2026年春节的喜庆余温尚未散尽，各行各业已迅速切换至奋进模式，信托行业也不例外。 回首过去，信托公司践行金融"五篇大文章"，逐步摆脱依赖非标融资的旧路径，向资产管理信托、 资产服务信托和公益慈善信托三大类业务稳步迈进。中国信托业协会发布的数据显示，截至2025年6月 末，全行业信托资产规模余额为32.43万亿元，按资金信托口径统计，资产管理信托余额约为24.43万亿 元；按非资金信托口径统计，资产服务信托余额至少为8万亿元，已占信托资产总规模的24.67%；慈善 信托规模也在2025年突破百亿元，成为我国慈善事业中不可忽视的发展力量。 展望未来，创新与合规，是信托公司在转型攻坚中守初心、明方向的两大核心要素。翻看各家信托 公司的新年献词，《金融时报》记者注意到，"转型""创新""本源"成为高频词，这既是信托公司在2025 年攻坚克难、破局前行的真实写照，也是未来发展的关键。 信托业务的活力，终究要体现在不断创新的实践中。近年来，信托公司的业务创新延伸到普惠金 融、养老保障和绿色发展等多个领域。正如中原信托在新年献词中提到，全年发力预付类资金服务信 托，守护消费者的"钱袋子"。平安信托打造"保险+信托+养老服 ...

Core Viewpoint - The release of the top ten green trust cases by the China Trust Industry Association highlights the role of trust mechanisms in supporting green transition projects, showcasing their characteristics of asset independence, risk isolation, and long-term sustainability [1][3] Group 1: Green Trust Development - Green trust is becoming a core tool for revitalizing green assets and empowering low-carbon transitions due to its unique advantages of flexible systems and diverse services [1][3] - The development of green trust is seen as a necessary choice for the trust industry to return to its roots, reshape business logic, and find growth points [1][3] Group 2: Case Examples - The ten cases include four asset service trusts, such as Kunlun Trust's carbon capture project and Huaxin Trust's clean energy hydroelectric project, and four asset management trusts, including Wukuang Trust's zero-emission wastewater project [2] - Two charity trust cases focus on biodiversity and endangered species protection, demonstrating the diverse applications of green trust [2] Group 3: Policy and Market Support - The rapid development of green trust is supported by an improving policy framework and increasing market demand, with new guidelines clarifying classification and disclosure standards [3] - The guidelines introduce a quantitative standard for recognizing green projects, addressing previous ambiguities in business definitions and operational standards [3] Group 4: Opportunities for Trust Companies - Trust companies have significant opportunities to enhance their competitiveness by leveraging their unique functions in financing services, carbon finance, and family trusts [4] - They can explore green trust loans, green asset securitization, and green equity investments to support green industry development [4] - In the carbon finance sector, trust companies can focus on carbon asset management services to enhance market liquidity and financial attributes [4]

Core Viewpoint - Green trust is becoming a core tool for activating green assets and empowering low-carbon transformation, supported by the flexible system and diverse services it offers [1] Group 1: Green Trust Development - The development of green trust is a necessary choice for the trust industry to return to its roots, reshape business logic, and find growth points [1] - The release of the top ten green trust cases by the China Trust Industry Association reflects the industry's active exploration and aims to inspire more capital and professional forces to participate in green development [1][3] Group 2: Case Examples - The ten cases include four asset service trusts, four asset management trusts, and two charitable trusts, showcasing the diverse roles that trust mechanisms can play in supporting green transition projects [2] - Specific examples include projects related to carbon capture, renewable energy, and biodiversity conservation, highlighting the comprehensive service capabilities of trusts in supporting green development [2][3] Group 3: Policy and Market Demand - The rapid development of green trust is driven by the continuous improvement of the policy system and market demand, with new guidelines clarifying classification and disclosure standards [3] - The guidelines address previous ambiguities in business definitions and operational standards, providing actionable norms for trust companies [3] Group 4: Opportunities for Trust Companies - Trust companies have significant opportunities to enhance their competitiveness by leveraging their unique functions in financing services, carbon finance, and family trusts [4] - They can explore various financing channels such as green trust loans, green asset securitization, and green equity investments to support the development of green industries [4]

Core Viewpoint - The recent release of the "Top Ten Green Trust Cases for 2025" by the China Trust Industry Association highlights the industry's shift towards green finance, showcasing successful projects that contribute to low-carbon transformation and the activation of dormant green assets [1][2]. Group 1: Overview of Green Trust Cases - The selected projects include various types of trust services such as asset management and public welfare, demonstrating the diverse applications of green trust in the industry [1]. - Notable projects include the Kunlun Trust's CCUS project, Shandong Guoxin's CCER carbon asset revenue rights project, and the Foreign Trade Trust's household photovoltaic service trust project, among others [1]. Group 2: Industry Insights and Future Directions - Industry experts believe that green trust is essential for the trust sector to return to its core functions, reshape business logic, and find new growth points [2]. - The ten cases serve as replicable models for the industry, indicating a broad future for green trust development [2]. Group 3: Innovative Project Mechanisms - Shandong Guoxin's CCER carbon asset revenue rights project addresses challenges faced by environmental enterprises, utilizing trust structures to convert carbon assets into manageable financial assets [3]. - The project employs innovative mechanisms such as specific carbon asset rights transfer and a dual-layer exit strategy to ensure the safety of trust funds [3]. Group 4: Performance and Impact - The project has shown significant environmental benefits, such as reducing pollutant emissions and preventing the return of waste oil to the food supply chain, thus providing a replicable solution for urban green governance [3]. - As of November 2025, Shandong Guoxin's green trust business had a scale of 8.532 billion yuan, an increase of approximately 3.3 billion yuan from the beginning of the year [4]. Group 5: Policy Environment and Support - The policy environment for green trust has been continuously optimized since 2025, with regulatory bodies encouraging trust institutions to develop green trust initiatives [4]. - The issuance of guidelines and frameworks by the China Trust Industry Association aims to enhance the industry's capacity to engage in green finance and improve ESG governance [4]. Group 6: Future Commitment and Strategy - Industry leaders emphasize the need for increased innovation in green trust to support ecological protection and low-carbon transformation [5]. - Companies are encouraged to leverage their unique advantages in trust structures to provide diverse and sustainable financial solutions that align with national carbon reduction goals [5].

Core Viewpoint - The performance of four trust companies in 2025 shows significant growth in net profit, indicating a positive trend in the trust industry amidst ongoing transformation efforts [1][2]. Group 1: Financial Performance - In 2025, Huaxin Trust achieved a net profit of 2.076 billion yuan, a year-on-year increase of 13.48% [2] - Shaanxi Guotou A reported a net profit of 1.439 billion yuan, up 5.70% year-on-year [2] - Jingu Trust's net profit reached 0.823 billion yuan, marking a substantial increase of 48.81% [2] - Shanghai Trust's net profit was 0.763 billion yuan, reflecting a 14% year-on-year growth [2] - The total revenue for these companies exceeded 1 billion yuan, with Huaxin Trust reporting 3.676 billion yuan, a 23.87% increase [1][2]. Group 2: Business Development - Trust companies are actively expanding into wealth management and green trust sectors, with Shanghai Trust establishing a wealth management account system with thresholds ranging from 300,000 to 1 million yuan, achieving a total scale of 100 billion yuan [3] - Huaxin Trust's green trust scale has surpassed 13 billion yuan, indicating a strong focus on sustainable finance [3]. Group 3: Transformation Strategies - Trust companies are adopting diverse transformation strategies, with a common focus on proactive management and dual engines of proprietary business and service trusts [4] - Shaanxi Guotou A is characterized as a stable and balanced type, while Shanghai Trust is seen as an innovative leader, driven by asset management and wealth management [4]. - The transformation is driven by policy guidance, market demand, and internal changes within companies, pushing the industry towards high-quality development [5].

Core Viewpoint - The trust companies have shown robust performance in their 2025 financial disclosures, with multiple core indicators experiencing year-on-year growth, reflecting their proactive exploration of transformation paths amid the industry's transition [1] Group 1: Performance Highlights - Four trust companies reported operating revenues exceeding 1 billion yuan in 2025, with Huaxin Trust achieving 3.676 billion yuan (up 23.87%), Shaanxi Guotou A at 2.928 billion yuan (up 0.03%), Shanghai Trust at 2.399 billion yuan (up 30%), and Jingu Trust at approximately 1.562 billion yuan (up 10.72%) [1] - Net profits for the four companies also saw significant increases, with Huaxin Trust at 2.076 billion yuan (up 13.48%), Shaanxi Guotou A at 1.439 billion yuan (up 5.70%), Jingu Trust at 0.823 billion yuan (up 48.81%), and Shanghai Trust at 0.763 billion yuan (up 14%) [1] Group 2: Capital Strength and Business Development - Shaanxi Guotou A reported total assets of 29.75 billion yuan by the end of 2025, a growth of 16.89%, while Huaxin Trust's net assets reached 18.777 billion yuan, up 6.56% [2] - Trust companies are actively expanding into wealth management and green trust sectors, with Shanghai Trust establishing a wealth management account system with thresholds ranging from 300,000 to 1 million yuan, achieving over 13,000 accounts and a total scale of 100 billion yuan; Huaxin Trust's green trust scale exceeded 13 billion yuan [2] Group 3: Transformation Strategies - Trust companies are adopting diverse transformation strategies while aligning with the "three classifications of trust" regulations, focusing on proactive management and leveraging both proprietary business and service trusts as dual engines [3] - The transformation paths vary among companies, with Shaanxi Guotou A taking a balanced approach and Shanghai Trust leading with innovation through a dual-driven model of asset management and wealth management [3] - The driving forces behind the transformation include policy guidance, market demand for diversified asset allocation, and the inherent capabilities of trust companies, collectively pushing the industry towards high-quality development [3] Group 4: Industry Trends - Since 2018, the trust industry has entered a transformation phase, focusing on expanding core trust businesses while reducing traditional operations, with the total trust asset scale reaching 32.43 trillion yuan by mid-2025, a year-on-year increase of 20.11% [4] - Asset management trusts have become a key growth driver, accounting for approximately 75.33% of total trust assets, with a balance of about 24.43 trillion yuan as of mid-2025 [4] - The industry is transitioning from a scale-driven to a capability-driven model, necessitating new requirements in investment research capabilities, intelligent risk control, asset services, capital operations, and talent development [4]

Group 1 - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, emphasizing the importance of "innovation-driven development" and the role of technology in industry upgrades and high-quality development [1] - Non-bank financial institutions are encouraged to align with the conference's directives, focusing on serving the real economy and leveraging technological innovation as a driving force for breakthroughs in quality and efficiency [1] Group 2 - The conference has reiterated the commitment to "dual carbon" goals, promoting a comprehensive green transformation, which is a significant focus for trust companies and financial leasing institutions [2] - The emphasis on "innovative technology financial services" marks a new phase in the development of technology finance, integrating core elements like "technology" and "green" with the real economy [2] - Examples of practical applications include the use of big data and AI by companies like Industrial Bank Leasing to enhance risk management in green leasing [2] Group 3 - The carbon trading market is expected to enter a new stage of high-quality development, with the conference calling for strengthened national carbon emission trading market construction [4] - Trust companies are encouraged to explore carbon trusts centered around carbon quotas, leveraging the opportunity presented by the national carbon market to promote green trust development [4] - Accurate management of carbon data is highlighted as a critical area where AI can play a significant role in carbon trading infrastructure [4] Group 4 - Companies like Northern Trust are focusing on integrating AI into green finance, enhancing project selection, pricing, risk control, and post-investment monitoring through data-driven approaches [5] - The goal is to embed green concepts into public life and foster a culture of low-carbon development [5] Group 5 - Financial leasing companies are leveraging their unique "financing + leasing" attributes, supported by technology, to play an irreplaceable role in promoting green development [6] - Companies are implementing digital transformation strategies to enhance risk control and operational efficiency in green leasing [6] - The focus is on converting transformation outcomes into precise support for industrial upgrades [6] Group 6 - Financial leasing companies are urged to optimize their business structures, concentrating on high-end manufacturing, green energy, urban renewal, and retail sectors to align with modern industrial system construction [7]

Core Viewpoint - The trust industry in China is at a pivotal moment, transitioning towards a new phase of value creation and returning to its core responsibilities amid the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" preparation [1] Industry Opportunities and Challenges - The "15th Five-Year Plan" presents both opportunities and challenges for the trust industry, with national strategies opening up vast spaces for trust companies to leverage their institutional advantages while facing increased regulatory scrutiny [2] - The restructuring of trust business categories, including asset service trusts, asset management trusts, and charitable trusts, marks a significant regulatory shift, emphasizing the need for higher standards in the industry [2] Key Areas for Development - Trust companies should focus on four key areas to align with national strategic tasks: 1. Supporting the construction of a modern industrial system to strengthen the real economy [3] 2. Promoting technological self-reliance and innovation through new business models like intellectual property trusts [3] 3. Enhancing services for people's livelihoods to advance common prosperity, including the development of pension trusts and family trusts [4] 4. Facilitating green transformation and contributing to ecological sustainability through green trusts and ESG investments [4] Upgrading Services for National Market - The trust industry can enhance its services to support the construction of a unified national market by breaking down regional barriers and promoting efficient capital and goods flow [5][6] - This includes active participation in consumer finance, infrastructure investment, and modern circulation system construction, as well as providing tailored financial solutions for regional economic coordination and rural revitalization [6] Company Transformation Measures - The company is implementing a comprehensive reform plan to navigate the pressures of industry transformation, focusing on risk management, professional capability enhancement, and strengthening party leadership [7][8] - Specific measures include returning to the core of trust services, enhancing risk management systems, and fostering a culture of compliance and responsibility [7] - The company aims to build a high-quality development path through professional training and the establishment of specialized departments to meet the demands of innovative business models [8] Key Points for High-Quality Development - The company identifies three core positions for achieving high-quality development: 1. Firmly adhering to the role of trustee and focusing on customer-centric services [9] 2. Committing to serving the real economy and supporting national strategic initiatives [9] 3. Promoting group synergy to enhance service efficiency and provide integrated financial solutions [10]

Core Viewpoint - The trust industry in China is at a critical juncture, transitioning towards high-quality development amidst regulatory changes and evolving market expectations, as outlined in the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2]. Industry Overview - The trust industry is undergoing a significant transformation, with new regulations such as the "Trust Company Management Measures" categorizing trust businesses into three main types: asset service trusts, asset management trusts, and public welfare trusts, marking the first institutional restructuring since 2007 [2]. - The industry is experiencing a shift away from real estate and financing trusts towards emerging businesses like asset service trusts, which are becoming the main drivers of growth [2]. Strategic Opportunities - Trust companies are encouraged to align with national strategies focusing on modern industrial systems, technological self-reliance, regional coordinated development, green transformation, and improving people's livelihoods [2][3]. - Specific areas for trust companies to engage include: - Supporting the modernization of the industrial system by providing innovative investment trusts and supply chain financial services [3]. - Fostering technological innovation through knowledge property trusts and equity investment trusts [3]. - Enhancing social welfare through wealth management, pension security, and charitable trusts [3]. - Promoting green transformation by developing green trusts and ESG investments [4]. Market Integration - The trust industry is positioned to support the construction of a unified national market by facilitating the efficient flow of capital and goods, thus aligning with domestic market service and regional development goals [5]. Company Transformation - The company is implementing a comprehensive reform plan to address transformation pressures, focusing on risk management, compliance, and enhancing professional capabilities [6][7]. - Emphasis is placed on returning to the core trust responsibilities and improving customer satisfaction through specialized and targeted trust services [7]. Collaborative Development - The company aims to deepen collaboration within the financial group, providing integrated financial solutions and wealth management services, particularly in family trusts and pension services [8].

Group 1 - The central economic work conference emphasizes the importance of "dual carbon" goals, guiding the financial industry towards a comprehensive green transformation [1] - Trust companies and leasing companies are identified as key players in supporting green transformation, leveraging their unique advantages [1][2] - In 2024, trust companies will focus on green low-carbon industries, with significant investments in infrastructure green upgrades (59.39 billion) and energy green low-carbon transition (52.00 billion), accounting for 32.60% and 28.55% of their total investments respectively [2] Group 2 - Leasing companies are actively developing green finance strategies, focusing on clean energy sectors such as wind, solar, and hydropower, with companies like Hebei Jinzheng holding nearly 800 distributed solar power stations [3] - Trust and leasing companies are also involved in biodiversity protection and pollution control, with a total of 19 green charitable trusts registered, amounting to 19.46 million, targeting environmental protection and green rural construction [3][4] - Companies like Northern Trust and Xingye Jinzheng are establishing green charitable trusts and financing solutions to support biodiversity and pollution reduction efforts [4] Group 3 - Differentiated development is crucial for non-bank financial institutions like trust and leasing companies to promote high-quality green finance [5] - Companies are encouraged to leverage regional characteristics and focus on their core strengths to implement targeted green finance strategies [5][6] - For instance, Hebei Jinzheng plans to develop distributed solar business and independent energy storage equipment leasing in the Beijing-Tianjin-Hebei region [6] Group 4 - Trust companies with energy-related backgrounds are utilizing their resources to support green asset securitization and green industry funds, enhancing their market capabilities [7] - National Grid Leasing aims to optimize cooperation models for pumped storage projects, focusing on energy-saving upgrades and smart grid construction [7]