文章来源：用益研究 一周综述： 4、本周标品信托成立规模强势反弹，成立数量环比显著增长。一方面，本周A股市场整体呈现震荡分 化、热点快速轮动的格局。市场情绪在周初高涨后逐步趋于谨慎，成交量先放后缩，显示出资金在当前 位置存在较大分歧；另一方面，本周债市整体呈现偏强震荡、长短端分化的格局。在央行持续净投放的 呵护下，市场资金面压力得到缓解，叠加春节假期临近带来的配置需求和避险情绪，债市情绪整体平稳 偏暖。 信托公司最新业务动态 平安信托·凤鸣慈善信托正式备案成功 2月10日，平安信托2026年首单慈善信托"平安信托·凤鸣慈善信托"正式成立，该慈善信托专注于助学奖 学、扶贫济困、养老助残、救灾救难等多元化慈善领域，旨在通过专业化、可持续的信托架构，凝聚社 会爱心资源，精准助力公益事业发展。 1、本周资产管理信托成立市场略显疲软态势。从结构上看，非标产品成立规模环比下降超两成；而标 品成立规模环比增长近五成。一方面，随着地方化债政策深化，各地严控新增高息非标债务；另一方 面，一季度是银行等金融机构新一年度资产配置的窗口期，其配置需求仍在稳步释放，为债市及固收类 产品提供了重要的增量资金。 2、本周资产管理信托发行市 ...

证券日报网讯2月24日，国投资本（600061）在互动平台回答投资者提问时表示，公司旗下国投证券持 续推动经纪与机构、投行与投资、资管与信用业务等条线的均衡协同发展，着力构建收益多元、业绩稳 健的经营格局；国投泰康信托则聚焦资产服务信托领域，深耕以家庭金融、资产配置为特色的财富管理 业务，不断提升专业化服务能力与盈利水平。 ...

Core Viewpoint - The trust industry is undergoing a significant transformation with the implementation of the new "Trust Company Management Measures," leading to a wave of license renewals among trust companies, indicating a shift towards high-quality development in the sector [2][3][4]. Group 1: License Renewal Progress - Dongguan Trust has received approval to renew its financial license, marking a step in the broader trend of trust companies adapting to new regulations [1][7]. - As of February 10, 2026, 24 trust companies have successfully completed the renewal process, all citing "business scope change" as the reason for renewal [2][9]. - The renewed licenses align with the new "three-category" framework, categorizing businesses into asset service trusts, asset management trusts, and public welfare trusts [2][9]. Group 2: Industry Transformation - The renewal of licenses signifies the trust industry's transition into a new phase of high-quality development, characterized by increased industry concentration and a shift in competition from scale to professional and risk management capabilities [2][3][9]. - Trust companies are focusing on core business areas, shedding non-core activities, and enhancing compliance and risk management to align with regulatory requirements [3][4][9]. - The "standardization + differentiation" business model is expected to drive the industry from homogeneous competition to a more stratified development approach [3][9]. Group 3: Future Outlook - More than half of the trust companies have yet to complete the license renewal process, with significant attention on those facing risks, such as Zhongrong Trust and Minsheng Trust, regarding their ability to obtain new licenses [4][11]. - The industry is expected to complete the license renewal process by the end of March 2026, with a focus on compliance and business transformation being crucial post-renewal [12]. - The overall structure of the trust industry is anticipated to optimize further, reshaping the competitive landscape and enhancing risk prevention capabilities, ultimately better serving the real economy and wealth management needs [13].

Core Viewpoint - The implementation of the new "Trust Company Management Measures" has led to a significant restructuring of the trust industry, with 15 companies, including Aijian Trust and Huabao Trust, obtaining new financial licenses, indicating a shift towards a standardized business framework that emphasizes compliance and professional development [1][2][5]. Group 1: Business Framework Restructuring - The new framework categorizes trust business into three main types: asset service trust, asset management trust, and public welfare trust, consolidating the previous five classifications [1][3]. - The newly defined "inherent asset liability business" includes compliant financing channels such as borrowing liquidity support from shareholders and issuing targeted bonds, while eliminating non-core businesses with low relevance to the main operations [1][3]. - Additional services in the "other business" category now include financial product investment advisory and agency sales, while inefficient services like custody and intermediary consulting have been removed [1][3]. Group 2: Compliance and Professional Upgrade - Trust institutions retain specific business qualifications and unique functional qualifications, such as Huabao Trust and Zhonghai Trust having "stock index futures trading qualifications" [4]. - The standardized framework aims to lower compliance costs and reduce regulatory arbitrage, encouraging institutions to compete based on unique qualifications and professional capabilities [4]. - The focus on core trust operations is expected to better meet the wealth management needs of residents and support the development of the real economy [4]. Group 3: Industry Evolution and Quality Development - The license renewal process serves as a "qualification re-examination," eliminating weaker institutions and promoting a competitive environment where stronger firms can thrive [5]. - The new financial licenses are designed to align business scope with risk-bearing capacity, pushing the industry from formal compliance to substantive compliance [5]. - The trust industry is entering a new phase of high-quality development, with increased concentration and a shift in competition from scale to professionalism and risk control [5].

Core Insights - The trust industry is entering a new phase of differentiated competition, with a "1+N" regulatory system taking root and the "three-category" policy being deepened, leading to a stabilization and recovery in revenue and asset scale for 2025 [1][4] Performance Differentiation - The performance of the trust industry in 2025 shows a clear distinction based on transformation effectiveness, with institutions that have strengthened compliance and risk control leading the market, while others lag behind under performance pressure [2] - Among the disclosed companies, 23 reported revenues exceeding 1 billion yuan, with CITIC Trust leading at 6.326 billion yuan, a growth of over 17% from the beginning of the year [2] - Conversely, 13 trust companies reported revenues below 500 million yuan, with Minmetals Trust being the only company with negative revenue at -203 million yuan [2] Net Profit Disparity - The top five companies by net profit in 2025 are CITIC Trust, Yingda Trust, Jiangsu Trust, Huaren Trust, and Huaxin Trust, with CITIC Trust achieving a net profit of 3.052 billion yuan [3] - Yingda Trust's net profit of 2.950 billion yuan represents a growth of over 60% year-on-year [3] - However, 11 trust companies reported net profits below 100 million yuan, indicating significant operational challenges [3] Business Ecosystem Restructuring - The performance differentiation is a result of the restructuring of the business ecosystem, with trust companies focusing on asset management and asset services, moving away from traditional financing roles [4] - By mid-2025, the balance of asset management trusts reached 24.43 trillion yuan, accounting for 75.33% of total trust assets, while asset service trusts accounted for 24.67% [4] Asset Service Trusts - Asset service trusts have expanded beyond traditional wealth management to include diverse scenarios such as public service and risk management, forming a second growth curve [5] - By mid-2025, wealth management service trusts totaled 4.37 trillion yuan, with administrative management and risk disposal trusts also contributing significantly [5] Innovation and Differentiation - Trust companies are innovating in service trust areas, with CITIC Trust increasing its service trust proportion to 47% in 2025 [6] - Companies like Kunlun Trust and Zhongcai Trust are focusing on specific industries, achieving significant revenue and profit growth through specialized financial services [6] Industry Transition Challenges - The industry is still experiencing transitional pains, with annual operating income fluctuating between 80 billion and 95 billion yuan since 2022, and total profits remaining unstable [7]

Core Insights - The trust industry has stabilized its overall revenue in 2025, but significant performance disparities exist among individual companies, marking a shift from homogeneous competition to differentiated competition [1][2] Performance Disparities - Leading companies like CITIC Trust, Yingda Trust, and Huaxin Trust reported substantial revenue and profit growth, with CITIC Trust achieving 6.326 billion yuan in revenue and 3.052 billion yuan in net profit, maintaining its leading position [2] - Yingda Trust exhibited remarkable growth, with revenue and net profit increasing by 51.49% and 63.70% year-on-year, respectively [2] - Huaxin Trust reported a net profit of 2.076 billion yuan, with its core business revenue growing by 167.94% [2] - Other companies like Shanghai Trust and Shaanxi Guotou also showed steady growth, with Shanghai Trust achieving 2.399 billion yuan in revenue (up 30%) and 0.763 billion yuan in net profit (up 14%) [2] Strategic Differentiation - Some companies, such as Zhongyic Trust and Kunlun Trust, have successfully navigated their transformation with clear strategic choices, with Kunlun Trust's net profit increasing over 400% [3] - Conversely, companies like Wukuang Trust are struggling, reporting a revenue of -0.203 billion yuan and a net loss of -0.806 billion yuan [3] Growth Engines - The restructuring of business models has led to significant growth in asset service trusts, which have become a new growth engine for the industry [4][5] - Investment income has played a crucial role in supporting the performance of certain companies, with Jiangsu Trust reporting 3.13 billion yuan in revenue, of which 2.348 billion yuan (75%) came from investment income [5] Wealth Management and Service Trusts - In wealth management, Shanghai Trust has developed a multi-tiered wealth management account system, achieving a total scale of 100 billion yuan with over 13,000 accounts [6] - CITIC Trust's asset scale reached 3.8 trillion yuan, with service trusts accounting for 47% of this total [6] Innovative Approaches - Companies like Kunlun Trust are focusing on integrating industry and finance, launching innovative projects in areas such as carbon capture and hydrogen energy [7] - The family trust sector is moving towards compliance, professionalism, and diversification, with increasing demand for personalized services like cross-border inheritance and charitable trusts [7]

Core Insights - The trust industry in China is experiencing significant growth, with asset management trusts and asset service trusts becoming the dominant business models, marking a shift from traditional financing methods [1][2] - The industry is undergoing a fundamental transformation towards a modern financial service system, focusing on high-quality development and risk prevention [2][8] Business Structure and Trends - Asset service trusts have seen a notable increase, accounting for at least 24.67% of the industry, with family trusts and insurance trusts experiencing explosive growth [2][3] - Asset management trusts remain the mainstay, comprising 75.33% of the industry, but are shifting towards standardized asset-based investment models [3][9] - The regulatory environment is evolving, with a new "1+N" regulatory framework established to support long-term healthy development [3][4] Regulatory Developments - The revised "Trust Company Management Measures" marks the first comprehensive update in 18 years, enhancing standards for institutional entry, governance, and risk isolation [3][4] - A differentiated regulatory approach is being implemented, optimizing resources based on institutional ratings to encourage excellence and limit underperformance [4][8] Technological Advancements - Digital transformation is becoming a core strategy for trust companies, with generative AI being a focal point for enhancing operational efficiency and decision-making [5][6] - Leading institutions are investing in integrated digital platforms to support the complex management of asset service trusts and standardized investments [6][9] Performance and Challenges - Despite the growth in asset scale, the industry faces challenges, including a 2.83% year-on-year decline in net profit and an 11.38% drop in trust business revenue in the first half of 2025 [7] - The "Matthew effect" is intensifying, with top institutions maintaining their lead while some companies struggle with profitability [7][8] Future Outlook - The trust industry is expected to enter a new phase of high-quality development, with a focus on compliance and governance effectiveness [8][9] - The value of service trusts is anticipated to increase as supporting systems improve, leading to more personalized and intelligent offerings [8][9] - Asset management capabilities will become the core competitive advantage, with a shift from regulatory advantages to capability-driven performance [9]

Core Insights - 2025 marks a significant year for the Chinese trust industry, with the implementation of the "1+N" policy framework and a systematic push for institutional restructuring, moving away from extensive growth towards a focus on fiduciary responsibilities [1][2] - The trust industry has achieved dual optimization in scale and structure, with total asset management reaching 32.43 trillion yuan by mid-2025, reflecting a 9.7% increase from the previous year and over 20% year-on-year growth [1][2] Regulatory Developments - The State Council's issuance of guidelines to strengthen regulation and promote high-quality development in the trust industry has been pivotal, alongside the introduction of new management regulations [1] - Breakthroughs in institutional bottlenecks have been noted, with approximately eight cities initiating real estate trust property registration, facilitating the inclusion of real estate into trust structures [1] Business Transformation - The trust industry is focusing on a "three-category" policy for business layout, with asset management trusts dominating at 24.43 trillion yuan and asset service trusts exceeding 8 trillion yuan, becoming the dual engines of industry growth [2] - Trust companies are increasingly integrating with the real economy, exploring new models in sectors like oil and electricity, and expanding services in areas such as pension finance and charitable trusts [2] Future Opportunities and Challenges - The trust industry faces both opportunities and challenges as it enters 2026, with ongoing policy benefits and growing demands in wealth management, pension planning, and charitable activities [3] - The industry must navigate stricter regulations and a scarcity of quality projects, alongside a notable talent gap in professionals who understand finance, law, and technology [3] Strategic Directions - The trust industry should focus on deepening professional capabilities and adhering to fiduciary duties, while enhancing research and investment capabilities to achieve stable returns [4] - Embracing innovation through technologies like blockchain and big data is essential for improving risk control and customer service [4] - Building trust through transparent information disclosure and promoting a culture of integrity will be crucial for the industry's sustainable development [5]

Core Viewpoint - The board of directors of Jianyuan Trust Co., Ltd. held its 30th meeting on December 29, 2025, where several key resolutions were passed, including the establishment of new governance and operational frameworks, as well as financial planning for the upcoming year [1]. Group 1: Governance and Operational Resolutions - The board approved the proposal to establish a business authorization scheme for the chairman and general manager, while simultaneously abolishing the previous business authorization system [1]. - The board also approved the revision of the internal control evaluation system, which had previously been reviewed by the Risk Control and Audit Committee [2]. - A new data governance management system was established and approved by the board [4]. Group 2: Financial Planning - The board approved the financial budget plan for the year 2026, indicating a structured approach to financial management for the upcoming year [5]. Group 3: Related Party Transactions - The board approved a proposal to engage in liquidity support business and related party transactions with the China Trust Industry Guarantee Fund, which holds over 5% of the company's shares [6]. - A proposal for related party transactions with directors and senior management and their affiliates was also approved, ensuring compliance with relevant regulations and fair pricing [8][10]. - The board approved the revision of the information disclosure management system, with details available on the Shanghai Stock Exchange website [10].

Core Viewpoint - The China Wealth Management 50 Forum 2025 Annual Meeting emphasizes the theme of "Building a Financial Powerhouse in the 14th Five-Year Plan" and discusses the challenges and opportunities presented by the low interest rate environment in the asset management industry [1][7]. Group 1: Market Trends and Investor Behavior - The low interest rate environment has significantly shifted investor demand, leading clients to reduce real estate allocations and increase investments in financial assets. There is a growing demand for risk isolation and wealth planning rather than solely focusing on single product returns [3][9]. - The long-term low interest rate period in the U.S. from 2008 to 2022 saw a rise in the proportion of financial assets from 35% to 66%, with stock and mutual fund allocations increasing from 11% to 22%. The S&P 500 index achieved an annualized return of approximately 11% during this period [4][10]. Group 2: New Business Models and Services - Asset management institutions are encouraged to embrace new trends in the capital market, which can provide stable investment returns. The insurance sector has increased its allocation to stock funds, reaching 4.74 trillion yuan, a year-on-year increase of nearly 1 trillion yuan [4][10]. - Differentiated asset management services are being developed, with public funds focusing on ETF products, which have grown from a trillion-level scale in 2020 to 6 trillion yuan this year, with an increase of 2.2 trillion yuan in the current year [5][11]. - The trust industry is seeing a transformation with the introduction of asset service trusts, which have redefined the core functions of trusts, leading to a significant scale effect. As of June this year, the total scale of trust assets reached 32 trillion yuan, with service-type assets exceeding 11 trillion yuan [5][12]. Group 3: Meeting Diverse Client Needs - The demand for wealth inheritance and security is increasing, with the potential for residents to inherit assets reaching 20 trillion yuan. The trust industry aims to provide diversified asset allocation solutions to meet these evolving needs [6][12]. - The industry is focusing on long-term client relationships and providing multi-asset cross-cycle allocation strategies, embodying the buy-side advisory concept [6][12]. Group 4: Technological Empowerment - Financial technology is expanding the possibilities within the asset management industry. Integrating data models and decision-making processes through AI and information technology is essential for enhancing asset management capabilities unique to China [6][13].