Executive Summary:
1. In June, the asset management trust issuance market was relatively flat, and the number and scale of product issuance increased slightly. According to incomplete statistics from public information, as of June 28, a total of 52 trust companies issued 1,819 asset management trust products in June, an increase of 65 from the previous month, an increase of 3.71%; The issuance scale was 86.455 billion yuan, an increase of 3.171 billion yuan or 3.18% from the previous month.
2. In June, the market for the establishment of asset management trusts rebounded and rose, and the number and scale of products established increased. According to incomplete statistics from public information, as of June 28, a total of 43 trust companies had established 1,908 asset management trust products in June, an increase of 200 or 11.71% month-on-month; The establishment scale was 49.140 billion yuan, an increase of 6.968 billion yuan or 16.52% month-on-month.
3. The number and scale of non-standard trust products have increased significantly. According to incomplete statistics from public information, as of June 28, a total of 853 non-standard asset management trust products were established in June, an increase of 141 month-on-month, an increase of 19.80%; The establishment scale was 312.13 yuan, an increase of 7.711 billion yuan or 32.81% month-on-month.
4. The establishment market of standard trust products has "decreased in increments", and the number of products established has risen slightly while the scale of establishment has declined slightly. According to incomplete statistics from public information, as of June 28, a total of 1,055 standard trust products were established in June, up 5.92% month-on-month; The establishment scale was 17.927 billion yuan, down 3.98% month-on-month.
1. The overall situation of the asset management trust market
In June, the asset management trust issuance market was relatively flat, and the number and scale of product issuance increased slightly. According to incomplete statistics from public information, as of June 28, a total of 52 trust companies issued 1,819 asset management trust products in June, an increase of 65 from the previous month, an increase of 3.71%; The issuance scale was 86.455 billion yuan, an increase of 3.171 billion yuan or 3.18% from the previous month.
In June, the market for the establishment of asset management trusts picked up and rose, and the number and scale of products established increased. According to incomplete statistics from public information, as of June 28, a total of 43 trust companies had established 1,908 asset management trust products in June, an increase of 200 or 11.71% month-on-month; The establishment scale was 49.140 billion yuan, an increase of 6.968 billion yuan or 16.52% month-on-month.
2. Statistics on the issuance and establishment of non-standard business
1. Establishment
The number and scale of non-standard trust products have increased significantly. According to incomplete statistics from public information, as of June 28, a total of 853 non-standard asset management trust products were established in June, an increase of 141 month-on-month, an increase of 19.80%; The establishment scale was 312.13 yuan, an increase of 7.711 billion yuan or 32.81% month-on-month.
In the non-standard trust business, the establishment scale of trust products invested in the field of basic industries declined slightly, and the establishment scale of trust products invested in other fields increased significantly. According to incomplete statistics from public information, as of June 28, the establishment scale of trust products invested in basic industries in June was 16.169 billion yuan, a decrease of 4.95% month-on-month; The establishment scale of trust products in the financial sector was 5.486 billion yuan, an increase of 36.19% month-on-month; the establishment scale of trust products of industrial and commercial enterprises was 8.908 billion yuan, an increase of 270.08% from the previous month; The establishment scale of real estate trust products was 209 million yuan, an increase of 268.61% month-on-month.
2. Deadline income statistics
The average expected rate of return of non-standard asset management trust products maintained a downward trend. According to incomplete statistics from public information, as of June 28, the average expected rate of return of asset management trust products in June was 5.81%, down 0.20 percentage points from the previous month, and the average maturity of the product was 1.91 years, an increase of 0.09 years from the previous month.
The average expected annualized rate of return of products invested in all maturities has declined. According to incomplete statistics from public information, the average expected annualized rate of return of products with a term of less than 1 year was 5.62%, a decrease of 0.32 percentage points from the previous month, the average expected annualized rate of return of products with a term of 1-2 years (inclusive) was 6.01%, a decrease of 0.15 percentage points from the previous month, and the average expected annualized rate of return of products with a term of more than 2 years was 5.18%, down 0.63 percentage points from the previous month.
According to incomplete statistics from public information, as of June 28, the average expected rate of return of financial trust products in June was 5.19%, an increase of 0.11 percentage points from the previous month, the average expected rate of return of real estate trust products was 6.63%, a decrease of 0.23 percentage points from the previous month, the average expected rate of return of industrial and commercial trust products was 5.18%, a decrease of 0.72 percentage points from the previous month, and the average expected rate of return of basic industry trust products was 6.00%, down 0.10 percentage points from the previous month.
3. Statistics of standard asset management trust products
The establishment market of standard trust products has "decreased in increments", and the number of products established has risen slightly while the scale of establishment has declined slightly. According to incomplete statistics from public information, as of June 28, a total of 1,055 standard trust products were established in June, up 5.92% month-on-month; The establishment scale was 17.927 billion yuan, down 3.98% month-on-month.
From the perspective of product types, the proportion of fixed income establishments decreased in June. According to incomplete statistics from public information, 1,003 fixed income products were established in the standard product business in June, an increase of 5.69% month-on-month; 29 equity products were established, up 3.57% month-on-month; 23 mixed products were established, an increase of 21.05% month-on-month.
From the perspective of investment strategy, the proportion of bond strategy products in June was the same as that of the previous month. According to incomplete statistics from public information, the number of bond strategy products established was 890, an increase of 3.49% month-on-month; 131 fund of funds strategy products were established, up 24.76% month-on-month; The number of equity strategy products established was 20, an increase of 5.26% from the previous month.
From the perspective of the performance benchmark yield, the average performance benchmark of fixed income and hybrid standard trust products continued to decline in June. According to incomplete statistics, the average performance benchmark of fixed income and mixed standard trust products in June was 3.56%, down 0.09 percentage points from the previous month, and the average maturity was 0.79 years, an increase of 0.04 years from the previous month.
Four: market review
Zhejin Trust: "Restructuring + Common Benefit Debt" model helps enterprises bail out. Recently, the groundbreaking ceremony of the second phase of the Chongqing Jiangjin Luhu Changdao Project, which was the target of the mutual benefit bond project set up by Zhejin Trust, was successfully held. This project is the first real estate common benefit bond placed by Zhejin Trust in Chongqing, and it is also the first local bailout case of "restructuring + common benefit debt" enterprise. The project has a development area of about 110,000 square meters and a development area of about 500,000 square meters. During the implementation of the reorganization plan, with the strong support of the local government and the court, Zhejin Trust actively connected with the project company, managers and partners, sorted out the assets and liabilities of the project company, and formulated an overall revitalization plan according to the pain points and difficulties of the project. The project is established through a consortium between Zhejin Trust and the state-owned enterprise construction party, with the state-owned enterprise construction party as the general contractor, and Zhejin Trust providing follow-up development and construction funds in the form of common benefit bonds, so that the project can gradually realize normal operation.
China Construction Investment Trust launched the first direct investment convertible bond "fixed income +" product. Recently, China Construction Investment Trust has successfully launched the first direct investment convertible bond "fixed income +" product - "China Construction Investment Trust Huifu No. 1". The establishment of this product not only reflects the company's innovative breakthrough in the field of capital market business, but also marks the company's deep cultivation in the investment fields such as credit bonds and convertible bonds. The filing scale of the "Huifu No. 1" product is 800 million yuan, with an estimated duration of 10 years, which is open for fundraising every month and closed for 6 months. The successful fundraising of this product provides a solid foundation for China Construction Investment Trust's exploration in the field of fixed income multi-strategy, and also lays the cornerstone for its future business transformation. Up to now, the scale of bond business managed by China Construction Investment Trust has exceeded 10 billion yuan, and it has strong strength and professional ability in the field of capital market business.
Kunlun Trust established the first green certificate trading trust business of PetroChina's main business unit. Recently, the Financial Interbank Department of the Financial Market Division of Kunlun Trust was entrusted by the Erlian Branch of PetroChina North China Oilfield Company to establish the "Kunlun Electric Power Green Energy No. 2 Administrative Management Service Trust", and the funds were specially used to find green certificate sellers for the client and help them complete the delivery of green certificates. After full market research by the project team, the client and Tianjin Anjie IOT Technology Co., Ltd., the seller of green certificates, successfully completed the delivery of 15,000 green certificates, marking the company's official entry into the field of green electricity and green certificate trading as the main business unit.
Zhejin Trust and Caitong Securities jointly landed the first investment advisory listed company wealth management service trust. Recently, the Zhejin Trust Family Office continued to innovate and make breakthroughs in the field of wealth management service trusts, and joined hands with Caitong Securities to land the company's first investment advisory listed company wealth management service trust. The project is supported by a listed company as the trustee, Zhejin Trust as the trustee, Caitong Securities as the investment advisor, and the two service agencies jointly provide account management and asset allocation services for the listed company.
CITIC Trust Evergrande Guangzhou Project was successfully withdrawn, and the relevant funds are planned to be distributed in the near future. According to the WeChat public account of CITIC Trust on June 26, recently, the CITIC Trust Evergrande Guangzhou project, which has received widespread attention in the industry, that is, the "CITIC Trust Jiahe No. 125 Evergrande Guangdong Equity Income Right Collective Fund Trust Plan" has received the last payment. This indicates that with the joint efforts of the local government and the trust company, the trust plan will be successfully exited, and the relevant funds are planned to be distributed in the near future.
During the year, the scale of new filings of charitable trusts reached 790 million yuan. According to the official website of Charity China, as of June 21, a number of companies such as AVIC Trust, CCB Trust, Zhejin Trust, Jiangsu Trust and Wanxiang Trust have filed and established a number of charitable trust products with assets of one million yuan during the year.
Trusts and family offices are rushing to lay out. Some trust companies, such as CCB Trust, AVIC Trust and Chongqing Trust, actively participate in S Funds to expand the breadth of alternative asset allocation to meet the needs of family customers. Recently, Univision issued an announcement pointing out that the Shanghai Leading Relay Xingjian Private Equity Fund Partnership (Limited Partnership), which the company participated in the establishment of the company, will add 4 new investors in 2024, with an additional subscription of 260 million yuan, and the capital contribution of the leading relay Xingjian Fund will be changed to 963 million yuan. Among the new investors, Yunnan Trust subscribed and contributed 10 million yuan. So far, there are many trust companies such as Shandong Guoxin, Bank of Communications Trust and Yunnan Trust among the investors who have led the relay Xingjian Fund.
The signing ceremony of China Railway Trust - Datong No. 6 Huichang Rural Revitalization Charitable Trust was successfully held. On June 20, the signing ceremony of China Railway Trust - Datong No. 6 Huichang Rural Revitalization Charitable Trust was held in Huichang County, Ganzhou City, Jiangxi Province. Chen Chi, general manager and deputy secretary of the Party Committee of China Railway Trust, Li Dewei, deputy secretary of the Huichang County Party Committee and county magistrate, Ding Rongwei, deputy county magistrate and other relevant responsible comrades attended the signing ceremony, and Wang Yunfei, deputy general manager of China Railway Trust, signed the "Cooperation Agreement" as a representative of the trustee.
Shengquan Hengyuan Hengxin Charity Trust was established, with AVIC Trust as the trustee. Recently, Shengquan Hengyuan Hengxin Public Welfare Charitable Trust was formally established, which is jointly established by Nanjing Shengquan Hengyuan Investment Co., Ltd. and China Charity Federation, AVIC Trust as the trustee, and China CICC Wealth Securities Co., Ltd. as the investment consultant.
CITIC Trust • World Family Service Trust Upgrade Plan. Recently, the Direct Selling and Wealth Department of CITIC Trust officially released the upgraded customer communication plan of the family service trust, which has been comprehensively upgraded on the basis of the original to meet the diversified needs of the two core customer groups of the wealthy group and the pension group, and at the same time respond to the national development strategy of inclusive finance, pension finance and technology finance.
BOCOM Guoxin landed its first public REITs fund investment. On June 6, 2024, BOCOM Guoxin successfully established the first equity trust product to invest in public REITs - BOCOM Guoxin Perpetual Rights Dividend No. 1 Collective Capital Trust Plan, and completed the investment of public REITs funds on June 11. The underlying asset of the public REITs is the first major freight transportation infrastructure to the Xiong'an New Area.
Huabao Trust fully supports the successful issuance of Huabao Leasing ABN. A few days ago, the "Huabao Duding (Shanghai) Financial Leasing Co., Ltd. 2024 Phase I Directional Asset-Backed Notes" was successfully issued, with a scale of 989 million yuan and an issue interest rate of 2.15%-2.49%, a new low. Since 2019, Huabao Trust has continued to cooperate with Huabao Leasing to issue corporate asset securitization products (ABNs) in the interbank market, with a cumulative issuance scale of RMB 2.745 billion, helping Huabao Leasing to obtain low-cost financing in the interbank market, while assisting it in revitalizing its stock assets, broadening financing channels and improving corporate capital efficiency.
Centaline Trust has built a wealth management service trust system and implemented a new model of "family + charity". As the main force of the "Financial Yu Army", at present, Zhongyuan Trust has formed a relatively complete wealth management service trust system, including "Hengye" series of family trusts, "Hengrui" series of family service trusts, "Hengai" series of insurance trusts, "Hengyuan" series of personal wealth management trusts, "Hengtong" series of legal persons and unincorporated organization wealth management trusts, etc. As of March 2024, Centaline Trust has provided one-stop wealth management trust services to more than 300 families.
Bank of Communications Guoxin launched the first community charitable trust to care for the caregivers of people with cognitive impairment. On May 31, 2024, the Bank of Communications Guoxin Ruishan Little Blue Flower Charitable Trust was successfully landed and filed with the Wuhan Civil Affairs Bureau. This charitable trust is one of the "Finance + Charity" series of projects exclusively customized for high-net-worth customers of Shanghai Branch in the in-depth cooperation between BOCOM Guoxin and Bank of Communications Shanghai Branch, with the concept of "Charity into the Community". After the customer subscribes to the trust plan, part of the proceeds will be donated to set up a charitable trust, and then the charitable trust will be used to care for and help the caregivers with cognitive impairment in the community, so as to achieve an innovative breakthrough in the practice of charitable trust in the community.
Exploring a new model of charitable trust, CCCT continues to promote rural revitalization. Recently, the "China Chengxin Trust 2024 Chengshan Le'an Rural Revitalization Charitable Trust" has been filed with the Beijing Civil Affairs Bureau. This charitable trust is an innovative exploration of CCCT to support the designated assistance work of Chinese Insurance Group, and further enriches the company's business practice of helping rural revitalization.
Huachen Trust's first salary deferred payment service trust was formally established. On June 4, Huachen Trust officially established the salary deferred payment service trust designed for banking financial institutions in Inner Mongolia Autonomous Region, which is also the first salary deferred payment service trust implemented by Huachen Trust. At the beginning of 2023, Huachen Trust will actively lay out the transformation of the trust business, take the "salary deferred payment service trust" as the entry point, set up a service trust that meets the regulatory requirements and the direction of industry transformation and development, and manages the deferred payment of remuneration through trust: first, the trust property is independent, has the function of risk isolation, and the mechanism is the safest and most stable; Second, the deferred salary of employees is distinguished from the inherent funds of the enterprise, which can achieve steady value-added while meeting the legal compliance requirements of supervision; Third, the investment scope is flexible, the underlying assets can be customized, and the process can be participated.
AVIC Trust and AVIC Securities jointly launched the "Longyin-Huntkey" wealth management service trust brand. Recently, AVIC Trust and AVIC Securities jointly launched the "Longyin-Huntkey" wealth management service trust brand, and realized the first family service trust. The collaborative implementation of this business is a positive attempt by AVIC Trust and AVIC Securities to create a high-quality development business of AVIC industry and finance integration based on the deepening strategic synergy of AVIC industry and finance.
Sichuan Trust: Chunxiao Company has completed the declaration of creditor's rights on behalf of all contracted natural person investors. On June 4, Sichuan Trust issued a relevant announcement showing that, according to the "Trust Beneficiary Rights Transfer Contract", Sichuan Tianfu Chunxiao Enterprise Management Co., Ltd. (hereinafter referred to as "Chunxiao Company") participated in the bankruptcy reorganization procedure of Sichuan Trust Co., Ltd. (hereinafter referred to as "Sichuan Trust") on behalf of the natural person investors who had signed the contract, and the latest situation of Chunxiao Company's participation in the bankruptcy reorganization procedure is hereby reported. Sichuan Trust stated that in accordance with the requirements of the announcement of the Chengdu Intermediate People's Court, creditors should declare their claims to the Sichuan Trust Administrator before June 6, 2024. On June 4, 2024, Chunxiao Company completed the declaration of creditor's rights to the Sichuan Trust Manager on behalf of all the contracted natural person investors.