证券行业：二零二零年中国证券业调查报告

Mainland ChinaSecuritiesSurvey 2020Financial services金融服务二零二零年中国证券业调查报告毕马威中国kpmg.com/cn 目录ContentsIntroduction引言01Market overview市场回顾Industry trends行业趋势Business dynamics业务动态Conclusion结语Appendices附录0529446266060504030201Appendix 1附录1Financial highlights财务摘要67Appendix 2附录2Sector ranking for 2019二零一九年行业排名157Appendix 3附录3Overview of Sino-foreign joint venture securities company中外合资证券公司一览164Appendix 4附录42020 rating of securities companies by the CSRC2020年证监会对证券公司的评级167Appendix 5附录5Qualified Foreign Institutional Investors (QFII)合格境外机构投资者171Appendix 6附录6RMB Qualified Foreign Institutional Investors (RQFII)人民币合格境外机构投资者184Appendix 7附录7Qualified Domestic Institutional Investors (QDII)合格境内机构投资者194Appendix 8附录8Mainland Futures Companies内地期货公司名单201Appendix 9附录9Mainland Fund Management Companies内地基金公司名单208Appendix 10附录10Subsidiaries of Mainland Fund Management Companies 内地基金公司子公司名单215Appendix 11附录11Securities companies with Hong Kong subsidiaries设立香港子公司的证券公司221Appendix 12附录12Foreign-funded enterprises that offer private fund management business外商投资私募基金管理公司223 rQpQoOtOmPtNsMoOyRsNpMaQcM6MnPpPtRrRiNoOvMeRoOsO6MmMxOuOnQnRvPoPnO二零二零年中国证券业调查报告101Introduction引言 Mainland China Securities Survey 20202© 2020 KPMG HuazhenLLP, a People’s 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 International”), a Swiss entity. All rights reserved. Printed in China.TheKPMG name and logo are registered trademarks or trademarks of KPMG International.IntroductionWhile the effects of the COVID-19 pandemic have been felt across global and local markets throughout 2020, the impact on the securities industry in China has been limited compared to other sectors. China’s 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 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 realisedoperating income of RMB 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 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 percent In terms of income composition, income from the proprietary trading segment stood at RMB 141.8 billion (including profit or losses arising from changes in 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 industry’s total operating income. Supported by a market rebound, net income from the brokerage segment increased 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 Market’s IPO registration system and the new regulations on refinancing, net income from the investment banking segment increased by 31 percent to RMB 48.1 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 management 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 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 transformation 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 latter’s customer base and capital to reform and optimisetheir business. Small and medium-sized securities companies are also seeking to differentiate themselves for long-term development. Mainland China Securities Survey 20203© 2020 KPMG HuazhenLLP, a People’s Republic