中国财富管理服务信托蓝皮书
曬勶㛽僻 续譻滽▫氮ⵌ刎嗙熟䔾䉞◜ⲏ䨿缀缃罒⫭㴟䧯նꯙ杅⯋峜僻㜾续譻滽▫溸詇✑勶潸⪸焒駮分勶性䓛ⵌ刎嗙熟䔾䉞◜ⲏ䨿䨿劔ն 绪缋续勨卐▫긖駠⺪劃✇勶䧶╗刨┯䕒剣劃✇䓺䑑㜩⯜յ鿛鿬յ秘罒䧶剣⪼剌做䑑❈氠续譻滽▫溸⪢ꌄ䧶ꌄ⮕⫐㵽ն缋駠⺪⽕氠续譻滽▫⫐㵽溸䍎峜僻缺徏╬վ╚德鯯㶡硅槏纳ⲏ⟥䩬譻滽▫ˋˋ岻䔾㺥┱㵄鴬鴤䔴տ䉘勨卐ն 续譻滽▫刴危煝疵յ脞┱鉿╃刁嵤▇潨溸┯卐䧯劃✇䓺䑑溸岻䔾䟩閒䧶䫌鰑䐮駖ն㸉◟㎌❈氠续譻滽▫⫐㵽脯分气溸劃✇⻑卸ⵌ刎嗙熟䔾䉞◜ⲏ䨿┯䪩䬎劃✇岻䔾鯰劃ն㠁괛ꦎ㸉⪾✅◜뀉裯䕒岻䔾䟩閒騟⿀騊┺╃䔾䉞ն The Blue Paper is prepared and published by Merits & Tree Law Offices. Unless otherwise indicated,the copyright and all related intellectual property rights of this publication belong to Merits & TreeLaw Offices. No part of this publication may be reproduced, distributed, or used in any form without the priorwritten consent of Merits & Tree Law Offices. Authorized quotations or references should clearlyindicate the source as: The Blue Paper ofChina Wealth Management Service Trust– LegalDevelopments and Practical Approaches. This publication is provided for research, reference, and industry discussion purposes only and doesnot constitute legal advice or investment advice. Merits & Tree Law Offices assumes no liability forany consequences arising from the use of this publication. For specific legal matters, professionallegal advice should be sought. 䍈阌 䌑儱╚德鯯㶡硅槏纳ⲏ⟥䩬㺥溸ꓨ锢┞䌑傶儱ꁩ䔯䱲筻溸熏㹾▇䌑□儱绪缺呬㹾溸㴼㹾▇䌑ն忽漳硅侓瞬溸䭦缩⽕㸍┬⟥䩬鉿╃婞Ⲏꅌ⼴⯋㸉劺缛鰑硅╃ⲏ溸鴤䔴❹鰣㑏㴼㎈䓛⯜䍳续徏ն忽ꂘ┞鿛㒘⪸⺛鯯㶡硅槏┱⟥䩬纳ⲏ溸ⲍ茤ꁉ预┱呦䖦❈⾀婞ꁹ缺┞姍⬑㴼䙎溸吿⬮┱ꓨ㗛ն ⟥䩬瞏뀖意忽ꁩ⹜┞䌑性䉂㵄⻓⪾劔鉿╃吙䗅䟩▄溸ꓨ㝕呿❛訒㐌ն ⟥䩬溸ⲍ茤䉂┯婝婢◟劺缛溸鯯㶡臔겐┱낊ꯟ갳瑠䈰⪾ն忽热┬㜩勵溸缋嵴┱岻䔾楒㘷╚⟥䩬錻僓剞鰘◙剳广㺂姍溸岻䔾❈⾀┱獘劲剾⡽ն┞做긖긖㸉㝃ꓨ┯燛㴼䙎鱴缺鱴㝃溸둛⬥⡽㵶䎂剃侅漩劮⩰鿛⻔㴘⪢劮⩰璭䍈劮⩰ն鯯㶡硅槏纳ⲏ⟥䩬┯刴儱┞㞟鰑分缏卐剳儱┞㞟氠剣㸉䫏낊ꯟյ갳瑠⡺ⲏյ缰盲㵶䎂ꪍ劻甯㴼溸⯜䍳䈰瓨ն⺞┞做긖鯯㶡硅槏纳ⲏ⟥䩬□忽㎈䍎⫄脚յ䩬㳏յ杅媗괛锢攍盲瞏澶㵄獘劲괛寛剃纳ⲏ㸵俚刨鱂⻔䞒剳㝃刨䪩鿬鱎册䞒┱宑气溸僓剞駖뀨ն ꁩ⹜┞䌑⯜䍳广┱䉗㐙㵄鴬刁缃䲀ꂛ䲀Ⲙ鯯㶡硅槏纳ⲏ⟥䩬ꂛ┞婢ꁫ⪝缏卐յ✅笡溸㺥ꮕ嫙ն 忽⯜䍳㺂긖┞笡⮬⪸ꨴ䙎痓熏╬鉿╃㺥㞳㴼◗㑏㵄㕈熝ն剃┯Ⲙ分⟥䩬溫駘⯒艧勶⟥䩬鯯分溫駘ꂘ凭⸉⺮䙎溸熏⬍▇公劔侞熏闌◗ꪍ劻㎧䪑鉿╃溸⟥䩬鯯分溫駘걾뀨╬⟥䩬鯯分栃皒䙎䳀危◗剳㑏㵄溸岻䔾受걁ն┱婟⻎僓갫濫⟥䩬鉿╃┩⮕稝假閕溸訒㐌假溸漳硅⮕稝✅笡婞忽ꓨ㗛⟥䩬╃ⲏ溸⻉閕呻厜嬓┞姍⯜䍳剳假ꌬ忽ꓨ假㴼▄⺇䩬鯰劃溸⫐帏□广⯤䔕⿱濫鯯㶡硅槏纳ⲏ⟥䩬溸绪缺䓺䘒ն 续譻滽▫剣岻┱僓鿛յ╃氮螅皒յ◜鿬儤瑽յ煝剣崫閒╬呻厜傶䙰缏⻓枱□崫㷌鱶ⲹ⫅뀎鉿╃㵄鴬┱獘劲䟩▄ն䧰剫劻绍ꂘ┯刴儱┞ꌄ岻䔾剃╃刨駘䓡䌑䍳ꓨ㝕◜剽溸鉿╃䫟⼴剳儱┞劇茤㝉╬绪缺⻉閕㺥յ侓瞬⯜㴼յ勨卐蔦䔾┱䉗㐙┱䳀危⯼炽䙎┱⯜䍳䙎脞溸煝疵䧯卸ն 忽㵄鴬㺂긖箄䩽⯜䍳㺥溸婢劤⪢稝㒘鯯㶡硅槏纳ⲏ⟥䩬䉂ꄢ婢鱂⻔䧯斀ն┞╗傶茤纳ⲏ둛⬥⡽刨㛶յ茤䞒册ꄽ宑劬溸纳ⲏ⟥䩬✅笡婞忽䓺䧯ն㹐⪼⡽䕒⪸峜溸儱忽剣䔯걾剣痓熏溸┯Ⲙ分⟥䩬յꇟ㉋⟥䩬յ㜩勵稝㒘艧勶艧玭 续譻滽▫溸乯⫭䌔绪⢷汧◟⯜䍳唯槏䧶侓瞬䙰缏溸维긖倁皺脯儱㕈◟嗙熟䔾䉞ꪍ劻广腁鯯㶡硅槏纳ⲏ⟥䩬溸┞绻㵄鴬缋돂ն䧰剫ꪍ劻ꯡ勓⟥䩬鉿╃溸㵊䨮յ勨卐┱剃╃脢⪴⻎鱂ꁩ⯜䍳⺈ꁙ┱⮱假䱲筻溸嬓┞╗虹掾䌔劔䌘┱䧶 鴋鶅◗㝃鱎⪾劔痓熏䟩▄溸╃ⲏ訒㐌䭇艧勶/艧玭⟥䩬յ┯Ⲙ分⟥䩬յ⺇䩬刨⺈剳յ鴚㘷⺇漩刨⟥䩬յ杅媗괛锢⟥䩬瞏假㒘뀉潨նꂘ凭缋⸉駑䧰剫䕒剣剃⯜䍳訒㐌溸缰䍳剳广⪝㐌槏闌⟥䩬⯜䍳忽⻓㵄╚溸ⲇꓪ┱㹾ꮺն ╬◗駑续譻滽▫剳茤儙鉿╃溸澶㵄茺Ⲙ䧰剫ꂖ忽罒⫭ꁩ瓨╚ꓠ駧◗缺蔦⟥䩬⪫⺶յꧼ鉿յ受ꯟ⪫⺶瞏㝃㵶勨卐溸┞绻剃╃刨⽄䭇⯼盛ꨆみյ分缋槏յ╚⻑⺬낊䱽┱⻉閕刨⽄ն剌剫溸閗閤劔僓◧╬銣⩪劔僓氋蔸潸◧烾澃勫婞㎌╬㠁婟续譻滽▫䕒剣剳皒✅յ剳澶㵄㐌⼯⻓鉿╃䨿긖╤溸缏卐䙎䮅䧹┱广㺂䑳ⲇն 劅⻑䧰剫广⟥⟥䩬鉿╃溸澶婞ⲇꓪ徏◟㸉岻䔾閕⮯溸俓颈յ㸉⺇䩬鯰劃溸䛀㴖剣㸉⟥䩬⯜䍳纳ⲏ獘劲ꂘ┞周续剾⡽溸㎈䓛ն⺢劔剣婟╬㕈熝⟥䩬╃做茤鉿甯蔺ꂜ澶婞䪩鿬鱎僓剞鰘◙溸鯯㶡硅槏┱劺䪩❈⾀ն续譻滽▫婞儱ꂘ┞䌑鉿╃缏卐䙎⺈ꁙ溸┞劇閒駩┱䘽脞ն 姚ꮒ蛣襴 䌑 劓 岻┱僓鿛鯯㶡硅槏劚ⲏ⟥䩬皒岻漳硅Ⲙ䘒 .┯Ⲙ分艧勶⟥䩬鯯分溫駘熏⬍. վꓭ鄌勨卐分ꃿ热䙎硅槏ⲋ岻տ⮃⺬ⶬ绣ꃿ热䙎硅槏呻厜. վ⟥䩬⪫⺶硅槏ⲋ岻տ⪢긖ⶬ绣㎈䓛续徏┱⺇䩬鯰劃ꓨ㗛. վ鰑分硅槏⟥䩬硅槏ⲋ岻䔰寛䟩閒畈տ䉘鰑分硅槏⟥䩬ꁫ⪝笡缛漳硅. 崟ꦷ假閕✅笡卐瞣⟥䩬╃ⲏ⻉閕绱广 ╃氮螅皒鯯㶡硅槏劚ⲏ⟥䩬缋⪿呿❛ .┯Ⲙ分⟥䩬溫駘駽掾⻄㐌⪿㒘呿❛.艧勶⟥䩬溫駘駽掾⪿㒘呿❛.㘷⫐┪䉗⪫⺶艧玭㵶傉⟥䩬㵄⻓䭦艧嬠❛痓熏 %.㘷⫐㵶傉⟥䩬䭦劔 H 艧⪢嵤ꄽ艧劇.ⵌ刎䉗눢册䞒㒘杅媗㣘䩬刨+⫄脚潳剐+漳㷌刨杅媗괛锢⟥䩬.⪢德눢ꇟ㉋⟥䩬⪢嵤瓨溫駘.㘷⫐㵶傉⟥䩬+瑠㽺⟥䩬⺇䩬厜卐 ◜鿬儤瑽♈鉿╃獘⚷◜⚂澚鯯㶡硅槏劚ⲏ⟥䩬溸㺥 .叄┪䉗⪫⺶䱽艧艧╅յ㵄ꮪ䱽⯜刨錻挖羿㵶傉⟥䩬긌┞蔺鉿Ⲙ刨⭀䭦厜卐訒䋜.⟥䩬⪫⺶낊ꯟ◜剽뎧Ⲙ閕埛⺈剳⺇䩬刨㘷⫐⺇䩬刨⺈剳熏⬍ .鴤叄긌岻鉿ⶖ呿┱ⷂꄽ㵶傉⟥䩬㕈ꓭ錻䪃鉿呿⫙騰⟥䩬錻⮄痍.⺬彵詇⻐虪刨䕇数㫖瑠┿鴚㘷㜩勵㵶䎂鯯㶡劺䪩㴘䱗溸餿獏.㴵完㵶傉㘷⫐㜾ꇟ分⟥䩬络绳㜩勵㵶䎂劺䪩厜卐劔侞䙎脞돂.┪嶯誸㟖㛶呿栃麄刨㛶洒洡յ⫄脚劺䪩䮅䧹 煝♨崫閒 䌑䍳鯯㶡硅槏劚ⲏ⟥䩬鉿╃騫煝⮕卥 . 鯯㶡硅槏纳ⲏ⟥䩬溸㴥間气䘒┱㺥╃芻冎 ..鱶ⲹ闌騣剃㴘⪢뎧Ⲙ⯒气䘒俠⻉㵊䨮괛寛婢⪝缏卐䙎ⶬ绣假ꮕ嫙.. 괛寛➆㝃ꓨ┯燛㴼䙎㎌筷䧯╬㗛ꅐ㵊䨮假괛寛溸ꓨ锢芻冎.. 危缕➆鯯㶡硅槏纳ⲏ⟥䩬忽 䌑俠✅受䭦㵈䡪㙨ꪍ䘒ⲹ . 鯯㶡硅槏纳ⲏ⟥䩬긖╤溸全锢䮅䧹┱㵄ⲏ㎧㘷 .. 鿛㒘䮡⸐┱䉗㐙侅罥┬溸勸剾⫐ⷳ皶◚.. 瓭⯜疿溮┱閕⮯罼勶┬溸⟥䩬╃ⲏ殭뀘.. 駌焒⢟䈽┱蕛䝠䪑Ⲙ┬溸⺇䩬⟥劃ⷩ勨.. 閕⮯罼勶┱ꃿ氠┯僻┬溸⻉閕㻀膷䮅䧹.. ꮕ嫙悎ꂛ┱㝃㎌腣⻉┬溸⟥䩬络绳㎽冎.. 续徏㸍⻔┱閕埛ꆒꀀ┬溸纳ⲏ㴼勶ꁉ预.. 䉗㐙呬㹾┱勶鯰ꨟꏕ┬溸剾⡽⮕ꏕ换銝.. 鉿╃崟曵┱鯰劃ꓨ㗛┬溸⺇䩬刨⺈剳䐮卐 蔺驊嗙䖎鯯㶡硅槏╃ⲏ♃缉全罒㎑ꭶ矻♃ 蔺驊嗙熟鯯㶡硅槏╃ⲏ刾缉全罒㎑ꭶ矻刾 煝疵做岻 续譻滽▫剣╚德鯯㶡硅槏纳ⲏ⟥䩬溸㺥㵄鴬╬煝疵㸉骮缸⻉ꁾ氠侓瞬煝疵յ呿❛煝疵┱鉿╃騫煝瞏㝃璀做岻㸉2025䌑䍳鉿╃溸ꓨ锢⯜䍳⺈┱㵄鴬鴤䔴ꂛ鉿笡缛唯槏┱⮕卥ն⪾✅煝疵做岻䭇 譻滽▫笡缛唯槏◗2025䌑䍳┱鯯㶡硅槏纳ⲏ⟥䩬潸⪸溸ꓨ锢岻䔾岻閕漳硅侓瞬䓛绯⯜䍳悎ꂛ鱶ⲹ䌔駬勎⪼㸉鯯㶡硅槏纳ⲏ⟥䩬╃ⲏ㺥溸䔕⿱ն 续譻滽▫ꄑ⺆2025䌑䍳⪾劔剞銩䙎溸鉿╃㵄鴬呿❛ꂛ鉿广⪝⮕卥ꄽꁩ㸉呿❛缏卐駦駉յ⻉閕ꆒꀀ┱㵄类鴤䔴溸煝疵䙰缏鯯㶡硅槏纳ⲏ⟥䩬忽㜩勵鰑分缏卐┱㝃⩧㵶䎂괛寛╚溸䍎氠缋돂 譻滽▫缏⻉䌑䍳⫐⽕䌦峅⪸峜溸鉿╃┱獘劲◜剽❛㠁┪䉗⪫⺶艧╅㵶傉⟥䩬⭀䭦◜剽յ⟥䩬⪫⺶䩬硅┱⺇䩬刨⺈剳㵄鴬յ㵶傉⟥䩬䪃鉿┱⬠缏呿❛剣⪫劬刨朮鴚㘷缣䪩◚駖瞏㸉⟥䩬⯜䍳忽⻓㵄岻䔾楒㘷╚溸ꁾ鉿䝠⬔ꂛ鉿⮕卥剣間㷌⯜䍳ꁉ预┱㵄鴬䮅䧹ն 忽譻滽▫罒⫭ꁩ瓨╚煝疵㎑ꭶ駧騰◗缺蔦⟥䩬⪫⺶յꧼ鉿յ受ꯟ勨卐鯯㶡硅槏勨卐溸┞绻剃╃刨⽄帏漺分駦駉յ㵊䨮缋槏յ⻉閕낊䱽ꁾ觝硅槏瞏┯⻎㼮勶նꄽꁩ㝃閗閤騫煝◗闌热⯼䉗㐙忽╃ⲏ䐷㺥յ㵊䨮괛寛յ⻉閕낊ꯟ鉿╃皶◚瞏做긖溸澶㵄䝠⬔ն 譻滽▫ꂖ缏⻉嗙熟䔾䉞◜ⲏ䨿忽鯯㶡硅槏纳ⲏ⟥䩬뀖意ꪍ劻┱溸뀉潨缋돂㸉艧勶⟥䩬յ┯Ⲙ分⟥䩬յ鴚㘷⺇漩刨⟥䩬յ杅媗괛锢⟥䩬瞏╃ⲏ溸岻䔾缏卐┱㵄类锢掾ꂛ鉿䙰缏剃岻䔾㵄ⲏ閤䍳䳀迪鉿╃缋돂┱㺥鱶ⲹն ꄽꁩ┪ꃎ㝃缰䍳煝疵做岻续譻滽▫ⲇ寛剃⯜䍳յ䉗㐙┱㵄鴬┩╗㺂긖⪢긖⼯⻓╚德鯯㶡硅槏纳ⲏ⟥䩬溸㺥㎽冎ն 譻滽▫◩㝕呦䖦缏駢 㴥間缋嵴峒Ⲙյ劐╃낊ꯟ◜剽뀡剣鴚㘷漳硅鱶║❈둛⬥⡽刨㛶溸鯯㶡硅槏潨吙气僻兇鿛⺈ն鰑分受盲յ㵶傉劺䪩┱劐╃䱽⯜勶㴘䱗䉂䧯╬鯯㶡閕⮦溸呦䖦駖뀨⟥䩬⯜䍳溸낊ꯟ갳瑠ⲍ茤婞忽ꓨ假錻䉗㐙駌焒ն 㵊䨮괛寛♈侅漩㸍⻔鿛⻔㴘⪢㸍⻔ 갫濫⟥䩬鯯分溫駘⯜䍳ꄢ婢痓熏鉿╃⮱假婞忽⻔艧勶յ┯Ⲙ分瞏呦䖦鰑分稝㒘䐥務ն2025䌑┪䉗⪫⺶艧玭㵶傉⟥䩬յ┯Ⲙ分⟥䩬յ㜾禶⺇漩刨⟥䩬瞏⮱假呿❛ꮫ缩訒㐌吙䗅濫╚德鯯㶡硅槏纳ⲏ⟥䩬溸䍎氠㐙冎䭦缩䪆㺥ն 㜩勵鰑分⟥䩬䧯╬⮱假全䧹㐙 ⟥䩬岻⺶岻闌ꓤ罼勶յ⟥䩬ꏕ㞟瓭ⲏ閕⮯罼换䧶┯僻燛յꃿ热䙎硅槏⯜䍳ꃿꏕ┯鳉瞏ꭄ뀨剂撬⯜绢濫╃ⲏ閕埛㺥ն杅⯋儱忽艧勶⟥䩬┱┯Ⲙ分⟥䩬巉瓭閕⮯做긖⯜䍳疿溮䉂䧯╬鉿╃册ꇁ⪸峜溸⪸ꨴꭄ뀨ն 鯯㶡硅槏纳ⲏ⟥䩬婞忽剃分埛䑑鱂⻔ꪍ劻⺇䩬纳ⲏ埛䑑ն绪缺䉗㐙皶◚溸⪸ꨴ┯⫙⺢儱⟥䩬閕埛脯儱勨卐忽낊ꯟ갳瑠缏卐駦駉յ㵶傉岖槏㴘䱗յ鴚勨卐✑ꪍ劻⺇䩬硅槏做긖溸缸⻉茤ⲇն 绪缺皶◚㸞⺆⬑◟⺇䩬劚ⲏ茤ⲇ脯긌绫閕埛 ╚㎼鯯㶡硅槏劚ⲏ⟥䩬婞忽䓺䧯岻䔾뎧Ⲙ㒘⮱假䉗㐙 ⟥䩬╃鿛⻔岻䔾뎧Ⲙ㒘⮱假㺥埛䑑┯Ⲙ分⾕艧勶⟥䩬溫駘⺆䕒痓熏⟥䩬ⲍ茤䐥務蔸宑气뀖意⻉閕呻厜ꓨ㗛╃ⲏ䓺䘒ն 睘┞皺岻┱僓鿛 鯯㶡硅槏劚ⲏ⟥䩬皒岻漳硅Ⲙ䘒 1.1┯Ⲙ分艧勶⟥䩬鯯分溫駘熏⬍ 1.1.1芻冎 ⟥䩬鯯分溫駘⯜䍳儱燛受⟥䩬鯯分栃皒䙎溸ꓨ锢⯜䍳㕈熝⪾劔ꓨ锢溸岻䔾䟩▄⾕⻓㵄䟩▄նվ╚ⶶ刨宑⪴⾕德⟥䩬岻տվ⟥䩬岻տ睘ⶥ匜閕㴼駦皒⟥䩬㸉◟⟥䩬鯯分劔⪸岻䔾յ鉿侓岻閕閕㴼䍎热ⲋ槏溫駘䩘缩溸䍎热❹岻ⲋ槏⟥䩬溫駘ն绪❹攍⯼娉閕㴼ⲋ槏⟥䩬溫駘溸˘騍⟥䩬┯分气侞ⲇն勫ꪍ劻剣缺㎾◟罼▌ꏕ㞟溸⟥䩬溫駘⯜䍳㣘䩬刨㸞艧勶յ┯Ⲙ分稝㒘鰑分刁剐✑╬⟥䩬鯯分刴茤ꄽꁩ閗⻎刁儅ꁩ䨮SPV ꭊ䱹䭦劔瞏做䑑⺈ꄽ㵄⻓┯刴