受季节性因素等影响，非标信托9月成立数量环比增加。 基础产业类信托成立规模显著增加，达到300亿元，环比增加18.55%。首先，季度末考核压力下，信托 公司为冲刺业绩目标加速项目落地，部分项目集中在季末成立。其次，地方化债深入推进，政信类业务 风险预期改善，吸引资金回流，信托公司承接部分合规化债项目。最后，在市场利率下行背景下，基建 项目收益相对稳定的优势凸显，叠加政策鼓励金融支持实体经济，进一步推动基础产业信托规模增长。 非标金融类产品9月成立规模达到206.56亿元，环比增长48.95%，主要是受信贷资产受益权转让业务影 响较大。在信贷资产收益权转让方面，9月是三季度的季末，也是重要的监管考核时点。季末银行出于 调整信贷规模、盘活存量资产的需求，加大通过信托渠道转让信贷资产收益权的力度，而非标信托成为 承接此类业务的重要载体。 用益金融信托研究院发布的9月资产管理信托市场统计分析报告显示，9月非标信托产品成立市场显著回 暖，数量及规模均呈现回升态势。 非标信托产品的平均预期收益率环比下降。9月起正式实施的信托预登记新规要求，非标产品嵌入收益 相对较低的标品，在一定程度上拉低了产品的整体平均预期收益率。 季 ...

Core Viewpoint - The recent local debt resolution measures in China have significantly improved the management of local government debt, with 12 trillion yuan invested to help over 50 regions clear hidden debts, effectively controlling market risks [2][6]. Group 1: Trust Market Dynamics - The trust market is currently characterized by a simultaneous increase in establishment and a decrease in issuance, with a notable rebound in asset management trusts, where establishment scale surged over 50% [3][5]. - From September 15 to September 21, the establishment scale of asset management trusts increased by 54.71%, averaging 1.855 billion yuan daily, driven primarily by the explosive growth of non-standard trusts [6]. - Over 70% of existing trust products achieved positive returns, with stock strategy products outperforming public funds and market indices during the same period [4][8]. Group 2: Policy Impact and Industry Transformation - The recent revision of the Trust Company Management Measures has led to more stringent reviews in product registration and asset management, slowing down business progress [7][14]. - The dual policy effects of the new regulations and the non-standard investment combination rules are pushing the trust industry away from traditional scale expansion towards a focus on quality improvement [4][13]. - The emphasis on compliance and risk management is reshaping the industry, with a shift from a focus on scale to a focus on quality and risk management [12][15]. Group 3: Performance Analysis - The average yield of trust products decreased to 0.06%, with a 70.63% positive yield ratio among existing products, indicating overall stability despite market pressures [8][9]. - Stock strategy trust products have shown superior performance in volatile markets, attributed to their robust active management strategies [10][11]. - Bond strategy products maintained a steady average yield of 0.01%, reflecting their focus on absolute returns and lower volatility, suitable for conservative investors [11].

成立市场方面，资产管理信托产品的成立数量环比减少3.61%，成立规模环比减少27.52%。非标信托与 标品信托的成立规模均呈现回落态势，整体市场偏观望状态。发行端同样延续低迷态势，该周信托产品 发行规模为166.93亿元，环比下降12.75%，从资金投向来看，基础产业与金融等主要领域产品的发行规 模均出现不同程度下滑，金融类产品或因资本市场波动，短期内发行节奏放缓。 其中，非标信托产品成立市场"数增量减"。同源数据显示，该周共有171款非标信托产品成立，环比增 长10.32%；已披露成立规模为36.54亿元，环比减少9.46%。此外，标品信托市场同步承压，成立数量及 成立规模均大幅下滑。用益金融信托研究院发布的报告认为，由于标品信托产品中以固定收益类资产为 主要配置方向，其表现与债市关联密切，在本轮债市调整中，市场观望情绪浓厚，投资者风险偏好趋于 保守，短期内标品信托市场或仍将维持偏弱运行状态。 上证报中国证券网讯（胡尧 记者 金苹苹）近期，信托市场依然延续了此前相对低迷的状态。用益金融 信托研究院数据显示，9月8日至9月14日这一周，信托产品成立规模环比降幅近三成，发行规模也持续 收缩，其中标品信托整体承压 ...

Core Insights - The A-share market's strong performance and the upcoming trust pre-registration regulations are significantly impacting the asset management trust market's product landscape [1][2] - Non-standard trust products are experiencing growth in establishment scale, while standard trust products are facing a downturn due to capital being diverted to the stock market [1][5] Non-Standard Trust Products - From August 18 to August 24, 163 non-standard trust products were established, marking a 7.95% increase, with a total disclosed establishment scale of 5.34 billion yuan, up 9.25% [2] - The establishment scale of basic industry non-standard trust products grew by 21.59%, while financial non-standard trust products saw a 47.73% increase; however, industrial and commercial enterprise trust products decreased by 73.48% [2] - The geographical distribution shows that Jiangsu Province leads with 39 products, followed by Shaanxi (23) and Zhejiang (22) [2] Standard Trust Products - The standard trust market is experiencing a downturn, with the number of established products reaching 172, a 14.67% increase, but the establishment scale is declining due to the stock market's "siphoning effect" [5][6] - The average performance benchmark for fixed-income products is 2.80%, down 0.09 percentage points [6] Market Dynamics - The upcoming regulations are expected to shift the traditional operation model of non-standard trusts towards a combination investment and net value management approach [3] - The average expected annual yield for non-standard products is 5.21%, a decrease of 0.08 percentage points, indicating a tightening of high-yield non-standard debt [3][4] - The divergence in performance between non-standard and standard products is seen as a temporary phenomenon influenced by policy adjustments and market conditions [7]

Core Viewpoint - The new trust registration regulations in China will impose stricter requirements on single non-standard trust businesses, compelling trust companies to adjust their business structures and move towards a model of diversified investment [2][6]. Group 1: New Regulations Overview - The China Trust Registration Company has issued a new version of the trust registration business guidelines, which will take effect on September 1, 2025 [2]. - Trust companies are now required to implement portfolio investment requirements for asset management trusts, prohibiting the provision of financing to a single borrower [3][4]. - The updated pre-registration review standards include detailed reporting requirements on product information, transaction structure, underlying assets, and risk control measures [3][4]. Group 2: Impact on Trust Companies - Trust companies have historically relied on single financing parties, which poses inherent risks in diversification [3]. - The new regulations will challenge trust companies to enhance their research and risk control capabilities as they transition to a portfolio investment model [4][8]. - The requirement for portfolio investment aims to reduce reliance on traditional non-standard financing and guide trust companies towards becoming professional investment trustees [4][6]. Group 3: Industry Response and Future Outlook - The push for portfolio investment is seen as an opportunity for trust companies to upgrade their business models and improve core competitiveness [9]. - The industry is expected to optimize its structure and enhance overall professional standards and risk resilience, promoting a more regulated and sustainable development of the trust sector [9]. - Investors will need to reassess the risk and return characteristics of trust products and adjust their asset allocations accordingly [9].