Core Viewpoint - The asset management trust market experienced a significant downturn in October, primarily driven by a decline in non-standard trusts, while standard trusts showed resilience amidst fluctuations [1][2]. Group 1: Market Performance - In October, the total number of asset management trust products issued was 2,208, a decrease of 9.39% month-on-month, with a disclosed issuance scale of 110.732 billion yuan, down 12.99% [2]. - The number of non-standard trust products issued fell by 18.72%, and the issuance scale decreased by 19.81%, marking it as the main factor for the weakened trust issuance market [2]. - The establishment of asset management trust products also saw a significant decline, with 1,651 products established, down 27.71% month-on-month, and a disclosed establishment scale of 60.516 billion yuan, down 14.62% [2]. Group 2: Non-Standard Trusts - The non-standard trust establishment market faced a notable downturn, with the number of products established decreasing by 37.12% and the establishment scale down by 22.78% [2]. - Specifically, the establishment scale of basic industry products decreased by 5.041 billion yuan, down 16.79%, while non-standard financial products saw a reduction of 4.853 billion yuan, down 23.5% [2]. Group 3: Standard Trusts - Standard trusts demonstrated some resilience in a low-interest-rate environment, with 1,283 standard trust products issued, a slight decrease of 1.23%, but the issuance scale increased by 1% [2]. - The number of standard trust products established reached 960, with a disclosed establishment scale that grew by 12.86% month-on-month [2]. Group 4: Market Influences - Multiple factors contributed to the market contraction in October, including holiday effects and the implementation of new pre-registration regulations, which led to a decrease in market activity [4]. - The holiday period saw a concentration of non-standard trust projects being launched before the break, resulting in weakened supply and demand dynamics post-holiday [4]. - The new regulations require a shift from single financing to portfolio investment in government financing businesses, causing a temporary inability to launch compliant new products and affecting the overall issuance and establishment of non-standard products [4]. Group 5: Future Trends - In the current low-interest-rate environment, the attractiveness of fixed-income products is declining, while equity products are gaining traction due to strong performance in the A-share market [5]. - The industry is expected to accelerate the transition towards portfolio investment and standard trust business models as a response to changing market conditions [5].

Group 1 - The trust industry is experiencing continuous growth in standardized trust products, with 1,491 products issued in July 2023, a month-on-month increase of 141 products, representing a growth rate of 10.44% [1] - The implementation of the "Three Classification New Regulations" in 2023 is seen as a significant milestone for the development of standardized trusts, especially as non-standard trusts face transformation pressures [1][2] - Standardized trust investments in bonds, stocks, and other standardized assets are beneficial for guiding social funds towards capital markets and the real economy, thereby enhancing resource allocation efficiency [1] Group 2 - Among the 57 trust companies that have disclosed their 2024 annual reports, 79% actively mentioned standardized trusts, indicating their strategic importance within the industry [1] - Zhongcheng Trust reported a standardized trust scale of 866.58 billion yuan as of June 30, 2025, a growth of 61.79% since the beginning of the year, while Zhonggu Trust's standardized asset management business reached 126 billion yuan, up 19% [1] - Jin Gu Trust and Kunlun Trust have emphasized the importance of standardized trusts in their recent meetings, focusing on enhancing wealth marketing and management capabilities [2] Group 3 - The non-standard trust business has seen a decline in its proportion of total trust assets, yet it remains a component of some trust companies' business systems [2] - The "Three Classification New Regulations" clarify the boundaries of trust business, prohibiting trust companies from conducting asset management trust business in the form of private equity funds and other non-compliant activities [2] - The industry is facing significant transformation challenges, with early adopters of transformation gaining a competitive advantage [3] Group 4 - The future of standardized trusts depends on trust companies' ability to enhance their professional capabilities and find sustainable profit growth points under strict regulatory conditions [3] - The trust industry is expected to transition from being "quasi-credit intermediaries" to "true asset management institutions," reshaping the competitive landscape [3] - Successful transformation will allow trust companies to occupy a dominant position in the asset management market, serving as a core hub connecting the real economy and household wealth [3]

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].

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration will end the single financing model for non-standard trust products starting September 1, 2025, requiring trust companies to adopt a diversified investment approach [1][2] Group 1: New Regulations - China Trust Registration will enforce new pre-registration review standards from September 1, 2025, which will impact non-standard asset management trusts significantly [1] - The updated guidelines mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2] Group 2: Impact on Trust Companies - The new guidelines will primarily affect non-standard trust products, while standard asset management trusts will not face substantial changes [2] - Trust companies will need to disclose complete transaction chains, including information on special purpose vehicles (SPVs) and the final underlying assets [2] Group 3: Industry Implications - The shift to combination investments in non-standard trusts is expected to reduce non-systemic risks and enhance the overall risk management of trust assets [2] - This change is anticipated to realign the role of trust companies back to asset management, focusing on maximizing beneficiary interests rather than solely serving financing parties [2]

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration Center on September 1, 2025, will end the single financing model for non-standard trust products, requiring asset management trusts to adopt a diversified investment approach [1][2]. Group 1: New Regulations - Starting from September 1, 2025, the updated trust registration guidelines will mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2]. - The new guidelines will also introduce requirements for transparent disclosure of transaction chains, including details about special purpose vehicles (SPVs) and the final underlying assets [2]. Group 2: Impact on the Industry - The new regulations are expected to have no substantial impact on standard asset management trusts but will significantly affect non-standard trusts, effectively ending the single borrower model [2]. - Currently, the proportion of non-standard trusts utilizing combination investments is relatively low, indicating a need for industry adaptation [2]. Group 3: Benefits of Combination Investment - Implementing combination investments can mitigate non-systematic risks, as reliance on a single financing party can lead to significant asset devaluation if issues arise [2]. - The shift towards combination investments is anticipated to realign trust companies' roles back to asset management, focusing on maximizing beneficiary interests rather than merely serving financing parties [2]. - This change is expected to enhance the professional investment capabilities of trust companies, promoting sustainable industry development and improving service quality to the real economy [2].

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]

Group 1 - In July, the issuance of asset management trusts decreased slightly, with a significant decline in issuance scale, while the establishment market showed a notable increase in quantity but a clear decrease in scale [1] - Non-standard financial products saw a substantial decrease in established scale, influenced significantly by the transfer of credit asset income rights, with a reported reduction of 8.309 billion yuan [1][7] - Conversely, basic industry products experienced an increase in established scale by 7.246 billion yuan, reflecting a nearly 30% growth, supported by stable contributions from high-quality regions and significant growth in central and western regions [1][6] Group 2 - The issuance of standard products (标品信托) saw a significant increase, with 1,491 products issued in July, a rise of 141 products or 10.44% compared to the previous month, although the disclosed issuance scale decreased by 1.53% [3] - The establishment of standard products also grew significantly, with an increase of 195 products or 17.55%, while the disclosed establishment scale saw a slight decrease of 0.09% [3] - TOF (Trust of Funds) products were the main growth driver in the standard trust establishment market, with 481 products established, marking a 33.62% increase, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [3] Group 3 - The average performance benchmark for fixed income products in July was 2.89%, a slight increase of 0.03 percentage points, while the benchmark for mixed products was 3.78%, down 0.49 percentage points [4] - The downward trend in performance benchmarks for fixed income products appears to be stabilizing, influenced by changing monetary policy expectations and market conditions [4] - The average expected yield for non-standard trust products in July was 5.18%, reflecting a slight increase of 0.11 percentage points, with basic industry products showing the most significant yield increase [7][8]

Core Viewpoint - The new trust registration guidelines issued by China Trust Registration Center will require trust companies to adopt a diversified investment approach for asset management trusts, effectively ending the single financing model for non-standard trusts starting from September 1, 2025 [2][5][4]. Group 1: New Guidelines and Requirements - The updated trust registration guidelines (V3.0) will implement new pre-registration review standards, emphasizing the need for diversified investment in asset management trusts [4][3]. - Trust companies are required to ensure that asset management trusts do not primarily provide financing to a single borrower, promoting a diversified investment strategy across various assets and financing parties [5][6]. Group 2: Implications for the Industry - The shift towards diversified investment is expected to mitigate risks, enhance the core asset management capabilities of trust companies, and improve the quality of services provided to the real economy [7][9]. - The regulatory changes align with previous directives from the China Banking and Insurance Regulatory Commission, which emphasized the need for trust companies to conduct asset management trusts through collective funding plans [8][9]. Group 3: Current Trends and Challenges - Some trust companies have begun exploring diversified investment models for non-standard trusts, with a notable rise in the "non-standard + standard" investment approach observed in the market [10]. - Despite the growing interest, the overall proportion of diversified investment in non-standard trusts remains relatively low, and challenges such as synchronizing project timelines may affect investor experience [10].

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]