中國(guó)證 券業(yè)調(diào)查報(bào)告

1、Mainland China SecuritiesSurvey調(diào)查報(bào)告中國(guó)證券業(yè)調(diào)查報(bào)告金融服務(wù)Financial services金融服務(wù)05Conclusion5506Appendices59附錄1財(cái)務(wù)摘附錄2二零一八年行業(yè)排05Conclusion5506Appendices59附錄1財(cái)務(wù)摘附錄2二零一八年行業(yè)排61附錄3中外合資證券公司一Appendix 3 Overview of Sino-foreign joint venture securities companies 附錄3中外合資證券公司一0102IntroductionMarket overview市場(chǎng)回顧0703Indu

2、strytrends行業(yè)趨2904Business dynamics業(yè)務(wù)動(dòng)430102IntroductionMarket overview市場(chǎng)回顧0703Industrytrends行業(yè)趨2904Business dynamics業(yè)務(wù)動(dòng)43目 錄附錄8內(nèi)地期貨公司名附錄5合格境外機(jī)構(gòu)投資附錄7合格境內(nèi)機(jī)構(gòu)投資附錄6人民幣合格境外機(jī)構(gòu)投資附錄42019年證監(jiān)會(huì)對(duì)證券公司的評(píng)附錄9內(nèi)地基金公司名附錄9內(nèi)地基金公司名附錄10內(nèi)地基金公司子公司名附錄11設(shè)立香港子公司的證券公附錄10內(nèi)地基金公司子公司名附錄11設(shè)立香港子公司的證券公management business附錄12外商投資私募基金管理公

3、司名單1 | Mainland China Securities Survey 201901引言Introduction引言二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 23 | Mainland China Securities Survey 2019IntroductionAgainst a backdrop of geopolitical uncertainty, slowing domestic economic growth and a weakA-share market, mainland Chinas securities industry, reflected a cyclical na

4、ture through to the first half of and demonstrated the “Matthew which can be observed by the industrys increasing market concentration. Despitethe slowing growth, securities companies are actively trying to in terms of organisational structure, risk management, business innovation, incentive systems

5、 and human resources in order to create new business and drive growth.According to the audited annual reports of securities companies in China released by the Securities Association of China (SAC), the securities industry realised operating income of RMB 263.3 billion and net profits of RMB 62.4 bil

6、lion (based on financial statements at the parent company level) in 2018, which represented year-on-year declinesof 16 percent and 44 percent, respectively. The total assets of the 131 securities companies that were counted stood at RMB 6.3 trillion, representing a year-on-year increase of 2 percent

7、; net assets amounted to RMB 1.9 trillion, which constituted a year-on-year increase of 2 percent.In 2018, income composition remained in line with the previous year, although the income level from various segments declined in varying degrees. During the year,the proprietary trading segment remained

8、 the most significant source of income. This segment realised RMB 86.7 billion in income (including profits or losses arising from changes in fair values and investment income), down percent from The brokerage operating income decreased by 22 percent compared with the previous and was the result of

9、declining transaction volumes and lower commission rates. The investment banking income also declined 28 percentThisdecrease was primarily caused by reduced equity financing. As a result of new asset management regulations reduced funding channel operations, implemented deleveraging measures and enh

10、anced active management capabilities, the share of the industrys total operating income increased slightly in yet the amount was down by Regulatory authorities are increasingly balancing the strictness of regulations with the need to promote economic development. one hand, guidelines and measures re

11、lated to information technology(IT) management, riskmanagement of stock-pledged repo transactions, internal control investment banking and asset management are strengthening the regulationof securities companies risk and compliance management with regard to IT, credit, investment banking and asset m

12、anagement business. On the other hand, the launch of the Sci-InnovationBoardthe deregulation of index futures; the relaxation of merger and acquisition (M&A) and restructuring and the approved entry of several securities companies that are controlled by foreign shareholders have stimulated market dy

13、namics and the potential for growth.Securities companies continued to explore ways to transform and set themselves apart from thecompetition. Supported by financial technology (fintech), retail business lines have gradually transformed their wealth management armsby revamping their organisational st

14、ructures. At the same time, prime brokerage (PB) businesses have developed rapidly as institutional investors play a greater role,while proprietary trading business has gradually increased “non- directional”investing. Additionally, as the quality of active management improves, the asset management i

15、ndustry has seen the portion of assets under active management rise. Finally, the industry is also increasing investment in technology to drive its digital transformation.As the capital market is reforming and opening up at a faster pace, and technology is playing a more important role in the indust

16、ry, the securities industry will emerge stronger. However, securities companies need to urgently transform themselves. Ongoing changes in the industry presenta prime opportunity for securities 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of ind

17、ependent 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.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 4companies to reshape the industrial landscape, im

18、plement transformation strategies and develop unique advantages to distinguish themselves from the competition.This report is the 13th annual Mainland China Securities Survey issued by KPMG China. It was prepared based on the 2018 financial statements of 131 securities companies in mainland China, w

19、hich were released by the SAC on its official website (). 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Print

20、ed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.5 | Mainland China Securities Survey 2019引言A 股市場(chǎng)表現(xiàn)不佳等大背景下，2018年至 2019馬太效應(yīng)根據(jù)中國(guó)證券業(yè)協(xié)會(huì)各家證券公司經(jīng)審2018年證券行業(yè)實(shí)現(xiàn)營(yíng)業(yè)收入和凈利潤(rùn)分別為人民幣2,633億元和人民幣624億元（母公司財(cái)務(wù)報(bào)表口徑，下同2017 年分別下滑了16%和44%2018年131家證券公司資產(chǎn)總額人民幣6.3萬(wàn)億元較2017年全年增加2%2%

21、。2018年證券公司各業(yè)務(wù)公允價(jià)值變動(dòng)損益與投資收益合計(jì)人民幣8672017年相比減少了15經(jīng)紀(jì)業(yè)務(wù)收入受市場(chǎng)交易量和傭金費(fèi)率22%。投行業(yè)務(wù)的收入亦下降28提升主動(dòng)管理能力等一系列資管新規(guī)的11%。日趨券商進(jìn)一步探索轉(zhuǎn)型變革以打造差異化PB主經(jīng)紀(jì)商業(yè)務(wù)發(fā)展迅速轉(zhuǎn)變；科技投入持續(xù)加大以助力數(shù)字化轉(zhuǎn)型。在新的競(jìng)爭(zhēng)環(huán)境下占據(jù)有利位置。本報(bào)告是畢馬威中國(guó)發(fā)表的第十三份年“證券業(yè)協(xié)會(huì) HYPERLINK http:/www/ 官方網(wǎng)站(www. )公布的131家內(nèi)地證券公司2018年財(cái)務(wù)報(bào)表而編制的。(二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 6(7 | Mainland China Securities S

22、urvey 201902市場(chǎng)回顧市場(chǎng)回顧二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 89 | Mainland China Securities Survey 2019In 2018, Chinas securities industry generated net after-tax profits of RMB62.4 billion (based on financial statements at the parent company level), a year-on-year decrease of 44.3 percent (Chart 1). The decline in profits

23、 was caused by both decreases in operating income and increases in operating expenses. In 2018, the income of the investment banking and brokerage segments declined by 28 percent and 22 percent respectively year-on-year. Atthe same time, operating expenses surged by 324 percent year-on-year due to s

24、oaring credit impairment losses.Additionally, the combined turnover of the SSE and SZSE shrank 20 percent in as uncertain markets sustained a downward trend that reduced total transaction volumes. In light of intensified competition in the traditional brokerage segment, securities companies are tryi

25、ng to promote their online business encouraging closer cooperation between different channels and engaging in more aggressive marketing. This increase in competition resulted in a mild decline in commissions. The commission rate dropped from 0.039% in to 0.031% in (Chart 2), resulting in lower profi

26、ts for the brokerage segment.Total net profits of securities companies in mainland China(RMB billion)Chart 1Total net profits of securities companies in mainland China(RMB billion)Chart 1Sources: Financial statements of securities companies and KPMG China analysisMarket turnover and average brokerag

27、e commission ratesChart 2Market turnover and average brokerage commission ratesChart 21. Securities Association of ChinaSources:ShanghaiStockExchange(SSE),ShenzhenStockExchange(SZSE),ChinaSecuritiesIssueand KPMG China analysis 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a memb

28、er firm 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 or trademarks of KPMG International.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 102018624（較上年下降了

29、約44.3見(jiàn)圖表上年分別下降了28%和22201820均傭金率從2017年的萬(wàn)分之3.90下滑至2018年的萬(wàn)分之3.1紀(jì)業(yè)務(wù)利潤(rùn)下降。見(jiàn)圖表歷年中國(guó)證券公司實(shí)現(xiàn)的凈利潤(rùn)（人民幣十億元）圖表1）歷年中國(guó)證券公司實(shí)現(xiàn)的凈利潤(rùn)（人民幣十億元）圖表1）市場(chǎng)交易額與經(jīng)紀(jì)業(yè)務(wù)平均傭金率的變動(dòng)圖表2091深圳證券交易所(以下簡(jiǎn)(11 | Mainland China Securities Survey 2019Based on an analysis of the contribution of core businesses to the total operating income of domest

30、ic securities companies (Chart 3), in the share of brokerage fees as a proportion of total operating income declined by 2 percentage points as a result of declining turnovers and commission rates in both the SSE and SZSE. In the IPO approval process appeared to be stricter based on the fact that com

31、panies IPO applications and received approval. During the total funds raised through IPOs and follow-on equity offerings amounted to RMB 960 billion, representing a decrease of 37 percent. At the same time, theshare of the industrys operating income derived from the investment banking segment droppe

32、d by 2 percentage points, triggered by a 28 percent decrease in the segments revenue.On the other hand, the proprietary trading segment performed relatively well through 2018 as the bond market prospered. The volume of spot transactions reached RMB 157 trillion, which represented year-on-year growth

33、 of 45 percent2 and spurred the development of the fixed income business. With the adoption of the New Financial Instrument Standards3 from 1 January 2019, securities companies were able to realise more profits from their available-for- sale financial assets. The share of operating income derived fr

34、om proprietary trading and other investment sectors rose by 1 percent to 33 percent in 2018.In view of the dampening on funding channel operations posed by the “Nw sset Management egulations, 4 the industry is nw mving active management products to expand its asset-backed securitisation (ABS) produc

35、t lines. During the ABS segments operating income grew by49 percent and the asset management segments revenue proportion also recorded a slight increase of 1 percentage point over previous Income composition of domestic securities companiesChart 3Income composition of domestic securities companiesCh

36、art 3Sources: Financial statements of securities companies and KPMG China analysisBank of ChinaAccounting Standards for Business Enterprises 22 - Recognition and Measurement of Financial Instruments (Revised); Accounting Standards for Business Enterprises 23 - of Financial Assets(Revised);Accounting

37、StandardsforBusinessEnterprises24-HedgeAccounting(Revised);andAccountingStandardsforBusinessEnterprises37-PresentationofFinancialInstruments (Revised)(together referred to as “New Financial InstrumentStandards”)Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, Y

38、in Fa No.106; and the Administrative Measures on Private Offering Asset ManagementBusiness of Securities and Futures Business Organisations, CSRC Order No. 151 (together referred to as “New Asset ManagementRegulations”) 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm

39、 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 or trademarks of KPMG International.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 12從各項(xiàng)主要業(yè)務(wù)占總營(yíng)業(yè)收入的比重看(見(jiàn)圖表

40、3在2018年滬深兩市成交量低迷與平均傭金率下跌的雙重影響下，經(jīng)紀(jì)業(yè)務(wù)占收入的比例較2017年下降2個(gè)百分點(diǎn)2018年IPO通過(guò)IP籌資額人民幣0.96同比下降37投行業(yè)務(wù)收入下降282018157同比增長(zhǎng)45%此外券商在2019年1月1日起實(shí)“新金融工具準(zhǔn)則2018年自營(yíng)及其他投資業(yè)務(wù)收入占比高達(dá)33較上年增加1個(gè)百分點(diǎn)。4“ABS2018年底ABS業(yè)務(wù)規(guī)模較2017年上漲 49本年資產(chǎn)管理業(yè)務(wù)收入占比較上年小幅增加1個(gè)百分點(diǎn)。投資銀投資銀行業(yè)務(wù)）自營(yíng)及其他投資國(guó)內(nèi)證券公司歷年收入結(jié)構(gòu)分析圖表3)企業(yè)會(huì)計(jì)準(zhǔn)則第23企業(yè)會(huì)計(jì)準(zhǔn)則第24企業(yè)會(huì)計(jì)準(zhǔn)則第37(統(tǒng)銀發(fā)2018106,證監(jiān)會(huì)令第151）

41、(13 | Mainland China Securities Survey 2019Leading overseas investment banks have developed more mature and balanced business models that are more diverse in terms of revenue streams andbusinessscope(Chart4)overthepastcentury.Insecurities market lost momentum as transaction volumes and commission ra

42、tes fell.the brokerage segment, though waning, was still an important source of income. Comparatively speaking, brokerage activities account for a smaller portion of the operating income of major global investment Asset management and wealth management are more important sources of revenue for inves

43、tment banks in more developed economies, reflects their ability to attract client money and actively manage funds. Thisgap may represent a significant opportunity for the development of domestic investment banks as the asset management segment is still relatively underdeveloped. As the capital marke

44、t reforms further and the development model is transformed and upgraded, comprehensive services such as wealth management, institutional services and M&A advisory will have even more room for growth.Income composition of domestic securities companies andsome global investment banks in 2018Chart 4Inc

45、ome composition of domestic securities companies andsome global investment banks in 2018Chart 4Sources: Financial statements of relevant companies and KPMG China analysis 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms

46、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.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 14營(yíng)模式和相當(dāng)?shù)馁Y產(chǎn)規(guī)至今發(fā)展比較均衡21務(wù)可觀的增長(zhǎng)空間。內(nèi)司務(wù)仍可觀的增長(zhǎng)空間。投資投資理業(yè)務(wù)）自營(yíng)及其他投資2018年國(guó)內(nèi)證券公司與部分

47、國(guó)際投資銀行各項(xiàng)收入結(jié)構(gòu)分析圖表4數(shù)據(jù)來(lái)源：相關(guān)公司財(cái)務(wù)報(bào)表，畢馬威分析(15 | Mainland China Securities Survey 2019The securities market got off to a good start in 2018, with the SSE Composite Index and the SZSE Component Index peaking on 31 January 2018 and 25 January 2018 at 3,587.03 points and 11,633.46 points, respectively. Aftert

48、he boom in January, transaction volumes and market indices decreased as economic growth slowed and trade friction increased. The two indices closed the year at 2,493.90 points and 7,239.79 points, representing year-on-year declines of 25 percent and 34 percent, respectively.The combined turnover of

49、the SSE and SZSE stood at RMB 90 trillion in 2018, which translated to a year-on-year decline of RMB 23 trillion, or 20 percent, from 2017s total of RMB 113 trillion. The SSE contributed RMB 40 trillion in turnover, and the SZSE RMB 50 trillion, 21 percent and 19 percent lower than the previous year

50、, respectively.Market turnover and stock indicesChart 5Market turnover and stock indicesChart 5Sources: SSE and SZSE 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG

51、International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 1620182018年1月31日達(dá)到全年最高3,587.03圳成指于2018年1月25日達(dá)到全年最高11,633.461數(shù)和深證成指于年末分別報(bào)收于2,493.90點(diǎn)和7,239.7925%和34%。2018902017年總交易額113萬(wàn)億元減少了人民

52、幣232040年總成交額為人民幣5021%和19%。深證成指深證成指上證指數(shù)幣十億元)A股指數(shù)股票成交額及市場(chǎng)指數(shù)圖表5數(shù)據(jù)來(lái)源：上交所，深交所(17 | Mainland China Securities Survey 2019In 2018, total fundraising in the two stock exchanges reached RMB 2,981.7 billion, a year-on-year decrease of 12 percent. Of this amount, RMB 2,025.5 billion, or 68 percent, was raised

53、through bond issuances, an increase of 9 percent from the previous year. Additionally, RMB 818.7 billion was raised through follow-on equity offerings, representing a year-on-year decrease of 37 percent. Through 2018, the IPO approval process appeared to be stricter than in the past, with only 103 c

54、ompanies raising a total of approximately RMB137.5 billion through IPOs on the A-share market. This accounted for 5 percent of total fundraising in the domestic stock exchanges (Chart 6). In 2018,the number of companies that went public and the total funds they raised decreased by 76 percent and 37

55、percent from the previous year, respectively.Fundraising from domestic exchange marketChart 6Fundraising from domestic exchange marketChart 6Source: CSRC and Wind Information. 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of independent member f

56、irms 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.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 182018年國(guó)內(nèi)證券交易所籌資額為人民幣29,8172017年度下滑12額中68%的為通過(guò)交易所市場(chǎng)債券融資，總額為人民幣20,25

57、52017年上 漲98,1872017年下降372018年IPO審核趨2018年僅有103家企業(yè)在A股完成IPO總募資規(guī)模約人民幣1,375億元占國(guó)內(nèi)證券交易所市場(chǎng)融資總額的5（見(jiàn)圖表62018年IPO企業(yè)數(shù)量和融資規(guī)模分別較2017年下降76%和37%。債券籌資額增發(fā)籌資額首次發(fā)行籌資額國(guó)內(nèi)交易所市場(chǎng)籌資統(tǒng)計(jì)圖表6債券籌資額增發(fā)籌資額首次發(fā)行籌資額國(guó)內(nèi)交易所市場(chǎng)籌資統(tǒng)計(jì)圖表6數(shù)據(jù)來(lái)源：中國(guó)證監(jiān)會(huì)，萬(wàn)得資訊(19 | Mainland China Securities Survey 2019Funds raised from the securities market in 2018 were

58、 equivalent to around3.31 percent of Chinas gross domestic product (GDP) (Chart 7), which was0.75 percentage points lower than the previous year.at the end of a dip the total of RMB 43 35 or 39 of GDP in a of capital A-share market capitalisation and exchange market fundraisingas a proportion of Chi

59、nas GDPChart 7A-share market capitalisation and exchange market fundraisingas a proportion of Chinas GDPChart 7Sources: CSRC and National Bureau of Statistics of China (NBS) 2019 KPMG Huazhen LLP, a Peoples Republic of China partnership and a member firm of the KPMG network of independent member fir

60、ms 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.二零一九年中國(guó)證券業(yè)調(diào)查報(bào)告 | 20從占國(guó)內(nèi)生產(chǎn)總值的比例看，2018年的國(guó)內(nèi)證券市場(chǎng)籌資總額占國(guó)內(nèi)生產(chǎn)總值的 3.31見(jiàn)圖表較2017年回落0.75個(gè)百分點(diǎn)。2018年