南方财经全媒体记者 林汉垚 实习生 涂盛青 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年 会"在北京盛大召开。 在年会"财富管理的低利率之问"主题论坛上，昆仑信托董事长王峥嵘以"锚定产融本源 多维配置破局"为主题，分享昆仑信托在 低利率时代的实践与思考。王峥嵘从昆仑信托自身过去数年的转型实践出发，系统阐述了信托行业在低利率环境中的生存逻 辑、发展方向与创新路径，体现了信托机构在"三分类"监管框架下的战略调整和业务重塑。 王峥嵘表示，无论宏观经济处于低利率还是高利率环境，在信托业务三分类的监管框架指引下，信托业正回归本源，未来发展 前景十分光明。 他解释到，从国家层面看，信托具备独特的制度优势，能够在社会治理中扮演重要角色；对企业而言，信托可以通过债权、股 权等多种方式为企业提供有效的融资支持；对个人与家庭来说，信托则是实现财富保值增值和有序传承的重要工具。 主动转型应对挑战 王峥嵘坦言，信托行业近年来经历了"冰火两重天"，尤其过去两年，昆仑信托与行业一起，进行了艰难的转型。 昆仑信托自2021年起就主动调整路径。据王峥嵘介绍，昆仑信托自 ...

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 Viewpoint - The recent draft of the "Asset Management Trust Management Measures" marks a shift towards a more refined regulatory framework for the trust industry, addressing the need for updated regulations after 18 years of existing rules, and emphasizing the importance of returning to the core functions of trust services [1][2] Regulatory Framework - The draft further clarifies the boundaries of asset management trusts, emphasizing private asset management characteristics, limiting investor numbers to a maximum of 200, and enforcing stricter qualifications for high-risk products [2] - It prohibits any form of guaranteed returns, mandating that sellers are responsible for their actions and buyers bear their own risks, thus breaking the previous rigid repayment structure [2] - The draft also bans channel business and fund pool operations, requiring trust companies to manage assets actively and transparently [2] Challenges in Non-standard Assets - The draft imposes strict limitations on non-standard asset investments, which may lead to a decrease in financing trusts and pressure on companies reliant on non-standard business models [3] - Trust companies are urged to enhance their research capabilities and operational structures to meet the new demands for standardized products and net asset value management [3] Opportunities for Growth - The draft opens avenues for high-quality development in the trust industry, with standardized trusts expected to become a key focus area [4] - Trust companies can leverage regulatory flexibility to create differentiated products, such as family trusts and insurance fund mandates, to compete with public funds and securities asset management products [4] - The asset securitization sector presents significant potential, with trusts benefiting from bankruptcy isolation features in areas like REITs and supply chain ABS [4] Service Trusts as a Growth Driver - Service trusts, including family trusts and charitable trusts, are anticipated to become a growth area, as they do not rely on capital consumption and can attract high-net-worth clients [5] - The regulatory authority will monitor the progress of asset management trust business rectifications, encouraging companies to reduce existing business volumes and transition into professional investment management [5]

Core Viewpoint - The recent draft of the "Asset Management Trust Management Measures" by the Financial Regulatory Bureau signifies a shift towards a more refined regulatory framework for the trust industry, addressing the need for updated regulations after 18 years of existing rules [1][2] Regulatory Framework - The draft enhances the regulatory chain for the trust industry, following previous regulations that clarified business boundaries and strengthened full-process supervision [1][2] - It emphasizes the private equity nature of asset management trusts, limiting investor numbers to a maximum of 200 and imposing stricter qualifications for high-risk products [2] Business Challenges - The draft imposes strict limitations on non-standard asset investments, which may lead to a decrease in financing trusts and pressure on companies reliant on non-standard business [2][3] - Trust companies are required to enhance their operational capabilities, including building comprehensive research systems and improving IT infrastructure for daily valuation and net asset value disclosures [3] Growth Opportunities - The draft opens avenues for high-quality development in the trust industry, with a focus on standardized trust products becoming a core area of competition [3][4] - Trust companies can leverage their institutional flexibility to create differentiated products, such as family trusts and asset allocation services, to compete with public funds and securities asset management products [4] Long-term Development - The regulatory body will monitor the progress of asset management trust business rectifications, urging companies to reduce existing business steadily [4] - The industry is expected to achieve sustainable development only by genuinely transforming into professional investment management institutions [4]

Core Insights - The trust asset management market in September showed a clear divergence, with non-standard products experiencing growth while standard products faced a downturn due to market volatility and pressure on bond yields [1][2]. Non-Standard Trust Products - In September, the establishment of non-standard trust products significantly rebounded, with 1,138 new products launched, a month-on-month increase of 7.64%, and a total disclosed establishment scale of 54.6 billion yuan, up 22.65% month-on-month [1]. - The main investment areas for non-standard products were basic industries and non-standard financial sectors, which together accounted for over 90% of the total [1]. - Non-standard financial products saw a remarkable month-on-month growth rate of 48.95%, largely driven by the transfer of credit asset benefits, as banks increased the transfer of credit asset benefits through trust channels to adjust credit scales and activate existing assets [1][2]. Basic Industry Trust Products - The establishment scale of basic industry trust products increased by 18.55% month-on-month, adding 4.698 billion yuan [2]. - Notable growth was observed in Jiangsu and Zhejiang provinces, with Jiangsu's disclosed establishment scale reaching 5.686 billion yuan (up 24.97%) and Zhejiang's at 2.106 billion yuan (up 44.58%) [2]. - The increase in non-standard trust products was attributed to three main factors: performance pressure at the end of the quarter leading to accelerated project launches, improved risk expectations in government financing, and the relative stability of returns from infrastructure projects amid declining market interest rates [2]. Standard Trust Products - In contrast, standard trust products faced a decline, with 1,299 products issued in September, a decrease of 207 products or 13.75% month-on-month, and a total disclosed issuance scale down by 26.52% [2]. - The slowdown in standard trust product issuance was primarily influenced by heightened market risk aversion, prompting trust companies to slow down the issuance pace [3]. - Despite the short-term contraction in standard trust product scale, the long-term trend of increasing investment in the securities market remains unchanged, as equity assets have become a necessary option for investors' asset allocation [3].

Core Insights - The asset management trust market showed strong performance in August, with significant year-on-year growth in both issuance and establishment [1] - The issuance of asset management trust products reached 2,654, marking a 4.12% increase month-on-month and a 25.79% increase year-on-year, with a disclosed issuance scale of 132.76 billion, reflecting a 1.87% month-on-month and a 37.67% year-on-year growth [1] - The establishment of asset management trusts also saw a year-on-year increase of over 10%, with 2,265 products established, although this represented a slight month-on-month decline of 1.31% [1] Issuance Market - The issuance of standard products (标品信托) was a key driver for the stable growth of the asset management trust issuance market, with 1,506 products issued in August, a month-on-month increase of 1.01% [1] - The internal structure of standard products showed mixed results, with fixed-income product issuance declining by 9.11%, while mixed products and equity products saw increases of 89.29% and 75.51% respectively [1] Establishment Market - In August, the disclosed establishment scale for asset management trusts was 71.67 billion, reflecting a month-on-month decline of 7.74% but a year-on-year increase of 14.92% [1] - Non-standard products saw a significant month-on-month decline in establishment scale by 20.11%, particularly in financial and infrastructure sectors, with financial products decreasing by 5.16 billion and infrastructure products by 8.48 billion [2] Market Dynamics - The decline in non-standard financial products was attributed to a significant drop in credit asset rights transfer business, with banks shifting towards standardized asset transfer methods like ABS, which can lower financing costs to below 2% [2] - The establishment of standard products saw a month-on-month decrease of 4.75%, but the disclosed establishment scale increased by 23.71%, indicating a shift in investor preferences towards equity markets [3] Strategic Insights - The development of standard trust products is seen as a necessary transition for trust companies under new asset management regulations, facilitating direct financing support for enterprises and enhancing the proportion of direct financing in the economy [3] - Standard trust products are expected to accelerate the industry's transition to net value management, aligning with investors' diverse financial needs and helping trust companies leverage their institutional advantages for competitive differentiation [3]

Group 1 - The trust industry is experiencing continuous growth in standardized trust products, with 1,491 products issued in July 2023, a month-on-month increase of 141 products, representing a growth rate of 10.44% [1] - The implementation of the "Three Classification New Regulations" in 2023 is seen as a significant milestone for the development of standardized trusts, especially as non-standard trusts face transformation pressures [1][2] - Standardized trust investments in bonds, stocks, and other standardized assets are beneficial for guiding social funds towards capital markets and the real economy, thereby enhancing resource allocation efficiency [1] Group 2 - Among the 57 trust companies that have disclosed their 2024 annual reports, 79% actively mentioned standardized trusts, indicating their strategic importance within the industry [1] - Zhongcheng Trust reported a standardized trust scale of 866.58 billion yuan as of June 30, 2025, a growth of 61.79% since the beginning of the year, while Zhonggu Trust's standardized asset management business reached 126 billion yuan, up 19% [1] - Jin Gu Trust and Kunlun Trust have emphasized the importance of standardized trusts in their recent meetings, focusing on enhancing wealth marketing and management capabilities [2] Group 3 - The non-standard trust business has seen a decline in its proportion of total trust assets, yet it remains a component of some trust companies' business systems [2] - The "Three Classification New Regulations" clarify the boundaries of trust business, prohibiting trust companies from conducting asset management trust business in the form of private equity funds and other non-compliant activities [2] - The industry is facing significant transformation challenges, with early adopters of transformation gaining a competitive advantage [3] Group 4 - The future of standardized trusts depends on trust companies' ability to enhance their professional capabilities and find sustainable profit growth points under strict regulatory conditions [3] - The trust industry is expected to transition from being "quasi-credit intermediaries" to "true asset management institutions," reshaping the competitive landscape [3] - Successful transformation will allow trust companies to occupy a dominant position in the asset management market, serving as a core hub connecting the real economy and household wealth [3]

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]

Core Viewpoint - China Trust Registration Co., Ltd. (China Xindeng) will implement new requirements for asset management trust products starting from September 2025, mandating portfolio investment to avoid single financing for trust businesses [1][2]. Group 1: Regulatory Changes - New pre-registration review standards for trusts will take effect on September 1, 2025, requiring trust companies to adopt portfolio investment strategies [1]. - The regulatory body has indicated that asset management trusts should primarily use portfolio investment to mitigate risks, with plans to revise relevant regulations [2]. Group 2: Industry Response - Trust companies are currently observing the situation regarding the new portfolio investment requirements, with expectations that the impact on actively managed trust businesses will be manageable [3]. - Many trust companies have already begun implementing portfolio investment strategies in their self-issued asset management trust products, particularly in standard and non-standard trusts [4]. Group 3: Challenges and Considerations - The shift to portfolio investment increases management complexity for trust companies, as they must now manage multiple projects within a single trust product, which poses challenges in aligning project timelines and credit evaluations [4].

Core Viewpoint - The trust funds are accelerating their entry into the market amid a structural market trend, with significant growth in the establishment of trust products, particularly in bond and equity investments [1] Group 1: Trust Fund Market Trends - In July, the number of established standard trust products increased by over 17% month-on-month [1] - Both bond investment and equity investment trust products saw significant month-on-month growth in establishment numbers [1] Group 2: Investment Strategies - Leading trust companies are actively promoting "fixed income plus" strategies, increasing allocations to convertible bonds, REITs, and other rights-related assets [1] - The decline in risk-free interest rates is creating continuous structural opportunities in the capital market, prompting institutional funds to accelerate their market entry [1] Group 3: Asset Allocation - Equity assets are becoming a necessary option for asset allocation as institutional funds seek to capitalize on emerging opportunities [1]