Core Viewpoint - Trust companies are increasing their investment in venture capital (VC) by acting as limited partners (LPs) in various funds, focusing on hard technology, biomedicine, and strategic emerging industries [2][4]. Group 1: Trust Companies' Investment Activities - In 2023, several trust companies, including Minmetals Trust and CITIC Trust, have invested in multiple venture capital funds, indicating a trend towards early-stage and small-scale investments in hard technology [2]. - Trust companies are exploring new business models in private equity (PE) and venture capital (VC) due to market saturation and increasing risks in traditional real estate investments [3][4]. - The establishment of mother funds by trust companies, such as the 4 billion yuan industry guidance mother fund initiated by Guotai Junan and Haitong Securities, highlights their growing involvement in the VC/PE sector [4][5]. Group 2: Investment Strategies and Preferences - Trust companies prefer to invest in strategic emerging industries, including semiconductors, biomedicine, and intelligent manufacturing, as they seek to support the real economy [5][6]. - The shift towards investment-type business models is driven by the need to diversify risks and enhance asset transparency, with many trust companies increasingly adopting specialized funds [6]. - Trust companies are favoring general partners (GPs) with strong industry backgrounds and advantages in niche markets, indicating a preference for established and reputable GPs [5]. Group 3: Challenges and Opportunities - Trust companies face challenges in the private equity investment space, including regulatory restrictions and a lack of professional management teams, which may hinder their ability to scale quickly [7]. - Despite the potential for growth in equity investment trusts, the long investment cycles and uncertain returns may not meet investors' short-term return expectations [6][7]. - The current environment presents both opportunities and challenges for trust companies to establish equity investment trusts as new profit growth points, contingent on their ability to navigate regulatory and operational hurdles [7].