文章来源：用益研究 一周综述： 4、本周标品信托成立规模强势反弹，成立数量环比显著增长。一方面，本周A股市场整体呈现震荡分 化、热点快速轮动的格局。市场情绪在周初高涨后逐步趋于谨慎，成交量先放后缩，显示出资金在当前 位置存在较大分歧；另一方面，本周债市整体呈现偏强震荡、长短端分化的格局。在央行持续净投放的 呵护下，市场资金面压力得到缓解，叠加春节假期临近带来的配置需求和避险情绪，债市情绪整体平稳 偏暖。 信托公司最新业务动态 平安信托·凤鸣慈善信托正式备案成功 2月10日，平安信托2026年首单慈善信托"平安信托·凤鸣慈善信托"正式成立，该慈善信托专注于助学奖 学、扶贫济困、养老助残、救灾救难等多元化慈善领域，旨在通过专业化、可持续的信托架构，凝聚社 会爱心资源，精准助力公益事业发展。 1、本周资产管理信托成立市场略显疲软态势。从结构上看，非标产品成立规模环比下降超两成；而标 品成立规模环比增长近五成。一方面，随着地方化债政策深化，各地严控新增高息非标债务；另一方 面，一季度是银行等金融机构新一年度资产配置的窗口期，其配置需求仍在稳步释放，为债市及固收类 产品提供了重要的增量资金。 2、本周资产管理信托发行市 ...

Core Insights - The trust industry in China has shown significant improvement in profitability and structural adjustments in revenue, with inherent business becoming the main growth engine as of 2025 [1] Industry Overview - The total operating revenue of the trust industry reached 70.87 billion yuan in 2025, a 15.87% increase from 61.16 billion yuan in 2024 [2] - Total profit amounted to 38.30 billion yuan, reflecting a year-on-year growth of 13.64%, while net profit rose to 31.42 billion yuan, with a growth rate of 14.23% [2] - The revenue structure has notably diversified, with trust business revenue declining by 8.76% to 36.57 billion yuan, while inherent business revenue surged by 73.06% to 31.38 billion yuan, accounting for nearly 50% of total industry revenue [2] Revenue Performance - Among 50 trust companies, 28 reported positive revenue growth, with the top five companies being CITIC Trust, Industrial Trust, Yingda Trust, Huaxin Trust, and China Resources Trust [3] - Industrial Trust exhibited the highest growth rate at 796.52%, followed by CITIC Trust at 81.84% and Yingda Trust at 53.14% [3] - The industry is experiencing increasing revenue differentiation, with bank-affiliated trust companies leveraging parent bank resources for synergy [3] Trust Business Analysis - Trust business revenue totaled 36.57 billion yuan, down 8.76%, but 18 companies achieved positive growth, indicating early signs of industry transformation [4] - The top five companies in trust business revenue were Yingda Trust, CITIC Trust, Jianxin Trust, Huaxin Trust, and Foreign Trade Trust [4] - Institutions demonstrating strong risk resistance have successfully transitioned from non-standard to standard business models, with asset management in standard products becoming a core growth driver [4] Inherent Business Growth - Inherent business revenue soared by 73.06% to 31.38 billion yuan, becoming the main driver of industry profitability, with 33 companies reporting positive growth [5] - The top five companies in inherent business revenue included Industrial Trust, CITIC Trust, Jiangsu Trust, China Resources Trust, and Huaxin Trust [5] - Significant growth in fair value changes and investment income supported this increase, with Yingda Trust and CITIC Trust seeing fair value changes rise by 1179.12% and 1095.87%, respectively [5] Profitability Metrics - The total profit of the industry grew by 13.64%, with 29 companies achieving positive growth, while net profit increased by 14.23% with 28 companies reporting positive growth [7] - The top five companies by total profit were Yingda Trust, CITIC Trust, Jiangsu Trust, Huaxin Trust, and China Resources Trust [7] - The concentration of net profit among the top ten companies remained stable, accounting for 59.24% of the total industry net profit [7] Capital and Efficiency - By the end of 2025, the average net asset balance of the trust industry reached 12.76 billion yuan, a 5.68% increase [8] - The return on equity (ROE) improved to 5.06%, with the top five companies in ROE being Yingda Trust, Jingu Trust, Huaxin Trust, Zijin Trust, and Yuecai Trust [8] - The differences in ROE among institutions are primarily due to capital utilization capabilities, with leading firms diversifying investments to mitigate risks and enhance returns [8]

Market Overview - The asset management trust establishment market has significantly cooled down this week, with a substantial decline in establishment scale. This cooling is a natural retreat after the year-end rush to scale, coupled with reduced trust financing due to lower bank credit and bond issuance costs before the Spring Festival [1][12] - The asset management trust issuance market has seen a drastic decline, with a more than 50% drop in scale compared to the previous period. This is attributed to the deepening of local government debt policies, which strictly control the addition of high-interest non-standard debt, leading to a contraction in local government financing [1][12] - The number and scale of established standard product trusts have significantly decreased. The stock market experienced volatile fluctuations, which diverted funds in the first half and severely impacted market confidence in the latter half due to regulatory cooling and individual stock crashes [1][12][13] Fixed Income Products - The average performance benchmark for fixed income products has decreased by 0.07 percentage points. The market anticipates a moderately loose monetary policy, with the risk-free return rate remaining low, fundamentally limiting the potential return space for fixed income assets [2][13] Trust Company Developments - Western Trust has successfully established the "Dream Mountain Children's Charity Trust," aimed at supporting the growth of youth in remote areas and promoting rural education [3][14] - Kunlun Trust has launched the first comprehensive intellectual property asset securitization service trust, with a scale of 145 million yuan, marking a significant innovation in the financial sector related to intellectual property [4][14] - Tibet Trust has successfully implemented the "Warm Light No. 1 Special Needs Trust," providing legal and professional support for families with special needs [5][15] - Huaxin Trust has launched its first special needs trust, focusing on financial service innovation for special needs groups and integrating insurance, trust advantages, and comprehensive financial services [6][16] - Yunnan Trust has initiated a charity trust focused on ecological protection, with an initial investment of 154,200 yuan aimed at habitat restoration and species protection [7][8][16] - Shanghai International Trust has established the "Card Guardian Gold Shield" series of prepaid fund service trusts, becoming the first trust company in Shanghai to provide regulatory services for prepaid card funds under the revised management regulations [17][18] - Yuecai Trust has successfully set up a prepaid service trust plan for education, enhancing the regulatory framework for prepaid funds in the education and training market in Chengdu [18] - Xiamen International Trust has launched two corporate wealth management service trusts, showcasing its asset allocation and investment management capabilities [10][18] - China Resources Trust has established the first intellectual property collateral service trust, focusing on financing challenges faced by small and micro innovative enterprises [11][18]

Core Insights - The trust industry is experiencing a transformation, with overall revenue stabilizing while individual company performance shows significant divergence [1][3] - Leading firms like CITIC Trust, Yingda Trust, and Huaxin Trust have reported strong financial results, indicating successful adaptation to new market conditions [1][3] - Conversely, some companies, such as Wenkun Trust, are struggling with severe performance declines, highlighting the challenges of transitioning from traditional financing models [3][5] Industry Performance - CITIC Trust reported operating revenue of 6.326 billion yuan and a net profit of 3.052 billion yuan, maintaining its leading position in the industry [1] - Yingda Trust exhibited remarkable growth, with operating revenue and net profit increasing by 51.49% and 63.70% year-on-year, respectively [1] - Huaxin Trust achieved a net profit of 2.076 billion yuan, with its proprietary business revenue growing by 167.94% [1] - Shanghai Trust's asset management scale reached nearly 1.4 trillion yuan, a 50% increase from the beginning of the year [1] Challenges Faced - Wenkun Trust reported an operating revenue of -203 million yuan and a net profit of -806 million yuan, indicating significant operational difficulties [3] - The decline in net income from fees and commissions, along with substantial investment losses, reflects the struggles of some firms in adapting to reduced traditional financing activities [3] Business Structure Evolution - Investment income has become a critical component of revenue for some companies, with Jiangsu Trust deriving 75% of its operating revenue from investment income [3] - Asset service trusts are emerging as a significant growth driver, with experts noting that asset management trusts are the primary growth engine in the current market [3][5] Service Trust Developments - Service trusts have achieved breakthroughs in various sectors, with Shanghai Trust's wealth management account scale reaching 100 billion yuan [4] - CITIC Trust's asset scale includes a 47% share of service trusts, indicating a shift towards diversified service offerings [4] - Companies like Kunlun Trust are leveraging their connections with state-owned enterprises to innovate in areas such as carbon capture and hydrogen energy [4] Future Outlook - The performance divergence in 2025 is seen as a natural outcome of the transition from old to new business models within the trust industry [5] - The core competitiveness of trust companies will increasingly depend on specialized capabilities in niche markets rather than mere scale [5] - Asset service trusts, particularly family and pension trusts, are expected to be key areas for future growth, emphasizing the need for high-quality, professional services [5]

Core Insights - The asset management trust market showed sustained activity in December 2025, with a total of 3,364 products issued, reflecting a month-on-month increase of 18.28%, although the disclosed issuance scale decreased by 8.05% to 135.4 billion yuan [1] - The number of newly established asset management trust products reached 2,875, marking a month-on-month increase of 30.45%, while the disclosed establishment scale was 78.291 billion yuan, down by 1.63% [1] Group 1: Non-standard Trusts - The growth in the number of non-standard trust products was attributed to year-end urgency, with a significant increase in the number of products established, reaching 1,258, a month-on-month growth of 30.63%, despite a slight decrease in scale by 1.48% to 56.134 billion yuan [2] - The disparity between the increase in quantity and decrease in scale was due to short-term funding needs from urban investment entities, leading to a contraction in average product size and a scarcity of high-quality large compliant projects [2] Group 2: Standard Trusts - December saw a record high in the issuance of standard trust products, with 1,873 products issued, an increase of 14.14% month-on-month [2] - The issuance of fixed-income products grew by 8.56%, mixed products by 37.57%, and equity products by 43.48%, indicating a broad-based growth across all categories [2] - The appeal of fixed-income products was bolstered by supportive liquidity from the central bank, while mixed and equity products benefited from structural opportunities in the market [2] Group 3: Bond Investment Products - The number of bond investment products established saw significant growth despite a volatile bond market, supported by the central bank's liquidity measures, including a net injection of 100 billion yuan through MLF and substantial reverse repos [3] - The central bank's commitment to maintaining a moderately loose monetary policy further reinforced market expectations for liquidity, enhancing the attractiveness of fixed-income standard trust products [3]

Core Insights - The asset management trust market maintained high activity levels in December 2025, with significant growth in both product issuance and establishment numbers, driven by both standard and non-standard products [1][2] Issuance Market - In December 2025, a total of 3,364 asset management trust products were issued, representing a month-on-month increase of 18.28%, with a disclosed issuance scale of 135.4 billion yuan, down 8.05% from the previous month [1] - Standard product issuance reached 1,873, marking a month-on-month growth of 14.14%, with notable increases in fixed income (8.56%), mixed (37.57%), and equity products (43.48%) [2] - The growth in standard products is attributed to year-end funding allocation needs and the benefits of the industry’s shift towards standardization [2] Establishment Market - In December 2025, 2,875 asset management trust products were established, reflecting a month-on-month increase of 30.45% and a year-on-year increase of 17.73%, with a disclosed establishment scale of 78.291 billion yuan, down 1.63% month-on-month and down 8.33% year-on-year [1] - The establishment of standard products increased by 376, with a growth rate of 30.30%, particularly in bond investment products [3] - The liquidity support from the central bank has maintained a stable funding environment, which has positively influenced the establishment of fixed income standard products [3] Industry Trends - The research team anticipates that the high growth trend of non-standard products may continue in the short term, but market activity could decline as new regulations come into effect and business quotas are gradually exhausted [2] - The development of standard products is expected to significantly impact the industry ecosystem, prompting trust companies to diversify their product lines and enhance their research and customer service capabilities [3]

Core Viewpoint - The conference highlighted the challenges and opportunities in the trust industry amid a low-interest-rate environment, emphasizing the need for strategic transformation and innovation in business models [1][4]. Group 1: Industry Challenges and Responses - The trust industry has faced significant challenges, described as "ice and fire," necessitating a proactive transformation approach [4]. - Since 2021, Kunlun Trust has ceased real estate channel business and government financing platform business, aligning with state-owned enterprise requirements [4][6]. - The company has focused on core responsibilities, particularly in the oil, gas, and energy sectors, to provide comprehensive financial services [6]. Group 2: Business Development and Performance - As of September 30, 2025, Kunlun Trust managed a trust scale of approximately 3,054 billion yuan, with a financial scale of 406.72 billion yuan [6]. - The company has provided funding and services totaling 1,138 billion yuan to the oil and petrochemical industry since its restructuring [6]. - Kunlun Trust has established nearly 20 pension service trusts, covering various asset forms, including funds, insurance policies, and equity [8]. Group 3: Innovation and Future Outlook - The company is developing a standardized asset business under the regulatory framework, with a product matrix covering cash management, pure debt, fixed income, and equity [7]. - Kunlun Trust has initiated nearly 20 knowledge property securitization trusts, totaling 400 million yuan, to support technology-driven SMEs [7]. - Looking ahead, the company aims to align closely with the energy sector, focusing on quality and scale while fostering innovation and collaboration [9].

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]