2025年是我国信托行业制度变革的关键之年。这一年里，不动产信托财产登记试点在北京、上海等多地持续落地推进，既为"以房养老"破 题提供了制度支撑，也在盘活存量资产方面发挥积极作用。 除了不动产领域，股权信托财产登记试点也迎来了多项突破。北京市朝阳区将破产企业股权装入信托，通过信托机构专业管理和资本运 作，帮助企业实现破产重整。杭州正式启动股权慈善信托登记试点，为信托登记制度的完善和慈善事业发展注入新动力。 "随着配套制度的不断完善，信托正从一项专业金融工具，转型为承载养老保障、资产盘活与财富传承等多重功能的金融载体。"全国两会 前夕，全国政协委员、中国信托业协会第一届养老信托专业委员会主任金李在接受21世纪经济报道记者专访时表示。 金李告诉记者，随着资管新规的深入实施，传统的信托通道类业务难以为继。转向服务型的普惠信托，虽然单笔利润变薄，但服务群体 广、需求黏性高，能够倒逼信托机构提升主动管理能力和服务水平，推动行业真正走上可持续发展的良性轨道。至于主要面向高净值人士 的股权信托业务，也将随着登记制度的不断完善，为民营企业顺利"交接班"提供有力保障。 金李。资料图 将"不动产"变成流动的金融资源 《21世纪》 ...

21世纪经济报道记者 唐婧 郭聪聪 2025年是我国信托行业制度变革的关键之年。这一年里，不动产信托财产登记试点在北京、上海等多地持续落地推进，既为"以房养老"破题提 供了制度支撑，也在盘活存量资产方面发挥积极作用。 除了不动产领域，股权信托财产登记试点也迎来了多项突破。北京市朝阳区将破产企业股权装入信托，通过信托机构专业管理和资本运作,帮 助企业实现破产重整。杭州正式启动股权慈善信托登记试点，为信托登记制度的完善和慈善事业发展注入新动力。 "随着配套制度的不断完善，信托正从一项专业金融工具，转型为承载养老保障、资产盘活与财富传承等多重功能的金融载体。"全国两会前 夕，全国政协委员、中国信托业协会养老信托专业委员会主任金李在接受21世纪经济报道记者专访时表示。 金李告诉记者，随着资管新规的深入实施，传统的信托通道类业务难以为继。转向服务型的普惠信托，虽然单笔利润变薄，但服务群体广、需 求粘性高，能够倒逼信托机构提升主动管理能力和服务水平，推动行业真正走上可持续发展的良性轨道。至于主要面向高净值人士的股权信托 业务，也将随着登记制度的不断完善，为民营企业顺利"交接班"提供有力保障。 《21世纪》：去年全国两会期 ...

Core Insights - The "Beijing Technology Finance Research" project, led by Capital University of Economics and Business and in collaboration with Yunnan International Trust Co., has been approved as a key project under the Beijing Philosophy and Social Science Planning [1][3] - The project aims to analyze the current state and challenges of technology finance in Beijing, focusing on how financial resources can empower industrial upgrades through innovative network spillover effects [5] Group 1 - The opening seminar for the project was successfully held on January 9, 2026, with participation from over ten experts and scholars from universities, financial institutions, and research institutes [1][3] - The seminar was co-hosted by the Beijing International Finance Society, Capital University of Economics and Business, and the Financial Risk Research Institute of the university [1][3] - Professor Zhao Daping, Vice Dean of the Financial College, presided over the meeting, with key leaders including President Wu Weixing and Liu Yonghua from the Beijing Social Science Federation in attendance [1][3] Group 2 - Professor Zhou Ye reported on the research background, content framework, and key challenges of the project during the seminar [3] - The project will address the unique characteristics and issues of technology enterprises in Beijing, focusing on financial solutions for these companies [3][5] - Huang Dongping, representative from Yunnan Trust, emphasized the significant role of trust companies in technology finance, highlighting tools like equity trust and intellectual property trust as new solutions [3][5] Group 3 - The research will construct a scientific evaluation system to measure and analyze the development level of technology finance in Beijing, the spillover effects of innovation networks, and the co-location of industrial spaces [5] - The outcomes of the research are expected to provide important theoretical support and practical guidance for formulating technology finance policies, optimizing financial resource allocation, and promoting the transformation of technological achievements in Beijing [5] - Yunnan Trust aims to continue exploring new models and paths for financial services to the real economy, contributing to the development of technology finance and supporting national strategies [5]

Core Viewpoint - The current challenges of family wealth succession in Chinese enterprises are severe, with an estimated 80 trillion yuan of private wealth facing succession issues over the next 30 years, and 74% of private and family businesses have not completed succession planning [6][7]. Group 1: Succession Challenges - The lack of succession planning has led to internal and external turmoil in many family businesses, resulting in dual losses of equity value and family reputation [6][7]. Group 2: Solutions through Equity Trusts - Equity trusts can systematically address six key issues in family wealth succession: 1. Top-level design can achieve organic unity of ownership concentration, scientific succession of control, and reasonable distribution of benefits, balancing interests among blood relatives and in-laws, as well as children from within and outside marriage [7]. 2. Family business profits can be globally allocated and market-invested within the trust structure, avoiding high tax burdens associated with personal shareholding models [7]. 3. Introducing external financial institutions can effectively break the control deadlock after the passing of a generation, preventing family matters from evolving into governance crises [7]. 4. Achieving coordination among family governance, trust governance, and corporate governance, with a management checklist clarifying responsibilities [7]. 5. Utilizing charitable trusts to cultivate the values and practical abilities of the second and third generations, aiding in the spiritual inheritance of the family [8]. 6. Establishing flexible exit mechanisms that allow descendants to pursue other careers, creating a succession pattern of "advance when possible, retreat when necessary" [9].

Establishment Process - The establishment of a share trust by controlling shareholders of Hong Kong listed companies involves complex legal and financial operations, requiring compliance, control stability, and business objectives [1] - The process includes preliminary preparation and goal confirmation, drafting legal documents, regulatory filings, and information disclosure [3][4] - The trust structure design involves selecting the type of trust, determining participants, and handling share transfers [5][6] Core Points - Control stability is crucial, with the Hong Kong Stock Exchange focusing on whether the controlling shareholder can effectively control the listed company post-establishment [6] - Compliance with information disclosure regulations is mandatory, including timely reporting of changes in shareholding structure [6][7] - Tax compliance is essential, with no capital gains or inheritance tax in Hong Kong, but stamp duty applicable on share transfers [7] - The qualifications and responsibilities of the trustee must be clearly defined, ensuring they are licensed and capable of managing the trust [7] - Beneficiary arrangements and dispute prevention mechanisms should be established to minimize internal family conflicts [7] - Legal validity risks must be addressed, ensuring the trust's purpose is legitimate and that the transfer of ownership is genuine to avoid being classified as a "sham trust" [7]

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].

Core Insights - The wealth inheritance market is experiencing strong "counter-cyclical" growth, driven by new demands for property protection and orderly transfer, which contrasts with challenges faced by traditional wealth management [1][2] Market Potential - The potential scale of the wealth inheritance market is estimated to reach approximately 450 billion, comparable to traditional asset management, due to the total wealth of resident households being around 600 trillion [2] - The annual asset transfer involved in this market is estimated at about 30 trillion, assuming a 20-year transfer cycle, with a comprehensive fee rate of 1.5% contributing to significant market space [2] Market Growth - The wealth inheritance service is characterized by the deep integration of legal, tax, and financial services, indicating substantial growth potential as this service model is still maturing [2] - The market exhibits unique "anti-downturn" characteristics, primarily influenced by demographic changes and intergenerational wealth transfer, with a low correlation to economic cycles [2] Practical Applications - The pilot program for real estate trusts has gained significant traction across various cities, reflecting local government enthusiasm and urgent market demand [3] - A case study highlighted the social value of real estate trusts, where a single mother established a trust for her son with special needs, ensuring effective asset transfer and risk isolation [3] Social Impact - The promotion of real estate trusts is making trust tools more accessible to ordinary families, significantly broadening coverage and demonstrating substantial "livelihood value" in scenarios like caring for disabled children and elderly individuals [4] - Community initiatives in Tongzhou District have successfully raised awareness about trust services, receiving positive feedback from residents [4] Future Directions - Equity trusts are emerging as another important direction for service trusts, focusing on private entrepreneurs to enhance corporate governance and ensure long-term stability, which is vital for economic stability and job security [4] - The current challenges include the need for improvements in the trust tax system, particularly concerning tax burdens during asset transfer, holding, and disposal [5] Collaborative Efforts - Various stakeholders are actively working to address challenges, including exploring charitable trusts and potential legal clarifications regarding trust entities [6] - Ongoing research by tax authorities aims to develop tax policies that align with public needs, indicating a positive trend towards optimizing the institutional environment for wealth inheritance [6] Conclusion - The wealth inheritance market demonstrates unique "counter-cyclical" resilience, with promising prospects for service trust development, necessitating collaboration among financial, legal, and tax sectors to build a sustainable wealth inheritance market system [6]

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].