1、Mainland China Securities Survey 2016 二零一六年 中国证券业调查报告 Financial services 金融服务 2016 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 r

2、ights reserved. Printed in China. Contents 目录 01 02 03 04 05 06 01 05 29 51 71 75 Introduction 引言 Market overview 市场回顾 Market development: opportunities and challenges 市场动态： 机遇与挑战 Industry focus: seeking new breakthroughs under the new normal 行业热点：“新常态” 下寻找新突破 Conclusion 结语 Appendix 附录 Appendix 1 Fi

3、nancial highlights 77 附录1 财务摘要 Appendix 2 Sector rankings for 2015 123 附录2 二零一五年行业排名 Appendix 3 Overview of Sino-foreign securities joint ventures 131 附录3 中外合资证券公司一览 Appendix 4 2016 grading of securities companies by the CSRC 133 附录4 2016年证监会对证券公司的评级 Appendix 5 Qualified foreign institutional invest

4、ors 135 附录5 合格境外机构投资者 Appendix 6 RMB qualified foreign institutional investors 147 附录6 人民币合格境外机构投资者 Appendix 7 Qualified domestic institutional investors 155 附录7 合格境内机构投资者 Appendix 8 Mainland futures companies 161 附录8 内地期货公司名单 Appendix 9 Mainland fund management companies 167 附录9 内地基金公司名单 Appendix 1

5、0 Subsidiaries of mainland fund management companies 171 附录10 内地基金公司子公司名单 Appendix 11 Securities companies that have set up Hong Kong subsidiaries 175 附录11 设立香港子公司的证券公司 07 177 Contact us 联系我们 2016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。 Introduction 引言

6、 01 1 | Mainland China Securities Survey 2016 2016 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. Printed in China

7、. 二零一六年中国证券业调查报告 | 2 2016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。 Introduction 2015 was an eventful year for Chinas securities sector. A-share indices experienced some volatility, with stock prices fluctuating and occasionally surpassing their daily li

8、mit thresholds. This was caused by a combination of macroeconomic and market factors. The stock markets became a major topic of discussion in China as a result. In the second half of the year, the suspension of trading on a number of stocks put pressure on liquidity, although the markets gradually s

9、tabilised after the regulators introduced a series of supportive policies. As Chinas economy begins to transition towards more balanced growth, financial reform is expected to play a key role as part of the governments attempts to encourage the financial markets to better support the real economy. T

10、he securities market is expected to be crucial in particular in providing companies with a number of bespoke and high- quality financial products. 2015 was an overall positive year for Chinas securities sector. According to the summary of the audited annual reports of securities companies released b

11、y the Securities Association of China (SAC), the sector achieved the highest ever level of profitability, posting total operating income of RMB 575 billion and total net profit of RMB 244 billion on an unconsolidated company level (the definition used for the purpose of analysis hereinafter), an inc

12、rease of 125 percent and 157 percent respectively when compared with the previous year. The total assets and net assets of securities companies reached RMB 6.42 trillion and RMB 1.45 trillion, a year- on-year increase of 59 and 60 percent respectively, demonstrating the rapid growth of the size of s

13、ecurities companies in 2015. However, earnings in the first half of 2016 declined 59 percent compared with the same period in 2015, according to statistics from the Securities Association of China, demonstrating increased volatility in earnings. Securities companies posted revenue growth across all

14、business lines in 2015. Net income from brokerage business increased as a result of significantly higher transaction volumes, accounting for 48 percent of total income, six percentage points higher than in 2014. It remained the largest source of income for most securities companies. Margin financing

15、 and securities lending business continued to grow, with the balance of margin financing at the end of 2015 increasing by RMB 166.7 billion compared with the previous year, an increase of 17 percent year-on-year. The total balance even exceeded RMB 2 trillion at one point. Proprietary trading, inves

16、tment banking and asset management business also grew, benefiting from active equity markets, the resumption of initial public offerings (IPOs) later in the year and a buoyant asset securitisation market. In 2015, the significant improvement in securities companies performance was closely linked to

17、sustained reform and innovation in the financial services sector. Advances in technology such as the growth of new Internet platforms and big data are impacting and will continue to impact upon the traditional profit making business models of securities companies. A number of securities companies al

18、so sought to diversify their revenue sources away from traditional business lines (e.g. providing channels to direct funding) towards newer and more profitable business lines. The launch of the Shanghai Technological Innovation Board is expected to hasten this development. The Chinese securities mar

19、ket is also becoming increasingly globalised with more firms listing in Hong Kong and with the Shanghai-Hong Kong Stock Connect having launched last year. Some of Chinas biggest securities companies are now beginning to rival many international tier one investment banks in terms of both size and pro

20、fitability. The risk management and response capabilities of the securities sector were tested during the volatility experienced in the A-share market last year. Going forward, securities companies should seek to assess potential risk on a real-time basis, improve their risk management abilities gen

21、erally and establish sound risk management systems. This would help them as they to continue to grow their business and also ensure that their services are best placed to improve core competitiveness. This report is the 10th Mainland China Securities Survey issued by KPMG China. It was prepared base

22、d on the 2015 financial statements of 125 securities companies in China released by the SAC on its official website (www. ). 2016 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 Cooperativ

23、e (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 3 | Mainland China Securities Survey 2016 引言 201?是中国?不?的?。 ? ?的?， ?成?的?， ? ? ?的?。 ? ?成?的?， ? ?成?。 ?与?的?成 ?的?。 ? ?与?体?， ? ?。 ?中国? “?” ， ?转? ?的?， ? ?， ?有特?的?， ?务实体?合? 的?务。 201?中国?。 ?中国?会? ?计的?， 201?实? ?0?2?0 ? ?务?， ? ， ?1

24、2? ?1?， 实?有?的?。 ? ?的? ?6?2?1? ?， ?60?， ?体?201? ?的?。 ?， 中国?会的?计 ?2016?201? ?， ?的?。 ?， ?的?务?201? 实?。 ?中， ?务?得?201?成?的 ?， ?的?， ?201?6? ?， ?是?的?。 ?务? ?， 201?1?66? ? ?1? ， ?2?。 ? ?权?的? ?的?的 ?， ?务? ?务?务? 201?有?的?。 201?的?与?不? ? ?相关。 ?联网? ? ?的? ?务?通? 的? ?的?有? ?， ? ?。 中国?的? ?。 中国?的?， ?不 ?国际?， ?的? ?的?。 ?实? ?，

25、 ?， ?立?的? ?体?， ?不?务?的?， ?务 转?， ?。 ?是毕马威中国?的?中国? ?。 ?是?中国?会 ? “?会” ? ?网? (?) ?的12?的201? ?务?制的。 2016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。 二零一六年中国证券业调查报告 | 4 Market overview 市场回顾 02 5 | Mainland China Securities Survey 2016 2016 KPMG Huazhen LLP , a Pe

26、oples 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. Printed in China. 二零一六年中国证券业调查报告 | 6 2016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

27、( “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。 In 2015, the securities sector realised overall net profit after tax of RMB 244 billion, the highest in its history and representing a year-on-year increase of 157 percent (see Chart 1). This surge in profits was largely driven by a bullish A-share market in t

28、he first half of 2015, which brought significant growth for the brokerage, proprietary trading, margin financing and securities lending businesses. Investment banking business also grew significantly following the reforms to corporate bond issuance procedures. It is worth noting that the removal of

29、the one person, one account restriction on the A-share market in 2015, the emergence of a number of small brokerage outlets and the growth of online channels led to more intense competition among securities companies, resulting in a decrease in average brokerage commission rates (see Chart 2). Total

30、 net profit of securities companies in mainland China (RMB billion)Chart 1 Chart 2Movement of market turnover and average brokerage commission rates Sources: Financial statements of securities companies and KPMG China analysis Sources: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), S

31、AC and KPMG China analysis 2016 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. Printed in China. 7 | Mainland Chin

32、a Securities Survey 2016 201?， ?实?2?0?， ?201? 1? ?1? ， ?实?的?。 ?的? ?201?的?务?务?的? ? ?务的? ?的?务的?。 ? 得?的是， 201?制， ? 网? ?务的?， ?务?的?， ? ?的? ?2? 。 ?中国?实?的? ?1 ?2?与?务?的? ? ?务?， 毕马威? ? ?所(?所? ， ?所 ?所? ， 中国?会， 毕马威? 2016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。 二零

33、一六年中国证券业调查报告 | 8 Based on an analysis of the figures detailing income from the core businesses of domestic securities companies compared with total operating income (see Chart 3), the share of brokerage fees as a proportion of total operating income increased by six percentage points in 2015. This w

34、as in spite of lower commission rates. Trading volumes grew significantly with the combined turnover of the SSE and SZSE surpassing RMB 255 trillion, representing a year-on-year increase of 243 percent. Income from asset management business, proprietary trading, investment banking business and other

35、 investment business also grew significantly in 2015. Nonetheless, the growth rate of brokerage business was still higher than that of the other businesses and brokerage income remained the largest source of income for domestic securities companies. Proportion of income from core businesses of domes

36、tic securities companies to total operating income Sources: Financial statements of securities companies and KPMG China analysis Chart 3 2016 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG Internationa

37、l Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 9 | Mainland China Securities Survey 2016 ?务?的?(?)， ?201? ?2?， ?201?2?， ? ?， ?务?的?6? ?务? ? ?务?务?相?201?有?的?， ?不 ?务， ?国?是?务的?。 国?务? ? ?务?， 毕马威? ? 2016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”

38、)相关联的独立成员所网络中的成员。 版权所有， 不得转载。 二零一六年中国证券业调查报告 | 10 Comparison of income composition between domestic securities brokers and leading international investment banks in 2015 Sources: Financial statements of relevant companies and KPMG China analysis Chart 4 Many foreign investment banks have a history s

39、panning more than 100 years and as a result have developed relatively sound and proven business models with significant asset sizes and diverse revenue streams (see Chart 4). In comparison, Chinas investment banks are far younger and their activities are more focused in particular areas. Trading vol

40、umes in Chinas securities market increased significantly in 2015. This led to an increase in the share of brokerage business as a proportion of securities companies total operating revenue. For foreign investment banks, asset/wealth management remains an important source of revenue, which is an indi

41、cation of their ability to attract client money and actively manage funds. The lower contribution of asset management business for domestic securities companies, in comparison, shows that there is room for growth in China. Investment banking business is also an important source of income for foreign

42、 banks, particularly mergers Shenzhen Stock Exchange, Shenzhen Stock Exchange Fact Book 2015, p279-284, 2016 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 Internationa

43、l”), a Swiss entity. All rights reserved. Printed in China. 15 | Mainland China Securities Survey 2016 201?国?所?2?， ?201?2?， ? 中通?6?2?， ?201?61?。 通?所? ?21?2?， ?201?0?。 201?， ?201?11 ?， ?201?， ?有21?相?， ?1? ?， ?的? ?6? 。 1 国?所?计 ? 中国?员会 ?中国?会? ?6 1. 上海证券交易所， 上海证券交易所统计年鉴2016卷， 第290-293页， 深圳证券交易所， 深圳证券交易所

44、市场统计年鉴2015， 第279-284页， 2016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。 二零一六年中国证券业调查报告 | 16 Chart 7 Proportion of A-share market capitalisation and funds raised on securities market to Chinas GDP Sources: CSRC and Natinonal Bureau of Statistics of China In

45、 2015, funds raised from the securities market were equivalent to 4.41 percent of Chinas GDP (see Chart 7), increasing significantly compared with the previous year. The Administrative Measures on Issuance and Trading of Corporate Bonds, which was published in January 2015, expanded the scope of corporate bond issuers to all corporate legal entities and simplified the procedures for issuing corporate bonds. As of the end of 2015, the A-share market had a combined value of RMB 53.1 trillion, of which tradable A-shares accounted for