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In 2018, the scale of detonation increased, and the trust explored the new model of returning to the source.
I. Changes in the trust industry under the new regulations
(1) Negative growth in the scale of trust assets in 2018
The decline in the size of trust assets is the biggest change in trust this year.
In 2017, when the financial supervision was strengthened, the trust industry still maintained its rapid growth. Especially in the case of other channels (such as fund subsidiaries, brokerages, etc.), the balance of trust assets increased by 60,000. The scale of the company has increased significantly from 20.22 trillion yuan to 26.25 trillion yuan.
In 2018, the focus of supervision was transferred from banks to trusts, and the lack of traps was found. The trust business faced shrinking. The scale of the first quarter fell by 0.64 trillion yuan. The balance of trust assets in the second quarter was 24.27 trillion yuan, down from the first quarter of this year. 1.34 trillion yuan.
According to the latest data of the trust industry in the third quarter of 2018 disclosed by the China Trust Industry Association, the scale of trust continued to fall. As of the end of the third quarter, the balance of assets under management fell to 23.14 trillion yuan. The decline in the size of a single fund trust was the main factor, which was lower than that at the end of 2017. 3 trillion.
(2) The proportion of collective fund trusts continues to rise
According to the latest data released by the China Trust Industry Association, as of the end of the third quarter of 2018, the scale of collective fund trusts was 9.24 trillion yuan, a slight decrease of 0.27 trillion yuan from the end of the previous quarter, accounting for 39.93%, and continued to rise steadily since the fourth quarter of 2015. The situation. The size of a single fund trust was 10.25 trillion yuan, down 0.59 trillion yuan from the end of the second quarter, accounting for 44.32%, down 0.37% from the end of the second quarter. It was also the main factor for the decline of trust scale in this quarter.
The transaction management business continued to decline. As of the end of the third quarter of 2018, the size of the transaction management trust was 13.61 trillion yuan, a decrease of 0.69 trillion yuan from the end of the second quarter. It continued the downward trend since this year and remained the main factor for the decline of the trust scale.
(3) Increase in overdue thunder of trust products
In 2018, as the first year after the introduction of the new asset management regulations, the frequency of defaults on trust projects in 2018 was much higher than last year, and the amount was also larger than last year. According to the public information of the media, in 2018, there were 77 thundering projects in the trust industry, involving an amount of 29.658 billion yuan. “Anti-risk” became one of the key words of the trust industry in 2018.
The deleveraging policy implemented since 2017 has accelerated the tightening of financing channels for enterprises. The non-standard asset management contracted, corporate financing was difficult to appear, and private enterprises and small and micro enterprises were more affected. After the stock market was adjusted sharply, the risk of stock pledge appeared. Some enterprises continued to operate with high leverage or focus on capital operation, which reduced the risk resilience after the capital chain was tight, and the corporate credit risk increased significantly. Affected by this, the scale of trust risk projects has continued to rise since 2018.
At the end of the third quarter, the scale of surviving trust risk projects was 215.973 billion yuan, surpassing 200 billion yuan for the first time; the growth rate was 55.11%, the fastest growth rate since statistics, far exceeding the growth rate of trust assets. Among them, the collective trust risk project accounted for 64.22%, with a growth rate of 117.56%, which is the main driving force for the current growth of trust risk projects. In general, collective trusts are actively managed by trust companies, and the risk of such businesses will increase the pressure on redemption of trust companies. From the perspective of defaulting entities, private enterprises with listed companies are the largest in default, especially for individual large financing entities such as Kaidi, Huaxin and Zhonghong.
With the gradual landing of the new rules and regulations of the asset management system, the trust industry faces a new competitive environment and regulatory requirements. Only by returning to the trust source, serving the real economy, and actively integrating into the big pattern of economic and social reform and development, can the industry achieve a successful transformation. And continuous high quality development.
Second, the development direction of trust business transformation
(1) Construction of Trust Wealth Management Center
Under the background of the rapid accumulation of residents' wealth, wealth management has undoubtedly ushered in a big opportunity. According to the 2017 China Private Bank Report, in the past 10 years, the wealth of Chinese individuals and high net worth individuals has accumulated rapidly with an annualized growth rate of about 20%. In 2016, the size of China's personal investable financial assets reached 126 trillion yuan. Ranked second in the world. In 2016, the number of high-net-worth households in China exceeded 2.1 million, and the total amount of investable financial assets held accounted for 43% of China's total personal investable financial assets. By 2021, the number of high-net-worth households in China will reach 4 million, and the total financial assets of high-net-worth households will reach 111 trillion yuan. The space for wealth management market is huge.
Although most financial institutions are currently involved in private banking, penetration is still low. The market cake that trust companies can share in the wealth management business can be huge. According to the survey, 47% of high net worth individuals are actively considering to transfer more funds to non-bank financial institutions, of which 43% are trust companies, which is the most preferred asset management institution for respondents.
With the compression of bank funds, the ability to acquire funds will become one of the core competitiveness of trust companies in the future. Transforming wealth management, docking high-net-worth customers, and expanding retail funds are one of the directions for trust companies to actively manage transformation. The transformation of wealth management requires trust companies to upgrade their product systems, improve their asset allocation capabilities, and meet their diversified financial management needs, from simple trust product sales to integrated wealth management services, providing clients with professional investment advisory advice and assets. The configuration plan is to return to the business source of the person's financial management.
In addition to investment products, trust companies can also use the advantages of the system to develop products such as family trusts to meet the full range of needs such as wealth appreciation, wealth inheritance, and wealth security. With flexible institutional advantages, broad investment scope, and high return levels, trust companies have the conditions to become the preferred channel for wealth management of high-net-worth clients, sharing the dividends of the wealth management era. At present, many trust companies have accelerated their layout, opened a wealth management center, and laid out online investment services.
(II) Trust and force assets securitization business
Trust companies have great potential in asset securitization business. Asset securitization is an important area for strategic transformation of the trust industry. In the context of financial de-leverage and tight financing environment, asset securitization business, as an important means for financial institutions and enterprises to revitalize existing assets and achieve asset compliance, has developed rapidly in recent years. China's asset securitization market mainly includes three modes: bank CLO (mortgage loan securitization), enterprise ABS, and trust-type ABN.
In recent years, the asset-backed securities market has expanded rapidly, and the bank's CLO issuance is normalized. As of July 6, 2018, the bank's CLO issuance scale is 334.557 billion yuan, a year-on-year increase of 64%; corporate ABS explosive growth, the 2015-2017 issuance scale increased by 419%, 131%, 73%; trust-type ABN in 2016 After the official launch of the year, the scale of issuance is also considerable, reaching 58.5 billion yuan in 2017.
Asset securitization business needs to establish risk isolation and asset independence through the establishment of special purpose carriers. As a natural risk isolation entity, trust is the core of asset securitization business. At present, the issuing institutions of Bank CLO and Trust ABN are all trust companies. In 2017, a total of 23 trust companies participated in the issuance of bank CLO. Among them, CITIC Trust and China Resources SZI Trust have issued more than 100 billion yuan. Ranked among the top 2 in the industry; a total of 17 trust companies participated in the ABN issue, the first of which was Yunnan International Trust, with a scale of 8.15 billion yuan. As of July 6, 2018, the bank CLO and trust-type ABN increased by 64% and 122% respectively year-on-year. The scale of trust participation in asset securitization business still maintained rapid growth and there was a lot of room for development.
The trust participates in the asset securitization business and mainly assumes the role of channel, and earns the channel fee stably. However, the trust company has been engaged in asset securitization business for 4 years. With the increasingly fierce competition, the channel rate will inevitably go down. In the future, trust companies can enhance their active management capabilities in the asset securitization business, providing customers with more specialized and differentiated services and contributing more value in the transaction structure design, listing and underwriting, and management in the middle and late stages of the project. Improve their competitiveness and bargaining power.
(III) Analysis of the potential of the standard trust business
With the limitation of non-standard investment, the development of the standard trust is expected to be valued by the trust industry. The standard trust refers to the trust business of the trust company that directly or indirectly invests the trust funds in the financial products issued by the public market in accordance with the agreement of the trust documents. The main investment targets of the Standard Trust include stocks, bonds, securities investment funds, commodities, financial derivatives and other standardized financial assets. In the current market environment, the standard trust is promising.
First, the trust industry has the institutional advantage of cross-market investment, and can obtain stable return on investment through large-scale asset allocation across markets. Second, under the trend of wealth management transformation, trust companies need to provide diversified financial products and services to customers. The standard trust is indispensable and is an important measure to improve the product line. Thirdly, the standard trust has a relatively short period of time, and its liquidity is better than that of non-standard investment. Under the requirement of matching the new rules of the asset management, it can dock a large number of short-term funds. . As of the first quarter of 2018, the size of securities investment trusts reached 3.37 trillion yuan, 13.3 times that of the end of 2010. Since 2016, the scale of securities investment trusts has grown slowly. On the one hand, the performance of the secondary market is weak, on the other hand. It is affected by the competition of private equity funds and brokerage PB business.
Trust company standard trusts are also divided into passive management and active management. Passive management standard trusts charge lower rates, test the trust company's system construction capabilities and service capabilities in the future, and active management requires trust companies to have strong investment capabilities and risk control capabilities. At present, the trust company has expanded its investment team to expand the standard trust business. However, in the long-term industry environment dominated by financing, the trust company's active management ability is still low and differentiated, and the degree of development is uneven. The industry's standard investment capacity still needs to be accumulated.
The trust industry plays an increasingly important role in supporting the development of the real economy. From the perspective of investment, the proportion of trust assets invested in industrial and commercial enterprises has increased significantly, from 18.58% at the end of 2010 to 28.82% in the first quarter of 2018. In the future, with the continuous regulation of real estate, the trust industry should focus on the development of the real economy, seize the big opportunities such as supply-side reform and industrial upgrading, and deepen industrial research, focusing on new energy, new materials, life engineering, and information. Emerging industries such as technology and mobile Internet, energy conservation and environmental protection, new energy vehicles, artificial intelligence and high-end equipment manufacturing, through private equity investment, investment and loan linkage, asset securitization and other means, deep into the industrial chain, support the development of the real economy, for the industry Provide full-cycle financial services, do a real "industry investment bank", and get out of the new model of returning to the source.
Editor in charge: Lu Shan RF10057
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