Source: Research from Yuyi
- The heat in the real estate market has increased during the "Golden September and Silver October" sales season. - The total issuance of 2 trillion yuan in replacement bonds this year has exceeded 99%. - International gold prices breached several key thresholds last week. - The scale of real estate trusts has significantly declined, falling below 1 trillion yuan. - Multiple central enterprise trusts have ceased issuing TOT products. - Shanghai Trust has appointed a new chairman. - The general manager of China Railway Trust has received approval for his position. - Minmetals Trust has established over 6,800 family trusts. - Kunlun Trust has seen a surge in its third-quarter performance. - China Construction Investment Trust continues to deepen the application of large model technology. - Zhongcheng Trust has established a special needs trust for families in the Greater Bay Area for the first time. - CITIC Trust has achieved new results in the elderly finance sector. - [Observation] Asset management trusts will remain a major source of profit. - [Observation] Exploration of the elderly trust innovative market.
1. Economic Insights - The heat in the real estate market has increased during the "Golden September and Silver October" sales season. During this year’s National Day holiday, under the backdrop of overall market recovery, some cities saw an uptick in property sales. The long holiday period saw a high number of tourists, which diverted some prospective buyers. However, several cities recorded good sales performance, such as Xi'an, Haikou, Sanya, Chengdu, and Hangzhou. Comment: Despite bright spots in some cities, the market is distinctly polarized, with many cities still experiencing sluggish real estate transactions.
- The total issuance of 2 trillion yuan in replacement bonds this year has exceeded 99%. According to data from Enterprise Alert, 33 regions nationwide have initiated the issuance of special refinancing replacement bonds, achieving a total issuance scale of 19,923.80 billion yuan. Based on the 2 trillion yuan quota, the replacement bond issuance process has surpassed 99% this year. Some provinces have already allocated quotas for replacement bonds for 2026 ahead of schedule. Comment: The refinancing bonds used for replacement display evident pre-emptive characteristics. Although refinancing bonds do not directly involve project investments and have limited effects on stimulating local economies, the strategy of "first consolidating debts, then investing" allows local governments to direct their efforts toward developing economic drivers.
- International gold prices breached several key thresholds last week. According to Wind Information, on October 17, the London spot gold price reached a peak of $4,380.79 per ounce, marking a historical high. International gold futures also hit new highs, with the COMEX December contract peaking at $4,392 per ounce. Overall, international gold prices have consecutively broken the $4,100, $4,200, and $4,300 thresholds last week, signaling a strong uptrend. Comment: Technically and fundamentally, the onset of a new Federal Reserve rate cut cycle, combined with the U.S. government "shutdown" crisis and debt pressures, has placed the dollar index under pressure, resulting in a breakout and support for dollar-denominated gold prices.
2. Trust Dynamics - The scale of real estate trusts has significantly declined, falling below 1 trillion yuan. On October 18, Zhang Weizhong, chairman of SPD Bank, noted at the 2025 Shanghai Suhe Bay Global Wealth Management Forum that alternative assets and cross-border allocations continue to rise. In recent years, real estate investment accounted for roughly 70% of asset allocation for residents, but the scale of real estate trust has plummeted from 27.8 trillion yuan at the end of 2019 to less than 1 trillion yuan in 2024, with these funds potentially redirected towards REITs, elder care finance, and cross-border wealth management.
- Multiple central enterprise trusts have ceased issuing TOT products. Recent media investigations into available trust products revealed that several trust companies no longer offer TOT products, having stopped their issuance. Additionally, a major shareholder of a central enterprise trust has mobilized resources to fully take over risk-prone underlying assets. Notably, a central enterprise trust in Central China has only standard trust products available; another "dual-headquarters" central enterprise trust now offers a range of municipal government credit, cash management, and standard products. Previously, both trust companies had listed TOT products but have now ceased their issuance entirely.
- Shanghai Trust has appointed a new chairman. On October 13, the Shanghai Regulatory Bureau of the National Financial Regulatory Administration announced the approval of Cui Bingwen as chairman of Shanghai International Trust Co., Ltd. The approval date was September 29. Shanghai Trust is currently in the process of handling business registration changes.
- The general manager of China Railway Trust has received approval for his position. On October 13, the Sichuan Financial Regulatory Bureau announced the approval of Li Zhengbin as general manager of China Railway Trust. The bureau emphasized that China Railway Trust must ensure that the approved individuals comply with the regulatory requirements and report their onboarding within three months; otherwise, the approval will be void.
- Minmetals Trust has established over 6,800 family trusts. In building a financially strong country, Minmetals Trust, leveraging its industrial background, has remained committed to serving the real economy and a people-centered approach. The family trust team is a core "innovative force" in its high-quality development strategy. Since its formation in 2018, this team has focused on family wealth management. As of now, Minmetals Trust has established over 6,800 family trusts, managing nearly 90 billion yuan in assets, with all key indicators ranking among the industry's best.
- Western Trust's family trust business has surged by 435%. Viewed as an important financial tool for wealth inheritance, family trusts are moving from a "niche choice" to "mainstream allocation." Western Trust has been proactive in expanding its family trust business, achieving a 435% year-on-year growth in this segment in 2024. By August 2025, the managed scale of family trusts had nearly reached 10 billion yuan, growing more than fivefold since early 2024.
- Kunlun Trust's third-quarter performance has surged. As of the end of September, Kunlun Trust reported record-high net profits, new project numbers, client acquisition, and financial and operational revenue, marking a significant breakthrough on its path of "value creation" and "quality leadership." In the three-category adjustment of trust business, Kunlun Trust showcased enhanced proactive management capabilities.
- China Construction Investment Trust continues to deepen the application of large model technology. As artificial intelligence (AI) reshapes the financial landscape, the trust industry's shift towards intelligent transformation has accelerated. With ongoing advancements in technology maturity, the application of large models in finance has moved from exploratory stages to large-scale implementation. For instance, China Construction Investment Trust has leveraged its self-developed "Star Source" large model platform, achieving local deployment of the DeepSeek model, marking a new stage of deep large model application in the trust sector.
- Kunlun Trust has optimized its decision-making mechanism, reducing business approval times to one day. By October 11, Kunlun Trust announced that since launching systemic reforms in its business decision-making process two months ago, the specialization and precision in risk control of business approvals have significantly improved, resulting in a reduction in approval time from an average of 9 days to just one day.
- China Construction Investment Trust has successfully launched its first dual-client equity income family trust. Recently, China Construction Investment Trust successfully established the "China Construction Investment Trust – Hongquan No. 72 Family Trust" project, with a scale of up to 3.221 billion yuan, marking a milestone as the company's first dual-client equity income family trust.
- Zhongcheng Trust has set up a special needs trust for families in the Greater Bay Area for the first time. Recently, Zhongcheng Trust successfully established a special needs trust specifically tailored for families with intellectual disabilities in Shenzhen. This breakthrough signifies a new stage in providing wealth protection and care services for special groups in the Guangdong-Hong Kong-Macao Greater Bay Area. Moving forward, Zhongcheng Trust will continue to promote the deep integration of the trust system and public service.
- CITIC Trust has achieved new results in the elderly finance sector. Recently, CITIC Trust made significant progress in the occupational annuity field with the launch of its Hainan Province No. 12 occupational annuity plan, which has officially commenced investment operations.
- Zhongcheng Trust supports the high-quality development of the pharmaceutical industry. Recently, Zhongcheng Trust has successfully initiated the "2025 Zhongcheng Trust Jiuzhoutong No. 1 Service Trust," aimed at injecting robust momentum into the development of the real economy and private sectors.
- State Investment Taikang Trust marks the launch of the "Zhengxin Yixing" charity trust. The "Xinyi · Zhengxin Yixing Jikun Charity Trust (2025)" successfully commenced in Beijing, focusing on providing long-lasting support for vulnerable groups, such as people with disabilities and disadvantaged students.
- Huabao Trust assists rural commercial banks in establishing long-term incentive mechanisms. Huabao Trust successfully won a trust project for compensation benefits at a rural commercial bank, demonstrating its strength in salary welfare trusts and marking a new milestone in deepening trust original business innovations.
- Aijian Trust completes its first online CFETS interbank deposit business. On October 10, Aijian Trust and Guangfa Bank successfully completed their first online CFETS interbank deposit business.
- In the Northeast, the first "oil financing" project has been launched in Jilin. Kunlun Trust's Northeast headquarters has reached a significant milestone with its first "oil financing" project.
- The first national charity trust for equity trust property registration successfully launched. Kunlun Trust's East China regional headquarters has successfully rolled out the "Kunlun Trust • Derun Enjiao Social Organization Accounting Capability Education Charity Trust."
- Huaneng Trust is committed to anchoring industrial value for high-quality development. Amid China’s commitment to a new round of national contributions for climate change, Huaneng Guicheng Trust has followed policy direction and introduced new products to the market.
- Zhongcheng Trust expands new scenarios for inclusive finance. To advance the inclusive finance agenda and promote rural revitalization, Zhongcheng Trust has launched a series of products providing low-cost financial support to enhance service coverage and accessibility for rural areas.
3. Market Observations - Asset management trusts will continue to be a major source of profit. In 2024, the trust industry's total revenue reached 94.036 billion yuan, with net profit dropping significantly by 45.52%. Management trust assets grew rapidly amid ongoing regulatory changes.
Industry Insights: 1. The overall performance of the trust sector in 2024 reflects accelerated transformation, the continuous expansion of managed asset scales, and persistent profit pressure, particularly with traditional high-yield businesses declining. 2. Trust company performance generally declined due to two main factors: the rental risk asset management and the new regulatory framework leading to challenges in business performance. 3. The trust companies' development methods are shifting towards enhanced service properties to enlarge volumes while exploring niche opportunities for profit expansion.
- Exploration of the innovative market for elderly trusts faces two core challenges: inadequate supporting systems and insufficient service ecosystem integration.
Main Views: 1. Trusts can support urban renewal financing through closed-loop management and resource integration. 2. Given the real estate slump, bankrupt projects could be repurposed as elder care communities with the help of government and trust mechanisms. 3. Future elderly trusts are expected to evolve from "asset management" to a dual-driven model of "assets + services."
- Weekly Trust Product Market Overview 1. This week saw a rebound in the asset management trust launch market. 2. There was a significant recovery in the asset management trust issuance market, indicating a return to normal. 3. Non-standard trust product launches continued their downward trend this week. 4. The standardized trust market showed notable gains this week.
Author: Yuyi Trust Research Institute Source: Yuyi Trust Network
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