日前，一年一度的信托业年会召开。恰逢"十四五"收官、"十五五"开篇，本次年会为了解信托业当前和 未来一个时期的重点走向，提供了重要信息。 据中国信托业协会官网12月9日发布的信息：2025年中国信托业年会于2025年12月4日至5日在北京召 开，年会以"坚定转型方向 走高质量发展之路"为主题，与会代表通过主题发言、分组讨论及圆桌论坛 等环节，进行了深入交流和研讨。 "公司领导去参加后，已经把年会信息在公司内做了传达。"一位信托公司人士向信托百佬汇记者称。 另据参会信托高管透露，这次年会上，总结了信托业发展阶段性成绩，要求行业继续坚定转型，更引导 信托业在发展方向上向国家政策和"十五五"规划建议看齐。监管方面，既重申了两个严禁和一个防止方 面的"禁令"，也强调了未来监管重点。 向"十五五"规划建议看齐 据信托百佬汇记者采访了解，有业内高管参会后的一个重点感受是，监管部门要求行业坚定转型，特别 强调深入学习二十届四中全会精神和"十五五"规划建议，进而指导公司发展。 "监管人士提出，要向'十五五'规划建议'看齐'，如果没有看齐，行业的发展方向、投资方向可能都是错 的，"信托人士表示，监管部门提醒，跟上高层方针政策也 ...

（原标题：深耕产业+创新服务 信托公司亮出差异化答卷） 证券时报记者 邓雄鹰 数据显示，截至2025年6月末，信托业资产管理规模为32.43万亿元，增长20.11%，规模再创新高。随着信托业务"三分类"推进，信托公司管理资 产情况和业务结构变化受到关注。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国信托业发展高峰论坛"上，行业嘉宾围绕"差异化破局"主题展 开深入探讨。 此次圆桌论坛由中诚信托董事会秘书王玉国担任主持人，参与讨论的行业高管包括华能信托副总经理雷妮亚、上海信托副总经理简永军、中信信 托党委委员吴晓帆。 "三分类"下业务结构巨变 雷妮亚表示，华能信托在规模上实行差异化思路，整体基调是"炉要小，火要旺"，逐步调整结构，提质增效。这种考量下，近几年华能信托管理 的信托资产规模保持在6000亿元左右。总体规模保持稳定的情况下，公司业务结构有降、有稳、有增，其中增速比较大的是权益类信托，还有财 富管理信托。 简永军表示，信托制度之所以有生命力，一是有庞大的服务群体，二是与经济社会发展的需求相适应。紧扣信托业务"三分类"政策导向，三类信 托业务均大有可为。 吴晓帆表示， ...

Core Viewpoint - The trust industry is focusing on returning to its roots, serving the real economy and people's well-being, and transitioning towards high-quality development during the "14th Five-Year Plan" period [1][6]. Group 1: Strategic Positioning and Business Transformation - The core strategic positioning of the company during the "14th Five-Year Plan" is to adhere to the essence of trust, serving the real economy and people's welfare, and fully transitioning to high-quality development [1]. - The strategic focus has fundamentally shifted from financing-related businesses, such as real estate and government financing, to developing wealth management, asset management, and social governance services [1][2]. - The development goal has changed from pursuing scale expansion to seeking quality and sustainable growth [1]. Group 2: Business Data and Performance - By the end of the "14th Five-Year Plan," the company expects its business scale to reach 1.3 trillion yuan, with significant growth in areas like securities trust exceeding 700 billion yuan and active management asset management trusts reaching 200 billion yuan [2]. - The net assets of the company have increased from 6.7 billion yuan in 2015 to 25 billion yuan [2]. Group 3: Response to Regulatory Changes - The company has proactively adapted to the "three-category" new regulations by forward-looking layout and active restructuring, focusing on professional capabilities to align with regulatory guidance [2]. - The company pioneered family trusts in 2014 and launched family service trusts in 2021, achieving the highest market share in this area [2]. Group 4: Social Impact and Community Engagement - In rural revitalization, the company emphasizes "investing in people" by establishing charitable trusts and providing training for local officials, enhancing governance capabilities [3]. - In the elderly care sector, the company has developed unique trust accounts to address issues related to wealth inheritance and care for the elderly [3]. Group 5: Green Transformation and Differentiation - The company aims to build a differentiated advantage in green trust development by utilizing the broad investment characteristics of trust systems and developing various green financial tools [4][5]. - Challenges in green trust include the mismatch between long-term funding needs of green projects and the market's short-term capital preferences [5]. Group 6: Future Outlook and Strategic Focus - Looking ahead to the "15th Five-Year Plan," the company will focus on deepening efforts in technology finance, green finance, inclusive finance, elderly finance, and digital finance [5]. - The company has made substantial investments in major technology innovation funds, with a total investment scale of nearly 40 billion yuan [5]. Group 7: Industry Development and Challenges - The trust industry is expected to enter a new phase of high-quality development characterized by greater regulation, transparency, and sustainability [6]. - The industry faces higher demands for professional capabilities, risk control, product innovation, and differentiated services [6].

Core Viewpoint - The financial industry is facing a significant challenge of "involution," characterized by price wars and homogeneous competition, necessitating a shift towards quality and innovation to escape the current predicament [1][2][3]. Group 1: Involution and Competition - Involution in the financial sector is defined as irrational price competition that sacrifices product quality and service to gain market share, leading to a low-level repetitive competition and a lack of high-quality supply [2][3][5]. - Regulatory bodies are increasingly addressing involution through negative lists and self-regulatory agreements to curb unfair competition practices [2][10]. - The competition is marked by severe price wars, with institutions frequently undercutting each other on loan rates and insurance premiums, which compresses profit margins and accumulates industry risks [2][4][6]. Group 2: Structural Issues - Many financial institutions are overly focused on scale and rankings, neglecting risk management and long-term value creation, resulting in a "land grab" mentality [3][6]. - The lack of innovation and differentiation in products has led to a homogenization of offerings, where most banks and insurance companies provide similar products with minimal differentiation [6][7]. - The performance evaluation metrics within institutions often emphasize short-term growth, leading to a focus on quantity over quality, which hinders strategic transformation [6][9]. Group 3: Regulatory and Industry Responses - Experts suggest that regulatory authorities should enhance negative lists and establish clear regulatory boundaries to combat malicious price wars and false advertising [9][10]. - Financial institutions are encouraged to focus on technological and business model innovations, aiming for differentiated services in areas like inclusive finance, green finance, and digital finance [9][10]. - The industry is urged to adjust performance evaluation structures to prioritize long-term value creation, risk management, and customer satisfaction over short-term scale expansion [9][10]. Group 4: Future Directions - To break the cycle of involution, financial institutions must create value through differentiated positioning and innovative supply, transitioning from price competition to value competition [8][9]. - There is a call for a multi-dimensional supply system and enhanced service frameworks to address the challenges of homogenization and improve overall industry health [8][9]. - The recent regulatory actions, such as setting a 3% interest rate floor for consumer loans, aim to eliminate previous practices that masked true investment capabilities, promoting genuine competition based on actual performance [11].

Core Insights - The trust industry in China has seen significant growth in asset scale, reaching 29.56 trillion yuan by the end of 2024, a 23.58% increase from the end of 2023 [1][2] - Despite the growth in asset scale, the industry's profit has sharply declined by 45.52% to 230.87 billion yuan, indicating a pressing need for new revenue and profit drivers [5][6] Asset Scale and Revenue - The trust asset scale increased by 5.64 trillion yuan from the end of 2023, marking a substantial annual growth [1] - Operating income for the trust industry reached 94.036 billion yuan in 2024, up 8.89% from 86.361 billion yuan in 2023 [1][5] - The average trust business income for 57 companies was 7.81 million yuan, a decrease of 6.99% from the previous year [5] Business Transformation - The growth in asset scale is attributed to the implementation of the "Three Classification New Regulations," which has led to a shift from traditional non-standard financing to diversified asset service trusts and asset management trusts [2][3] - Asset service trusts accounted for 70% of new products and 50% of the scale of newly established products in 2024, despite their low fee structure impacting overall profitability [1][4] Specific Trust Categories - By the end of 2024, family trust balances reached 643.58 billion yuan, while insurance trust balances were 270.40 billion yuan, contributing to a total of 1.0289 trillion yuan in personal wealth trusts [2] - The administrative management service trust business had a scale of 1.8177 trillion yuan, indicating a deepening of service scenarios and the social value of trusts [3] - Asset management trusts totaled 11.39 trillion yuan, with fixed income trusts primarily invested in bond assets amounting to 9.15 trillion yuan [3] Profitability Challenges - The overall profitability of the trust industry has weakened, with a significant drop in profits due to the low fee structure of asset service trusts [5][6] - The average fair value loss for 57 companies was 94 million yuan, indicating increased pressure on revenue and profit margins [6] - The industry is urged to balance traditional and new business growth to enhance profit performance and adapt to regulatory changes [7]