and dedicated service windows for elderly clients, enhancing their comfort and ease of use [2][3] Group 2: Resource Allocation for Elderly Financial Services - The company is directing financial resources towards the development of tailored savings, investment, and credit products that align with the consumption habits of elderly clients [4] - A comprehensive assessment of clients' needs based on age, risk preference, and retirement goals is conducted to provide customized financial planning and support for wealth accumulation [4] - As of the end of September, the company has provided wealth management services to over 300,000 clients aged 60 and above, with a significant number of credit clients receiving loans totaling 716 million [4] Group 3: Extension of Elderly Services - The company is enhancing its elderly financial services through professional training for staff, community volunteer services, and various special activities to meet the diverse needs of elderly clients [5][6] - Volunteer teams have been established to provide on-site services such as haircuts, appliance repairs, and health check-ups, with over 1,000 community service events conducted [6] - The company organizes financial education and community safety activities to improve elderly residents' awareness of fraud and scams, alongside cultural events to enrich their lives [6]

Core Viewpoint - The trust industry is focusing on high-quality development during the "14th Five-Year Plan" period, leveraging its institutional advantages to support sectors like advanced manufacturing and technology innovation [2][3]. Group 1: Trust Industry Practices - The trust industry is utilizing its unique advantages such as bankruptcy isolation and direct property registration to support advanced manufacturing and technology innovation [2]. - Three main paths have been established: 1. Equity investment and fund operation, with trust companies setting up private equity and venture capital funds targeting high-end manufacturing and strategic emerging industries [2]. 2. Empowering industrial chains through asset securitization, enhancing liquidity for manufacturing and technology enterprises [2]. 3. Exploring intellectual property trusts to manage and operate patents and trademarks as trust assets, addressing the challenges faced by asset-light tech companies [2]. Group 2: Supporting Key Technologies - Trust companies are innovating in supporting critical technology breakthroughs through: 1. Establishing special trust plans targeting specific "bottleneck" technologies, attracting long-term capital for cutting-edge research [3]. 2. Creating a collaborative model involving scientists, entrepreneurs, and financiers to clarify rights and obligations in technology development [3]. 3. Providing initial R&D loans with the option to convert to equity or profit-sharing upon project success, and exploring partnerships with government risk compensation funds [3]. Group 3: Rural Revitalization - The trust industry is leveraging charitable trusts to support rural revitalization, developing unique service models such as: 1. "Industry empowerment + charitable trust" model to support local agricultural branding and rural tourism infrastructure [4]. 2. "Rural revitalization + talent cultivation" model to fund youth entrepreneurship and vocational training [4]. 3. "Cultural preservation + ecological trust" model for protecting cultural heritage and environmental management in villages [4]. Group 4: Consumer Finance - Trust companies are advised to reposition themselves in consumer finance, focusing on: 1. New consumption areas like green, digital, and health-related services, creating flexible financial products [5]. 2. Collaborating with major dealers in traditional large-scale consumption sectors to provide flexible financing solutions [5]. 3. Addressing the needs of underserved consumer groups, such as migrant workers and graduates, with small, convenient credit support [5]. 4. Developing financial products tailored for rural markets to stimulate consumption [5]. Group 5: Wealth Management and Social Services - The trust industry is seeing significant growth in family trusts and insurance trusts, with total scales exceeding several hundred billion [7]. - Innovative models like prepaid fund management trusts are emerging to enhance social governance, reflecting the trust's social service capabilities [7]. - Future opportunities include: 1. Deeply customized family trusts offering comprehensive solutions for wealth transfer and family governance [8]. 2. Making family and insurance trusts more accessible to middle-class families [8]. 3. Safeguarding consumer rights through independent management of prepaid funds in various sectors [8]. 4. Establishing trusts for vulnerable groups to ensure long-term support for their needs [8].

Core Insights - Wealth inheritance in China faces significant challenges, often resulting in the phenomenon of "wealth not lasting beyond three generations" [1][4][26] Historical Context - The cyclical nature of family wealth decline is illustrated through the story of the Jia family in "Dream of the Red Chamber," reflecting a broader historical trend in Chinese families [3][4] - Since the Song and Ming dynasties, many prominent families have failed to sustain wealth across generations due to inherent flaws in family systems, wealth concepts, and social structures [4][6] Cultural and Institutional Challenges - The agrarian economy's focus on fixed assets like land and property limits wealth mobility and is vulnerable to external shocks, hindering long-term wealth transmission [6] - Traditional Chinese culture emphasizes family and state unity, where family authority often overshadows individual property rights, leading to a lack of systematic wealth management [9][10] - The equal distribution of inheritance leads to wealth dilution across generations, contrasting with Western practices that favor primogeniture for capital concentration [10] Modern Structural Challenges - Despite rapid wealth accumulation post-reform, issues of wealth inheritance remain acute, with modern wealth being more complex and requiring specialized planning [12][13] - Many private enterprises lack governance structures, leading to conflicts in management and ownership during transitions, with over 60% of firms unprepared for succession [14] - Generational value differences create conflicts in wealth management, with younger generations often favoring consumption over prudent financial stewardship [15] Comparative Analysis - Western wealth inheritance mechanisms are grounded in legal frameworks that protect individual property rights, contrasting with China's reliance on familial and moral constraints [17][18] Pathways to Solutions - Establishing modern family governance structures is essential for effective wealth transmission, including family charters and professional family offices [21][22] - Strengthening legal frameworks and inheritance planning tools can provide necessary protections and flexibility for wealth distribution [23] - Promoting wealth education and shared family values across generations is crucial for ensuring that wealth is not only preserved but also aligned with family missions [24]

Core Insights - The report aims to enhance the awareness of social responsibility within the trust industry and promote harmonious development with the economy and society [1] Industry Overview - As of the end of 2024, there are 67 approved trust companies managing a total trust asset scale of 29.56 trillion yuan, marking a historical high [3][4] - The trust industry achieved operating income of 94.036 billion yuan and a total profit of 23.087 billion yuan in 2024, reflecting a significant decline in profit compared to the previous year [4] Business Structure and Trends - Under the new "three classifications" regulations, the trust industry is undergoing a transformation, leading to an optimization of business structure and a decline in traditional high-yield businesses [1][4] - The scale of capital trusts reached 22.25 trillion yuan by the end of 2024, a year-on-year increase of 28.02%, accounting for 75.27% of the total managed assets [3] - The allocation of capital trust funds has increasingly favored the securities market, which now represents over 46% of the total capital trust scale, with investments in this area growing by 55.61% year-on-year [3][4] Profitability Challenges - The trust industry's profit nearly halved, dropping by 45.52% from 2023, attributed to the impact of real estate risk project resolutions and the transition challenges posed by the new regulations [4][5] - The industry is experiencing a shift towards "light capital operation and heavy entrusted services," necessitating a focus on the development of transformation-related businesses and optimization of business structures [8] Regulatory Environment - The "three classifications" regulation, which categorizes trust business into asset service trusts, asset management trusts, and charitable trusts, is set to have a three-year transition period ending in June 2026 [7] - The new management measures for trust companies will take effect on January 1, 2026, requiring further adjustments in business scope, qualifications, governance, and risk management [7] Future Outlook - The trust industry is expected to continue its transformation, with a focus on enhancing service attributes and exploring niche opportunities for profit maximization [8] - Asset management trusts are anticipated to remain the primary source of profitability for trust companies in the foreseeable future, as the industry adapts to technological advancements and evolving market demands [8]

Core Insights - The Chinese trust industry is entering a new phase of value enhancement, moving from "scale recovery" to "value enhancement" as highlighted in the 2024-2025 China Trust Industry Social Responsibility Report [1][2] Group 1: Industry Performance - As of the end of 2024, the total trust assets managed by 67 trust companies reached 29.56 trillion yuan, marking a year-on-year increase of 23.58%, a historical high [2] - The family trust scale reached 643.58 billion yuan, insurance trust scale was 270.40 billion yuan, and other personal wealth trusts totaled 114.91 billion yuan [2] - 28.81% of the 22.25 trillion yuan in funds managed by the trust industry was directly invested in the real economy, while 46.17% indirectly supported it through capital markets, totaling 16.68 trillion yuan [2] Group 2: Workforce and Structure - The total number of employees in trust companies reached 17,884, an increase of 321 from 2023, with over 60% of employees aged 40 and below, indicating a trend towards a younger and more professional workforce [2] Group 3: Future Development - The report emphasizes that the trust industry is at a critical transformation period, needing to leverage its advantages and fulfill social responsibilities while exploring sustainable profit models and innovating products and services [3] - The industry aims to enhance its operational capabilities, strengthen internal compliance management, and improve trust culture to achieve high-quality development [3]

Investment Rating - The report suggests a focus on three main lines of investment opportunities in the securities and insurance sectors, indicating a positive outlook for the industry [2][4]. Core Insights - The securities sector has seen a significant increase in daily trading volume, with a year-on-year growth of 117% as of Q3 2025, indicating strong market activity [1]. - The margin financing balance reached a record high of 24,287 billion yuan, with a year-on-year increase of 29.9%, suggesting robust investor engagement [1]. - The report anticipates strong performance in brokerage, interest, and proprietary trading revenues, with positive earnings expected in the third quarter [1]. - In the insurance sector, the recent regulatory guidance is expected to accelerate the development of health insurance, particularly in commercial medical insurance, which is projected to be a core growth area [3][4]. - The report highlights the potential for significant growth in diversified financial services, particularly for Hong Kong Exchanges, benefiting from deepening connectivity and increased trading activity [2]. Summary by Sections Securities Sector - Daily average stock trading volume reached 1 trillion yuan, up 117% year-on-year [1]. - The Shanghai Composite Index rose by 12.7% in Q3 2025, while the CSI 300 Index increased by 17.9% [1]. - The report recommends focusing on brokerage firms with high trading and margin financing ratios, particularly those with low valuations [2]. Insurance Sector - The health insurance market is expected to grow rapidly, driven by new regulatory support for commercial medical insurance [3]. - The report emphasizes the importance of specialized health insurance companies and the potential for positive earnings growth in Q3 2025 [4]. - Key recommendations include focusing on leading life insurance companies with strong business quality and low liability costs [4]. Market Dynamics - The report notes that the insurance trust market has surpassed 300 billion yuan, with a significant share held by major players like Ping An [38]. - The classification results for securities firms indicate a stable distribution of A, B, and C-rated companies, reflecting a healthy competitive landscape [39].

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].