Core Insights - The trust industry in China has seen significant growth, with total trust assets reaching 32.43 trillion yuan by the end of June, marking a year-on-year increase of 20.11% [1][2] - The shift towards asset management and service trusts has become the dominant business model, replacing traditional financing and channel trusts [2] Group 1: Industry Growth - As of June, the trust asset scale increased by 2.87 trillion yuan compared to the end of last year, reflecting a growth rate of 9.73% [1][2] - The trust asset scale has rebounded from a low of 20.49 trillion yuan at the end of 2020 to over 32 trillion yuan in mid-2024, indicating a recovery trend [2] Group 2: Asset Allocation Trends - By mid-2024, the scale of securities investment trusts reached 12.48 trillion yuan, accounting for 51.09% of the total trust assets, with a year-on-year increase of 3.38 trillion yuan [1][4] - Trust funds are increasingly flowing into the securities market, with over 10 trillion yuan directed towards this sector, driven by regulatory guidance and a shift towards standardized products [1][4] Group 3: Interest in Equity Assets - Trust funds allocated to the stock market increased to 0.78 trillion yuan by mid-2024, up from 0.72 trillion yuan at the beginning of the year, representing a rise in allocation percentage from 3.25% to 5.18% [5] - The demand for equity assets is growing, with a notable increase in the issuance of equity-related trust products, reflecting a shift in investment strategy among trust companies [5]

Core Insights - The trust industry in China has seen significant growth, with total trust assets reaching 32.43 trillion yuan by the end of June, marking a year-on-year increase of 20.11% [1][2] - The shift towards asset management and service trusts has become the dominant business model, replacing traditional financing and channel trusts [2] Group 1: Industry Growth - As of June, the total trust asset scale increased by 2.87 trillion yuan compared to the end of last year, reflecting a growth rate of 9.73% [1][2] - The trust asset scale has rebounded from a low of 20.49 trillion yuan at the end of 2020 to a historical peak of over 32 trillion yuan in 2024 [2] Group 2: Asset Allocation Trends - By June, the balance of asset management trusts was approximately 24.43 trillion yuan, accounting for 75.33% of total trust assets [3] - Securities investment trusts reached 12.48 trillion yuan, representing 51.09% of the total scale of fund trusts, with an increase of 1.49 trillion yuan from the end of last year [4] Group 3: Shift to Securities Market - Trust funds have increasingly flowed into the securities market, with the proportion of securities investment trusts rising from 34.34% at the end of 2022 to 51.09% by mid-2025 [4] - The interest in equity assets has grown, with trust funds allocated to the stock market increasing to 0.78 trillion yuan, up from 0.72 trillion yuan at the beginning of the year [7] Group 4: Company Strategies - Several trust companies have reported a trend towards increasing securities asset allocation, with notable growth in their asset management product offerings [5] - The diversification of financial instruments in the securities market and the deepening transformation of the trust industry have made securities assets a competitive focus for trust companies [5]

Group 1: Company Overview - COFCO Capital is a holding company involved in various sectors including life insurance, futures, trust, and banking, providing comprehensive financial support to its parent company COFCO Group and a diverse client base [1] - In 2024, COFCO Capital achieved total operating revenue of CNY 25.25 billion, a year-on-year increase of 13.32%, and net profit attributable to shareholders of CNY 1.21 billion, up 18.55% [1] - In Q1 2025, COFCO Capital reported operating revenue of CNY 2.35 billion and net profit of CNY 392 million, maintaining healthy cash assets [1] Group 2: Trust Business Development - COFCO Trust is focusing on the core of trust services, adhering to the service of the real economy and the main responsibilities of the group [3] - The company is advancing structural optimization and risk management to ensure steady growth in its main business [3] - COFCO Trust has developed a comprehensive asset management product system, including cash management, pure debt, and yield-enhancing products [3] Group 3: Futures Business Development - COFCO Futures aims to be a leading domestic provider of industry-specific derivative financial services, focusing on market-oriented, professional, and product-driven principles [4] - The company is enhancing its integrated operational capabilities and providing tailored services to clients in the agricultural sector [5] - COFCO Futures is also expanding its international business and risk management services, adapting to market fluctuations and competitive pressures [5]