摘要 近年来,随着大资管时代的来临、利率市场化进程的不断推进，国民收入持 续走高，社会公众不再满足于传统的储蓄存息业务，对增值及避险类金融工具提 出了更多的需求。资产管理行业得到了蓬勃的发展，资产托管业务也获得了广阔 的发展空间。资产托管作为独立的第三方，在保障投资人权益和托管资产保管、 监督方面起到了至关重要的作用，是金融体系不可缺少的重要组成部分。商业银 行为了拓宽资金来源，提高盈利能力，必须更多的参与资本市场业务，而发展不 占用经济资本、低风险的资产托管业务是重要的途径和通道，托管业务已成为商 业银行转型发展中重要的战略目标。经过20多年的发展，传统五大行在托管领域 的主导格局被逐渐打破，托管业务的竞争开始由原来单纯的同业竞争转向整个资 管产业链的竞争。在此背景下，如何保持更好的核心竞争优势和稳定增长的盈利 水平，无疑是国有商业银行资产托管业务当前面临最直接的挑战和迫切需要解决 的问题。 JT银行作为最早一批获得托管资质的国有股份制商业银行，已发展成为国内 托管资格最全、托管品种最多、托管时间最长的托管银行之一。作为目前市场上 唯一具备全国社保基金、保险保障基金以及基本养老基金托管资格的商业银行， JT银行高度重视关系民生保障和金融稳定的保障类基金托管业务，积累了丰富的 托管经验。但相较于发展历史悠久的国外先进托管银行，无论是在系统开发、绩 效考核、人才储备上的投入，还是差异化增值服务上的创新，JT银行的资产托管 业务都才刚刚起步。同时，与其他传统业务相比，对JT银行的利润贡献尚不明显， 未来的发展空间十分广阔。近年来，资产托管业务市场同质化严重,低水平的价 格竞争严重损害了商业银行的正常盈利能力，不利于商业银行可持续发展，也不 利于整个资产托管市场的健康发展，同质化竞争已成为阻滞行业发展的重要因 素。面对复杂多变的金融形势和竞争激烈的市场环境，在资本市场低迷、货币和 监管政策共同收紧等市场不利因素影响下，JT银行资产托管业务已进入深度调整 期，托管规模增速逐步趋缓。急需改善战略目标引领深入转型，提升资产托管业 务核心竞争力。在这样的背景下，对于JT银行来说，根据自身优势合理细分市场， 在某些关键领域提供差异化的特色服务，以此为重点，来获取市场份额培育自身 核心竞争力是宏观金融环境变化的必然结果。 摘要 本文以JT银行资产托管业务发展现状和问题研究为主题，首先阐述了资产托 管业务的概念及其在我国的发展现状，结合JT银行资产托管业务的组织架构、业 务种类、托管规模和托管收入，针对性的提出JT银行资产托管业务现行运营过程 中存在组织架构缺陷、营销队伍不足、考核机制匮乏、运营系统落后的问题。其 次，从组织结构、经营战略、考核机制、信息技术四个方面对JT银行资产托管业 务发展过程中存在问题的成因进行分析，并着重阐述了政治经济、同业竞争及客 户需求三个因素对其托管业务发展的影响。最后，资产托管业务是轻资本占用的 低风险业务，在促进稳存增存、增加盈收和业务创新等方面发挥着积极作用，对 商业银行的综合贡献度也日益提升。通过对JT银行组织架构的重新梳理和设计， 结合行业发展方向，提出成立托管子公司、运用差异化战略、完善考核机制、加 快信息化建设的发展思路和建议，以此来优化JT银行资产托管业务现行运营流 程，稳步提升其托管规模和托管收入，实现资产托管业务的可持续发展。期待对 JT银行的资产托管业务实践以及国内商业银行中间业务发展有一定的借鉴作用。 关键词： 资产托管业务，差异化战略，增值服务，养老金 ABSTRACT ABSTRACT In recent years, with the advent in the era of large-scale capital management and the advancement of interest rate marketization, national income continues to rise. The public is no longer satisfied with the traditional savings and interest business, and has put forward more demands for value-added and hedging financial instruments. The asset management industry has developed vigorously, and the asset custody business has also gained a broad space for development. As an independent third party, asset trusteeship plays a vital role in safeguarding the rights and interests of investors, custody and supervision of assets, and is an indispensable and important part of the financial system. In order to broaden the sources of funds and improve the profitability, commercial banks must participate more in capital market business. Developing asset custody business which does not occupy economic capital with low risk is an important way. Custody business has become a crucial strategic indicator in the transformation and development of commercial banks. After more than two decades of development, the dominant pattern of traditional five banks in the field of trusteeship has been gradually broken, and the competition of trusteeship business has begun to shift from the original pure competition in the same industry to the one in the whole management industry chain. In such circumstance, how to maintain a better core competitive advantage with stable growth of profitability level have undoubtedly become the most direct challenge and urgent need to solve the problem of asset custody business for state-owned commercial banks. As one of the earliest state-owned commercial banks with trusteeship qualification, JT Bank has developed into a trusteeship bank with the most complete trusteeship qualifications. As the only commercial bank in the current market with qualifications of trusteeship of national social security fund, insurance guarantee fund and basic pension fund, JT Bank attaches great importance to the trusteeship of security fund related to people's livelihood security and financial stability while continually accumulating rich trusteeship experience. However, compared with foreign advanced custodian banks with longer history, JT Bank's asset custody business has just started. Especially in the fields of system development, performance appraisal, talented reserve investment as well as innovation in differentiated value-added services. At the same time, compared with other traditional businesses, the profit contribution of JT ABSTRACT Bank is still far from phenomenon which means broad development potentials in the future. In recent years, the homogeneity of asset custody business market is quite drastic. Low-level price competition seriously damaged the normal profitability of commercial banks, which is not conducive to the sustainable development of commercial banks as well as to the healthy development of the entire asset custody market. Homogeneous competition has become an important factor blocking the development of the industry. Facing the complex and changeable financial situation and the fierce market environment, the influence of market adverse factors such as the downturn of capital market, the tightening of monetary and regulatory policies, the asset custody business of JT Bank has entered a period of profound adjustments with gradually slowing down the growth rate of custody scale. There is an urgent need to improve strategic objectives to lead in-depth transformation and enhance the core competitiveness of asset custody business. In the circumstance, for JT Bank, it is an inevitable result to change its macro-financial environment to rationally segment the market according to its own advantages and provide differentiated characteristic services in some key areas, focusing on acquiring market share and cultivating its core competitiveness. This paper focuses on the current situation and existing problems of JT bank's asset custody business. Firstly, it states the concept of asset custody business and its development status in China. Combined with JT bank's asset custody business organizational structure, business types, custody scale and custody income, it put forward the asset custody business realization of JT bank. In the process of operation, there are some problems, such as defective organizational structure, insufficient marketing team, lack of assessment mechanism and backward operation system. Secondly, focusing on the four aspects of organizational structure, business strategy, assessment mechanism and information technology, this paper analyses the causes of the problems existing in the development of JT Bank's asset custody business, and emphatically expounds the influence of political and economic factors, inter-industry competition and customer demands on the development of JT Bank's asset custody business. Finally, the asset custody business is a low-risk business with light capital occupancy. It plays an active role in promoting stable growth, increasing earnings and busines