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 showed a slight decline in issuance quantity and a significant decrease in issuance scale, while the establishment market experienced a notable increase in quantity but a clear decline in scale [1][2]. Issuance Market - In July, a total of 2,549 asset management trust products were issued, representing a month-on-month decrease of 1.13%, with a disclosed issuance scale of 130.318 billion yuan, down 16.35% [1]. - Non-standard products faced significant setbacks, with issuance quantity decreasing by 13.85% and issuance scale dropping by 23.97% [1]. - Conversely, standard products saw a notable increase, with 1,491 standard trust products issued, an increase of 141 products or 10.44%, while the disclosed issuance scale slightly decreased by 1.53% [1]. - The positive performance of the equity market contributed to the growth of standard trust product issuance [1]. Establishment Market - In July, 2,295 asset management trust products were established, marking a month-on-month increase of 10.50%, with a disclosed establishment scale of 77.682 billion yuan, down 6.88% [2]. - Non-standard products also saw a significant decline in establishment scale, with a month-on-month decrease of 9.30% [2]. - The establishment of standard trust products increased significantly, with a rise of 195 products or 17.55%, while the disclosed establishment scale remained relatively stable, decreasing by only 0.09% [2]. - TOF (Trust of Funds) products emerged as a key growth driver in the standard trust establishment market, with 481 products established, an increase of 121 products or 33.62%, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [2]. Importance of Standard Trusts - The development of standard trusts is crucial in the context of the trust industry's transformation, helping to reduce reliance on non-standard business and mitigate existing risks [3]. - Standard trusts offer high transparency, strong liquidity, and clear risk-return characteristics, catering to diverse investor preferences [3]. - By investing in standardized assets like bonds and stocks, standard trusts can channel social funds into the capital market and support the real economy, thereby enhancing resource allocation efficiency [3].