Core Viewpoint - The new regulations from China Trust Registration Co., Ltd. will phase out single non-standard financing trust products, pushing the industry towards a combination investment model [1][4][7]. Group 1: Regulatory Changes - Starting September 1, 2023, the new "Trust Registration Business Guidelines (Version 3.0)" prohibits trust companies from conducting trust business that essentially provides financing to a single borrower [1]. - The regulatory stance has been consistent since the "Three Classification Notification" was issued in March 2023, emphasizing the reduction of non-standard assets in the trust industry [4][5]. Group 2: Market Response - Following the announcement of the new regulations, there was a notable increase in the issuance of non-standard trust products, with a recorded scale of 5.34 billion yuan in the third week of August, marking a 9.25% increase [2]. - Despite the increase in issuance, the performance benchmark for non-standard products fell to 5.21%, a decrease of 0.08 percentage points [3]. Group 3: Industry Transition - The shift towards combination investment products is seen as a long-term trend, with expectations for more diverse combinations of non-standard and standard products in the market [3][8]. - The combination investment model presents challenges for trust companies, including the need for enhanced asset management capabilities and a shift in their traditional business models [7][8]. Group 4: Future Outlook - The industry anticipates that the combination investment model will become mainstream, with regulatory requirements becoming stricter and necessitating higher compliance standards [3][6]. - The upcoming "Asset Management Trust Management Measures" is expected to provide further clarity on the implementation of combination investments [6][8].