当前，信托业已成为服务实体经济、助力人民美好生活的重要金融力量。 近日，中国信托业协会发布《2024—2025中国信托业社会责任报告》(以下简称《报告》)，这是中国信 托业协会连续发布社会责任报告的第13年。 业内人士表示，2024年，信托业务三分类新规从"开局起步"走向"全面深化"；2025年，信托行业迎来高 质量发展的新阶段，在绿色转型、民生服务、行业建设等领域的实践成果逐步显现。 新增项目390个：绿色信托成绩亮眼 在服务民生福祉领域，信托行业聚焦群众急难愁盼问题，精准发力。数据显示，2024年信托投向普惠金 融领域的资金达1.6万亿元，针对个体工商户、新市民等金融服务"薄弱环节"推出专属产品，预付类资 金服务信托更是覆盖教育、养老、医疗等领域，通过资金独立管理等机制，守护消费者权益。 在养老服务上，信托公司发挥制度优势，与养老机构、法律监护体系深度融合，落地全生命周期解决方 案，全年设立1148个养老服务类信托项目，投入144.93亿元；在乡村振兴方面，289个相关项目投入 43.04亿元，依托多种业务形态参与农业产业链金融、基础设施建设，推动金融资源向农村倾斜。 在公益慈善领域，随着修改后的《中华人 ...

Core Viewpoint - The 2024-2025 China Trust Industry Social Responsibility Report highlights the trust industry's commitment to social responsibility and its transformation towards high-quality development, emphasizing its role in supporting the real economy and enhancing people's lives [1][3]. Group 1: Industry Transformation and Development - Since its restoration in 1979, the trust industry has evolved from "scale expansion" to "compliance development," and now to "high-quality development," becoming a significant financial force in serving the real economy [3]. - The trust industry is set to deepen its new classification regulations in 2024 and enter a new phase of high-quality development by 2025 [3]. Group 2: Social Responsibility Achievements - The report outlines achievements in social responsibility across eight areas: party building, livelihood, economic, legal, environmental, public welfare, human-centered, and responsibility management [3]. - By the end of 2024, the trust industry managed a total trust asset scale of 29.56 trillion yuan, a year-on-year increase of 23.58% [4]. Group 3: Financial Support for the Real Economy - Of the 22.25 trillion yuan in funds managed by the trust industry, 28.81% was directly invested in the real economy, while 46.17% supported it indirectly through capital markets, totaling 16.68 trillion yuan [4]. - In 2024, the trust industry allocated 1.6 trillion yuan to inclusive finance, established 1,148 pension service trust projects with an investment of 14.493 billion yuan, and funded 289 rural revitalization projects with 4.304 billion yuan [5]. Group 4: Charity and Green Development - The charity trust sector saw a total of 2,244 registered cases with a cumulative scale of 8.507 billion yuan by the end of 2024, with new registrations increasing by 18.72% year-on-year [5]. - The green trust sector experienced rapid growth, with 390 new projects and a new scale of 177.944 billion yuan, bringing the total to 325.388 billion yuan [5]. Group 5: Talent Development - The trust industry emphasizes talent as a core driver of high-quality development, with a total workforce of 17,884 employees by the end of 2024, over 60% of whom are under 40 years old [6]. - The proportion of employees with master's degrees or higher is steadily increasing, reflecting the enhancement of talent quality within the industry [6]. Group 6: Future Outlook - The trust industry aims to continue enhancing its ability to serve national strategies and improve people's lives while maintaining a focus on compliance and innovation [6].

Core Insights - The trust industry in China has directed 16.68 trillion yuan towards the real economy as part of its social responsibility efforts, with a total of 22.25 trillion yuan in trust assets under management by the end of 2024 [1][2] Group 1: Financial Support to the Real Economy - 28.81% of the trust funds are directly invested in the real economy, while 46.17% are indirectly supporting it through capital markets, totaling 16.68 trillion yuan [2] - The trust industry has provided significant funding for national strategic projects, including 1.12 trillion yuan for the Belt and Road Initiative and 2.67 trillion yuan for the Yangtze River Economic Belt [2] Group 2: Social Welfare and Livelihood Support - In 2024, the trust industry allocated 1.6 trillion yuan to inclusive finance, established 1,148 pension service trust projects with an investment of 14.493 billion yuan, and funded 289 rural revitalization projects with 430.4 million yuan [3] Group 3: Green Trust Initiatives - The scale of green trust projects reached 325.3 billion yuan, with 390 new projects added in 2024, marking a 21.5% increase year-on-year [4] - Trust companies have implemented over 20 "dual carbon" target guidelines and conducted 46 training sessions on green trust, with 4,520 participants [5] Group 4: Charitable Trust Developments - By the end of 2024, the cumulative number of charitable trusts reached 2,244, with a total scale of 8.507 billion yuan, reflecting a year-on-year growth of 30.07% in new registrations [5]

2025年以来，中国经济保持稳中有进、稳中向好的发展态势，资本市场在全球经济复杂波动中展现出强 劲韧性与活力，主要指数创出年内新高，市场活跃度持续提升。在新"国九条"框架下，资本市场基础制 度持续完善，市场生态不断优化，内在稳定性显著增强。 本轮资本市场改革所呈现出的系统性深化特征，为证券行业中长期高质量发展、业务扩容及模式升级筑 牢根基。中金公司作为国有金融机构的中坚力量，始终牢记服务国家战略的使命，充分发挥链接资本市 场资金供给端和实体经济资金需求端的桥梁作用，持续在服务科技创新、绿色转型、高水平对外开放等 领域积极作为，交出了一份亮眼的"十四五"答卷。 赋能实体经济 攻坚核心战略领域 当前，中国式现代化建设进入关键阶段，证券行业作为直接融资的核心载体，正从"规模扩张"向"质量 提升"转型，积极服务科技自立自强、绿色低碳发展等国家战略。 绿色金融是中金公司服务高质量发展的另一重要抓手。"十四五"期间，我国绿色金融与市场机制不断完 善，形成了绿色信贷、绿色债券、绿色保险、绿色基金、绿色信托等多层次绿色金融产品和市场体系， 碳排放权交易制度也在科学合理控制总量的前提下得以建立。 立足经济绿色转型和可持续发展的 ...

9月29日，中国信托业协会发布《2024—2025中国信托业社会责任报告》（以下简称《报告》），这也 是该协会连续十三年发布行业社会责任报告。 2024年，信托业务三分类新规从"开局起步"走向"全面深化"；进入2025年，行业更迎来了高质量发展的 新阶段。今年1月，国务院办公厅转发了国家金融监督管理总局《关于加强监管防范风险推动信托业高 质量发展的若干意见》，进一步为行业锚定方向、构筑框架，为信托业回归本源、行稳致远提供纲领性 指引。 做好"五篇大文章" 服务国计民生 《报告》显示，2024年，信托业围绕中央金融工作会议部署，将制度优势转化为服务经济社会发展的实 效，深耕主责主业，以做好"五篇大文章"服务国计民生。 科技金融方面，信托业聚焦科技创新攻关、高端制造业升级、战略性新兴产业培育及专精特新企业赋能 四大领域，支持科技创新项目规模达3376亿元。 绿色金融方面，信托业新增设立绿色信托项目390个，同比增长21.50%，新增绿色信托规模1779.44亿 元；绿色信托存续规模逾3000亿元，达到3253.88亿元。同时，开展绿色信托主题培训会46次。 投向实体16.68万亿元 《报告》显示，2024年，信托 ...

Core Insights - The trust industry is gradually integrating ESG principles into its core business, with many companies establishing specialized governance structures and developing actionable business models in areas like green trust [2][3] - By the end of 2024, the total scale of green trusts in China is expected to exceed 300 billion yuan, indicating significant progress in ESG practices within the industry [2][6] Group 1: ESG Integration and Business Models - Multiple trust companies have completed the establishment of governance frameworks for ESG and have created viable business models in green trust [2][3] - As of the end of 2024, the trust industry has a total of 16.68 trillion yuan in funds supporting the real economy, accounting for 75% of the total trust scale [3][4] - Trust products under the ESG framework emphasize social value and environmental contributions, moving beyond just risk-adjusted returns [3][4] Group 2: Performance Metrics and Growth - The green trust scale of Wukuang Trust reached 6.402 billion yuan, while foreign trade trust issued green asset-backed securities totaling 6.441 billion yuan [2][3] - Shandong Guoxin reported a green trust scale of 4.229 billion yuan as of June 2025, with a year-on-year growth of 22.4% [5] - The charity trust of Shandong Guoxin delivered a cumulative amount of 189 million yuan, reflecting a growth of 16.7% since the beginning of the year [5] Group 3: Challenges and Future Directions - The trust industry faces challenges in localizing ESG risk models and establishing a unified data and evaluation system that aligns with China's context [9] - The China Trust Industry Association is working on creating a collection of green trust case studies to promote best practices in green finance [9]

Core Insights - Shandong Guoxin reported a total revenue of 634 million yuan for the first half of 2025, representing a year-on-year growth of 7.8%, with a net profit of 167 million yuan [1] - The company is focused on reforming risk management and business transformation, aiming to enhance its trust services and governance, achieving stable and positive overall development [1] Financial Performance - Total revenue for H1 2025: 634 million yuan, up 7.8% year-on-year [1] - Net profit for H1 2025: 167 million yuan [1] Business Development - Green trust assets reached 4.229 billion yuan by the end of June 2025, an increase of 22.4% [1] - Family trust assets amounted to 61.927 billion yuan, growing by 19.3% since the beginning of the year [1] - The company launched its first special needs service trust in Shandong province and expanded into innovative trust structures such as FGT and FNGT [1] - Cumulative charitable trust payments reached 18.9 million yuan, reflecting a growth of 16.7% [1] Strategic Focus - The company emphasizes localized advantages to enhance service quality for the economic development of Shandong province [2] - It maintains a strong risk management framework and optimizes its management system to ensure sustainable development [2]

Core Viewpoint - Shandong Guoxin, the only H-share listed trust company in mainland China, reported stable performance in the first half of 2025, achieving a total operating revenue of 634 million yuan, a year-on-year increase of 7.8%, and a net profit of 167 million yuan, which remained basically flat compared to the previous year [2] Group 1: Financial Performance - Shandong Guoxin's performance outperformed the overall industry, with 53 trust companies reporting a total operating revenue of 31.59 billion yuan, a year-on-year decline of 1.98%, and a net profit of 16.37 billion yuan, down 2.83% [3] - The company explained that the decrease in net income from fees and commissions and the increase in credit impairment losses were offset by gains from fair value changes and investment income [3] Group 2: Revenue Breakdown - In the first half of 2025, Shandong Guoxin achieved trust business income of 228 million yuan and proprietary business income of 406 million yuan, representing 35.9% and 64.1% of total revenue, respectively [4] - The proportion of trust business income decreased compared to the same period last year, while the share of proprietary business income increased significantly, aligning with industry trends [4] - The increase in proprietary business income was primarily due to fair value gains rising from 242 million yuan in the first half of 2024 to 319 million yuan in the first half of 2025, and investment income increasing from 42 million yuan to 84 million yuan [4] Group 3: Business Growth - The family trust business of Shandong Guoxin showed robust growth, with the scale of family trust in force reaching 61.93 billion yuan, a 19.3% increase from the beginning of the year [5] - The company successfully launched the first special needs service trust in Shandong province and expanded into innovative trust structures [5] - In the charitable trust sector, Shandong Guoxin achieved steady growth, with cumulative delivery amounts reaching 18.9 million yuan, a 16.7% increase from the beginning of the year [5] Group 4: Local Economic Support - As of the end of the first half of 2025, Shandong Guoxin's trust scale directed towards Shandong province reached 33.89 billion yuan, with "investment into Shandong" trust scale at 17.65 billion yuan [6] - The company established a service trust department and launched innovative financial service scenarios, including the "Rui Sheng Series" account management service trust [6] - The green trust scale reached 4.23 billion yuan, a year-on-year increase of 22.4%, supporting enterprises in achieving green and intelligent upgrades [6]

Core Insights - The People's Bank of China reported that by the end of Q2 this year, the balance of green loans in both domestic and foreign currencies reached 19.55 trillion yuan, marking a year-on-year growth of 40.4% and an increase of 7.4 percentage points compared to the end of the previous year, which is significantly higher than the overall loan growth rate of 29.6% [1] Summary by Category Green Loan Balance - The green loan balance increased by 3.53 trillion yuan in the first half of the year [1] - The balance for infrastructure green upgrades, clean energy, and energy-saving and environmental protection industries were 8.82 trillion yuan, 5.04 trillion yuan, and 2.63 trillion yuan respectively, with year-on-year growth rates of 32.2%, 40.8%, and 62.8% [1] Industry Breakdown - The balance of green loans in the electricity, heat, gas, and water production and supply sector reached 5.08 trillion yuan, with a year-on-year increase of 30.8%, adding 603.9 billion yuan in the first half of the year [1] - The transportation, warehousing, and postal services sector had a green loan balance of 4.39 trillion yuan, reflecting a year-on-year growth of 10.3%, with an increase of 263.1 billion yuan in the first half of the year [1] Development of Green Finance - China has made significant progress in developing green finance, establishing a multi-layered market system that includes green loans, green bonds, green insurance, green funds, green trusts, and carbon financial products [1]

Core Viewpoint - The trust industry is undergoing a transformation and is currently facing profitability challenges, with a significant decline in trust business income and net profit in the first half of 2025 compared to the same period in 2024 [1][10][11]. Financial Performance - As of the first half of 2025, 53 trust companies reported a total trust business income of 181.31 billion yuan, a year-on-year decrease of 11.38% from 204.59 billion yuan in the same period of 2024 [7][4]. - The net profit for these companies was 163.74 billion yuan, down 2.83% from 168.51 billion yuan in the previous year [7][4]. - Overall, the operating income for the industry decreased by 1.98%, and total profit fell by 3.72% year-on-year [2]. Business Structure Changes - The trust business is under pressure, with traditional high-yield trust business continuing to shrink, while proprietary business income has shown strong growth, increasing by 16.72% year-on-year [4][11]. - The decline in profit metrics is less severe than the drop in trust business income, indicating that trust companies are actively working on cost reduction and efficiency improvements [4]. Industry Challenges - The trust industry is transitioning from a traditional "interest margin-driven" profit model to a new model based on "management fees + performance sharing," which has led to a significant drop in trust business income [11][18]. - Increased compliance and operational costs due to stricter regulatory requirements are also impacting profitability [11]. - The industry is still dealing with legacy risk projects, which continue to erode profits [11]. Future Outlook - Experts believe that the trust industry, with its dual advantages in asset management and wealth management, has the potential for sustainable profitability and high-quality development as new business models are gradually adopted [1][17]. - The restructuring of profit models is seen as a critical necessity, with a focus on new business areas and enhancing active management capabilities [15][18]. - The industry is expected to stabilize and potentially recover as the proportion of new business increases and risk management continues [18].