In 2019，the trust industry has been facing challenges from economic downturn and profound changes of the business environment，and the trend of future development becomes clearer. The AUM of the industry has declined for the second consecutive year，and the overall performance of trust companies is relatively poor. The risky assets have grown substantially，and the industry shows a higher differentiation. As the unified regulation of asset management develops，trust business continues de-channelizing，and the scale of passively-managed assets shrinks. The actively managed financing business has grown rapidly，and has become the main driving force of the industry. In the future，main logics of the trust development have changed，and the direction of transformation becomes clear. Trust companies should rely on its institutional advantages，including the trust culture and trust services，and establish the industry’s core competitiveness.