信托业务"三分类"新规实施，开启了信托行业第三次转型之路，其中风险处置服务信托被明确列为资产 服务信托的重要类别。大业信托作为国有控股的信托公司，找准定位，将风险处置服务信托作为响应股 东单位回归主责主业的重要工具和回归信托本源推动转型发展的重要方向。 2020年以来，大业信托开始拓展问题项目和问题企业的纾困业务。截至目前，大业信托存续的风险处置 服务信托规模逾174亿元。业务模式涵盖从风险隔离到结构化债权重组、共益债投资等多种形式，以解 决合作方的实际问题为本，充分运用各方股东资源优势，助力困境企业提升债务重组效率，从而达到保 民生、保稳定、促发展、促安全的各方共赢局面。 大业信托始终坚持立足受托人定位，充分发挥信托制度优势，以资产服务信托业务为重要抓手，服务国 家经济发展大局。公司将始终遵循高质量党建引领高质量发展的根本原则，进一步深入贯彻落实党的二 十届四中全会精神，全力谱写好金融"五篇大文章"。 2025年11月，大业信托"绍兴项目风险处置服务信托"在证券时报主办的2025年度优秀信托公司评选活动 中荣获"优秀风险处置服务信托"奖。该项目是大业信托贯彻落实国家关于房地产化解风险"十六条"政策 的积极探 ...

在资管新规深化、传统融资类信托收缩的背景下，风险处置服务信托已成为信托公司的核心转型方向之 一。近日，*ST东易、*ST新研、*ST名家等多家上市公司的重整公告中，云南国际信托、中国对外经济 贸易信托、重庆国际信托等机构密集现身，成为重整投资人的重要组成部分。对此，业内专家表示，信 托公司发力风险处置服务信托，不仅是服务供给侧的积极布局，更是市场需求侧的主动选择，未来需进 一步完善制度设计，强化信托公司在资产运营中的主动管理能力等。据Wind数据统计，目前参与风险 处置服务信托业务的信托公司已超30家，存量规模超1.5万亿元。市场预计，到2030年，市场化重组和 破产服务信托的市场需求将达10万亿元。（经济参考报） ...

Core Viewpoint - The manufacturing industry is crucial for national economic stability and growth, with a projected value-added output of 8 trillion yuan during the "14th Five-Year Plan" period, contributing over 30% to global manufacturing growth. The focus is on enhancing financial services tailored to the manufacturing sector to support its high-quality development [1]. Group 1: Financial Services for Manufacturing - Non-bank financial institutions, such as leasing companies, financial companies, and trust companies, are essential in providing specialized financial solutions to support the manufacturing sector's needs for innovation and equipment upgrades [2]. - Financial leasing companies can utilize their "financing + asset" advantages to facilitate connections between equipment producers and users, while trust companies can offer comprehensive financial services through various financial instruments [2]. Group 2: Integration of Digital and Physical Economies - The integration of artificial intelligence into manufacturing is accelerating the convergence of the real economy and digital economy, with the financial leasing sector experiencing a compound annual growth rate of 66.05% in technology finance projects from 2021 to 2024 [3]. - Non-bank institutions are encouraged to support the entire process of technological innovation, from providing "patient capital" in early stages to offering lifecycle services and specialized leasing products for tech companies [3]. Group 3: Green Manufacturing Support - China has established a robust green manufacturing system, with 6,430 national green factories and 491 green industrial parks. Non-bank institutions are expected to develop differentiated financial services to meet the green transformation needs of manufacturing enterprises [4]. - Financial leasing companies can create multi-layered service systems in strategic technology sectors, while trust companies can offer a range of green financial products, including green trust loans and carbon asset trusts [4]. Group 4: Challenges and Strategic Focus - Some non-bank institutions face challenges in effectively integrating finance and industry, often prioritizing capital arbitrage over genuine industry engagement. This is attributed to a lack of deep understanding of manufacturing cycles and supply chain structures [4]. - As the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, non-bank institutions are urged to enhance their sense of responsibility and focus on specialized operations to support the modernization of the industrial system [5].

Core Insights - The Chinese trust industry is entering a new phase of value enhancement, moving from "scale recovery" to "value enhancement" as highlighted in the 2024-2025 China Trust Industry Social Responsibility Report [1][2] Group 1: Industry Performance - As of the end of 2024, the total trust assets managed by 67 trust companies reached 29.56 trillion yuan, marking a year-on-year increase of 23.58%, a historical high [2] - The family trust scale reached 643.58 billion yuan, insurance trust scale was 270.40 billion yuan, and other personal wealth trusts totaled 114.91 billion yuan [2] - 28.81% of the 22.25 trillion yuan in funds managed by the trust industry was directly invested in the real economy, while 46.17% indirectly supported it through capital markets, totaling 16.68 trillion yuan [2] Group 2: Workforce and Structure - The total number of employees in trust companies reached 17,884, an increase of 321 from 2023, with over 60% of employees aged 40 and below, indicating a trend towards a younger and more professional workforce [2] Group 3: Future Development - The report emphasizes that the trust industry is at a critical transformation period, needing to leverage its advantages and fulfill social responsibilities while exploring sustainable profit models and innovating products and services [3] - The industry aims to enhance its operational capabilities, strengthen internal compliance management, and improve trust culture to achieve high-quality development [3]

在金融机构加大对民营企业支持的当下，信托公司如何服务民营企业？接受《金融时报》记者采访 的业内专家表示，在高质量发展阶段，虽然宏观环境仍然面临不确定性，但也给信托业未来发展带来新 机遇。 主动服务科技领域 邢成表示，风险处置服务信托是信托公司转型业务之一，能够助力相关企业厘清治理结构，稳定企 业的正常化经营，为企业走出经营困境、债权人实现债务有序清偿奠定良好基础。 深圳某半导体公司在科创板上市，通过信托公司在资本市场的丰富经验和紧密合作，顺利完成了该 企业核心员工的战略配售业务。《中国信托业发展报告（2024）》显示，2023年以来，包括华润信托、 中航信托、陕国投信托、外贸信托等在内的超40家信托公司作为有限合伙人参与股权投资，出资总额超 过320亿元。 精准用好信托工具 在信托行业新"三分类"中，资产服务信托为一个大类，包括财富管理和风险处置服务信托等，分别 对应多个不同业务品种和服务。此外，信托公司可以借助公益慈善信托，为民营企业实现社会责任提供 信托工具。 "民营企业家面临多重挑战，尤其是从'创一代'到'创二代'的传承阶段，家庭财产权益保障、财富传 承以及企业传承变得尤为重要。研究和解决这些问题不仅有 ...

Core Insights - Shanghai Trust, a key member of SPDB, has been serving national strategies and the real economy since its establishment in 1981, and is now a leader in family service trusts in China [1][2] Group 1: Wealth Management and Trust Services - China has become the world's second-largest wealth management and asset management market, shifting the focus from availability to quality in wealth management services [1] - Shanghai Trust has accumulated approximately 2,000 family service trust cases, with a total scale of about 3 billion yuan, ranking first in market share nationwide [1] - The company has launched the first "cash + real estate" family service trust in the country, broadening access to trust services for ordinary families [2][3] Group 2: Innovation in Trust Products - Shanghai Trust is actively innovating in various trust areas, including real estate trusts, special needs trusts, elderly care trusts, and intellectual property trusts [2] - The company has developed a unique elderly care service trust account to address issues related to wealth transfer and care for the elderly [3] - A special needs trust has been established to provide comprehensive services for vulnerable groups, integrating various assets and social resources [3] Group 3: Support for Innovation and Consumer Protection - Shanghai Trust has collaborated with local institutions to create the first corporate-operated intellectual property service trust, enhancing clinical innovation and commercialization [4] - The company has introduced a prepaid funds service trust to manage consumer prepaid funds, ensuring financial separation and protection against merchant insolvency [6][7] - The risk disposal service trust, established to address project crises, has a scale exceeding 4 billion yuan, demonstrating the company's commitment to safeguarding creditor rights [7]

Core Viewpoint - The regulatory environment for trust companies in China has intensified, with significant penalties imposed on institutions for various compliance failures, indicating a shift towards stricter oversight and accountability in the industry [1][3][4]. Group 1: Regulatory Penalties - Lujiazui Trust was fined 4.2 million yuan for five regulatory issues, including inadequate management of related transactions and serious imprudence in trust project management [1][2]. - Guoyuan Trust was fined 850,000 yuan due to employee behavior management and investor suitability management issues, with specific personnel receiving warnings and fines [1][2]. - The total penalties for trust institutions in 2023 have exceeded 11.1 million yuan, reflecting a growing trend in regulatory enforcement [1][3]. Group 2: Industry Trends - Since 2019, the annual penalty amounts for trust companies have consistently exceeded 20 million yuan, with 2021 and 2022 seeing penalties of 75.01 million yuan and 68.14 million yuan, respectively [3]. - The regulatory approach has shifted from post-event punishment to a more proactive and comprehensive accountability framework, emphasizing preemptive measures [4]. - The trust industry is undergoing a fundamental transformation, moving from traditional non-standard investment business to core asset service trusts, focusing on service quality and customer experience [4]. Group 3: Innovations in Trust Services - Wealth management service trusts have emerged as a key focus area, with the total market size reaching approximately 1.1 trillion yuan by the end of Q1 2025 [5]. - The insurance trust segment has grown significantly, reaching about 420 billion yuan, a nearly 60% increase from 2023, with its market share rising to 38% [6]. - New pilot projects in trust property registration have been successfully implemented, showcasing innovative service models for family wealth management and inheritance [7]. Group 4: Future Regulatory Developments - The regulatory body plans to revise the "Trust Company Management Measures" and develop new guidelines for asset management trusts by 2025, indicating ongoing efforts to enhance regulatory frameworks [7].