Core Viewpoint - The recent local debt resolution measures in China have significantly improved the management of local government debt, with 12 trillion yuan invested to help over 50 regions clear hidden debts, effectively controlling market risks [2][6]. Group 1: Trust Market Dynamics - The trust market is currently characterized by a simultaneous increase in establishment and a decrease in issuance, with a notable rebound in asset management trusts, where establishment scale surged over 50% [3][5]. - From September 15 to September 21, the establishment scale of asset management trusts increased by 54.71%, averaging 1.855 billion yuan daily, driven primarily by the explosive growth of non-standard trusts [6]. - Over 70% of existing trust products achieved positive returns, with stock strategy products outperforming public funds and market indices during the same period [4][8]. Group 2: Policy Impact and Industry Transformation - The recent revision of the Trust Company Management Measures has led to more stringent reviews in product registration and asset management, slowing down business progress [7][14]. - The dual policy effects of the new regulations and the non-standard investment combination rules are pushing the trust industry away from traditional scale expansion towards a focus on quality improvement [4][13]. - The emphasis on compliance and risk management is reshaping the industry, with a shift from a focus on scale to a focus on quality and risk management [12][15]. Group 3: Performance Analysis - The average yield of trust products decreased to 0.06%, with a 70.63% positive yield ratio among existing products, indicating overall stability despite market pressures [8][9]. - Stock strategy trust products have shown superior performance in volatile markets, attributed to their robust active management strategies [10][11]. - Bond strategy products maintained a steady average yield of 0.01%, reflecting their focus on absolute returns and lower volatility, suitable for conservative investors [11].

成立市场方面，资产管理信托产品的成立数量环比减少3.61%，成立规模环比减少27.52%。非标信托与 标品信托的成立规模均呈现回落态势，整体市场偏观望状态。发行端同样延续低迷态势，该周信托产品 发行规模为166.93亿元，环比下降12.75%，从资金投向来看，基础产业与金融等主要领域产品的发行规 模均出现不同程度下滑，金融类产品或因资本市场波动，短期内发行节奏放缓。 其中，非标信托产品成立市场"数增量减"。同源数据显示，该周共有171款非标信托产品成立，环比增 长10.32%；已披露成立规模为36.54亿元，环比减少9.46%。此外，标品信托市场同步承压，成立数量及 成立规模均大幅下滑。用益金融信托研究院发布的报告认为，由于标品信托产品中以固定收益类资产为 主要配置方向，其表现与债市关联密切，在本轮债市调整中，市场观望情绪浓厚，投资者风险偏好趋于 保守，短期内标品信托市场或仍将维持偏弱运行状态。 上证报中国证券网讯（胡尧 记者 金苹苹）近期，信托市场依然延续了此前相对低迷的状态。用益金融 信托研究院数据显示，9月8日至9月14日这一周，信托产品成立规模环比降幅近三成，发行规模也持续 收缩，其中标品信托整体承压 ...

Core Insights - The A-share market's strong performance and the upcoming trust pre-registration regulations are significantly impacting the asset management trust market's product landscape [1][2] - Non-standard trust products are experiencing growth in establishment scale, while standard trust products are facing a downturn due to capital being diverted to the stock market [1][5] Non-Standard Trust Products - From August 18 to August 24, 163 non-standard trust products were established, marking a 7.95% increase, with a total disclosed establishment scale of 5.34 billion yuan, up 9.25% [2] - The establishment scale of basic industry non-standard trust products grew by 21.59%, while financial non-standard trust products saw a 47.73% increase; however, industrial and commercial enterprise trust products decreased by 73.48% [2] - The geographical distribution shows that Jiangsu Province leads with 39 products, followed by Shaanxi (23) and Zhejiang (22) [2] Standard Trust Products - The standard trust market is experiencing a downturn, with the number of established products reaching 172, a 14.67% increase, but the establishment scale is declining due to the stock market's "siphoning effect" [5][6] - The average performance benchmark for fixed-income products is 2.80%, down 0.09 percentage points [6] Market Dynamics - The upcoming regulations are expected to shift the traditional operation model of non-standard trusts towards a combination investment and net value management approach [3] - The average expected annual yield for non-standard products is 5.21%, a decrease of 0.08 percentage points, indicating a tightening of high-yield non-standard debt [3][4] - The divergence in performance between non-standard and standard products is seen as a temporary phenomenon influenced by policy adjustments and market conditions [7]

Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to regulatory measures aimed at eliminating institutional arbitrage and ensuring fair competition among financial sub-industries [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, attracting significant capital inflow, particularly from low-risk preference bank wealth management funds [2][3]. - The collaboration between trust companies and wealth management firms has led to a reliance on smoothing mechanisms to adjust product yields, which may pose risks to investors and the overall market [3][4]. Group 2: Risks and Regulatory Attention - Regulatory bodies have issued notifications to strengthen compliance management regarding the cooperation between trust companies and wealth management firms, focusing on issues such as improper use of smoothing mechanisms and risk asset transactions [3][4]. - Investors may face mismatched risk exposure and potential losses due to the improper adjustment of yields between different wealth management products [4][5]. - The regulatory focus aims to prevent liquidity risks and ensure that the actual risks of products are accurately reflected, protecting investors from misleading risk perceptions [6][10]. Group 3: Performance-Driven Scale Increase - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk yield environment and the preference for low-volatility bonds have further driven capital into standard trust products, contributing to record-high industry scales [15]. Group 4: Future Outlook - The ability to sustain growth in scale driven by performance may become challenging as the bond market experiences lower absolute yields and reduced credit spreads [15]. - Trust companies may need to diversify their asset allocation strategies to seek stable long-term returns, which poses a challenge for their management capabilities [15][16]. - The ongoing regulatory efforts to eliminate arbitrage opportunities and ensure fair competition will likely shape the future landscape of the asset management industry [10][11].