ultimatexvideopokergame| The scale of trust funds in the securities market continues to grow, and companies have invested more than 2 trillion yuan at the end of last year

Our reporter Zhang an

Recently, data released by Utility Trust show that the standard trust products in AprilUltimatexvideopokergameThe average yield is 1.Ultimatexvideopokergame.01%, floating products accounted for 86.31%.

In recent years, with the formal landing of the new rules for the three categories of trusts, the transformation of the trust industry continues to deepen, the scale of standard trusts is growing day by day, and the scale of funds invested by trust companies in the securities market continues to increase. Among them, China Resources Trust invested more than 2 trillion yuan in the securities market at the end of last year.

Generally speaking, trust companies mainly participate in the securities market by carrying out asset service trust business, which is also the core business type of the new three-classification trust regulations. In this regard, Xing Cheng, dean of the China Investment Taikang Trust Research Institute, said in an interview with the Securities Daily that in the asset service trust business, trust companies can undertake the function of securities investment fiduciary services. responsible for the implementation of investment instructions, valuation, liquidation and other services.

The scale of funds invested in the securities market

Sustained growth

According to the investment direction, trust funds are mainly invested in basic industries, real estate, securities market, financial institutions, industrial and commercial enterprises and other fields.

In recent years, with the gradual landing of policies such as the new rules on asset management and trust classification, trust companies have made great efforts to develop standard trusts, cultivate the investment capacity of the financial market, and continue to increase the scale and proportion of funds invested in the securities market and financial institutions.

According to the latest data released by the China Trust Association a few days ago, by the end of the fourth quarter of 2023, the total amount of trust funds invested in the securities market (including stocks, funds and bonds) was 6.6 trillion yuan, an increase of 853.6 billion yuan over the end of the third quarter, and a month-on-month growth rate of 14.85%. A total of 38%, up 3 percentage points from the previous quarter Compared with the end of the fourth quarter of 2022, the scale increased by 2.25 trillion yuan, a year-on-year growth rate of 51.52%, accounting for nearly 10 percentage points.

According to the reporter, by the end of the fourth quarter of 2023, the scale of trust funds invested in the securities market has increased for 15 consecutive quarters since the second quarter of 2020. Especially since the new rules of three categories of trusts were officially launched in the second quarter of 2023, the scale of trust funds invested in the securities market has achieved double-digit growth for three consecutive quarters.

In this regard, Yuan Jiwei, an asset management researcher, told the Securities Daily that from the perspective of the innovation direction of trust companies, securities investment is one of the most common business directions in the industry. This is not only in line with regulatory guidance, but also China's transformation from indirect financing to direct financing. The securities market has broad prospects for development and contains great business potential. In the short and medium term, this field is still the core business direction of trust companies.

From a policy point of view, the frequent release of policies by the state in recent years has provided an institutional guarantee for the trust industry to vigorously promote business development.

Taking the release of the new "National Nine articles" as an example, in April 2024, the State Council issued "several opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market". It is clear that "encourage bank financial management and trust funds to actively participate in the capital market". As a document leading the development of the capital market, a number of people in the trust industry said that the policy release provided a good policy for trust companies to lay out the securities market.

The relevant staff of Minmetals Trust told the Securities Daily that this policy is a landmark top-level design of the capital market. Through the formulation of specific measures, it is helpful to enhance the investment value of listed companies. Therefore, the company holds optimistic expectations for the securities market, actively supports national policies, strives to promote trust transformation, and participates in all aspects of securities market investment.

The scale of securities investment of 5 companies

An increase of more than 200% over the same period last year

Combined with the annual report of trust companies in 2023, the head companies are mostly focused on the securities market.

According to the relevant annual report, by the end of 2023, the two head trust companies, China Resources Trust and Foreign Trade Trust, have invested more than one trillion yuan in the securities market, of which China Resources Trust has invested 2.28 trillion yuan in the securities market, ranking first in the industry. In addition, from the perspective of managing the distribution of trust assets, the proportion of trust funds invested in the securities market of these two companies is more than 80%.

In addition, Minmetals Trust, Ping an Trust and CITIC Trust all have trust assets of more than 300 billion yuan in the securities market, of which the first two trust assets account for more than 50 per cent.

"in recent years, as the main direction of the transformation of asset management trust business, standard trust has developed rapidly, and the scale of corporate asset management trust is in the forefront of the industry." Ping an Trust told the Securities Daily that the company has been laying out securities investment business for nearly 17 years. In 2007, the company established Sunshine Private Placement products. In 2009, it began to develop active management of debt bidding business, and in 2020, it actively managed TOF (trust products specializing in investment trust products or fund products) business.

The relevant staff of the Minmetals Trust said that at present, the company has trained the ability of bond investment and research, set up an asset allocation team, and established a screening and evaluation mechanism for relevant products, covering stocks, bonds, commodities, quantification, overseas and other asset management products in the whole market. at present, there are a total of hundreds of cooperative asset management institutions, with a survival scale of more than 10 billion yuan.

From the perspective of the growth rate of the scale of trust funds in the securities market, in 2023, 11 companies such as Yuecai Trust, Guotou Taikang Trust and Barry Trust will invest trust funds in the securities market with a year-on-year growth rate of more than 100%. Among them, the growth rates of Cofco Trust, Yingda Trust, Central Plains Trust, Xiamen Trust and Yuecai Trust are more than 200%, which are 395.64%, 365.55%, 239.31%, 219.97% and 206.64%, respectively.

In response, Yang Gaofei, a postdoctoral research researcher at Berry Trust, told the Securities Daily that Berry Trust started to develop its securities investment business by issuing cash management product Anxin Yueying from 2016, and launched an independently managed FOF (fund of funds) product in 2018, which is an early company in the industry.

Broad prospects for the securities market

Trust competitive advantage is becoming more and more obvious.

Compared with securities companies, funds and other securities market institutions, trust companies have a gap in professional business and services, and the market competitiveness is insufficient. However, since the introduction of the new rules on trust classification, trust companies have continued to increase investment, vigorously promote the development of securities market business, and gradually narrow the gap.

In this regard, Xing Cheng said that with the vigorous deployment of various institutions, taking SDIC Taikang Trust, Foreign Trade Trust, Yunnan Trust, China Resources Trust and other companies as examples, the above-mentioned companies are on par with some professional securities investment institutions and public funds in terms of investment scale, talent team, and investment and research strength.

At present, trust companies 'shortcomings in professional business and services are gradually narrowing. In terms of advantages, Xing Cheng believes: "Trust companies have a history of participating in equity investment in the capital market. As early as the early days of the introduction of the' One Law and Two Regulations', that is, 2006 Around the year, trust companies launched large-scale 'sunshine private placement' business, which is also the initial stage for trust companies to participate in large-scale capital market investment. As a new force in long-term investment in the capital market, trust companies have the first-mover advantage of being deployed in this field for many years and the second-mover advantage under the guidance of the new rules and policies of the three categories of trust."

"The company takes advantage of the trust system to provide clients with professional trust services in standard product investment, gradually forming a competitive advantage that is differentiated from asset management institutions in the same industry." Yang Gaofei said that the company will further improve its investment research capabilities, product design capabilities, trading capabilities and risk control capabilities for active securities management, gradually expand global asset allocation capabilities, and continuously improve the securities trust product line.

Regarding the market prospects, many practitioners agree that the valuation of China's stock market is relatively cost-effective. Ping An Trust further stated that China's stock market is currently showing a downward bottom and promising upward.

Relevant persons from Minmetals Trust said that with the recovery of the domestic economy and the rapid growth rate of related industries in line with the direction of new quality productivity, exports in particular still reflect strong global competitiveness, which is reflected in the operating data of listed companies. Bright spots appear frequently. Therefore, in terms of stock investment, structural opportunities should be sought and grasped based on policy directions, industrial cycles and market rules.