另外，在去杠杆去嵌套要求下，金融机构信托规模占比也不断下跌，2020年金融机构信托投资1.98万亿 元，同比下降20.76%。近3年，金融领域强监管以及去杠杆影响持续发酵，金融机构信托规模继续大幅 下降，成为资金投向最受限领域，是受"资管新规"去嵌套、去杠杆最大领域。 金融行业强监管、严监管形势持续加码，控杠杆、控地产、去通道、转型成为信托公司离不开的话题。 从数据来看，在政策的利好外加主动转型的背景下，证券投资信托规模已经出现上升。2020年，证券投 资信托规模为2.26万亿元，同比增长15.44%，占比上升至13.87%，共42家公司证券投资信托占比较2019 提升，反映出在"资管新规"去通道的趋势下，信托公司们积极提升主动管理能力，布局标品信托领域。 当前，发展战略清晰、业务布局领先、综合实力雄厚的"头部"信托公司已基本塑造行业第一/二梯队格 局，而发展战略摇摆不定、抱残守缺、创新动力缺乏的"尾部"信托公司，则需面临转型带来的"阵 痛"及"游击战"式的被动作业，因此尽早明确适合自身的业务对信托公司来讲不可谓不重要。 研报数据显示，62家信托公司信托业务收入总额为832.83亿元，同比增长5.76%。由于 ...

Core Insights - The trust industry in China is experiencing significant growth in asset scale and optimization of business structure, with total trust assets reaching 29.56 trillion yuan by the end of 2024, marking a 9.48% increase from mid-2024 and a 23.58% increase from the end of 2023 [1][2] - The shift towards a diversified and professional asset service trust model is evident, as the industry transitions from traditional non-standard financing to a more balanced approach between asset service trusts and asset management trusts [1][2] - The demand for comprehensive wealth management is rising among trust clients, driven by stable economic growth and increasing per capita income, indicating substantial growth potential for wealth management services within the trust sector [2] Asset Scale and Structure - By the end of 2024, the wealth management service trust scale exceeded 1 trillion yuan, with family trusts at 643.58 billion yuan and insurance trusts at 270.40 billion yuan [1] - The number of newly established wealth management service trusts in 2024 reached 45,300, with a total scale of 1.98 trillion yuan, significantly outpacing the establishment of asset management trusts [1] Securities Investment and Financial Performance - The trust industry is actively engaging in securities investment, with 66 trust companies managing over 10 trillion yuan in securities investment trusts by the end of 2024, primarily focused on bonds [2] - The total scale of funds in trust reached 22.25 trillion yuan by the end of 2024, reflecting a year-on-year growth of 28.02%, with over 5% of funds directed towards stocks and funds [2] - Despite an increase in operating income to 94.04 billion yuan (up 8.89% from 2023), the industry's profit declined by 45.52% to 23.09 billion yuan, attributed to the shift in business focus towards asset service trusts [2] Regulatory Support and Development - The trust industry is presented with new opportunities for high-quality development, supported by regulatory frameworks from the State Council aimed at enhancing risk prevention and promoting industry growth [3] - Pilot programs for trust property registration have begun in major cities like Beijing and Shanghai, facilitating the industry's standardization and transformation [3]

Core Insights - The trust industry in China is experiencing significant growth in asset scale and optimization of business structure, with total trust assets expected to reach 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% year-on-year [1][2] Group 1: Industry Growth and Transformation - The growth in trust assets is attributed to the implementation of the "three classifications" business transformation, moving from traditional non-standard financing to a more diversified and professional asset service trust model [1][2] - Over 70% of newly established products in 2024 are asset service trusts, indicating a strong shift towards this business type, which includes wealth management, administrative management, asset securitization, and risk disposal services [2][3] Group 2: Wealth Management and Client Demand - Wealth management trust business is becoming increasingly important, driven by rising income levels and the demand for comprehensive wealth management solutions among both high-net-worth individuals and the general public [3] - The scale of wealth management service trusts exceeded 1 trillion yuan in 2024, with family trusts and insurance trusts making significant contributions [2][3] Group 3: Securities Investment Trusts - The trust industry is actively engaging in securities investment, with a total scale of over 10 trillion yuan in securities investment trusts by the end of 2024, primarily invested in bonds [3][4] Group 4: Regulatory Support and Opportunities - The issuance of regulatory guidelines in early 2024 is expected to support the high-quality development of the trust industry, alongside the initiation of trust property registration trials in major cities [5][6] - The trust property registration trials are seen as a significant opportunity for the industry to standardize and upgrade its operations [5] Group 5: Financial Performance - In 2024, the trust industry's operating income increased by 8.89% to 94.04 billion yuan, while profits decreased by 45.52% to 23.09 billion yuan, reflecting the impact of the shift towards lower-fee asset service trusts [6]

Core Viewpoint - Trust companies are accelerating their participation in capital markets, leveraging their advantages in the trust system to adapt to regulatory changes and enhance their business models [1][5][8] Group 1: Capital Market Participation - Capital markets have become a key focus for many trust companies in 2024, as evidenced by significant growth in their securities investment trust business, with Ping An Trust's scale exceeding 590 billion yuan, marking an 84% year-on-year increase [1] - Trust assets directed towards the securities market reached 8.34 trillion yuan by mid-2024, reflecting a 64.89% year-on-year growth, accounting for 41.81% of total trust assets [2] - Trust companies are primarily engaging in capital markets through asset management trusts and securities investment, with a notable shift towards professional and active management strategies [3][4] Group 2: Institutional Investment and Support for Industries - Trust companies have supported various sectors, including new information technology and renewable energy, with a cumulative management scale exceeding 5 billion yuan [2] - Trust funds are frequently seen among the top ten shareholders of listed companies, with a total market value of 130.49 billion yuan held by trusts as of the first quarter of 2025 [2] Group 3: Challenges and Strategic Adjustments - Trust companies face challenges in competing with securities firms and fund companies, particularly in standardized asset investment capabilities [6] - The mismatch between the fixed duration of trust products and the long-term nature of quality capital market investment opportunities poses a challenge [6] - Trust companies are encouraged to enhance their research capabilities and explore strategic partnerships with external institutions to improve investment efficiency [7] Group 4: Regulatory Environment and Future Opportunities - Recent regulatory guidance encourages trust companies to actively participate in capital markets, particularly through equity investments in strategic emerging industries [5] - A series of favorable regulatory developments are expected to provide more opportunities for trust companies, including revisions to management regulations and the establishment of real estate trusts [7][8]