◇ 作者：广发银行资产托管部 田卫来 姚秋歌 ◇ 本文原载《债券》2025年10月刊 摘 要 近年来，我国资产托管业务规模持续增长，市场竞争日趋激烈，行业呈现多元化发展格局。利差缩窄对商业银行资产托管业务发展 形成一定冲击，主要表现为托管费率不断压缩、运营风险管理难度加大、行业竞争格局加速分化等。从国际市场来看，欧美资产托 管机构为应对低利率环境开展了积极的探索和实践。建议我国资产托管机构聚焦成本控制和业务结构优化，并通过技术赋能、服务 增值与生态协同，逐步实现从基础服务商向金融生态赋能者转变。 关键词 利差缩窄 资产托管 技术驱动 资产管理 自2024年以来，利差缩窄、债券收益率曲线扁平化及"资产荒"等现象，给金融机构尤其是商业银行的经营带来诸多挑战。根据万得 （Wind）数据，我国商业银行的净利差已从2021年的2.08%降至2024年末的1.52%，部分中小银行甚至低于1.40%，处于历史低位。 资产托管业务收入属于非息收入，可带来大量资金沉淀，具有低风险、轻资本、轻资产的特点。在经济周期下行阶段，非息业务表 现出较强的业务黏性，为商业银行提供了稳定的综合收益。资产托管属于资产管理的配套服务，利差变化可 ...

Core Viewpoint - The discussion at the "2025 Shanghai Global Asset Management Forum" highlighted the evolving landscape of China-Europe financial cooperation, emphasizing the importance of interconnectivity and the role of custodial services in facilitating this collaboration [1][2]. Group 1: Trends in China-Europe Financial Cooperation - China-Europe financial cooperation has entered a new stage of multi-level integration, with significant acceleration in infrastructure connectivity, moving from "single-point breakthroughs" to "multi-point connections" [2]. - Policy communication has deepened through mechanisms like the China-Europe financial dialogue, providing a pragmatic platform for bilateral cooperation [2]. - The use of the Renminbi in China-Europe cooperation is diversifying, with European institutional investors increasing their allocation to Renminbi assets and the signing of bilateral currency swap agreements reflecting confidence in the Renminbi as a global reserve currency [2]. Group 2: Role of Chinese Custodian Banks - Chinese custodian banks are becoming key hubs connecting domestic and international markets, with increasing reliance from the market and rising expectations for service quality [3]. - China Bank has actively supported capital market interconnectivity and has established itself as the first Chinese global custodian bank, with a global custody scale of 4.7 trillion yuan, covering over 100 countries and regions [3]. - The bank plans to continue building its custodian network autonomously, leveraging technology and a comprehensive securities service system to enhance service depth [3]. Group 3: Future Aspirations of China Bank - China Bank aims to be a critical hub for interconnectivity and a trusted partner in custodial services, prepared to support broader financial openness [4]. - The bank is committed to enhancing its global custodial service capabilities to facilitate high-level outbound investments and quality inbound investments, contributing to the construction of a dual circulation development pattern [4].

南方财经全媒体记者吴霜上海报道 当下，大资管行业蓬勃发展对作为基础服务的托管业务提出了更高要求，如何提升我国托管行业服务能 级，实现托管行业高质量可持续发展，更好支持培育和发展新质生产力，服务于国计民生、资本市场和 实体经济，做好金融"五篇大文章"，承担丰富金融创新、防范金融风险、深化金融改革的职责使命，助 力上海国际金融中心和上海全球资管中心建设，是摆在我们面前的现实问题。 在《上海国际金融中心建设"十四五"规划》《关于加快推进上海全球资产管理中心建设的若干意见》 中，均提出研究设立专业托管机构的规划。2024 年 8 月 22日修订的《上海市推进国际金融中心建设条 例》中提出，"……支持商业银行等在本市设立专营托管机构"。证监会于近期发布的《证券投资基金托 管业务管理办法（修订草案征求意见稿）》中亦有专门条款指出，金融机构可以设立全资子公司专门开 展托管业务，并对申请资格做出了具体规定。 在此背景下，21世纪资管研究院联合复旦大学、上海财经大学的专家学者、法律界的专家以及上海浦东 发展银行共同研究撰写了《托管专业银行建设报告》，并于4月19日在上海举办了闭门研讨会，邀请了 来自政府及监管部门专家、高校及法 ...