《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。大成律 师事务所高级合伙人薛京表示，当前中国企业家家族传承的严峻困局，未来30年，将有80万亿私人财 富，主要为家族企业财富面临传承，而74%的民营企业和家族企业尚未完成传承规划。 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 她表示，这一现状导致不少家族企业在传承过程中出现内外动荡，引发股权价值、家族声望与资产的双 重损失。 作为破解传承困局的核心工具，薛京表示，股权信托能够系统解决家族财富股权传承的六大支柱问题。 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。大成律 师事务所高级合伙人薛京表示，当前中国企业家家族传承的严峻困局，未来30年，将有80万亿私人财 富，主要为家族企业财富面临传承，而74%的民营企业和家族企业尚未完成传承规划。 一，在顶层架构设计上，可实现所有权集中、控制权科学传承与受益权合理分配的有机统一，平衡血亲 与姻亲、婚内与婚外子女等多方利益。 二，在资产配置层面，家族企业利润可在信托架构内进行全球资产配置与市场化投资， ...

港股上市公司控股股东设立股权信托是一项复杂的法律与金融操作，需兼顾合规性、控制权稳定性及商业目标。以下从设立流 程和核心要点两方面梳理关键内容： 5. 股份过户与登记 二、核心要点 1. 控制权稳定性 一、设立流程 1. 前期准备与目标确认 3. 法律文件起草 4. 监管申报与信息披露 明确设立目的：常见目的包括财富传承、风险隔离（如债务/婚姻风险）、税务优化、集中管理等。需结合控股股东需求 （如是否保留控制权）设计方案。 评估法律与监管限制： 香港《证券及期货条例》（SFO）：持有上市公司股份超5%需披露权益；控股股东（通常持股≥30%或能控制董事会）变 动需申报。 联交所《上市规则》：要求披露实际控制人及股权结构，信托可能影响"控股股东"认定（需保持控制权稳定）。 内地跨境因素（若控股股东为内地主体）：需符合外汇管制（如37号文登记）、境外投资（ODI）等规定。 2. 信托结构设计 信托类型选择：港股常见全权信托（Discretionary Trust），受托人对受益人分配有自由裁量权；或固定权益信托（明确 受益人份额）。若为保持控制权，可能采用"保留权力信托"（委托人保留部分控制权，但需注意被认定为"虚 ...

Core Viewpoint - The trust industry is entering a new development cycle driven by internal dynamics and changing client demands, despite the challenges posed by declining market interest rates and traditional asset management pressures [1][2]. Group 1: Industry Transformation Drivers - The trust industry is experiencing a transformation driven by clear regulatory policy directions, particularly the enhanced importance of asset service trusts in the new "three-category" business framework [1]. - The demand for stable and professional wealth management tools is increasing among family clients, who are seeking solutions to manage their wealth in a complex environment [2]. Group 2: Real Estate Trust Insights - The Guangdong pilot program for real estate trusts features three key characteristics: pre-registration for properties not immediately ready for delivery, no restrictions on trust companies from outside the region, and the ability to combine pre-registration with will trusts for smoother asset transfer [3]. - Trust companies are motivated to engage in real estate trusts not solely for direct property income but also due to the trust placed in them by clients who entrust significant assets [3][4]. Group 3: Equity Trust Perspectives - In the equity trust sector, income is derived not only from setup and management fees but also from dividend distributions, which are essential for wealth transfer to beneficiaries [5]. - The long-term operation of equity trusts can lead to the accumulation of management fees through prudent asset allocation and reinvestment of dividend funds into trust company products [5]. Group 4: Future Outlook - The expectation is for continuous improvement in regulatory frameworks, allowing wealth managers to support clients in the long-term transmission of family values and core assets [5].

21世纪经济报道记者 余纪昕 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指 导、21 世纪经济报道主办的 "第二十届 21 世纪金融年会" 在北京盛大召开。 在财富传承的具体实践层面，林巍重点介绍了不动产信托试点在全国范围内取得的热烈反响。他首先澄 清，此处的不动产信托主要指家庭将不动产财产装入信托以实现保护与传承，而非信托公司进行不动产 投资。 （原标题：通州区区长助理林巍：财富传承市场积极增长 服务信托蓄势待发） 通州区区长助理林巍在"财富管理的低利率之问"分论坛上，以《逆势增长的财富传承市场和蓄势待发的 服务信托业务》为题发表演讲，为与会嘉宾深入剖析了财富传承这一充满活力的新兴市场。他指出，在 当前经济环境下，财富传承市场正展现出强劲的"逆周期"增长势头，服务信托业务也呈现出蓬勃的发展 态势，为财富管理行业开辟了新的蓝海。 林巍指出，与传统财富管理业务面临的挑战相比，以财产保护和有序传承为核心的新型财富管理需求 正"逆势上升"。 为何财富传承市场能独树一帜？林巍从三个维度进行了阐述。首先，市场潜力巨大。他通过详细测算指 出，财富传承市场潜在规模可达约4500亿元，与传统资产管理行 ...

Core Insights - The demand for wealth management in China is growing significantly due to the increasing number of high-net-worth individuals, leading cities like Beijing, Shanghai, and others to compete for the status of wealth management centers [1][2] Group 1: Wealth Management Market Potential - Wealth management is becoming a new growth point for local economies, driven by the accumulation of wealth among Chinese residents over the past few decades [2] - The domestic wealth management market is still in its early stages compared to the mature and large-scale markets abroad, indicating vast development potential [2] Group 2: Resources and Strategies for Development - Successful wealth management requires a local foundation of financial institutions and a concentration of affluent families, which may not be fully present in areas like Tongzhou [3] - Tongzhou aims to differentiate itself by focusing on wealth inheritance and related elder care services, rather than traditional asset management, to build its unique wealth management profile [3][4] Group 3: Wealth Inheritance Market Size - The potential market for wealth inheritance services is estimated to be comparable to the asset management industry, with a potential annual service value of approximately 4.5 trillion yuan [4] - The total social wealth in China is around 600 trillion yuan, suggesting a significant annual demand for inheritance services [4] Group 4: Development of Wealth Management Ecosystem - Wealth inheritance services are seen as resilient to economic cycles, making them an attractive area for development [5] - Trusts are identified as key tools for wealth inheritance, with applications in real estate and equity trusts to ensure effective management and protection of assets [6] Group 5: Building a Global Wealth Management Center - Tongzhou's strategy includes creating replicable experiences in real estate trusts and enhancing the business environment to attract resources and businesses [7] - The "Tongzhou Action" initiative aims to promote trust services within communities, enhancing local trust industry activity and establishing Tongzhou as a significant hub for trust services [7][8]

Core Viewpoint - The ongoing low interest rate environment is fundamentally changing the development logic and direction of the wealth management industry, leading to a profound transformation despite the challenges faced [1][3]. Industry Overview - The wealth management market in China has reached a considerable scale and continues to grow overall, but the impacts of low interest rates have permeated the industry [1][3]. - The industry is experiencing a significant transformation in response to the challenges posed by the low interest rate era [3][4]. Product Innovation - Institutions are innovating products by diversifying product forms and optimizing yield structures to meet market demands. For instance, in the trust sector, real estate trusts and equity trusts are deepening their practices to stabilize asset value [3][4]. - Gold has evolved from a short-term tactical tool to a long-term strategic asset, providing solid support for asset portfolios due to its unique hedging properties, becoming an important choice for diversified allocation [3][4]. Industry Challenges and Confidence - The path to transformation is not smooth, and the industry faces multiple pressures while embracing change. However, there remains confidence in the future of the industry [4]. - The competition in the wealth management industry will center on a combination of research and investment strength, service experience, and technological support, necessitating a customer-centric approach from all practitioners [4]. Role of Media Group - As the first national all-media group approved by the central government, the Southern Finance and Economics Media Group and 21st Century Economic Report are committed to monitoring the development of the wealth management industry and bridging the gap between wealth management institutions and financial consumers [4]. - The group aims to serve as an observer and recorder of the wealth management industry, leveraging its media, think tank, and data capabilities to provide targeted services and contribute to the prosperous development of the wealth management ecosystem [4]. Future Outlook - The low interest rate era is viewed not as a "winter" for the industry but as an opportunity for transformation and upgrading, pushing the industry towards a more mature, professional, and value-driven development stage [4][5].

Core Viewpoint - The improvement of the equity trust registration system is essential for the healthy operation of the trust system and serves as a key institutional guarantee for the transformation of China's trust industry from a "scale-driven" model to a "function-driven" model [2][4]. Group 1: Importance of Equity Trust Registration - The equity trust registration system is crucial for activating existing trust assets and ensuring the independent nature of trust property, which is vital for functions such as bankruptcy isolation and wealth management [4][6]. - The current legislative framework lacks specific provisions regarding equity trust registration, leading to challenges in practical implementation and the effective realization of trust property independence [6][9]. Group 2: Challenges Faced by the Current System - The term "equity trust" lacks a clear legal definition within existing laws, which complicates its application and understanding in practice [8]. - The existing equity registration system is characterized by institutional fragmentation, leading to incomplete information and delays in updates, which hampers the accurate reflection of actual ownership and changes in equity [9][10]. - The absence of a robust trust registration mechanism has resulted in increased operational risks for trust companies, as they often bear responsibilities that should be limited to trust property [10][13]. Group 3: Proposed Solutions and Innovations - A dual registration model, similar to that used in Taiwan, is suggested, which involves both property transfer registration and trust registration to clarify the nature of trust property and the legal relationships involved [14]. - Recent pilot projects in Beijing and Hangzhou aim to establish a more coordinated and transparent registration process for equity trust property, enhancing the independence and stability of trust assets [14][15]. - The pilot programs have specific eligibility criteria, focusing on limited liability company equity in Beijing and a broader range of assets in Hangzhou, including charitable trusts [15][16].

Core Insights - The overall profitability of the trust industry has slightly declined, with operating income down by 1.98%, total profit down by 3.72%, and net profit down by 2.83% year-on-year for the first half of 2025 compared to the same period in 2024 [1] - There is significant structural differentiation within the industry, with trust business income decreasing by 11.38%, indicating a continued contraction of traditional high-yield trust business [1][7] - The top ten trust companies by operating income are primarily controlled by financial groups or state-owned enterprises, which leverage their resources for business growth [8][10] Financial Performance - Among the 53 trust companies, 10 reported operating income exceeding 1 billion yuan, while 13 had income between 500 million and 1 billion yuan, and 29 had income below 500 million yuan [2] - The top ten companies by operating income include CITIC Trust, Yingda Trust, and Huaxin Trust, with revenues of 29.16 billion yuan, 19.41 billion yuan, and 16.34 billion yuan respectively [2] - Shanghai Trust reported the highest growth in operating income at 39.77%, followed by Huaxin Trust at 24.45% and Yingda Trust at 19.18% [2] Profitability Trends - In terms of net profit, CITIC Trust led with 15.67 billion yuan, a year-on-year increase of 13.47%, while Jiangsu Trust and Yingda Trust followed with net profits of 13.98 billion yuan and 13.62 billion yuan respectively [4] - The largest increase in net profit was seen in Kunlun Trust, which grew by 421.10% to 1.08 billion yuan [4] - However, 21 out of 50 comparable trust companies experienced a decline in net profit or an increase in losses, with the largest declines reported by Xingye Trust and Wukuang Trust [5] Industry Challenges - The decline in profitability is attributed to several factors, including rising management costs, increased asset impairment provisions, and the impact of new regulations on traditional high-profit channel businesses [7] - The industry is undergoing a transformation towards active management due to the significant reduction in channel business scale, which has historically been a profit source for trust companies [7][10] Future Outlook - The trust industry is expected to continue evolving under regulatory support, with real estate and equity trusts emerging as new business exploration directions [11][12] - The establishment of property trust registration systems marks a significant breakthrough in the trust asset registration system, indicating the potential for trust companies to better serve public needs and support the real economy [12]

Core Viewpoint - The pilot program for equity trust property registration is a significant benefit for the trust industry, simplifying equity trust structures and reducing setup costs, while promoting the integration of equity into family trusts and other wealth management services [1][3]. Summary by Sections Equity Trust Registration - Equity trust refers to the transfer of equity by the trustor to a trust institution, which manages and disposes of the equity according to the trustor's wishes [2]. - The pilot program in Beijing is part of broader efforts to innovate financial services and is expected to meet substantial market demand for equity trusts [2][5]. Market Demand and Opportunities - The equity trust market is projected to be worth trillions, with over 55 million private enterprises in China, indicating a significant demand for equity trusts as tools for enterprise management and inheritance [5]. - The pilot program aligns with the reality of limited liability companies, which constitute over 92.2% of all companies in China, thus addressing practical needs in the market [5]. Challenges and Future Directions - Current regulations are limited to property registration, with complexities in pre-registration and dynamic management processes, and further clarity is needed on aspects like circulation, listing, and tax systems [6]. - The independence of trust property can be confirmed through registration, separating it from the assets of the trustor and trustee, although tax treatment remains unaddressed in the current notification [6]. - The trust industry is encouraged to closely monitor policy developments and actively participate in system construction and business innovation to enhance the role of equity trusts in corporate governance, wealth inheritance, and employee incentives [6].

Core Viewpoint - The issuance of the "Notice on the Registration of Equity Trust Property" marks a significant breakthrough in addressing the long-standing issue of equity trust registration for non-listed companies in China, enhancing the operational clarity and legal framework for trust companies [1][2]. Group 1: Regulatory Changes - The new regulation strengthens the independence of trust property and provides clear operational guidelines for trust companies, facilitating the development of equity trust business [1][2]. - The "Notice" clarifies the registration and financial supervision details for equity trusts, distinguishing between the trustee's inherent property and trust property, thus reducing reputational risks for trust companies [2][3]. Group 2: Practical Applications - Within the first month of the new regulation, China Foreign Trade Trust successfully registered a customized equity trust for a biopharmaceutical entrepreneur, addressing common challenges in family business succession [1][2]. - China Foreign Trade Trust and Citic Trust completed two significant equity trust projects, including a service trust for strategic emerging industries and a risk disposal service trust for a company undergoing bankruptcy restructuring, showcasing innovative applications of trust services [3][4]. Group 3: Industry Impact - The new regulation and its initial implementations are seen as seeds for transforming the industry ecosystem, promoting high-quality development in the Chinese trust sector [4].