Core Viewpoint - The trust industry is undergoing a significant transformation due to regulatory changes, moving from a reliance on non-standard financing to a focus on standardized asset management, which is essential for the industry's healthy development [1][3][10]. Group 1: Industry Transformation - The trust industry has shifted from traditional business models, such as non-standard financing, which previously accounted for over 90% of revenue, to a more diversified approach where these models now contribute less than 50% [2][10]. - New regulations, such as the "Trust Registration Business Guide," emphasize the need for trust companies to adopt a combination investment approach, marking the end of reliance on single financing models [2][10]. - The industry is transitioning from being "quasi-credit intermediaries" to "true asset management institutions," which will enhance the service attributes of trust companies [10]. Group 2: Financial Performance - The average revenue of 57 trust companies in 2024 was 1.109 billion yuan, a decrease of 17.89% from the previous year, indicating ongoing challenges in the industry [26]. - The revenue from traditional non-standard financing has been declining, with the management fees for such services dropping significantly, leading to reduced profitability for trust companies [15][26]. - The total assets of the trust industry reached 29.56 trillion yuan by the end of 2024, with real estate trust funds dropping to 840.2 billion yuan, marking a historic low of less than 4% of total assets [13][14]. Group 3: Employee Dynamics - The number of employees in the trust industry has decreased to approximately 16,000, with 54.39% of companies implementing layoffs, reflecting a trend of industry contraction [19][21]. - The workforce in the trust sector has shrunk from over 22,000 in 2021 to about 17,563 by the end of 2023, indicating a significant reduction in personnel [20][21]. Group 4: New Business Opportunities - Trust companies are exploring innovative business models, such as prepaid fund service trusts, to address consumer issues and enhance service offerings [5][26]. - The establishment of new departments focused on securities and special asset management reflects the industry's shift towards more specialized and diversified services [24][25]. - The need for professionalization and refined management practices has become crucial as the industry adapts to new regulatory environments and market demands [28][29].