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The latest data is coming! Real estate trusts up to 2.7 trillion
China Fund News
The latest data for the trust industry in the fourth quarter of 2018 was released.
According to a report released by the China Trust Industry Association on March 13, as of the end of 2018, the total market trust assets decreased by 437.947 billion yuan to 22.7 trillion yuan.
In 2018, the trust industry “out of the channel” achieved remarkable results. As of the end of the fourth quarter, the single trust scale was 9.84 trillion yuan, accounting for 43.33%, down 2.4 percentage points year-on-year, and the chain growth rate continued to decline.
At the same time, the trust industry increased the flow of funds into the real economy. As of the end of the fourth quarter of 2018, the fund trust was 18.95 trillion yuan, and it flowed to 5.67 trillion yuan of industrial and commercial enterprises, accounting for 29.9%, ranking first in the five major fields.
The scale of assets has stabilized and the operationPerformanceFalling in the middle
As of the end of the fourth quarter of 2018, the trust assets of 68 trust companies nationwide decreased to 22.7 trillion yuan, down 13.50% year-on-year.
In the four quarters of 2018, the scale of trust assets decreased by 632.235 billion yuan, 1,344.617 billion yuan, 1,12,293 million yuan, and 437.947 billion yuan. The quarter-on-quarter growth rates were -2.41%, -5.25%, -4.65%, and -1.89%, respectively.
Yin Xingmin, director of the Fudan University Trust Research Center, said that after a large adjustment in the first three quarters of 2018, the size of the entrusted assets entered a relatively stable period of relatively small fluctuations in the fourth quarter. The fourth quarter may be a “node”, that is, the quarter-on-year growth rate continues to decline, while the quarter-on-quarter growth rate stabilizes the asset size changes relatively smoothly.
In the fourth quarter of 2018, the trust industry realized operating income of 39.297 billion yuan, a year-on-year decrease of 9.53% and a sequential increase of 67.69%. Yin Xingmin believes that the year-on-year decline in revenue is the expected result of the voluntary shrinkage of the trust industry, while the increase in the chain indicates that under the guidance of macroeconomic policy adjustment, the policy effect favorable to the development of the trust industry has gradually begun to be released.
In terms of revenue share, the trust business income in the fourth quarter of 2018 was 25.085 billion yuan, down 8.88% year-on-year, accounting for 63.83% of operating income, which was a certain decrease from 71.93% in the third quarter. This was mainly due to the active investment of trust companies. The increase in capacity and the proportion of investment income increased.
In the fourth quarter of 2018, trust investment income reached 8.931 billion yuan, an increase of 93.52% from the previous quarter, accounting for 22.73% of operating income, an increase of 3 percentage points over the first quarter.
In the second and third quarters of 2018, the profit growth rate of the trust industry declined rapidly, and this situation improved in the fourth quarter. In the fourth quarter of 2018, the trust industry's profit was 23.737 billion yuan, a year-on-year decrease of 12.19%, a substantial increase of 76.64%. It is understood that the fourth quarter improvement of the trust business performance is mainly related to macroeconomic policy adjustment.
Go channel to promote transformation
The proportion of single trusts continues to decline
In 2018, under the supervision pressure of “going to the channel”, the trust industry accelerated the pace of transformation. From the perspective of funding sources, the most obvious is that the proportion of collective trusts increased, the proportion of single trusts decreased, and the proportion of managed property trusts was relatively stable.
The source structure of the newly added trust property shows that the trust industry is gradually reducing the size of a single fund trust led by institutional clients and increasing the proportion of the business of collective trusts and property trusts.
As of the end of the fourth quarter of 2018, the scale of collective fund trusts was 9.11 trillion yuan, accounting for 40.12%, up 2.38 percentage points year-on-year; the single trust scale was 9.84 trillion yuan, accounting for 43.33%, down 2.4 percentage points year-on-year; The management property trust was 3.76 trillion yuan, accounting for 16.55%, which was flat year-on-year. Before the fourth quarter of 2016, the proportion of single-funded trusts has been more than 50%.
From the perspective of the growth rate of the ring, the single trust fell by 3.83%, 7.03%, 5.44%, and 4.00% in the four quarters of 2018, respectively. The property trusts fell by 7.14%, 2.98%, and 6.65% in the first three quarters respectively. The increase was 3.01%. Yin Xingmin believes that the changes in the fourth quarter reflect that the trust source structure of the trust industry is being optimized.
Since the new regulations for self-investment management, the proportion of new non-active management products has been declining. In the four quarters of 2018, the proportion of single trusts declined moderately. In the fourth quarter of 2018, the proportion of new trusts was already lower than that of collective trusts and property trusts.
Yin Xingmin said that the fourth quarter of 2018 may become a watershed for the transformation and development of the trust industry: the proportion of new collective trusts and property trusts surpassed that of a single trust, reflecting the rapid transition of the industry to active management.
At the same time, from the perspective of the use of trust assets, the overall stability remained at the end of the fourth quarter of 2018, financing trusts accounted for 19.15%; transaction management trusts decreased by 3.22%, 5.56%, and 4.83% in the first three quarters, respectively, and decreased by 2.66 in the fourth quarter. %, the decline has narrowed.
Increase support for the real economy
real estateTrust continues to grow
In the second half of 2018, the trust industry focused on guiding funds into industrial and commercial enterprises and increasing the shortcomings in the infrastructure sector.
As of the end of the fourth quarter of 2018, the fund trust was 18.95 trillion yuan, ranking in five major sectors: industrial and commercial enterprises (29.90%), financial institutions (15.99%), basic industries (14.59%), and real estate (14.18%). Securities market (11.59%).
In terms of the proportion of new trusts, the top five fields in the fourth quarter of 2018 are: industrial and commercial enterprises (37.45%), real estate (20.03%), financial institutions (8.67%), basic industries (6.54%), and securities markets (3.43). %).
1. Business enterprises
At the end of the fourth quarter of 2018, the capital trusts flowed to 5.67 trillion yuan of industrial and commercial enterprises, down 7.12% year-on-year, almost half of the 13.51% decline in capital trusts during the same period; and the new capital trusts flowing to industrial and commercial enterprises accounted for 1.63 trillion yuan, accounting for 1.63 trillion yuan. The ratio has increased to 37.45%, reflecting the firm attitude of the trust industry to support the development of the real economy for a long time.
As of the end of the fourth quarter of 2018, in the real economy sector, the capital trusts flowing to the manufacturing industry were 571.283 billion yuan, up 1.29% year-on-year; the chain growth was 2.85%; the capital trusts flowing to the information transmission, computer services and software industries were 246.164 billion. Yuan, 242.215 billion yuan and 238.461 billion yuan, there was no significant decline; the capital trust flow to the technology service industry was 102.206 billion yuan, an increase of 26.29% year-on-year and a 5.90% quarter-on-quarter growth.
Yin Xingmin emphasized that at the end of the fourth quarter of 2018, the fund trusts fell by 13.51% year-on-year, while the funds flowing to the three major real estate sectors remained stable and even increased.
2. Financial institutions
At the end of the fourth quarter of 2018, the trust funds flowing to financial institutions were 3.03 trillion yuan, down 26.29% year-on-year. The decline was second only to the securities market; the chain fell 3.70%, and the balance ratio fell from 16.14% at the end of the third quarter to 15.99%. Still in the second largest area of funding trust configuration.
3. Basic industry
The basic industry is the third largest area of capital trust allocation. The balance of fund trusts at the end of the fourth quarter of 2018 was 2.76 trillion yuan. Despite a 12.92% year-on-year decline, the proportion of the four quarters was stable between 14.40% and 14.64%.
According to Yin Xingmin's analysis, although the infrastructure sector has increased in the second half of 2018, the policy effect is sometimes stagnation, so the fourth quarter still continues to reduce the characteristics; but the new quarter increased by 116.201 billion yuan, an increase of 32.55%. The policy effect of expanding investment in infrastructure has begun to emerge.
4. Real estate industry
Trust funds flowing into the real estate industry increased slightly in 2018. As of the end of the fourth quarter, the balance of real estate trusts was 2.69 trillion yuan, an increase of 17.72% year-on-year and 2.76% quarter-on-quarter; accounting for 14.18%, an increase of 0.76 percentage points from the previous month and an increase of 3.76 percentage points year-on-year.
The proportion of real estate trusts in 2018 increased by 0.5-1.5 percentage points quarter by quarter. At the end of the fourth quarter of 2018, real estate fund trusts accounted for 20.03% of new shares, which was the same as 20.26% at the end of the third quarter. Yin Xingmin believes that the relatively high rate of return on real estate trust products has enabled this sector to maintain a market advantage in attracting capital.
5. Securities market
Affected by the continued sluggishness of the securities market, the number of securities investment trust products has declined continuously since the second half of 2018, and the capital trusts flowing to securities investment have decreased drastically. As of the end of the fourth quarter of 2018, the balance of the fund trust was 2.20 trillion yuan, a year-on-year drop of 29.17%, and a decrease of 10.38% from the previous month.
At the end of the fourth quarter of 2018, the balance of securities trusts fell to 11.59%, compared with 14.15% in the same period of 2017; the proportion of new trusts fell to 3.43% from 5.97% at the end of the third quarter of 2018.
(Article source: China Fund News)
Editor in charge: Lu Shan RF10057
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