2010年年底，储晓明去职中海信托转战申银万国证券任总经理。在离开信托行业两年后，他最近再度成为信托业人士经常提到的圈内名人。

By the end of 2010,ChuXiaoMing leaving China trust from all the nations ShenYin securities as general manager.Leave the trust industry after two years,He recently has once again become people trust industry often mentioned circle celebrities.

　　“2012年，国内信托管理资产规模突破7万亿，其实原本应该可以冲到8万亿。少掉了1万亿去了哪里？去了券商。”上海一家大型信托公司副总经理如此表示。

"In 2012,,Domestic trust management asset scale break through 7 trillion,Actually originally should be rushed to the 8 trillion.Little off 1 trillion went to where?Went to brokers."Shanghai a large trust company deputy general manager said.

　　“丢失”的1万亿 "lost"1 trillion

　　长期以来，国内金融系统实行分业经营模式，银行、保险、证券、基金均被严格限制在各自的范围内开展业务。而信托由于其独特的制度优势，成为唯一一个可以横跨所有行业的金融子行业。

For a long time,The domestic financial system to separate operation mode,The bank/insurance/securities/Funds are strictly limited in their respective within the scope of business.And trust because of its unique advantage system,Be the only one can across all industries financial fruit industry.

　　储晓明自2003年起开始服务于中海信托，先后担任中海信托常务副总经理、总经理。在任期间，他在业内较早提出“银信合作”，并带领中海信托长期依托这一模式，使中海信托在2010年前后成为国内业务规模排在第一梯队的信托公司。储晓明“出走”之后，伴随着各大信托公司开拓直销业务的力度不断加强，信托银行系统的中海信托不仅被挤出第一梯队，在规模和利润方面，也分别被同处上海的华宝信托和上海信托超越。

ChuXiaoMing since 2003 began to service YuZhongHai trust,Successively hold the post of a China trust the standing deputy general manager/The general manager.During the term of,He put forward in the industry earlier"Such cooperation",And lead the long-term trust based on the model,Make China trust from around 2010 to become a domestic business scale row in the first echelon of the trust company.ChuXiaoMing"away"after,With the development of the direct selling business trust companies increasingly strengthen,Trust bank system of China trust not only out of the first echelon,In the scale and profit aspects,Also were with the Shanghai warburg trust and Shanghai trust beyond.

　　两年后，当储晓明的名字再度被信托业内广泛提及时，大家关注的不再是中海信托，而是“银证合作”这一模式对信托业的杀伤力。自2012年10月以来，保险、证券、基金行业陆续获得资产管理资格，原先互相“井水不犯河水”的格局被打破，包括保险、券商、基金等资管细分行业，逐渐形成了对信托公司的“合围”态势。

Two years later,When ChuXiaoMing name had been trust industry widely carry timely,Attention is no longer the China trust,but"Silver-colored card to cooperation"The model of trust industry lethality.Since October 2012,insurance/securities/Fund industry has been successively awarded the asset management qualification,Had each other"JingShuiBuFanHeShui"The pattern is broken,Include insurance/brokers/Funds endowment tube segmentation industry,Gradually formed the trust company"encircle"situation.

　　1月16日，中国证券业协会公布的数据显示，截至2012年12月31日，114家证券公司受托管管理资产总额1.89万亿元，而就在当年第三季度末，券商行业受托管理的资产规模只有9295.96亿元。

On January 16,,China securities industry association figures showed,As of December 31, 2012,114 securities company managed management the total assets of 1.89 trillion yuan,And in the third quarter,The securities industry assets management only 929.596 billion yuan.

　　上述信托公司副总经理表示，多出来的这近1万亿，正是信托行业少掉的部分。这是因为券商资产管理放开之后，原先信托公司能做的业务现在证券公司也能做，在券商行业加入竞争的情况下，一些缺乏技术含量的业务脱离了信托渠道流入了券商的麾下。

The trust company deputy general manager said,Extra this nearly 1 trillion,It is part of the trust industry are missing.This is because the securities assets management after let go,The original trust company can do business now securities company can do,In the securities industry to join competition,Some lack of technical content of the business from the trust channel into the securities trader stars.

　　信托“拐点论” trust"Inflection point theory"

　　银证合作的加紧布局，使得原来只能通过信托公司进行的业务，正在越来越多地被券商瓜分。

Silver-colored card to step up cooperation in the layout,Make originally only through trust company for business,Are increasingly being brokers carve up.

　　1月28日，招商证券(600999,股吧)（600999.SH）发布公告称，公司获准设立华能澜沧江二期水电上网收费权专项资管计划。从这天开始的随后5个交易日，总市值超过400亿元的招商证券股价获得了“五连阳”，其中三个交易日股价以涨停报收。

1 month and day,China merchants securities(600999,guba)(600999. SH)Releases announcement to say,The company set up to the second phase of huaneng lancang river hydropower Internet information collection special pipe plan.From this day start then five trading days,The total market value of more than 40 billion yuan investment securities share price obtained"Five even Yang",Three of the trading day to harden shares traded.

　　1月30日，嘉实基金(博客,微博)子公司嘉实资本与盛世神州房地产投资基金公司合作募集设立的嘉实资本盛世美澜园专项资产管理计划正式启动。此业务为嘉实资本开出的第二单专项资产管理产品，也是首次投资于房地产项目的专项资产管理产品。由此，这项在2010年之后对整个信托行业的迅猛扩张起到举足轻重作用的业务，也开始受到来自公募基金子公司的挑战。

On January 30,Fine fruit fund(blog,Micro bo)Subsidiary fine fruit capital and time China real estate investment fund companies to raise capital a fine fruit ChengShiMei billows garden special asset management plan official start.This business is fine fruit capital on the first ErChan special asset management products,This is my first time to invest in real estate project special asset management products.this,In the 2010 years later to the trust industry's rapid expansion play a very important role of business,Began to suffer from public offering fund subsidiary challenge.

　　1月31日，平安银行(000001,股吧)与包括中信证券(600030,股吧)、国信证券、安信证券、招商证券等11家券商签署战略合作协议。

On January 31,,Pingan bank(000001,guba)And including citic securities(600030,guba)/Securities held/Access securities/China merchants securities brokers 11 signed strategic cooperation agreement.

　　通过银证合作，那些原先被信托公司垄断的业务范畴全部“暴露”在竞争对手的视野中。

Through the silver-colored card to cooperation,What was previously trust company monopoly business category all"exposure"In the view of the competition.

　　上述信托公司副总经理表示，随着银信合作受限、证券投资类业务对其他行业放开、房地产项目受到严格管控、政信合作类项目被叫停，信托公司已经在各个领域都受到竞争对手的冲击。在越来越多的业务流失到其他细分行业的背景之下，信托业2012年的“7万亿”可能是整个行业的“历史之顶”。

The trust company deputy general manager said,With such limited cooperation/Securities business is second to other industry let go/Real estate project strictly control/Political faith cooperation class projects have been stopped,Trust the company has in various fields have been the impact of the competitors.In more and more business loss to other segments of the industry under the background,2012 years of trust industry"7 trillion"May be the industry"Of history of the top".

　　“不知道今后信托公司还能够做什么，但我不害怕，因为信托业在做每一项业务之前从来都是不知道最终结果的。”这位信托业高管笑着说，只要信托业的制度优势依然存在，那么竞争最终将促使中国的财富管理行业更加成熟。

"Don't know the future trust company can do,But I'm not afraid,Because trust industry doing every business before is never know the final result."The trust industry executives said with a smile,As long as the trust industry system advantages still exist,So competition will eventually makes China's wealth management industry more mature.