记者采访获悉，部分信托公司在展业过程中会为银行、融资方提供通道业务，收取0.5％。至3％。的管 理费。《办法》要求单个机构投资者及其关联方投资同一信托产品的金额合计不超过信托产品实收规模 的80%，且单个信托产品投资于同一资产的比例不得超过实收信托规模的25%，显著提高了通道业务开 展的操作难度。 郭晨凯 制图 ◎记者 马嘉悦 "通道这下'尴尬了'""产品都要投资组合""老产品整改也是个大工程"……上海一座办公楼中，某信托公 司标品业务负责人张宇（化名）正与相关业务人员开会，逐条讨论《资产管理信托管理办法（征求意见 稿）》（下称《办法》）对业务的影响。 张宇透露，10月底发布的《办法》在信托业激起千层浪，通道业务生存空间被进一步压缩，几乎所有信 托公司都将被倒逼着从"躺着赚钱"转型成"跑着赚钱"。"尽管发布的是征求意见稿，但抛弃通道、迎接 主动管理已是大势所趋。" 同样面临通道压缩的，还有私募行业。公开资料显示，截至11月25日，今年以来已有近10家私募因通道 业务被监管点名，监管部门还专门通报了私募基金违规通道业务的典型案例。在业内人士看来，通道业 务本就存在权责不明、监管套利等风险，不管是私募还是信托都不 ...

Core Insights - The total asset management scale of the trust industry in China is projected to reach 32.43 trillion yuan by June 2025, marking an increase of 2.87 trillion yuan from the previous year, which represents a growth rate of 9.7% [1] - This is the first time that the trust scale has surpassed 30 trillion yuan, positioning it as the third largest asset management sector, following insurance asset management and public funds [1] - The transformation of trust companies has shown positive results, shifting from traditional non-standard financing to more diversified and specialized services such as asset service trusts, asset management trusts, and charitable trusts [1] Industry Trends - The trust industry is experiencing a structural optimization, with a significant shift in business models from traditional financing trusts and channel businesses to asset management trusts and asset service trusts [1] - The "three-category" policy for trust business has led to asset management trusts, asset service trusts, and asset management trusts becoming the dominant business models driving the current growth in trust asset scale [1]