中國證券業(yè)調(diào)查報(bào)告

1、01Introduction引言0102Market overview市場回顧03Industry trends行業(yè)趨勢0529Contents 目錄0444Business dynamics業(yè)務(wù)動(dòng)態(tài)05Conclusion結(jié)語06Appendices附錄6266Appendix 1附錄1Appendix 2附錄2Appendix 3附錄3Appendix 4附錄4Appendix 5附錄5Appendix 6附錄6Appendix 7附錄7Appendix 8附錄8Appendix 9附錄9Appendix 10附錄10Appendix 11附錄11Appendix 12附錄12Financ

2、ial highlights財(cái)務(wù)摘要二零一九年行業(yè)排名Sector ranking for 2019中外合資證券公司一覽Overview of Sino-foreign joint venture securities company年證監(jiān)會(huì)對證券公司的評級2020 rating of securities companies by the CSRC 2020合格境外機(jī)構(gòu)投資者Qualified Foreign Institutional Investors (QFII)人民幣合格境外機(jī)構(gòu)投資者RMB Qualified Foreign Institutional Investors (RQF

3、II)合格境內(nèi)機(jī)構(gòu)投資者Qualified Domestic Institutional Investors (QDII)內(nèi)地期貨公司名單Mainland Futures Companies內(nèi)地基金公司名單Mainland Fund Management Companies內(nèi)地基金公司子公司名單Subsidiaries of Mainland Fund Management Companies設(shè)立香港子公司的證券公司Securities companies with Hong Kong subsidiaries外商投資私募基金管理公司Foreign-funded enterprises tha

4、t offer private fund management business671571641671711841942012082152212231二零二零年中國證券業(yè)調(diào)查報(bào)告01引言IntroductionIntroductionMainland China Securities Survey 2020 2While the effects of the COVID-19 pandemic have been felt across global and local markets throughout 2020, the impact on the securities industr

5、y in China has been limited compared to other sectors. Chinas capital markets rebounded in 2019, and the implementation of a number of policies and reforms including the launch of the Sci-Tech Innovation Board (STAR Market), the lifting of foreign shareholding caps, the reform of the New Third Board

6、 and amendments to the Securities Law continues to drive significant growth opportunities for the securities industry.According to the audited annual reports of securities companies in China issued by the Securities Association of China (SAC), the securities industry realised operating income of RMB

7、 360 billion and net profit of RMB 119.5 billion (based on financial statements at the parent company level) in 2019, representing year- on-year increases of 37 percent and 92 percent, respectively. As at 31 December 2019, the total assets of the 132 securities companies that were included stood at

8、RMB 7.3 trillion, representing a year-on-year.increase of 16 percent. Net assets amounted to RMB 2 trillion, a year- on-year increase of 5 percentIn terms of income composition, income from the proprietary trading segment stood at RMB141.8 billion (including profit or losses arising from changes in

9、fair value and investment income), up 64 percent from the RMB 86.7 billion recorded in 2018. This segment remained the biggest source of income for the industry, accounting for 39 percent of the industrys total operating income. Supported by a market rebound, net income from the brokerage segment in

10、creased by 25 percent year-on-year to RMB 84.3 billion, representing the second largest source of income for the industry. As a result of the STAR Markets IPO registration system and the new regulations on refinancing, net income from the investment banking segment increased by 31 percent to RMB 48.

11、1 billion. Net income from the asset management segment stayed flat from the previous year.From a regulatory perspective, regulators continue to focus on risk management and compliance. In 2020, some securities companies began pilotingconsolidated supervision mechanisms to improve overall risk manag

12、ement and compliance at the group level. Furthermore, the STAR Market was launched faster than expected, and restrictions on foreign shareholding and refinancing have been relaxed earlier than expected. These developments have opened a new chapter in the reform and opening-up of the domestic capital

13、 markets. In addition, the convergence of asset management regulation as well as fierce competition have led to greater requirements on securities companies ability to conduct active management and offer differentiated services.Securities companies have been exploring their market positioning and tr

14、ansformation to gain a long- term competitive edge. In this regard, M&A and cross-industry integration are starting to emerge in the industry. First-tier securities companies have sought to partner with technology leaders in order to leverage the latters customer base and capital to reform and optim

15、ise their business. Small and medium-sized securities companies are also seeking to differentiate themselves for long- term development. 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of t

16、he KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.3Mainland China Securities Survey 2020Regardin

17、g the development of financial technology (fintech) and digital transformation, the introduction of a series of market- oriented reforms and the removal of ownership restrictions for foreign investors present the securities industry with unprecedented opportunities as well as challenges. In light of

18、 these changes, securities companies need to explore differentiated growth strategies, accelerate business and digital transformation, develop featuredbusinesses, develop the right talent, and strengthen risk management in order to grow and be successful in the long term.This report is the 14th annu

19、al Mainland China Securities Survey published by KPMG China. It was prepared based on the 2019 financial statements of 132 securities companies in mainland China, which were released by SAC on its official website (). 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (

20、China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks o

21、r trademarks of KPMG International.二零二零年中國證券業(yè)調(diào)查報(bào)告 4引言2020 年爆發(fā)的新型冠狀病毒肺炎（“新冠肺炎”）席卷全球和中國，但其對中國證券行業(yè)的影響相對有 限。中國資本市場2019年回暖，科 創(chuàng)板正式落地、外資股比限制放開、新三板改革啟動(dòng)、中華人民共和 國證券法的修訂等一系列政策和 改革措施的落地為資本市場的發(fā)展 帶來活力和潛能，證券行業(yè)積極抓 住市場機(jī)會(huì)，迎來新的發(fā)展機(jī)會(huì)和 業(yè)務(wù)增長點(diǎn)。根據(jù)中國證券業(yè)協(xié)會(huì)各家證券公司 經(jīng)審計(jì)的年報(bào)數(shù)據(jù)匯總，經(jīng)營業(yè)績 方面，2019年證券行業(yè)實(shí)現(xiàn)營業(yè)收 入和凈利潤分別為人民幣3,600億元 和人民幣1,195 億

22、元（母公司財(cái)務(wù) 報(bào)表口徑，下同），較2018年分別上升了37%和92%；資產(chǎn)規(guī)模方面，截止2019年12月31日，132家證券 公司資產(chǎn)總額人民幣7.3萬億元，較 上年末增加16%；凈資產(chǎn)人民幣2.0 萬億元，較上年末增加5%。收入結(jié)構(gòu)方面，除資產(chǎn)管理業(yè)務(wù)凈收入與上年持平外，2019年證券公司其他業(yè)務(wù)條線收入較上年均有不同程度的增長。其中，自營業(yè)務(wù)全 年實(shí)現(xiàn)收益（公允價(jià)值變動(dòng)損益與 投資收益合計(jì)） 人民幣1,418億元, 較2018年的人民幣867億元增加了 64%，占營業(yè)收入總額的39%，為 證券公司最大收入來源。由于科創(chuàng) 板注冊制和再融資新規(guī)的紅利影響，投行業(yè)務(wù)凈收入較上年增加31%， 全

23、年實(shí)現(xiàn)凈收入人民幣481億元。 作為僅次于自營業(yè)務(wù)的收入來源， 經(jīng)紀(jì)業(yè)務(wù)受市場交易回暖的影響， 全年實(shí)現(xiàn)凈收入人民幣843億元， 較上年增加25%。監(jiān)管方面，“風(fēng)控”和“合規(guī)”仍是監(jiān)管機(jī)構(gòu)關(guān)注的重點(diǎn)，特別在集團(tuán)化管控方面，強(qiáng)調(diào)境內(nèi)外一體化的管控；2020年以來，部分券商開始試點(diǎn)并表監(jiān)管，以提升集團(tuán)整體的風(fēng)控合規(guī)水平。另一方面，科創(chuàng)板的超預(yù)期快速落地、提前對外資全部放開以及再融資新政的松綁，中國資本市場迎來改革開放的新篇章。同時(shí)，大資管行業(yè)的全面監(jiān)管趨同，各大機(jī)構(gòu)同臺(tái)競技，競爭激烈，對資管機(jī)構(gòu)的主動(dòng)管理和差異化特色服務(wù)的能力提出更高要求。行業(yè)發(fā)展方面，券商進(jìn)一步探索轉(zhuǎn)型定位，以尋求長遠(yuǎn)的競爭優(yōu)勢

24、；同業(yè)兼并、混業(yè)融合的行業(yè)生態(tài)已初步顯現(xiàn)。頭部券商紛紛與科技龍頭“牽手”，希望借助對方的流量和資本優(yōu)勢，對現(xiàn)有業(yè)務(wù)進(jìn)行改造和優(yōu)化。中小券商尋求差異化的定位，謀求長遠(yuǎn)發(fā)展。在大力發(fā)展金融科技和數(shù)字化轉(zhuǎn)型的大背景下，隨著一系列市場化改革措施的出臺(tái)和外資股比限制全面放開，證券行業(yè)將迎來空前的市場機(jī)遇和挑戰(zhàn)，券商應(yīng)積極應(yīng)對這一歷史性的大變局，在把握風(fēng)險(xiǎn)的前提下，探索差異化的發(fā)展定位、加速業(yè)務(wù)轉(zhuǎn)型、加強(qiáng)數(shù)字化建設(shè)、深耕特色業(yè)務(wù)、培育人才梯隊(duì)，定能厚積薄發(fā)，行穩(wěn)致遠(yuǎn)。本報(bào)告是畢馬威中國發(fā)表的第十四份年度中國證券業(yè)調(diào)查報(bào)告，是根據(jù)中國證券業(yè)協(xié)會(huì)（ “ 證券業(yè)協(xié)會(huì)”）官方網(wǎng)站 ()公布的132家內(nèi)地證券公司2

25、019年財(cái)務(wù)報(bào)表而編制的。 2020畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙)及畢馬威企業(yè)咨詢(中國) 有限公司，均是與瑞士實(shí)體 畢馬威國際合作組織(“畢馬威國際”)相關(guān)聯(lián)的獨(dú)立成員所網(wǎng)絡(luò)中的成員。畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙) 中國合伙制會(huì)計(jì)師事務(wù)所；畢馬威企業(yè)咨詢(中國) 有限公司 中國外商獨(dú)資企業(yè)。版權(quán)所有， 不得轉(zhuǎn)載。在中國印刷。畢馬威的名稱和標(biāo)識均屬于畢馬威國際的注冊商標(biāo)或商標(biāo)。5二零二零年中國證券業(yè)調(diào)查報(bào)告02市場回顧Market overview6二零二零年中國證券業(yè)調(diào)查報(bào)告 2020畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙)及畢馬威企業(yè)咨詢(中國) 有限公司，均是與瑞士實(shí)體 畢

26、馬威國際合作組織(“畢馬威國際”)相關(guān)聯(lián)的獨(dú)立成員所網(wǎng)絡(luò)中的成員。畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙) 中國合伙制會(huì)計(jì)師事務(wù)所；畢馬威企業(yè)咨詢(中國) 有限公司 中國外商獨(dú)資企業(yè)。版權(quán)所有， 不得轉(zhuǎn)載。在中國印刷。畢馬威的名稱和標(biāo)識均屬于畢馬威國際的注冊商標(biāo)或商標(biāo)。7Mainland China Securities Survey 2020In 2019, 132 securities companies in Chinas securities industry recorded a total operating income of RMB 360 billion, representi

27、ng a year-on-year increase of 37 percent, and net profit after tax of RMB 119.5 billion, a significant increase of 92 percent year-on-year (Chart 1). The sharp rise in net profit was attributable to an improved operating environment, with all business lines in the sector posting growth. In 2019, reb

28、ounding stock and bond markets drove the strong performance of securities companies proprietary trading business. Coupled with increased financing in the bond market and the launch of the STAR Market, net income from investment banking business increased. Furthermore, the A-share stock markets in Sh

29、anghai and Shenzhen were more active in 2019, recording a combined turnover of RMB 127 trillion, representing a year-on-year increase of 41 percent (Chart 2). The average brokerage commission rate decreased further in 2019, though by a smaller percentage, to 0.0288 percent (Chart 2). A significant i

30、ncrease in trading volume and a slightly lower average commission rate resulted in higher net income for brokerage business.Total net profit of securities companies in mainland China (RMB billion)Chart 1244.0128.9123.0112.0119.593.494.978.450.062.524.638.9 32.9 43.06.5(3.7) (9.4) (15.0)(11.4)Source:

31、 Financial statements of securities companies and KPMG China analysisMarket turnover and average brokerage commission ratesChart 2300,000250,000200,000150,000100,00050,000-兩市股票總交易額(單位：人民幣十億元)行業(yè)平均傭金率（單位：萬分之一）2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201914.0255,05412.6 7.88.27.

32、0127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,464.04.812.010.08.06.04.02.00.0Average brokerage commission rates (per 10,000)Total stock turnover of SSE and SZSE (RMB billion)Source: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC, industryresearch re

33、ports and KPMG China analysis 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG Internati

34、onal”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.二零二零年中國證券業(yè)調(diào)查報(bào)告 82019年，全行業(yè)132家證券公司合計(jì)實(shí)現(xiàn)營業(yè)收入3,600億元，同比增長37%；實(shí)現(xiàn)稅后凈利潤人民幣1,195億元，同比增長92%（見圖表1）。行業(yè)凈利潤的大幅增長得益于2019年經(jīng)營環(huán)境的整體優(yōu)化，2019年券商各業(yè)務(wù)條線迎來全面增長。2019年股債市場反彈驅(qū)動(dòng)券商自營

35、業(yè)務(wù)業(yè)績顯著提升，同時(shí)受科創(chuàng)板開市疊加債券市場融資規(guī)模增加的影響，投行業(yè)務(wù)凈收入增長；此外，2019年 A股滬深兩市交易活躍度較2018年改善，滬深兩市全年股票總成交額為人民幣 127萬億元，同比2018年大幅增長41%（見圖表2）。行業(yè)經(jīng)紀(jì)平均傭金率萬分之2.88，整體延續(xù)下滑趨勢、但降幅較小，在交易量顯著提升、平均傭金率小幅下降的綜合影響下，2019年經(jīng)紀(jì)業(yè)務(wù)凈收入整體上行。歷年中國證券公司實(shí)現(xiàn)的凈利潤（人民幣十億元） 圖表1 244.0128.9123.0112.0119.593.494.978.462.524.638.9 32.9 43.06.550.0(3.7) (9.4) (15.

36、0)(11.4)數(shù)據(jù)來源：證券公司財(cái)務(wù)報(bào)表，畢馬威分析圖表2市場交易額與經(jīng)紀(jì)業(yè)務(wù)平均傭金率的變動(dòng)300,000250,000200,000150,000100,00050,000-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201914.0255,05412.6 127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,4674.84.012.010.08.06.04.02.00.0兩市股票總交易額

37、(單位：人民幣十億元)行業(yè)平均傭金率（單位：萬分之一）數(shù)行業(yè)據(jù)研來究源報(bào)：告上，海畢證馬券威交分易析所(以下簡稱“上交所”)，深圳證券交易所(以下簡稱“深交所”)，中國證券業(yè)協(xié)會(huì)， 2020畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙)及畢馬威企業(yè)咨詢(中國) 有限公司，均是與瑞士實(shí)體 畢馬威國際合作組織(“畢馬威國際”)相關(guān)聯(lián)的獨(dú)立成員所網(wǎng)絡(luò)中的成員。畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙) 中國合伙制會(huì)計(jì)師事務(wù)所；畢馬威企業(yè)咨詢(中國) 有限公司 中國外商獨(dú)資企業(yè)。版權(quán)所有， 不得轉(zhuǎn)載。在中國印刷。畢馬威的名稱和標(biāo)識均屬于畢馬威國際的注冊商標(biāo)或商標(biāo)。9Mainland China Securitie

38、s Survey 2020Income composition of domestic securities companiesChart 3Based on an analysis of core businesses contribution to the total operating income of domestic securities companies (Chart 3), net income from the proprietary trading business increased significantly, accounting for 39 percent of

39、 the total operating income. Proprietary trading business remained the biggest source of income for securities companies as a result of a rebound in the market. Brokerage commission rates slipped further, falling to below 0.03 percent for the first time in 2019, and consequently, the share of broker

40、age business as a proportion of total operating income declined by 3 percentage points year-on-year. New Asset Management Regulations1(NAMR) prohibited principal-guaranteed and fund-pooling operation, and required net value management on asset management products and introduced more stringent criter

41、ia of qualified investors. Therefore, financial institutions have been required to meet these more stringent provisions for offering new products, and existing asset management plans issued before the NAMR announcement have been required to complete rectification or liquidation by the end of 2021. A

42、s a result, the Asset Under Management (AUM) and income of the asset management business declined by 19 percent and 1 percent, respectively, from 2018. As a result, asset management business income accounted for 8 percent of total operating income in 2019, a decrease of 3 percentage points compared

43、with the previous year.9%6%3%13%9%10%16%16%14%12%12%14%14%15%16%6%5%6%12%11%12%9%14%16%14%32%8%1%15%17%21%13%1%36%19%22%26%14%29%1%2%2%26%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%26%23%100%90%80%70%60%50%40%30%20%10%0%經(jīng)紀(jì)業(yè)務(wù)資產(chǎn)管理業(yè)務(wù)2006 2007 2008 2009 2010 2011 2012 2013 2014

44、2015 2016 2017 2018 2019BrokerageAsset managementProprietary trading and other investmentsInvestment bankingOthers (including interest income from margin financing and securities lending)自營及其他投資投資銀行業(yè)務(wù)其他（包括融資融券利息收入）Source: Financial statements of securities companies and KPMG China analysis1. Guiding

45、 Opinions on Regulating the Asset Management Business of Financial Institutions (Yin Fa 2018 No. 106), Peoples Bank of China (PBOC) & China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE), effectiv

46、e since 27 April 2018; Administrative Measures for Privately Offered Asset Management Services of Securities and Futures Institutions (CSRC Decree No.151), CSRC, effective since 22 October 2018 (together referred to as the “New Asset Management Regulations”) 2020 KPMG Huazhen LLP, a Peoples Republic

47、 of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG

48、name and logo are registered trademarks or trademarks of KPMG International.二零二零年中國證券業(yè)調(diào)查報(bào)告 10破萬三，1致使經(jīng)紀(jì)業(yè)務(wù)占營業(yè)收入的比例進(jìn)一步減少，較上年下降3個(gè)百分點(diǎn)。從各項(xiàng)主要業(yè)務(wù)占總營業(yè)收入的比重來看（見圖表3)，自營業(yè)務(wù)受行情回升影響，自營業(yè)務(wù)凈收入大幅增加，其在證券公司的收入來源中占比為39%，延續(xù)上一年成為證券公司的第一大收入來源。行業(yè)傭金率持續(xù)下滑，2019年首次跌資管新規(guī) 禁止剛性兌付和資金池業(yè)務(wù)，并提出了產(chǎn)品凈值化管理和更嚴(yán)格的合格投資者門檻等規(guī)定。因此，金融機(jī)構(gòu)發(fā)行新產(chǎn)品需要滿足更為嚴(yán)格

49、的規(guī)定，新規(guī)前的存量產(chǎn)品需要在2021年前完成整改或清算。受此影響，資產(chǎn)管理規(guī)模 較上年減少19%，資管業(yè)務(wù)收入較上年減少1%，2019年資管業(yè)務(wù)收入占營業(yè) 收入比例僅為8%，較上年減少3個(gè)百分點(diǎn)。國內(nèi)證券公司歷年收入結(jié)構(gòu)分析圖表39%6%3%9%13%10%16%16%14%12%12%14%14%15%16%6%5%6%12%11%12%9%8%14%16%14%32%15%17%21%13%1%1%36%19%22%26%14%29%1%2%26%2%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%2

50、6%23%100%90%80%70%60%50%40%30%20%10%0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019經(jīng)紀(jì)業(yè)務(wù)資產(chǎn)管理業(yè)務(wù)自營及其他投資投資銀行業(yè)務(wù)其他（包括融資融券利息收入）數(shù)據(jù)來源：證券公司財(cái)務(wù)報(bào)表，畢馬威分析委關(guān)員于會(huì)規(guī)(范證金監(jiān)融會(huì)機(jī))、構(gòu)國資家產(chǎn)外管匯理管業(yè)理務(wù)局的，指2導(dǎo)01意8年見04(月銀2發(fā)7日生20效18；10證6號券)期，貨中經(jīng)國營人機(jī)民構(gòu)銀私行募、資中產(chǎn)國管銀理行業(yè)保務(wù)險(xiǎn)管監(jiān)理督辦管法理委(員證會(huì)監(jiān)會(huì)(銀令保第監(jiān)1會(huì)51)號、)，中證國監(jiān)證會(huì)券，監(jiān)2督01管8

51、年理10月22日生效（統(tǒng)稱“資管 新規(guī)”） 2020畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙)及畢馬威企業(yè)咨詢(中國) 有限公司，均是與瑞士實(shí)體 畢馬威國際合作組織(“畢馬威國際”)相關(guān)聯(lián)的獨(dú)立成員所網(wǎng)絡(luò)中的成員。畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙) 中國合伙制會(huì)計(jì)師事務(wù)所；畢馬威企業(yè)咨詢(中國) 有限公司 中國外商獨(dú)資企業(yè)。版權(quán)所有， 不得轉(zhuǎn)載。在中國印刷。畢馬威的名稱和標(biāo)識均屬于畢馬威國際的注冊商標(biāo)或商標(biāo)。11Mainland China Securities Survey 2020From 2016 to 2019, the operating income of the top 10 s

52、ecurities companies as a proportion of the industrys total operating income increased from 40 percent to 44 percent, before slightly decreasing to 42 percent in 2019 (Chart 4). This decrease in 2019 was mainly due to small and medium-sized securities companies rebounding higher in 2019 on the backgr

53、ound of market recovery and policy reforms. Nonetheless, the top 10 securities companies operating income as a proportion of the industry total remained firmly above 40 percent over the past three years indicates that the large securities companies continue to maintain strong market position. With d

54、eepening capital market reforms and the CSRC move to develop mega-sized securities companies, this proportion may increase in the long run.Proportion of the top 10 securities companies operating income to the total operating income of the securities industryChart 445%44%44%42%42%40%43%42%41%40%39%38

55、%2016201720182019Source: Financial statements of securities companies and KPMG China analysis 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms

56、 affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.二零二零年中國證券業(yè)調(diào)查報(bào)告 122016至2019年間，營業(yè)收入行業(yè)前十的大型券商，其營業(yè)收入占全行業(yè)營業(yè)收入的比例從40%上升至44%，并于2019年下降至42%（見圖表4）

57、。行業(yè)集中度于2019年有所回落，主要是由于中小券商在2019年市場回暖和政策改革的背景下展現(xiàn)出更高的業(yè)績增速反彈。但近三年來，大券商的營業(yè)收入占全行業(yè)營業(yè)收入比例穩(wěn)定維持在40%以上，體現(xiàn)出大券商強(qiáng)大的市場地位。隨著資本市場改革的不斷深化，證監(jiān)會(huì)大力打造航母級券商等舉措，長期來看，行業(yè)呈現(xiàn)頭部券商集中化的趨勢。前十大券商營業(yè)收入占全行業(yè)營業(yè)收入的比例圖表 445%44%44%42%42%40%43%42%41%40%39%38%2016201720182019數(shù)據(jù)來源：證券公司財(cái)務(wù)報(bào)表，畢馬威分析 2020畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙)及畢馬威企業(yè)咨詢(中國) 有限公司，均是與瑞士實(shí)

58、體 畢馬威國際合作組織(“畢馬威國際”)相關(guān)聯(lián)的獨(dú)立成員所網(wǎng)絡(luò)中的成員。畢馬威華振會(huì)計(jì)師事務(wù)所(特殊普通合伙) 中國合伙制會(huì)計(jì)師事務(wù)所；畢馬威企業(yè)咨詢(中國) 有限公司 中國外商獨(dú)資企業(yè)。版權(quán)所有， 不得轉(zhuǎn)載。在中國印刷。畢馬威的名稱和標(biāo)識均屬于畢馬威國際的注冊商標(biāo)或商標(biāo)。13Mainland China Securities Survey 2020The Shanghai and Shenzhen A-share stock markets experienced increasing transactions in 2019, despite a correction in the sec

59、ond quarter. The SSE Composite Index and the SZSE Component Index closed at 3,050 points and 10,431 points at year end, representing year-on-year increases of 22 percent and 44 percent, respectively.In 2019, the trading market was more active compared to 2018 due to the mitigation of stock pledge ri

60、sks and the easing of Sino-American relations. Moreover, increasing risk appetite together with continuous improvements in liquidity encouraged market activity. The combined turnover of SSE and SZSE stood at RMB 127 trillion in 2019, representing year-on-year growth of 41 percent. SSE contributed RM