证券行业：二零一五年中国证券业调查报告

FINANCIAL SERVICES金融服务Mainland ChinaSecurities Survey 2015二零一五年 中国证券业调查报告kpmg.com/cn Contents 目录© 2015 KPMG Huazhen LLP, a People’s 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. 01Introduction 引言302Market overview市场回顾903Market development: opportunities and challenges市场动态：机遇与挑战2504Development driven by both traditional and new businesses业务发展：传统和创新业务双轮驱动3505Recent policy and regulatory developments政策法规：政策红利持续释放4706Conclusion结语6107Appendices附录65Appendix 1 Financial highlights 附录 1 财务摘要66Appendix 2 Sector rankings 附录 2 行业排名104Appendix 3 Overview of Sino-foreign joint venture securities players 附录 3 中外合资证券公司一览107 Appendix 4 2015 grading of securities companies by CSRC 附录 4 2015年证监会对证券公司的评级108Appendix 5 Qualified foreign institutional investors 附录 5 合格境外机构投资者110Appendix 6 RMB qualified foreign institutional investors 附录 6 人民币合格境外机构投资者11 8Appendix 7 Qualified domestic institutional investors 附录 7 合格境内机构投资者122Appendix 8 Mainland futures companies 附录 8 内地期货公司名单126Appendix 9 Mainland fund management companies 附录 9 内地基金公司名单130Appendix 10 Subsidiaries of mainland fund management companies 附录 10 内地基金公司子公司名单134Appendix 11 Securities companies which have set up Hong Kong subsidiaries 附录 11 设立香港子公司的证券公司13808Contact us 联系我们141二零一五年中国证券业调查报告 | 1 © 2015毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体 — 毕马威国际合作组织 (“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 © 2015 KPMG Huazhen LLP, a People’s 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. 01Introduction 引言01二零一五年中国证券业调查报告 | 3 © 2015毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体 — 毕马威国际合作组织 (“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 2014 and the first half of 2015 was an extraordinary period for China’s securities sector. Whilst the first six months of 2014 was relatively unremarkable with lacklustre market performance, the A share index took off in the second half of the year, resulting in record transaction volumes and making 2014 a bumper year for Chinese securities companies.Statistics from the Securities Association of China (SAC) show that the total income and net profits of the sector for the year ended 31 December 2014 reached RMB 255.4 billion (a year-on-year rise of 64 percent) and RMB 94.9 billion (a year-on-year increase of 121 percent) respectively, making 2014 the ninth consecutive profit-making year since the overall loss experienced by the industry in 2006. The statistics also show that 115 out of the total 119 Chinese securities companies were profitable in 2014. The total assets and net assets of securities companies increased by 97 percent and 22 percent respectively compared to the previous year, providing a further indication of just how much the securities sector grew in 2014. According to data from exchanges, the annual turnover of the domestic A-share market reached RMB 74.39 trillion in 2014, representing a sharp rise of 59 percent compared to 2013. Apart from the impact which this significant growth in trading volumes in 2014 had on securities firms’ revenues, the industry also benefited from a dramatic growth of the credit business driven by rising demand given the favourable market conditions. A number of policy initiatives also contributed to the performance of the sector, including the re-launch of the A-share initial public offering (IPO) and the official opening of the Shanghai-Hong Kong Stock Connect pilot program. Analysis of total income for the sector has shown growth across the different types of business undertaken by Chinese securities firms. The main source of revenue for securities firms in China in 2014 continued to be income from brokerage business which contributed 42 percent of the total income of the sector in 2014. Margin financing and securities lending business continued to grow in 2014, with a net income reaching RMB 27.6 billion, similar in proportion to that of 2013. The share of income from trading business rose sharply as a result of the strong market performance. Revenue from investment banking business accounted for 12 percent of the total income, 1 percentage point higher than in 2013 due to the re-launch of IPOs in 2014. Asset management business as a proportion of the total income was 5 percent, a small increase from the previous year.The growth in the securities sector in 2014 and 2015 has spurred renewed focus on fund-raising and continued business innovation. With margin financing and securities lending business reaching trillions of RMB, capital became a major area of focus for securities companies. There was an increasing number of broker IPOs and asset securitization began to emerge as a hot topic. Areas of innovation included firms’ internet securities trading platform