The Guiding Opinions on Regulating the Asset Management Business of Financial Institutions，launched in 2018，has had a profound impact on the normative development of the asset management industry. In 2019，the various formats of industry followed the spirits of the guiding opinions to break the rigid commitment，eliminate multi-layer structures，ban capital pools and regulate non-standard business. This paper reviewed the changes of various formats of the industry，banking financing，trusts，mutual funds，and forecasts the development directions in 2020.