2022 is a remarkable year for the trust industry in the transformation period. Although the external economic environment is more severe and the transformation of the trust industry is difficult，with the improvement of the basic system of the trust industry，the functional positioning of the trust has been clarified. In 2022，the EBRC introduced a number of regulatory policies to promote trust business transformation，the structure of the trust business changed dramatically，the scale of the real estate business continued to shrink，asset service trusts “bloom in many places”，and securities investment trusts became a new profit growth point. Looking forward to 2023，the trust industry will achieve high-quality development under the new functional positioning，wealth management business will become the core driving force to expand the industry business，asset management business will develop differentiated in the competition，and asset service trust business will become the main front of trust innovation and development.