Core Viewpoint - The trust industry is undergoing a transformation towards high-quality development, guided by regulatory frameworks and a focus on asset management trust products, with Shanghai Trust leading the way in establishing a robust product system and professional investment research team [1][2][3]. Group 1: Industry Transformation - In 2023, the China Banking and Insurance Regulatory Commission issued guidelines categorizing trust business into three types: asset service trusts, asset management trusts, and public welfare trusts, laying the foundation for industry transformation [1]. - The regulatory framework emphasizes a systematic reform for the trust industry, aiming for high-quality development by 2025 [1]. - The industry is shifting towards "reducing quantity while improving quality" and "characteristic development," with trust companies accelerating their transformation efforts [1]. Group 2: Shanghai Trust's Development - Shanghai Trust has established a comprehensive product line covering cash, fixed income, equity, and cross-border private equity investments, with over 30 actively managed net worth products [1]. - The assets under management for Shanghai Trust's actively managed products have grown from 20 billion to nearly 200 billion [1]. - The company has developed a professional investment research team of nearly 200 personnel, enhancing its capabilities and reputation in asset management [1]. Group 3: Asset Management Evolution - Shanghai Trust's asset management journey has evolved through several phases, starting from non-standard assets to a fully standardized product matrix by the end of 2021 [2][3]. - The current phase, termed "Account Era," integrates wealth management and asset management, utilizing trust accounts as a primary form of asset management [3]. - Wealth management accounts have seen exponential growth, surpassing 70 billion and 10,000 accounts, reflecting a shift from product selling to asset management [3]. Group 4: Compliance and Investor Trust - Shanghai Trust emphasizes compliance and investor interests, which has fostered strong investor trust, exemplified by successful projects like the New Hongqiao International Medical Center [5][6]. - The company maintains a strict operational framework, avoiding fund pools and focusing on risk management across key areas [6]. - Despite challenges in the real estate sector, Shanghai Trust has successfully partnered with top-tier real estate firms to launch commercial real estate equity projects [6]. Group 5: Future Directions - Shanghai Trust aims to cultivate innovative business lines such as account-based wealth trusts, ESG, inclusive finance, and supply chain trusts, establishing a closed-loop business model [8]. - The company plans to enhance its risk management framework and leverage technology for smarter operations, including a digital risk control platform [8]. - Future strategies will focus on integrating group resources and creating a comprehensive financial service ecosystem, aligning with the broader goals of high-quality industry development [7][9].