In 2023, the trust industry can be described as changing.
On June 1, the Notice on Standardizing the Classification of Trust Business of Trust Companies (hereinafter referred to as the "New Regulations on Three Classifications") was implemented, which further clarified the boundaries and service connotations of trust business, emphasized the positioning of trust trustees, returned to the origin of business, and transformed and grew the trust industry in the "labor pains".
For trust companies, under the pressure of traditional business and the need to cultivate transformation momentum, the top priority is how to "take the pulse" of the development path and explore new profit growth points under the dual pressure of the new normal of the economy and financial regulation.
Under the differentiation of the industry, there are also those who buck the trend, such as Shaanxi International Trust Co., Ltd. *** hereinafter referred to as Shaanxi Guotou), in just one year, the scale of Shaanxi Guotou's trust assets in 2023 will increase to 54326.1 billion yuan, the annual wealth management issuance scale has achieved a leap from 65 billion yuan to 107.9 billion yuan, and a "second growth curve" that gets rid of the dependence on traditional paths has initially become a trend.
Exploring the reasons, this achievement is not unrelated to the "reshaping and reengineering of Shaanxi Guotou" proposed by Yao Weidong, Secretary of the Party Committee and Chairman of the Board of Directors, in July 2022, which started "reshaping and reengineering" by facing the problem head-on and turning inward, and also reinterpreted the resilience of "Shaanxi Guotou" with this top-down and industry-leading in-depth reform strategy.
Second, the growth curve is gaining momentum
At the 2nd Seminar on the Frontiers of International Trust Law, some experts pointed out that the core problem facing the trust industry is the contradiction between the new paradigm of the development of the trust industry and the sustainable growth mechanism of the main business income of trust companies.
While the industry is still exploring "new channels", the author noticed that Yao Weidong, chairman of Shaanxi Guotou, had put forward the strategy of "reshaping and reengineering" in July 2022 ahead of the pace of industry transformation.
At the kick-off meeting of "Reshaping and Reengineering Shaanxi Guotou", Yao Weidong proposed to use the spirit of self-revolution to comprehensively examine problems, grasp the regulatory orientation, conform to the market situation, stimulate turbidity and promote purity, transform and rebirth, and create the future, so as to lay a solid foundation for building the "second growth curve" and truly achieve high-quality development with direction, grasp and measures.
Shaanxi Guotou official micro.
This "self-reinvention" has achieved faster than the industry imagined. It is reported that in 2023, the annual wealth management issuance scale of Shaanxi Guotou will achieve a leap from 65 billion yuan to 107.9 billion yuan, with a growth rate and new scale significantly higher than that of the industry, and the annual compound growth rate of the issuance scale will be more than 30%.
As the "original business" of the trust industry, wealth management has a lot of room for imagination. According to CICC's estimates, by 2030, the scale of China's residents' personal financial assets may reach 486 trillion yuan, with a broad market space, and Shaanxi Guotou has been deeply engaged in the field for nearly 40 years, and is quite "good at".
After anchoring the track, in 2022, Shaanxi Guotou Wealth quickly completed the reform of the business unit system, added a wealth management product research center and a wealth advisory department, established a professional investment research team, and formed a "wealth advisory + expert service group" whole-process tracking service model and a diversified full-strategy product line.
It is reported that at present, the company's wealth management business is headquartered in Xi'an, and has set up 24 wealth centers in economically developed cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, and the tentacles of Shaanxi Guotou's wealth services have extended to 28 provinces (autonomous regions and municipalities directly under the central government) across the country, and have established in-depth cooperative relations with hundreds of banks, ** and other financial institutions, and the brands of "Shaanxi Guotou" and "Shaanxi Guotou Wealth" have been recognized by the market.
A noteworthy detail is that in the context of trust companies returning to their origins and vigorously developing standard products, the ratio of standard products to non-standard products in Shaanxi Guotou's wealth management business has changed from 2:8 in 2022 to 6:4 in 2023, making standardized products occupy a dominant position.
This achievement, Sun Xiyan, marketing director of Shaanxi Guotou, attributed to the company's firm strategic determination, "In fact, we started from the 'remodeling', the company has studied and judged the development in the direction of standardization, and everyone in the industry knows that the profitability of the standard business is weak and difficult, but we started from 0 to set up a fixed income division specializing in standardized products, and the scale of the fixed income division has increased from 0 to more than 60 billion yuan, and it took about three years to explore." β
Looking back, with the formation of the second growth curve of trust and wealth management, it also confirms that the "reshaping and reengineering" strategy, organization, business and management proposed by the Party Committee and the chairman of Shaanxi State Investment Corporation have achieved phased results, which has stimulated inexhaustible endogenous power for innovation and development.
R&D and investment capabilities
Under the new three classifications, the business logic of trust companies has undergone fundamental changes.
Originally, wealth management was more like a foothold, and trust companies generally had business first, and then issued products, playing the role of "finding funds with projects". According to the new three classifications, wealth management has become the starting point, and the business model of trust companies has changed from serving the financing side to serving investors and clients.
Under the changing situation, its own basic professional capabilities and core competitiveness, such as science and technology and investment and research capabilities, will directly determine whether Shaanxi Guotou can survive the drastic changes in the industry and boost the level of investment.
In August 2023, Shaanxi Guotou established the "Shaanxi Guotou Silk Road Financial Trust Research Institute" to build a six-in-one organizational system of strategic research, investment analysis, product innovation, wealth advisory, management consulting, training and exchange, relying on a high-level expert advisory committee, benchmarking first-class asset management research institutions, cooperating with financial peers, real industries and universities and institutes to make suggestions and suggestions for regional development and industry transformation, and play a role as a think tank for the company's decision-making and business development.
Shaanxi Guotou official micro.
In addition to "internal repair", Shaanxi Guotou is also promoting comprehensive cooperation with financial peers, adhering to the goal of "harmony and win-win", and expanding the "basic market" horizontally.
Sun Xiyan believes that "although the regulatory requirements are to return to their origins and perform their own duties, it is impossible for a single financial institution, or even the financial industry, to meet all the needs of customers, so the financial industry still needs to be interconnected, including consumer rights protection, investor education, etc." "On the one hand, the cooperation of financial institutions can achieve mutual recommendation and joint expansion of business;On the other hand, it can also integrate the resources of all parties to provide customers with diversified value-added services.
In this regard, Shaanxi Guotou chose to drastically adjust the organizational structure to drive business changes, such as the establishment of the new financial interbank department, the capital market investment department and the Shanghai financial market department, the integration of the first trust division, and the traditional trust business department and the new standardized franchise department internal cooperation, professional complementarity, investment and loan linkage, etc.
According to statistics, in the first three quarters of 2023, Shaanxi Guotou has established effective cooperative relations with 43 financial institutions, with a total scale of 41.3 billion yuan, and many institutions have upgraded from the original channel cooperation to the "total to total" comprehensive strategic cooperation.
We also believe in the time of heaven while creating harmony, creating land, and waiting for the time of heaven. Sun Xiyan repeatedly mentioned that the transformation must have determination and confidence!"China's capital market must do a good job!Specifically, the trust industry, including wealth management, standard investment, service trust, etc., are the established direction given by the company's strategy, which is in line with the laws of the industry, and requires us to continue to cultivate with determination and confidence. β
In fact, observing Shaanxi Guotou, "steady" runs throughout. In terms of performance, from 2018 to 2022, Shaanxi Guotou's net profit was 31.9 billion yuan, 58.2 billion yuan, 68.6 billion yuan, 73.2 billion yuan, 83.8 billion yuan, in the case of profound adjustment of the industry and general decline in revenue, it still maintained a contrarian trend**. This also reflects that in the face of the painful period of industry transformation, Shaanxi Guotou has sought progress in stability, established first and then broken, and has always adhered to the bottom line of risks and continued to deepen the construction of a comprehensive risk management system.
Inject "financial living water" into Shaanxi
Looking forward to 2024, services to support the real economy will continue to be an important direction for the transformation of the trust industry.
For Shaanxi, innovation is on the eve of quantitative and qualitative transformation, the industry is entering the forefront of polymerization and fission, and "hard technology" projects are emerging, and there is an urgent need for "bridges" to connect with the outside world.
Shaanxi Guotou is one of the "game-breakers". It is reported that nearly half of the wealth management issuance scale of Shaanxi Guotou will exceed 100 billion yuan in 2023 to "leverage" foreign funds to attract foreign funds to inject "living water" and "foreign aid" into Shaanxi's economic construction.
In the first half of 2023, Shaanxi Guotou will carry out the theme activity of "Shaanxi Yaoxing" to introduce Shaanxi's development achievements in an all-round way across the country, and attract 6 billion yuan of investment into ShaanxiWith the financial institutions in developed areas outside the province to plan two types of enterprises, the use of science and technology incubation model, joint enterprises, universities, etc., to invest in the growth of enterprises ......
As an enterprise rooted in Shaanxi, it injects "financial living water" into the construction of an inland reform and opening up highland, and takes financial service entities as the "main financial force" of Shaanxi. It is reported that in 2022, Shaanxi Guotou will add 403 new investment and financing scale in the province5.7 billion yuan, up from 34.3 billion in 20210.1 billion yuan, an increase of 176%γIn 2023, which has already passed, this indicator will show even better results.
Observing its investment path, some key areas and key projects are worth paying attention to. Among them, a number of key projects such as the "Belt and Road" initiative, the Silk Road Science City in the High-tech Zone, the China-Europe Express Assembly Center, and the Airport Logistics Hub have exceeded 5 billion yuan, and 1.3 billion yuan has been provided for the "Qin Chuangyuan" innovation subject and infrastructure supportContinue to support the construction of Xi'an High-tech Zone, and introduce major projects such as Samsung Phase II.
Xi'an released an official WeChat.
In addition, Shaanxi Guotou has made great efforts in equity investment, conducted in-depth research on the projects of scientific research institutes such as the Northwest Nonferrous Metals Research Institute and the Western University of Technology, strengthened the docking of high-quality enterprises with PE and VC, and focused on the reserve equity investment projects of advantageous strategic emerging industries in the province.
At present, the new regulations on the "three classifications" of trusts have been implemented for half a year, and Shaanxi Guotou, which is actively adapting and planning ahead, has obviously taken the lead in the trust transformation business and achieved overtaking.
Exploring the motivation behind it, the author believes that the company's management's assessment of the strategic objectives is one thing, and more importantly, the overall internal response of Shaanxi Guotou is rapid, maintaining concentration in the changing situation, and still maintaining great innovation vitality and imagination after entering the "year of no confusion".
It is worth mentioning that this year is the 40th anniversary of the establishment of Shaanxi Guotou and the 30th anniversary of its listing, and the issuance scale of 100 billion wealth management is also the beginning of Shaanxi Guotou's return to its business roots in the next 40 years.
"Reshaping and reengineering" has reached the halfway point of Shaanxi Guotou, and Yao Weidong's plan for the second half of Shaanxi Guotou has gradually become clear. In the signed article, Yao Weidong said that he would inject "financial living water" into the high-quality development of the Shaanxi Pilot Free Trade Zone and the construction of the new land-sea corridor in the west through innovative and diversified methods such as standard asset management, convertible bonds, private equity investment, and assetization, and strive to draw a "new picture" of the national strategy of financial services, helping to open up to the outside world, and participating in international cooperation, and effectively act as the "main financial force" for Shaanxi to expand its opening up to the outside world and build a highland for inland reform and opening up.
National Business Daily.