新华财经北京11月24日电（记者吴丛司）记者24日从中信金控获悉，中信金控财富委资产管理工作室近 期发布《国内资产管理行业报告（2025年三季度）》显示，截至2025年三季度末，我国资产管理行业累 计规模达到179.33万亿元，较上年末增长8.21%。从细分行业看，理财规模较上年末增长7.28%，公募基 金规模较上年末增长11.91%，主要领域规模稳步增长，呈现良性发展趋势。 报告显示，在大资管行业方面，自资管新规颁布实施后，我国资产管理行业总体呈现平稳发展态势，各 类金融机构共同参与、优势互补、良性竞争，总体形成了涵盖银行理财、公募基金、保险资管、信托、 券商资管及私募基金等多条子赛道的"大资管"行业版图。 截至2025年三季度末，我国资产管理行业规模达到179.33万亿元，较上年末增长8.21%。其中，银行理 财32.13万亿元，公募基金36.74万亿元；基金公司管理的养老金6.30万亿元，信托公司信托资产规模 32.43万亿元，保险资金运用余额36.23万亿元（截至二季度末）；证券期货经营机构私募资产管理业务 12.58万亿元，私募基金20.74万亿元（截至8月末）。 在银行理财方面，截至2025年三季 ...

南方财经全媒体记者 林汉垚 实习生 涂盛青 历时五年的风险处置与破产重整迎来关键节点。 10月18日，四川信托有限公司（以下简称"四川信托"）在官网发布公告，经国家金融监督管理总局四川 监管局批复，公司名称已变更为"四川天府信托有限公司"（以下简称"天府信托"），并换领《金融许可 证》。 在此之前，国家企业信用信息公示系统显示，四川信托于11月17日完成工商变更登记，更名为"四川天 府信托有限公司"。同时，其法定代表人也由黄晓峰变更为苏中涛。 随着更名完成，四川信托将以天府信托新企业标识融入蜀道集团"天府金融"品牌体系。 业内人士表示，这一更名不仅是一次企业名称的调整，更是四川信托历经五年风险化解、完成破产重 整、实现国资入主后的重要节点。 四川信托此次更名是信托业风险出清与战略调整的缩影。 据21世纪经济报道记者统计，在不足十年时间里，已有原方正东亚信托有限责任公司（以下简称"方正 东亚信托"）、原中江国际信托股份有限公司（以下简称"中江信托"）、原湖南省信托有限责任公司 （以下简称"湖南信托"）、原安信信托股份有限公司（以下简称"安信信托"）、原华融国际信托有限责 任公司（以下简称"华融信托"）、四川信托 ...

中金公司近日发布的研报认为，结合公开披露的数据，截至2025年三季度末，从前十大持仓资产来看， 理财产品配置信托产品规模为1.31万亿元，占比较二季度末有所提升。在此背景下，信托行业"万亿俱 乐部"扩容，截至今年6月末，多家信托公司管理资产规模突破万亿元。 "不是我们想做这么快，而是理财公司的钱推着你跑。"北部地区某信托公司的投资经理透露，理财公司 非标投资压降后，理财资金涌入债券市场，而银行间市场的开户限制使得与信托公司合作成为大多数理 财公司的选择，"到目前为止，我们的标品规模较去年底增加了千亿元，团队一个人当五六个人在用"。 东部地区某信托公司相关部门业务总监也证实："由于投资范围和债券交易开户受限，有些资产理财公 司自己买不了，只能走信托通道。" 近年来，银行理财与信托的委外合作已成为资管行业的重要业务模式。在债券投资开户受限等背景下， 理财公司对信托通道的依赖依然显著。这一紧密合作在成就一批万亿元级信托公司的同时，其背后也潜 藏估值调节、收益输送等操作。近日，《资产管理信托管理办法（征求意见稿）》发布，其中对于投资 者集中度的要求，引发市场对银信合作未来走向的深入探讨。业内人士普遍认为，从长期来看， ...

Core Viewpoint - The article discusses the emergence of new valuation techniques in the wealth management industry, particularly the use of T-1 valuation methods, which allow companies to manipulate reported returns on investment products, leading to unfair treatment of investors and misleading performance metrics [1][2][10]. Group 1: Industry Practices - Wealth management companies are increasingly using T-1 valuation methods to shift returns between products, creating high-yield "showcase" products while older products suffer from lower returns [1][6][9]. - This practice results in unfair treatment of clients, where some investors see their returns diminished as their funds are redirected to support the performance of newer, smaller products [2][19]. - The industry is experiencing a trend of excessive product launches, with many small-scale products being introduced, leading to a dilution of focus on investment research and management [16][17]. Group 2: Regulatory Environment - Financial regulators have taken steps to curb previous practices that circumvented asset management regulations, prompting companies to seek new methods like T-1 valuation to maintain competitive returns [10][14]. - The regulatory landscape has become stricter, with some companies already prohibiting the use of T-1 valuation, while others continue to exploit it for higher reported yields [14][15]. Group 3: Market Impact - The reliance on T-1 valuation has led to a significant disparity in returns, with many products yielding only 1.7% annualized returns, which is not reflective of market conditions [19]. - This manipulation of returns contributes to a more short-term investment behavior among clients, undermining the potential for long-term value investing in the capital markets [19][20]. - The industry faces calls for regulatory action to ensure fair practices and transparency, as the current environment fosters potential investor deception [21].

Core Viewpoint - The article highlights the existence of "financial assassins" in the banking wealth management sector, where investors are misled by high advertised returns but receive much lower actual returns due to manipulative practices by wealth management companies [1][14]. Group 1: Industry Practices - Wealth management companies are engaging in unfair competition by using T-1 valuation methods to shift returns between products, leading to discrepancies in actual returns received by investors [1][6]. - The practice of "sheltering" products allows companies to inflate the returns of newly launched products while older products bear the losses, creating an illusion of high performance [5][12]. - Regulatory measures have been implemented to curb previous practices like self-built valuation models, but companies continue to seek loopholes to maintain high returns [7][14]. Group 2: Investor Impact - Investors are often left with returns significantly lower than expected, with some reporting annualized returns as low as 1%-2% despite seeing advertised rates above 5% [1][14]. - The reliance on T-1 valuation creates a situation where investors in older products are unfairly treated, as their returns are used to support the performance of newer products [14][15]. - The high expectations set by advertised returns lead to a cycle of short-term investment behavior, undermining the potential for long-term value investment [15]. Group 3: Market Dynamics - The shift towards T-1 valuation methods has been driven by a combination of regulatory scrutiny and the need for wealth management firms to maintain competitive scales in a challenging market environment [7][8]. - The increasing reliance on trust products and the growing share of outsourced investments indicate a significant change in asset allocation strategies within the wealth management industry [8][9]. - The competitive landscape is becoming more challenging, with larger firms facing pressure to deliver returns while adhering to stricter compliance requirements [10][12].

Core Viewpoint - The Financial Regulatory Bureau has drafted the "Asset Management Trust Management Measures (Draft for Comments)" to standardize the development of asset management trust businesses in accordance with the central financial work conference spirit [1][2] Group 1: Product Positioning - Asset management trusts are defined as private asset management products based on trust legal relationships, aimed at qualified investors with risk identification and bearing capabilities [1] - The principle of responsibility is established: "the seller is responsible, the buyer bears the risk; if the seller is negligent, compensation is required" [1] Group 2: Management and Regulation - Comprehensive management throughout the product lifecycle is emphasized, including strict regulations on product establishment, sales management, and ongoing management [1] - Trust companies are required to enhance risk management and net value management, as well as to fulfill information disclosure obligations [1] Group 3: Sales Management - Clear management requirements are set for trust documents, risk declarations, investor commitments, and risk assessments [1] - The regulation aims to enhance investor awareness of the risks associated with trust product investments [1] Group 4: Investment Management - Specific requirements for the types of underlying assets in trust products are outlined, along with detailed rules for portfolio investments [1] - Prohibition of channel business and fund pool operations is established, along with enhanced transparency in managing investments in other asset management products [1] Group 5: Risk Management and Information Disclosure - Strengthened comprehensive risk management requirements are introduced, focusing on operational, credit, and liquidity risks [2] - The quality of information disclosure is to be improved, with regulations on disclosure behavior and content [2]

Core Viewpoint - The new regulatory framework for the trust industry in China requires individual investors to have an average annual income of no less than 400,000 RMB over the past three years, aiming to strengthen risk prevention and ensure the healthy development of asset management trusts [1][3]. Regulatory Background - The current regulations, established in 2007, have been in place for 18 years and require updates to align with industry practices [3]. - Recent regulatory changes include the 2018 guidelines from the People's Bank of China and other ministries, which set unified standards for asset management businesses [3]. - The 2023 notification clarified the boundaries of different types of trusts, indicating that previous classification methods no longer match the industry's development [3]. - The new regulations are part of a broader effort to enhance supervision and risk management in the trust sector [3]. Structure of the New Regulations - The draft regulation consists of 5 chapters and 85 articles, covering general provisions, establishment and termination of trust products, operational management, supervision, and appendices [4]. - The operational management section includes 7 sections detailing management systems, sales, asset custody, investment management, risk management, information disclosure, and beneficiary meetings [4]. - Asset management trusts are categorized into four types: fixed income trusts, equity trusts, commodity and financial derivative trusts, and mixed trusts [4]. Investment Management Requirements - Trust products must involve clear legal relationships and be based on legitimate assets, including various types of bonds, bank deposits, and other approved assets [6]. - Investment in securities must specify stop-loss measures in trust documents, and holdings in a single company's stock cannot exceed 30% of its market value [6]. - Trust companies must track the flow of funds in non-standardized debt assets and ensure compliance with regulations [6]. - Investments in asset management products are allowed, but these products cannot invest in other asset management products, except for public securities investment funds [6]. - The investment amount in a single asset cannot exceed 25% of the trust's actual capital, with exceptions for certain government securities [6]. Investor Eligibility Criteria - Individual investors must meet specific criteria, including having at least two years of investment experience and a family financial net worth of no less than 3 million RMB, or financial assets of at least 5 million RMB, or an average annual income of no less than 400,000 RMB over the past three years [7].

Core Viewpoint - The National Financial Regulatory Administration is seeking public opinions on the draft of the Asset Management Trust Management Measures to standardize the development of asset management trust businesses in response to the central financial work conference's spirit [1][2] Group 1: Product Positioning - Asset management trusts are defined as private asset management products based on trust legal relationships, aimed at qualified investors with risk identification and bearing capabilities, and are issued non-publicly [1] Group 2: Management and Regulation - The draft emphasizes strict management throughout the entire process, including the establishment and sales of trust products, management during the product's duration, and the regulation of trust fund utilization [1] - It highlights the importance of risk management and net value management, along with enhanced disclosure obligations for trust companies [1] Group 3: Sales Management - The draft specifies management requirements for key sales areas, including trust documents, risk declarations, investor commitments, and risk assessments, while reinforcing the appropriateness of investor management [1] - It aims to guide investors in enhancing their awareness of the risks associated with trust product investments [1] Group 4: Investment Management - The draft clarifies requirements for various underlying assets in trust product investments, details rules for portfolio investments, and regulates related party transactions [1] - It prohibits channel business and fund pool operations, while enhancing transparency in the management of other asset management products [1] Group 5: Risk Management and Disclosure - The draft strengthens comprehensive risk management requirements, including operational, credit, and liquidity risks, and standardizes information disclosure behaviors and content to improve the quality of disclosures [2] Next Steps - The National Financial Regulatory Administration will revise and improve the draft based on public feedback before finalizing and implementing the Asset Management Trust Management Measures [2]

Core Viewpoint - The National Financial Supervision Administration has introduced the "Asset Management Trust Management Measures (Draft for Comments)" to enhance regulation and risk prevention in the trust industry, emphasizing the importance of risk disclosure and management in trust product sales [2][3]. Group 1: Background and Purpose - The existing regulations for trust companies have been in place since 2007 and require updates to align with current industry practices and standards [3]. - The new measures aim to strengthen supervision, prevent risks, and establish a solid regulatory foundation for the healthy development of asset management trusts [3]. Group 2: Structure and Content of the Measures - The measures consist of five chapters and eighty-five articles, covering general principles, product establishment and management, operational management, supervision, and definitions [4]. - Asset management trusts are defined as private asset management products based on trust law, with a focus on active management and compliance with market principles [4][5]. Group 3: Sales Requirements for Asset Management Trusts - Trust companies must fully disclose risks to investors and cannot guarantee capital preservation or returns [7]. - Strict risk disclosure requirements mandate that trust documents clearly highlight the nature of risks [7]. - Trust companies are required to assess the risk tolerance of individual investors and match them with appropriate trust products [7]. Group 4: Investment Management Requirements - Trust companies must manage trust assets legally and transparently, adhering to specified investment scopes [8]. - Different asset categories must be managed distinctly, with clear guidelines for investment limits and collaboration with investment partners [8]. Group 5: Risk Management and Information Disclosure - A comprehensive risk management system must be established, covering various types of risks and ensuring compliance with legal and regulatory requirements [8]. - Information disclosure requirements are detailed, ensuring transparency in trust asset management and compliance with regulatory standards [8]. Group 6: Regulation of Key Business Areas - Prohibition of channel business and fund pool operations is emphasized, ensuring trust companies take active management responsibility [9]. - Strict regulations on related party transactions are established to ensure transparency and compliance [9]. Group 7: Rectification of Existing Asset Management Trusts - Trust companies are required to review existing asset management trusts, identify those needing rectification, and develop a plan to address compliance issues [10]. - Progress in rectification will be monitored as part of the regulatory framework [10].

Core Viewpoint - The Financial Regulatory Bureau has released a draft for public consultation regarding the "Asset Management Trust Management Measures," aimed at reforming the trust industry and enhancing risk prevention [1][2]. Group 1: Regulatory Framework - The draft consists of 5 chapters and 85 articles, covering general principles, establishment, modification, termination of trust products, operational management, supervision, and supplementary provisions [1]. - Trust companies, as trustees, manage trust product assets without constituting liabilities to investors, and these assets do not belong to the trust companies' proprietary assets [1][2]. Group 2: Responsibilities and Restrictions - Trust companies must fulfill their duties with diligence, honesty, and effective management to serve the maximum legal interests of investors [2]. - Trust companies are prohibited from promising investors against losses of principal or minimum returns, setting expected yield rates, or engaging in private equity business under the guise of trust products [2]. - Trust companies must adhere to the principles of market and fair trading, avoiding illegal profit transfers between different trusts or between trusts and third parties [2].