Core Viewpoint - The asset management trust market experienced a significant downturn in October, primarily driven by a decline in non-standard trusts, while standard trusts showed resilience amidst fluctuations [1][2]. Group 1: Market Performance - In October, the total number of asset management trust products issued was 2,208, a decrease of 9.39% month-on-month, with a disclosed issuance scale of 110.732 billion yuan, down 12.99% [2]. - The number of non-standard trust products issued fell by 18.72%, and the issuance scale decreased by 19.81%, marking it as the main factor for the weakened trust issuance market [2]. - The establishment of asset management trust products also saw a significant decline, with 1,651 products established, down 27.71% month-on-month, and a disclosed establishment scale of 60.516 billion yuan, down 14.62% [2]. Group 2: Non-Standard Trusts - The non-standard trust establishment market faced a notable downturn, with the number of products established decreasing by 37.12% and the establishment scale down by 22.78% [2]. - Specifically, the establishment scale of basic industry products decreased by 5.041 billion yuan, down 16.79%, while non-standard financial products saw a reduction of 4.853 billion yuan, down 23.5% [2]. Group 3: Standard Trusts - Standard trusts demonstrated some resilience in a low-interest-rate environment, with 1,283 standard trust products issued, a slight decrease of 1.23%, but the issuance scale increased by 1% [2]. - The number of standard trust products established reached 960, with a disclosed establishment scale that grew by 12.86% month-on-month [2]. Group 4: Market Influences - Multiple factors contributed to the market contraction in October, including holiday effects and the implementation of new pre-registration regulations, which led to a decrease in market activity [4]. - The holiday period saw a concentration of non-standard trust projects being launched before the break, resulting in weakened supply and demand dynamics post-holiday [4]. - The new regulations require a shift from single financing to portfolio investment in government financing businesses, causing a temporary inability to launch compliant new products and affecting the overall issuance and establishment of non-standard products [4]. Group 5: Future Trends - In the current low-interest-rate environment, the attractiveness of fixed-income products is declining, while equity products are gaining traction due to strong performance in the A-share market [5]. - The industry is expected to accelerate the transition towards portfolio investment and standard trust business models as a response to changing market conditions [5].

Core Insights - The trust industry is accelerating its transformation, with standardized trust products becoming mainstream, as evidenced by a 10.44% month-on-month increase in the issuance of standardized trust products in July 2023, totaling 1,491 products [1] - The issuance of standardized trust products is driven by policy support, business transformation of trust companies, and significant market potential, leading to a gradual shift towards comprehensive investment and service-oriented trust business [1] Group 1: Growth of Standardized Trust Products - The issuance of standardized trust products has seen rapid growth, with a notable increase in equity-based standardized trust products following the issuance of regulatory guidelines in 2023 [1][2] - By the end of 2024, the market size of securities investment trust products is expected to exceed 10 trillion yuan, marking a continuous growth rate of over 50% for two consecutive years [2] - As of July 2023, the average yield of standardized trust products was 1.33%, with equity strategy products yielding an average of 3.89%, significantly outperforming bond strategy products [2][3] Group 2: Trust Companies' Focus on Standardized Trust Products - Trust companies are increasingly focusing on standardized trust products due to their lower complaint rates and reduced legal disputes compared to traditional trust business types [4] - By the end of 2024, the total scale of bond trust assets reached 9.15 trillion yuan, accounting for 41.13% of the total trust scale, indicating a strong preference for standardized fixed-income trust products [4] - Among 57 trust companies that disclosed annual reports, 79% actively mentioned standardized trust products, highlighting their strategic importance [5] Group 3: Strategic Directions and Digital Transformation - Several trust companies have identified standardized trust products as a core direction for transformation, with a focus on securities investment services and asset management [6] - The construction of standardized systems and digital transformation are becoming key competitive factors in the standardized trust market, with companies enhancing their risk management capabilities [6] - The industry is expected to continue developing standardized trust products while improving resource integration and operational efficiency, maintaining a focus on compliance and stability [6]