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what is the reason for the scale of stock investment trust establishment being halved in august and the slowdown in bond growth?

2024-09-09

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different from the upward trend in the issuance and establishment scale of asset management trust market in july, the latest third-party statistics show that the issuance and establishment scale of asset management trust in august were both cold, and the establishment scale of standard product trust continued to heat up, but the growth rate slowed down. among them, the fund raising scale of bond investment trust products continued to rise, while the establishment scale of stock investment products fell by more than 50%.

a person in the trust industry told cailianshe reporters that the asset management trust market cooled down in august, mainly due to the decline in the issuance and establishment of non-standard trust products, while the issuance and establishment of standard trust products was relatively stable. in addition, the poor stock and bond market conditions in august had a certain impact on the fundraising of standard trust business. against the backdrop of increasing market volatility, investors' demand for stable returns has increased, driving the continued growth of the establishment scale of fixed-income trust products.

reversing the upward trend, the issuance and establishment of asset management trust market in august were both cold

in august, the asset management trust issuance market was cold and downward, and the scale of product issuance declined significantly. according to incomplete statistics from the yongyi financial trust research institute, the scale of asset management trust issuance in august was 96.435 billion yuan, a decrease of 10.746 billion yuan from the previous month, a decrease of 10.03%.

at the same time, the market for asset management trusts has cooled down, with both the number and scale of products established declining slightly. according to incomplete statistics, a total of 1,990 asset management trust products were established in august, a decrease of 58 from the previous month, a decrease of 2.84%, and the scale of establishment was 62.363 billion yuan, a decrease of 2.462 billion yuan from the previous month, a decrease of 3.80%.

in addition, except for the financial sector, the scale of non-standard trust products in other investment fields has decreased significantly. specifically, the scale of real estate trust products in august was 0.60 billion yuan, a decrease of 276 million yuan from the previous month; the scale of basic industry trusts was 17.99 billion yuan, a decrease of 17.38% from the previous month; the scale of products invested in the financial sector was 10.044 billion yuan, an increase of 175.53% from the previous month; the scale of industrial and commercial enterprise trusts was 3.688 billion yuan, a decrease of 61.33% from the previous month.

"the issuance and establishment scale of asset management trusts both declined in august, mainly because the issuance and establishment scale of non-standard trust products continued to shrink." yu zhi, a researcher at yongyi financial trust research institute, analyzed to a cailian reporter that the non-standard trust business is under pressure due to supervision, or affected by regulatory measures such as the ban on agency sales, the scale of fund raising for non-standard trust products continued to decline.

data shows that the number of non-standard trusts has increased but the scale has decreased. according to incomplete statistics, the number of non-standard products established in august was 946, an increase of 19.29% month-on-month; the scale of establishment was 31.881 billion yuan, a decrease of 11.45% month-on-month.

"the scale of non-standard trust products continued to decline in august, and the government trust business, which is the mainstay of non-standard business, shrank by nearly 20%. the acceleration of local debt repayment and the ban on third-party agency sales have hindered the development of basic industry trusts, causing a lasting impact on non-standard trust business." yu zhi added.

from rising to falling, the scale of stock investment products established in august fell by more than 50% month-on-month

in terms of standard trust products, data shows that the number and scale of standard trust products issued have both declined slightly. according to incomplete statistics, the number of standard products issued in august was 1,127, a decrease of 1.91% month-on-month; the issuance scale was 41.767 billion yuan, a decrease of 1.41% month-on-month.

in terms of establishment, although the number of standard trust products established declined, the scale of establishment increased. according to incomplete statistics, the number of standard trust products established in august was 1,044, a decrease of 16.82% from the previous month, and the scale of establishment was 30.483 billion yuan, an increase of 5.77% from the previous month.

among standard trust products, the fund raising scale of bond investment trust products continued to rise in august, but the growth rate slowed down, while the establishment scale of stock investment products fell by more than 50%. specifically, the establishment scale of bond investment trust products in august was 28.559 billion yuan, a month-on-month increase of 6.35%; the establishment scale of stock investment trust products was 502 million yuan, a month-on-month decrease of 51.4%.

in comparison, the scale of bond investment trust products established in july was 26.854 billion yuan, a month-on-month increase of 30.39%; the scale of stock investment trust products established was 1.033 billion yuan, a month-on-month increase of 236.82%.

in this regard, shuai guorang, a researcher at yongyi trust, analyzed that the equity market continued to adjust in august, and market sentiment turned cold, which had a great impact on stock investment products. the bond market was also under pressure in august. as major banks began to sell bonds in a concentrated manner, the bond market experienced two rounds of adjustments, one led by interest rates rising, and the other was that interest rates stabilized and credit was still in "negative feedback". the bond market showed obvious adjustments, and the allocation of trust funds to the bond market slowed down.

"at present, the trust 'asset shortage' is still ongoing, the equity market is performing poorly, and there are few high-quality assets in the market. debt assets are still the relatively high-quality investment targets at present," added shuai guorang.