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 - Tang Shuo, the business director of the Bank of Communications, has been appointed as a member of the Party Committee of the China Construction Bank [1][11] - Xu Jiming is no longer the deputy secretary of the Party Committee of the Bank of Communications, with adjustments in his roles [3][13] - Wang Guan, the general manager of the personal financial business department, is set to become the new president of the Beijing branch [5][15] Group 2 - As of June 2025, the Bank of Communications has an Asset Under Management (AUM) of 57,925.53 billion yuan, a year-on-year increase of 5.52% [16] - The number of retail customers in domestic banking institutions reached 202 million, growing by 1.30% compared to the previous year [16] - The personal loan balance stood at 28,460.27 billion yuan, reflecting a year-on-year growth of 3.40% [16] Group 3 - Zhang Wei has been appointed as the head of the Audit Supervision Bureau of the Bank of Communications [7][18] - The Audit Supervision Bureau has a two-tier audit supervision system with 1,344 audit personnel, accounting for 1.51% of the total staff [18] - Yu Sang, the general manager of the Asset Protection Department, has been appointed as the deputy secretary of the Party Committee of the Jiao Yin International Trust [8][19] Group 4 - As of June 2025, Jiao Yin International Trust has total assets of 21.122 billion yuan and net assets of 17.249 billion yuan [10][20] - The trust's managed asset scale reached 644.4 billion yuan, with a year-on-year growth of 7.05% [10][20] - The net profit for the first half of the year was 398 million yuan, a decrease of 10.16% compared to the same period last year [10][20]