Core Viewpoint - China Trust Registration Co., Ltd. (China Xindeng) will implement new requirements for asset management trust products starting from September 2025, mandating portfolio investment to avoid single financing for trust businesses [1][2]. Group 1: Regulatory Changes - New pre-registration review standards for trusts will take effect on September 1, 2025, requiring trust companies to adopt portfolio investment strategies [1]. - The regulatory body has indicated that asset management trusts should primarily use portfolio investment to mitigate risks, with plans to revise relevant regulations [2]. Group 2: Industry Response - Trust companies are currently observing the situation regarding the new portfolio investment requirements, with expectations that the impact on actively managed trust businesses will be manageable [3]. - Many trust companies have already begun implementing portfolio investment strategies in their self-issued asset management trust products, particularly in standard and non-standard trusts [4]. Group 3: Challenges and Considerations - The shift to portfolio investment increases management complexity for trust companies, as they must now manage multiple projects within a single trust product, which poses challenges in aligning project timelines and credit evaluations [4].

Core Viewpoint - The new trust pre-registration review standards issued by China Trust Registration Co., Ltd. will take effect on September 1, 2025, marking a shift from the traditional single financing model of non-standard trusts to a diversified, standardized, and net value-oriented asset management approach [1][2][5]. Summary by Relevant Sections New Guidelines - The updated "Trust Registration Business Guidelines (V3.0)" will enforce new pre-registration review standards, requiring trust companies to implement portfolio investment requirements for asset management trusts and prohibiting the provision of financing that effectively serves a single financing party [2][5]. - Trust funds must disclose comprehensive information about the transaction chain, including details on special purpose vehicles (SPVs) and the final underlying assets [2][3]. Transition from Single Financing Model - The traditional single financing model of non-standard trusts is seen as a product of specific historical conditions, characterized by high efficiency in meeting funding needs but leading to passive risk management and high concentration of risk [3][4][6]. - The transition to portfolio investment is already underway, with previous notifications emphasizing that asset management trusts should operate through collective funding trust plans [5][6]. Impacts on the Industry - The shift to portfolio investment will transform trust companies' business models, requiring them to diversify investments across multiple assets and reduce reliance on single financing parties [7]. - Enhanced risk management practices will be necessary, as portfolio investment can mitigate non-systematic risks through diversification of underlying asset types and counterparties [7]. - The restructuring of the industry ecosystem will encourage innovation in business models, pushing trust companies to return to their core asset management functions [7].

《登记指南》还有穿透披露的要求。例如，在交易链条方面，信托资金通过合伙企业或金融产品等特殊 目的载体间接投向底层资产的，应当完整披露交易链条、各层嵌套SPV（特殊目的机构）、最终底层资 产和最终募资主体等信息。 据记者了解，此前各区域监管标准不甚一致，各家信托公司投资组合的实践进度不一。业内人士表示， 整体上，目前非标信托组合投资的占比仍不算高。 帅国让分析，非标信托进行组合投资，有多重积极意义。从风险角度来看，单一融资方业务若出现问 题，容易导致信托资产大幅减值，组合投资可降低非系统性风险，避免"把鸡蛋放在一个篮子里"。从业 务模式看，可扭转信托公司私募投行角色，使其回归资产管理本源，以受益人利益最大化为目标，而非 单纯为融资方服务。从行业发展看，能促使信托公司提升专业投资能力，推动行业可持续发展，增强服 务实体经济质效，避免过度依赖单一融资项目的不规范业务模式。 （文章来源：证券时报） 非标信托单一融资模式即将终结。证券时报记者获悉，中国信登自2025年9月1日起，将执行新的信托预 登记审查标准。其中，对于资产管理信托，信托公司应当落实组合投资要求，不得开展实质为单一融资 方提供融资的信托业务。受访人士分 ...

Group 1: Asset Management Trust Market Overview - In July, the issuance of asset management trusts saw a slight decline in quantity and a significant decrease in scale, with non-standard product issuance down by 13.85% and disclosed issuance scale down by 23.97% [1] - The establishment market for asset management trusts showed a notable increase in quantity but a significant decrease in scale, with non-standard financial products' disclosed establishment scale decreasing by 8.309 billion [1][4] - Basic industry products experienced a disclosed establishment scale increase of 7.246 billion, reflecting a nearly 30% growth, supported by stable contributions from high-qualification regions and significant growth in central and western regions [1][4] Group 2: Standardized Trust Products Performance - The issuance of standardized trust products in July increased significantly, with 1,491 products issued, a rise of 10.44%, although the disclosed issuance scale decreased by 1.53% [2] - The number of established standardized trust products also saw a significant increase, with a rise of 195 products, or 17.55%, while the disclosed establishment scale decreased slightly by 0.09% [2] - TOF (Trust of Funds) products were the main growth driver in the standardized trust establishment market, with 481 products disclosed, an increase of 33.62%, and a disclosed establishment scale of 8.561 billion, up by 16.90% [2] Group 3: Performance Metrics of Trust Products - In July, the average performance benchmark for fixed-income products was 2.89%, a slight increase of 0.03 percentage points, while the benchmark for mixed products was 3.78%, down by 0.49 percentage points [3] - The downward trend in fixed-income product benchmarks is stabilizing, influenced by changing monetary policy expectations and a strong equity market [3] - The average expected yield for non-standard trust products in July was 5.18%, up by 0.11 percentage points, with basic industry products showing the most significant yield increase [5][6] Group 4: Non-Standard Financial Products Trends - The establishment scale of non-standard financial products decreased significantly in July, primarily due to the impact of credit asset transfer business, with a decrease of nearly 30% [5] - The establishment scale of industrial and commercial enterprise products fell by nearly 70%, attributed to a decline in manufacturing PMI and reduced financing demand [5] - The average term for non-standard trust products was 1.88 years, a decrease of 0.04 years, with variations in average terms across different product categories [5]

Core Insights - The asset management trust market in July experienced a slight decline in overall issuance and significant decrease in scale, with non-standard products facing notable setbacks [1] - In contrast, the issuance of standard products saw a significant increase, with 1,491 standard trust products issued, representing a 10.44% increase compared to the previous month [1] Issuance Market - The overall issuance market showed a slight decline, with non-standard product issuance down by 13.85% and disclosed issuance scale down by 23.97% [1] - Standard product issuance increased, with 1491 products issued, up by 141 products or 10.44% month-on-month, although the disclosed issuance scale decreased by 1.53% [1] Establishment Market - The establishment market showed a significant increase in the number of products, with 2,295 asset management trust products established, a 10.50% increase month-on-month, while the disclosed establishment scale decreased by 6.88% [2] - Non-standard products saw a slight increase in the number of establishments but a significant decrease in scale, with disclosed establishment scale down by 9.30% [2] - The establishment scale of non-standard financial products was notably impacted by the transfer of credit asset beneficiary rights, resulting in a reduction of 8.309 billion yuan [2] Standard Product Performance - The number of established standard trust products increased significantly, with a month-on-month rise of 195 products or 17.55%, while the disclosed establishment scale saw a minor decrease of 0.09% [3] - The capital market's strong performance is identified as a key driver for the growth in standard trust product establishment [3] Overall Market Trends - The asset management trust market in July displayed a complex and varied landscape in both issuance and establishment, with distinct characteristics in non-standard and standard markets [3] - Future market trends will require close monitoring of macroeconomic conditions, policy directions, and dynamics in the capital market [3]