Group 1: Trust Product Issuance - In October, the issuance of trust products decreased by 15.87% month-on-month, totaling 1,124 products [1] - Securities investment trusts accounted for 78.02% of the total issuance, with a slight increase of 0.24 percentage points from September [1] - The scale proportion of securities investment trusts rose from 36.43% in September to 42.37% in October [1] Group 2: Performance of Securities Investment Products - The stock market showed mixed results in October, with the STAR 50 Index down by 5.33% while the Shanghai Composite Index rose by 1.85% [2] - Bond-type trusts saw an average return of 1.91% over the first ten months of the year, while stock-type trusts had an average return of 17.71%, down from 18.58% in the previous nine months [3] Group 3: Strategy Performance - Macro strategies continued to perform best with an average return of 25.89% over the first ten months, while stock strategies had an average return of 20.51% [5] - In October, stock strategies had a negative average return of -0.8%, with quantitative long strategies showing the highest average return of 34.67% [5] Group 4: Trust Company Performance - BaiRui Trust's bond-type trusts had the highest average return over the first ten months, while National Trust and Jilin Trust ranked lower [9] - Huaxin Trust's bond-type trusts improved their ranking due to a 1.39% average return in October [9] Group 5: Regulatory Developments - The National Financial Supervision Administration released a draft for the Asset Management Trust Management Measures, emphasizing the positioning of asset management trusts as private asset management products [13] - The draft prohibits channel business, fund pool business, and rigid payment, aiming to enhance the regulatory framework of the trust industry [13] Group 6: Industry Penalties - Zhongcheng Trust was fined 6.6 million yuan for various violations, highlighting ongoing regulatory scrutiny in the trust industry [14] - The penalties reflect a continued high-pressure regulatory environment focusing on business violations and poor management [14] Group 7: Industry Growth - The total asset management scale of the trust industry reached 32.43 trillion yuan as of June, marking a 9.7% increase from the previous year [15] - This milestone positions the trust industry as the third largest in the asset management sector, following insurance and public funds [15]

Group 1: Trust Product Issuance - In September, a total of 1,336 trust products were issued, showing a slight month-on-month decrease of 6% [1] - Among the new issuances, 1,081 were securities investment trusts, accounting for 80.91% of the total, which is an increase of 6.65 percentage points from the previous month [1] - Other investment trusts accounted for 225 products (16.84%), while loan trusts were only 20 products (1.5%), reflecting a month-on-month decrease of 4.42% [1] Group 2: Performance of Securities Investment Products - The average return for equity trusts in the first three quarters reached 18.58%, despite a volatile market in September [2] - Bond trusts underperformed, with an average return of only 1.57% in the same period, and 15.64% of bond trusts reported losses [2] Group 3: Strategy Performance - Macro strategy trusts performed the best in the first three quarters, with an average return of 24.18% [3] - Quantitative long strategies led the stock strategies with an average return of 27.26%, while subjective long strategies followed with 13.66% [3] Group 4: Specific Product Performance - Four bond trusts exceeded a 30% return in the first three quarters, with "Qihang No. 12" achieving the highest return of 39.98% [4] - Among equity trusts, "Boyi Stable Phase 1" had the highest return at 203.77%, with three equity trusts doubling their returns [4] Group 5: Trust Company Performance - BaiRui Trust had the highest average return for bond trusts at 10.11%, while 41.07% of bond products had returns below 2% [5][6] - Huaren Trust led in equity trust returns at 32.37%, followed by Caixin Trust at 26.45% [7] Group 6: Major Events in the Trust Industry - The "Trust Company Management Measures" underwent its first major revision in 18 years, focusing on core business and risk management, effective from January 1, 2026 [9] - There have been significant changes in the core management of 18 trust companies this year, including key positions such as chairman and general manager [10] - Zhongyuan Trust received approval for a capital increase to 5 billion yuan, with a new general manager appointed recently [11]