中粮信托财富管理总部康养服务信托业务负责人邓婷分享了养老信托的实践案例，详细讲解了养老信托 如何一站式满足老年人的综合养老规划需求。北京市盈科(通州区)律师事务所主任陶奕和北京市长安公 证处公证员李青分别介绍了律师和公证服务在养老规划中的重要作用。 活动最后设置了互动交流环节，现场长者积极提问，嘉宾们耐心解答，气氛热烈。此次公益讲座不仅普 及了养老规划知识，还搭建了政府、社区与专业机构之间的沟通桥梁。未来，相关部门将继续开展此类 活动，推动养老服务高质量发展，让更多老年人安享幸福银龄生活。 2025年9月23日，中粮信托联合多家专业机构，在北京通州区如意社区养老服务驿站举办了一场以"托付 未来 安享银龄"为主题的养老财富规划与意定监护公益讲座。本次活动由北京通州区政府牵头指导，旨 在普及养老规划新理念，助力老年人安享幸福晚年。 讲座邀请了多位专业人士，围绕养老财富保障、意定监护、律师监察、公证养老服务等主题进行分享。 其中，北京市通州区区长助理林巍博士介绍了全国首单以不动产作为信托财产的特殊需要服务信托业 务，展示了信托在养老保障方面的重要作用。北京律维银龄研究与服务中心副主任陈亚辉解读了老年人 意定监护制度 ...

Core Viewpoint - The publication of "China's Pension Finance" addresses the urgent need for financial solutions to meet the growing pension demands in China due to an aging population, projected to reach 310 million people aged 60 and above by the end of 2024 [1][2]. Group 1: Importance of Pension Finance - Pension finance is significant for expanding long-term capital supply, acting as a source of "patient capital" [2] - It alleviates fiscal pressure politically and enhances the status of laborers [2] - Culturally, it promotes long-termism, aligning with the prudent financial culture of China [2] - Socially, it fosters equity and intergenerational balance [2] - It contributes to ecological civilization by promoting green investment and sustainable development [2] Group 2: Structure and Content of the Book - The book is structured into two main parts based on the life cycle: one focusing on pre-retirement financial systems to enhance pension capabilities, and the other on supporting pension services and products during retirement [1] - It employs a writing style that combines theory, data, charts, case studies, and recommendations, making it accessible for both academic and public audiences [2] - The book has received support from national research projects, indicating its academic and practical relevance [2] Group 3: Broader Implications - "China's Pension Finance" serves as a systematic academic support and practical pathway for building a pension finance system in China, highlighting the role of finance in enhancing public welfare and supporting development [2]

Core Viewpoint - The event focused on promoting innovation in the elderly finance sector through collaboration among financial institutions, aiming to enhance the quality of elderly financial services and address the challenges posed by an aging population [3][4][10] Group 1: Financial Institutions' Role - Financial institutions are leveraging their strengths in service scenarios, channel development, and product innovation to energize the silver economy and elderly finance [4] - Traffic Bank is focusing on three main directions: "trade-in, silver consumption, and cultural tourism integration" to promote consumption among the elderly [4] - China Minsheng Bank is enhancing elderly services through a "three-full" standard, which includes full process, full channel, and full staff engagement [5] Group 2: Multi-layered Elderly Financial Service System - Financial institutions possess four key advantages: vast customer base, channel accessibility, risk management capabilities, and financial technology [6] - Shanghai Trust is working on creating a "high, medium, and low" tiered trust account system to lower the entry barrier for elderly trusts [6][7] - The proactive investment standard for personal wealth management at Shanghai Trust has reached approximately 200 billion, including nearly 30 billion in "fixed income plus" products [7] Group 3: Challenges and Solutions in Elderly Finance - The industry faces challenges such as talent shortages and risk management, with suggestions for solutions including talent cultivation and multi-party collaboration [8] - Traffic Bank is training elderly finance advisors and establishing branches as service bases to enhance public awareness and service standards [8] - Minsheng Bank emphasizes a multi-dimensional risk prevention approach, including technology-driven solutions to protect elderly clients' finances [8] Group 4: Collaborative Funding System - There is a consensus on the need for a diversified funding system for elderly finance, involving government guidance, financial innovation, and corporate pension schemes [9] - Trust products should transition from being perceived as high-end tools to accessible life service tools, enhancing public understanding and experience [9][10] - The core principles of elderly finance include the importance of early planning for retirement funding, diverse funding methods, and the necessity of starting preparations early [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].

Group 1 - The elderly population in China is projected to reach 310.31 million by the end of 2024, accounting for 22% of the total population [2] - The silver economy is currently valued at approximately 7 trillion yuan, representing about 6% of GDP, and is expected to grow to 45.35 trillion yuan by 2035, making up 22.67% of GDP [3] - Elderly consumer demand encompasses traditional needs such as food, clothing, and housing, as well as healthcare, cultural entertainment, and quality consumption [3][4] Group 2 - Recent policies have been implemented across various regions to stimulate silver consumption, including Guangdong's plan to enhance market scale and consumer potential [3] - The silver economy is recognized as a significant growth point for consumption, with new consumption models expected to enrich the market and create stronger momentum [4] - A robust social security system is essential for boosting consumer confidence and willingness among the elderly [4] Group 3 - Financial support is crucial for promoting silver consumption, necessitating the development of financial tools that cater to the elderly population's needs [5] - The development of elderly consumer finance is a key aspect of structural reform in the financial supply side, aiming for both inclusive growth and expansion [6] - Financial institutions are encouraged to offer products that are easy to understand and match the risk profiles of elderly consumers [6] Group 4 - Companies are increasingly focusing on protecting the rights and interests of elderly financial consumers, integrating financial education and rights protection into their operations [7] - Innovative approaches, such as combining technology with elderly care and financial education, are being explored to enhance service delivery for the elderly [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]

Core Viewpoint - The article emphasizes the importance of effectively addressing China's aging population, which is crucial for national development and the well-being of millions of citizens. It highlights the need for a multi-tiered elderly care service system that aligns with national conditions, addressing both the practical needs of the elderly and the modernization of national governance [1][7]. Group 1: Home and Community Care - There is a pressing need to improve the home and community care service system, as 90% of elderly individuals prefer this mode of care. The current challenges include fragmented services and mismatched supply and demand [2][3]. - The article suggests establishing standardized construction criteria for elderly care facilities, particularly in densely populated areas, integrating preventive health services into the care model [2][3]. Group 2: Institutional Care Development - Institutional care should develop in a layered and categorized manner, balancing basic security and diverse supply. Public institutions must focus on basic care for vulnerable groups, while private sectors can enhance service quality through market mechanisms [3][4]. - The article discusses the need for a unified national rating system for elderly care institutions, linking ratings to financial subsidies and healthcare qualifications [3][4]. Group 3: Rural Elderly Care - The article highlights the urgent need to address the "urban-rural imbalance" in elderly care, as rural areas have a higher proportion of elderly individuals. Innovative models like the "happiness house" combined with healthcare services are being explored in rural settings [4][5]. - It suggests implementing a volunteer service points system in rural areas to encourage community participation in elderly care [4][5]. Group 4: Policy and Talent Support - Strengthening policy support and talent development is essential for sustainable growth in elderly care services. The establishment of a long-term care insurance system is recommended, along with a multi-source funding mechanism [6][7]. - The article advocates for the development of a talent training system for elderly care, inspired by Germany's dual education model, to enhance the quality of care [6][7]. Group 5: Integration of Silver Economy - The integration of the silver economy is seen as a new driving force for the development of the elderly care industry. The article emphasizes the need to create an "elderly care service +" ecosystem, focusing on technology, financial innovation, and industry collaboration [6][7]. - It predicts that the market for aging-related smart devices will exceed 80 billion yuan by 2025, highlighting the potential for growth in this sector [6][7].

Core Viewpoint - The trust industry is experiencing significant pressure on profitability, with a notable decline in revenue and profit margins, indicating a period of transformation and adjustment within the sector [1][2][3]. Financial Performance - In 2024, the total revenue of 57 disclosed trust companies fell to 632.41 billion yuan, a decrease of approximately 125 billion yuan or 16.49% compared to the previous year [2][3]. - The total profit for the industry dropped nearly 30% to 315.54 billion yuan, with net profit at 257.58 billion yuan, reflecting a decline of 25.76% year-on-year [2][3]. - The average revenue per trust company was 11.09 billion yuan, down over 2 billion yuan from 2023, with only 25 companies reporting positive revenue growth [3][4]. Industry Segmentation - The industry is witnessing a "Matthew Effect," where the gap between leading and lagging companies is widening, with some companies experiencing significant revenue declines [4][5]. - Notably, Jilin Trust reported an extraordinary revenue increase of 88 times, primarily due to substantial investment gains [3][4]. - Conversely, companies like Wukuang Trust saw their revenue drop significantly, falling from the top ten to the bottom ranks due to losses in net interest income and investment returns [4][5]. Business Structure and Transformation - Trust business revenue totaled approximately 444 billion yuan, down about 7%, while proprietary business revenue fell nearly 33% to less than 188 billion yuan [9][13]. - The decline in both trust and proprietary business revenues indicates challenges in the traditional business model, with many companies facing a "gap" in returns due to the contraction of high-yield non-standard businesses [9][13]. - The industry is undergoing a transformation, with a focus on asset service trusts and family trusts, as companies seek to adapt to regulatory changes and market demands [15][16]. Risk Management and Asset Scale - The total trust asset scale surpassed 27 trillion yuan, reflecting a year-on-year growth of 26.64%, although 11 companies experienced a reduction in asset scale [14]. - The top 20 trust companies hold nearly 74% of the total industry assets, indicating challenges for smaller institutions in expanding their business [14]. - Companies are actively working on risk resolution, particularly in the real estate and urban investment sectors, with varying degrees of success in managing existing risks [15][16].

Core Viewpoint - The article discusses the urgent need for a comprehensive pension financial ecosystem in China to address the challenges of aging population and retirement planning, emphasizing the integration of finance, technology, and elder care services [1][6]. Group 1: Pension Financial Ecosystem - The pension financial ecosystem encompasses three main areas: pension finance, elder care service finance, and elder care industry finance, aiming to provide a holistic service system throughout an individual's life stages [2][3]. - Key elements of the ecosystem include participants such as government, financial institutions, elder care service providers, and technology companies, each playing a crucial role in policy-making, product offerings, and service delivery [2]. Group 2: Pension System Structure - The core of pension finance is the "three-pillar" pension system, which includes basic pension insurance, enterprise/professional annuities, and personal pensions, alongside a specialized asset management system to ensure safety and returns [3]. - The elder care service finance should establish comprehensive payment tools that integrate insurance, savings, and credit functions to enhance the accessibility of elder care services [3]. Group 3: Strategies for Different Life Stages - During the working phase (pension wealth accumulation), it is essential to enhance education and awareness about pension planning, innovate products and services, and foster collaboration with enterprises to provide tailored pension solutions [4]. - In the retirement phase (pension wealth consumption), expanding pension financial products and optimizing elder care service finance are critical, including the promotion of a "personal pension account+" model and improving service facilities [5]. Group 4: Future Development - The construction of a comprehensive pension financial ecosystem is a complex task requiring collaboration among government, financial institutions, technology companies, and consumers to provide personalized and sustainable pension solutions [5][6]. - The continuous development of financial technology and improvement of pension financial policies will create greater opportunities for the pension financial ecosystem, supporting the response to the challenges of an aging population [6].

Core Viewpoint - The article highlights the increasing accessibility and importance of trust services in wealth management, particularly through insurance trusts and family trusts, as depicted in the popular drama "Mán Hǎo de Rénshēng" [2][3][4]. Group 1: Trust Services Overview - Trust services, traditionally seen as exclusive to high-net-worth individuals, are becoming more accessible with new models like insurance trusts lowering entry barriers to around 1 million yuan [3][4]. - The trust industry in China has evolved significantly, with a historical backdrop that includes the establishment of the first trust company in 1921 and a resurgence in the 1980s [4][5]. - Recent regulatory changes have categorized trust services into three main types, emphasizing the growth of wealth management services, which have seen a compound annual growth rate of 37% over the past six years, surpassing 1 trillion yuan in scale [6][15]. Group 2: Company Case Study - Ping An Trust - Ping An Trust has adapted to industry changes by positioning wealth management services as a core strategic focus, achieving a scale of over 220 billion yuan in wealth management services, with insurance trusts accounting for 170 billion yuan [9][18]. - The "Hong Cheng Shi Jia" brand has been upgraded to encompass a broader range of wealth management services, including family trusts and charitable trusts, reflecting a comprehensive approach to meet diverse client needs [13][16]. - The insurance trust product line, particularly the "Hong Fu" series, has experienced rapid growth, with a compound growth rate of 39% and a market share exceeding 40% [18][19]. Group 3: Future Outlook and Strategic Initiatives - Ping An Trust plans to lower the entry threshold for pension trusts to below 1 million yuan to enhance accessibility and meet growing market demand [33]. - The company aims to strengthen its operational and technological capabilities to support the anticipated increase in business volume and client base [33][34]. - Future strategies include enhancing non-financial services related to health management and elder care, positioning trust services as a comprehensive solution for clients' long-term needs [35][36].