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Recently, the China Banking Association released the "China Asset Custody Industry Development Report (2025)" (referred to as the "Report" below), which revealed that as of the end of 2024, the scale of asset management products custody in the Chinese banking industry was 182.20 trillion yuan, an increase of 12.64% from the previous year; the total scale of services for client fund custody products reached 239.90 trillion yuan; and the scale of asset management product operation outsourcing business was 8.88 trillion yuan. The "Report" believes that asset custody institutions are transitioning from the traditional role of "gatekeepers" of the capital market to comprehensive service providers, and the development of technology finance is continuously driving the digitization and empowerment of custody business. With the continuous acceleration of financial reform and opening up in China, the development of custody business faces more opportunities and challenges.