目前,证券公司受托投资管理业务牌照的发放已经告一段落,这也预示着券商资产管理业务将在规范中迎来新的发展机会。 受托资产管理业务发展历程及存在问题 中国证券市场从1999年的5.19行情以来长期处于牛市,甚至在全球股市下跌的2000年依然一枝独秀,大幅上涨40％以上,证券公司利润率水平远远高于上市公司。对于这种情况,大量的资金（包括上市公司等通过各种渠道将募集的资金或者自有资 At present, the issuance of securities companies entrusted investment management business license has come to an end, which also indicates that the brokerage asset management business will usher in the norms of new opportunities for development. Fiduciary Asset Management Business Development Process and Existing Problems China’s securities market has been bull market for a long time since the market price of 5.19 in 1999. Even in the year 2000 when the global stock market plunged, it still stood out and surged by more than 40%. The profit margin of securities companies was much higher than that of the stock market the company. In this case, a lot of money (including listed companies through various channels to raise funds or self-owned