1、Mainland China Securities Survey 2020 Financial services 金融服务 二零二零年 中国证券业 调查报告 毕马威中国 目录Contents Introduction 引言 01 Market overview 市场回顾 Industry trends 行业趋势 Business dynamics 业务动态 Conclusion 结语 Appendices 附录 05 29 44 62 66 06 05 04 03 02 01 Appendix 1 附录1 Financial highlights 财务摘要 67 Appendix 2 附录2

2、Sector ranking for 2019 二零一九年行业排名 157 Appendix 3 附录3 Overview of Sino-foreign joint venture securities company 中外合资证券公司一览 164 Appendix 4 附录4 2020 rating of securities companies by the CSRC 2020年证监会对证券公司的评级 167 Appendix 5 附录5 Qualified Foreign Institutional Investors (QFII) 合格境外机构投资者 171 Appendix 6 附

3、录6 RMB Qualified Foreign Institutional Investors (RQFII) 人民币合格境外机构投资者 184 Appendix 7 附录7 Qualified Domestic Institutional Investors (QDII) 合格境内机构投资者 194 Appendix 8 附录8 Mainland Futures Companies 内地期货公司名单 201 Appendix 9 附录9 Mainland Fund Management Companies 内地基金公司名单 208 Appendix 10 附录10 Subsidiaries

4、 of Mainland Fund Management Companies 内地基金公司子公司名单 215 Appendix 11 附录11 Securities companies with Hong Kong subsidiaries 设立香港子公司的证券公司 221 Appendix 12 附录12 Foreign-funded enterprises that offer private fund management business 外商投资私募基金管理公司 223 oPsRqNsPsQqRqMqNwOzQsRbRaO7NnPoOnPnNeRoOzQlOrRmQaQrRvMuOs

5、QxOMYmQpM 二零二零年中国证券业调查报告1 01 Introduction 引言 Mainland China Securities Survey 20202 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 affiliate

6、d 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. Introduction While the effects of the COVID-19 pandemic have been felt across global and local mar

7、kets throughout 2020, the impact on the securities industry 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 fo

8、reign 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

9、), the securities industry realised operating 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 o

10、f 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.

11、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 industrys total operating income. Supported

12、 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 Markets IPO registration system and the new regulations on refinancing, net income from the

13、 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 piloting c

14、onsolidated 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

15、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. Securit

16、ies companies have been exploring their market positioning and transformation to gain a long- term competitive edge. In this regard, M Administrative Measures for Privately Offered Asset Management Services of Securities and Futures Institutions (CSRC Decree No.151), CSRC, effective since 22 October

17、 2018 (together referred to as the “New Asset Management Regulations”) Source: Financial statements of securities companies and KPMG China analysis 二零二零年中国证券业调查报告10 2020毕马威华振会计师事务所(特殊普通合伙)及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 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。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；毕马威企业咨询 (中国) 有限公司

18、 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。 从各项主要业务占总营业收入的比重来看（见图表3)，自营业务受行情回升影 响，自营业务净收入大幅增加，其在证券公司的收入来源中占比为39%，延续 上一年成为证券公司的第一大收入来源。行业佣金率持续下滑，2019年首次跌 破万三，致使经纪业务占营业收入的比例进一步减少，较上年下降3个百分点。 资管新规1禁止刚性兑付和资金池业务，并提出了产品净值化管理和更严格的 合格投资者门槛等规定。因此，金融机构发行新产品需要满足更为严格的规定， 新规前的存量产品需要在2021年前完成整改或清算。受此影响，

19、资产管理规模 较上年减少19%，资管业务收入较上年减少1%，2019年资管业务收入占营业 收入比例仅为8%，较上年减少3个百分点。 数据来源：证券公司财务报表，毕马威分析 国内证券公司历年收入结构分析国内证券公司历年收入结构分析图表图表3 3 48% 58% 72% 71% 57% 52% 39% 49% 42% 48% 34% 28% 26% 23% 1% 1% 1% 1% 2% 2% 2% 4% 5% 5% 9% 10% 11% 8% 36% 32% 8% 14% 19% 14% 26% 22% 29% 26% 22%32%35% 39% 6% 3% 6% 5% 12% 15% 17% 1

20、1% 12% 9% 21% 16% 14% 13% 9% 6% 13% 9% 10% 16%16% 14% 12%12% 14%14% 15% 16% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 经纪业务资产管理业务 自营及其他投资投资银行业务 其他（包括融资融券利息收入） 1.关于规范金融机构资产管理业务的指导意见(银发2018106号)，中国人民银行、中国银行保险监督管理委员会 (银保监会) 、中国证券监督管

21、理 委员会 (证监会)、国家外汇管理局，2018年04月27日生效；证券期货经营机构私募资产管理业务管理办法(证监会令第151号)，证监会，2018年 10月22日生效（统称“资管 新规”） Mainland China Securities Survey 202011 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 th

22、e 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. From 2016 to 2019, the operating income of the

23、 top 10 securities 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 t

24、he background 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 positio

25、n. With deepening capital market reforms and the CSRC move to develop mega-sized securities companies, this proportion may increase in the long run. Source: Financial statements of securities companies and KPMG China analysis Proportion of the top 10 securities companies operating income Proportion

26、of the top 10 securities companies operating income to the total operating income of the securities industryto the total operating income of the securities industry C Chart 4hart 4 40% 42% 44% 42% 38% 39% 40% 41% 42% 43% 44% 45% 20019 二零二零年中国证券业调查报告12 2020毕马威华振会计师事务所(特殊普通合伙)及毕马威企业咨询 (中国)

27、有限公司，均是与瑞士实体 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。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；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。 2016至2019年间，营业收入行业前十的大型券商，其营业收入占全行业营业 收入的比例从40%上升至44%，并于2019年下降至42%（见图表4）。行业集 中度于2019年有所回落，主要是由于中小券商在2019年市场回暖和政策改革 的背景下展现出更高的业绩增速反弹。但近三年来，大券商的营业收入占

28、全行 业营业收入比例稳定维持在40%以上，体现出大券商强大的市场地位。随着资 本市场改革的不断深化，证监会大力打造航母级券商等举措，长期来看，行业 呈现头部券商集中化的趋势。 数据来源：证券公司财务报表，毕马威分析 前十大券商营业收入占全行业营业收入的比例前十大券商营业收入占全行业营业收入的比例图表 4 4 40% 42% 44% 42% 38% 39% 40% 41% 42% 43% 44% 45% 20019 Mainland China Securities Survey 202013 2020 KPMG Huazhen LLP, a Peoples Republi

29、c 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

30、 name and logo are registered trademarks or trademarks of KPMG International. The Shanghai and Shenzhen A-share stock markets experienced increasing transactions in 2019, despite a correction in the second quarter. The SSE Composite Index and the SZSE Component Index closed at 3,050 points and 10,43

31、1 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 risks and the easing of Sino-American relations. Moreover, increasing risk appetite together with c

32、ontinuous 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 RMB 54 trillion in turnover, and SZSE contributed RMB 73 trillion (Chart 5), 35 percent and 46 perc

33、ent higher than the previous year, respectively. Source: SSE and SZSE Market turnover and stock indicesMarket turnover and stock indicesC Chart 5hart 5 - 50,000 100,000 150,000 200,000 250,000 300,000 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 200820092000

34、019 上交所成交额（十亿）深交所成交额（十亿） 上证指数深证成指 A A- -share indicesshare indices Turnover (RMB billion)Turnover (RMB billion) Turnover of SSE (RMB billion) SSE Composite Index Turnover of SZSE (RMB billion) SZSE Component Index 二零二零年中国证券业调查报告14 2020毕马威华振会计师事务所(特殊普通合伙)及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 毕马威国际合作组织 (“毕马威国际”)

35、相关联的独立成员所网络中的成员。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；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。 2019年A股沪深两市各指数市场行情全年整体维持上涨趋势，仅二季度出现回 调。年末上证指数和深证成指分别报收于3,050点和10,431点，较上年末涨幅 高达22%和44%。 2019年，随着股票质押风险的逐步缓解以及中美关系的逐步缓和，资本市场的 风险偏好逐渐提升，叠加市场流动性的持续改善，市场成交活跃度较上年显著 提升。2019年，沪深两市全年总成交额为

36、人民币127万亿元，同比2018年大幅 增长41%。其中，上交所全年总交易额54万亿元，深交所全年总成交额为人民 币73万亿元（见图表5），同比分别增长了35%和46%。 数据来源：证券公司财务报表，毕马威分析 股票成交额及市场指数股票成交额及市场指数图表 5 - 50,000 100,000 150,000 200,000 250,000 300,000 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 200820092000019 上交所成交额（十亿）深交所成交额（

37、十亿） 上证综指深证成指 A A股指数股指数 成交额成交额( (人民币十亿元人民币十亿元) ) Mainland China Securities Survey 202015 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 affil

38、iated 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. Total fundraising through the domestic stock exchanges reached RMB 4,447.6 billion in 2019, in

39、creasing by 49 percent year-on-year. Of this amount, RMB 3,237.2 billion, or 73 percent, was raised through bond issuances (Chart 6), an increase of 60 percent from the previous year. Additionally, RMB 957.2 billion was raised through follow-on equity offerings, a year-on-year increase of 17 percent

40、. With the implementation of the STAR Markets IPO registration system and a higher approval rate for IPO applications in 2019, 203 companies raised a total of approximately RMB 253.2 billion through IPOs on the A-share market, an 84 percent increase in the fund raised from the previous year. The num

41、ber of companies that went public increased by 97 percent year-on-year, and the amount raised accounted for 6 percent of total fundraising through the domestic stock exchanges. Source: CSRC and Wind Information Fundraising in domestic stock exchangesFundraising in domestic stock exchangesC Chart 6ha

42、rt 6 - 1,000 2,000 3,000 4,000 5,000 6,000 2004200520062007200820092000019 RMB billionRMB billion 首次发行筹资额增发筹资额债券筹资额IPOs Follow-on offerings Bond issuances 二零二零年中国证券业调查报告16 2020毕马威华振会计师事务所(特殊普通合伙)及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 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。毕马威华振会计师事务

43、所(特 殊普通合伙) 中国合伙制会计师事务所；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。 2019年国内证券交易所筹资额为人民币44,476亿元，较2018年度增长49%。筹 资额中的73%为通过交易所市场债券融资（见图表6），总额为人民币32,372 亿元，较2018年上涨60%。通过股票增发融资人民币9,572亿元，较2018年增 加17%。2019年由于科创板注册制改革以及IPO过会率提高，全年共有203家 企业在A股完成IPO，上市家数同比增幅97%，总募资规模约人民币2,532亿元， 同

44、比增幅84%，占国内证券交易所市场融资总额的6%。 数据来源：证监会，wind资讯 国内交易所市场筹资统计国内交易所市场筹资统计图表 6 - 1,000 2,000 3,000 4,000 5,000 6,000 2004200520062007200820092000019 单单 位位 ： 人人 民民 币币 十十 亿亿 元元 首次发行筹资额增发筹资额债券筹资额 Mainland China Securities Survey 202017 2020 KPMG Huazhen LLP, a Peoples Republic of

45、 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 nam

46、e and logo are registered trademarks or trademarks of KPMG International. Funds raised from the securities market in 2019 were equivalent to around 4.5 percent of Chinas gross domestic product (GDP) (Chart 7), 1.2 percentage points higher than the previous year. As at the end of 2019, A-share market

47、 capitalisation stood at RMB 59 trillion, up 36 percent year-on-year. Tradable A-shares accounted for approximately RMB 48 trillion in market value, or 48.8 percent of Chinas GDP in 2019, representing year-on-year growth of 9.5 percentage points. This indicates that Chinas capital markets were much

48、more active in 2019 and that there is still significant growth potential. Sources: CSRC and National Bureau of Statistics of China (NBS) A A- -share market share market capitalisationcapitalisation and stock exchange fundraisingand stock exchange fundraising as a proportion of Chinas GDPas a proport

49、ion of Chinas GDP C Chart 7hart 7 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0% 10% 20% 30% 40% 50% 60% 70% A股股票流通市值占GDP比重证券市场筹资额占GDP比重 Proportion of tradable A-shares to Chinas GDP Proportion of stock exchange fundraising to Proportion of tradable A-shares to Chinas GDP Proportion of stock exchange fundraising to Chinas GDP 二零二零年中国证券业调查报告18 2020毕马威华振会计师事务所(特殊普通合伙)及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 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。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；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威