1、Mainland ChinaSecuritiesSurvey 2021Financial servicesIntroduction01Market overviewIndustry trendsBusiness dynamicsConclusion063248660504030201The strategic importance of capital market reforms in the first year of the 14th Five-Year PlanData-driven digital transformation: Integrating fintech and bus

2、iness scenariosContinually enhancing compliance and risk managementA new stage of comprehensive opening to the outside worldESG to support sustainable developmentESG3.1 3.23.33.43.5Wealth management: Accelerating transformationProprietary trading: Solid performance, especially in OTC derivativesInve

3、stment banking: Deepened reform of registration-based IPO system with first-tier players outperformingCredit business: Stock-pledge lending declines, while margin financing and securities lending bounce back to their peakAsset management: Pivoting toward publicly offered funds4.1 4.24.34.44.5Content

4、s 目录Appendices7006Appendix 1 Financial highlights Appendix 2 Sector ranking for 2020 Appendix 3 Overview of foreign invested securities company3 Appendix 4 2021 rating of securities companies by the CSRC4 2021Appendix 5 Mainland Futures Companies 5 Appendix 6Mainland Fund Management Companies6 Appen

5、dix 7Mainland Subsidiaries of Fund Management Companies7Appendix 8Securities companies who have set up Hong Kong subsidiaries 8Appendix 9Foreign-funded enterprises that offer private fund management business97992072172252291IntroductionMainland China Securities Survey 20212 2021 KPMG Huaz

6、hen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under

7、license by the independent member firms of the KPMG global organisation.During the past extraordinary year, China was able to successfully combat COVID-19 and keep its economy afloat during the pandemic. Meanwhile, the countrys capital market showed strong resilience and vitality during this difficu

8、lt time. As a key part of the capital market, the securities industry maintained an upward trend in 2020. With the formal implementation of the new Securities Law, the steady launch of the IPO registration system, the further opening up of foreign investment channels, and the acceleration and deepen

9、ing of digital transformation, major securities companies are actively exploring the transformation of their market positioning, for the purpose of long-term development.According to the audited annual reports of 137 securities companies published by the Securities Association of China (SAC), the se

10、curities industry realised operating income of RMB 446.8 billion and net profit of RMB154.9 billion (based on financial statements at the parent company level), representing year-on-year increases of 24 percent and 30 percent, respectively. As of 31 December 2020, the total assets of the above secur

11、ities companies stood at RMB 8.9 trillion, representing a year-on-year increase of 22 percent. Their net assets amounted to RMB 2.3 trillion, a year-on-year increase of 14 percent. In terms of income composition, income from all segments grew in 2020. The proprietary trading segment generated income

12、 amounting to RMB 148.4 billion (including profits or losses arising from changes in fair values and investment income), up 5 percent from the RMB 141.8 billion recorded in 2019. This segment remained the biggest source of income for the securities industry, accounting for 33 percent of the industry

13、s total operating income. Driven by the strong performance of the secondary market, net income from the brokerage segmentthe traditionalsource of income for the industrysurged by 54 percent year-on-year to RMB 129.6 billion. Meanwhile, with the steady promotion to the marketing of capital elements,

14、the rapid implementation of the IPO registration system, and the continuous improvement of the Sci-Tech innovAtion boaRd (STAR market), the investment banking business generated net income ofRMB 67.3 billion, an increase of 39 percent over the previous year. At the same time, efforts to enhance the

15、active management capabilities of the asset management segment accelerated. In 2020, the asset under management (AUM) fell by 21 percent year-on-year to RMB 8.55 trillion as a result of the decrease in channel operation following the promulgation of the New Asset Management Regulations. Nevertheless

16、, the asset management sector stillrecorded RMB 29.4 billion in net income, representing a year-on-year increase of 8 percent.IntroductionMainland China Securities Survey 20213 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent me

17、mber firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.From a regulatory perspective, compli

18、ance and risk are still the main priorities, and are of great significance to further strengthen securities companies role as the “gatekeeper” of the capital market. Strengthening intermediaries responsibilities will pave the way for the ongoing launch of the market-wide registration system, and thi

19、s strengthening of responsibilities represent a regulatory trend that will be the new normal going forward. Within this context, intermediaries in the capital markets need to balance their capabilities and responsibilities to enable the development of multi-level capital markets in China.In 2020, se

20、curities companies diversified their businesses amid the transformation of the wealth management industry. In recent years, as the demand for financial services has increased due to the appreciation of customers wealth, financial institutions have leveraged their own resources, deployed measures suc

21、h as financial technology in an effort to transform the wealth management sector, in order to improve their service capabilities to gain an edge over their competitors. In addition, the deepening of the opening up of the financial industry has presented the securities industry with rare opportunitie

22、s. Going forward, confronting all those opportunities and difficulties, securities companies should accelerate their business transformations, increase investments in talent and financial technology, and improve their internal governance structures and risk management capabilities in order to tackle

23、 the challenges arising from tightening regulation, mergers and acquisitions, and the entry of foreign companies into the market.This report is the 15th annual Mainland China Securities Survey published by KPMG China. It was prepared based on the 2020 annual reports of 137 securities companies in ma

24、inland China, which were released by SAC on its official website ().402Market overview市场回顾Mainland China Securities Survey 20217 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Li

25、mited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.26,711 53,599 54,563 42,165 31,467 46,873 74,391 255,054 127,384 112,463 90,296 127,4

26、16 206,825 12.611.79.58.17.88.27.04.84.03.93.12.92.6 - 50,000 100,000 150,000 200,000 250,000 300,0002008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20200.02.04.06.08.010.012.014.0Total stock turnover of SSE and SZSE(RMB billion)Average brokerage commission rates(per 10,000)In 2020, 137

27、securities companies in mainland China recorded total operating income of RMB 446.8 billion, representing a year-on-year increase of 24 percent; and net profit after tax of RMB 154.9 billion, an increase of 30 percent year-on-year (Chart 1). The rise in net profits was attributable to the booming se

28、curities market. In 2020, the A-share stock markets in Shanghai and Shenzhen recorded a combined turnover of RMB 207 trillion, representing a year-on-year increase of 62 percent (Chart 2). The average brokerage commission rate decreased further in 2020, though by a smaller percentage, to 0.0263 perc

29、ent1. A significant increase in trading volume and a slightly lower average commission rate resulted in remarkably higher net income for brokerage businesses, while net income from investment banking businesses increased significantly thanks to the launch of the STAR markets registration system. The

30、 New Asset Management Regulations also stimulated the growth of actively managed AUM and boosted the net income of the asset management business.Sources: Financial statements of securities companies and KPMG China analysisSources: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC, i

31、ndustry research reports and KPMG China analysis6.5(3.7)(9.4)(15.0)(11.4)24.6 128.9 50.0 93.4 78.4 38.9 32.9 43.0 94.9 244.0 123.0 112.0 62.5 119.5 154.9-500500300Chart 2 Market turnover and average brokerage commission rates1. Source: China Securities JournalTotal net profit of securitie

32、s companies in mainland China(RMB billion)Chart 1 826,711 53,599 54,563 42,165 31,467 46,873 74,391 255,054 127,384 112,463 90,296 127,416 206,825 12.611.79.58.17.88.27.04.84.03.93.12.92.6 - 50,000 100,000 150,000 200,000 250,000 300,000()6.5(3.7)(9.4)(15.0) (11.4)24.6 128.9 50.0 93.4 78.4 38.9 32.9

33、 43.0 94.9 244.0 123.0 112.0 62.5 119.5 154.9-500500300Mainland China Securities Survey 20219 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English

34、 company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Based on an analysis of core businesses contribution to the total operating income of domestic securities com

35、panies (Chart 3), the proportion of net income from the brokerage business rebounded 6 percentage points year-on-year to 29 percent in 2020, reversing a years-long downward trend. This growth was largely caused by the substantial increase in trading volume on both the Shanghai and Shenzhen stock exc

36、hanges. Although the proportion of income accounted for by proprietary trading slipped by 6 percentage points year-on-year to 33 percent, it remained the largest source of income amid the bull market. Meanwhile, asset management businesss proportion of total operating income eased 1 percentage point

37、 year-on-year to 7 percent in 2020. During the year, the transformation and upgrading of the domestic economy and the implementation of the registration system stimulated the growth of financing in the capital markets. As a result, the investment banking sector outperformed. Specifically, investment

38、 banking income accounted for 15 percent of total operating income, representing a year-on-year increase of 2 percentage points. Besides, interest income and other income accounted for 16 percent, which was in line with the previous year.Sources: Financial statements of securities companies and KPMG

39、 China analysisChart 3 Chart 3 Income composition of domestic securities companiesIncome composition of domestic securities companies9%6%13%9%10%16% 16%14%12% 12%14% 14% 15%16% 16%1%1%1%1%2%2%2%4%5%5%9%10%11%8%7%36%32%8%14%19%14%26%22%29%26%22%32%35%39%33%6%3%6%5%12%15%17%11%12%9%21%16%14%13%15%48%5

40、8%72%71%57%52%39%49%42%48%34%28%26%23%29%0%20%40%60%80%100%BrokerageInvestment bankingProprietary trading and other investmentsAsset managementOthers (including interest income from margin financing and securities lending)109%6%13%9%10%16% 16%14%12% 12%14% 14% 15%16%16%1%1%1%1%2%2%2%4%5%5%9%10%11%8%

41、7%36%32%8%14%19%14%26%22%29%26%22%32%35%39%33%6%3%6%5%12%15%17%11%12%9%21%16%14%13%15%48%58%72%71%57%52%39%49%42%48%34%28%26%23%29%0%20%40%60%80%100% Mainland China Securities Survey 202111 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of i

42、ndependent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.From 2016 to 2020, the o

43、perating income of the top 10 securities companies as a proportion of the industrys total operating income increased from 40 percent in 2016 to 44 percent in 2018, before slightly decreasing to 42 percent in 2019 and then remaining at that level in 2020 (Chart 4). In other words, the industrys conce

44、ntration level remained stable in 2020 after peaking in 2018 and decreasing in 2019. In the past 5 years, the top 10 securities companies operating income as a proportion of the industry total remained firmly above 40 percent, indicating the strength of large brokers. As capital market reforms conti

45、nue to deepen and securities companies continue to transform and upgrade their businesses, the level of concentration on top securities companies will increase in the long run.Sources: Financial statements of securities companies and KPMG China analysis40%42%44%42%42%38%39%40%41%42%43%44%45%20162017

46、201820192020Chart 4 Chart 4 Proportion of the top 10 securities companies operating income to Proportion of the top 10 securities companies operating income to the total operating income of the securities industrythe total operating income of the securities industry1240%42%44%42%42%38%39%40%41%42%43

47、%44%45%200192020Mainland China Securities Survey 202113 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rig

48、hts reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.In 2020, the A-share stock markets in Shanghai and Shenzhen maintained an overall upward trend despite a correction in the first quarter due to the

49、 pandemic. The SSE Composite Index and the SZSE Component Index closed at 3,473 points and 14,471 points at year end, representing year-on-year increases of 14 percent and 39 percent, respectively.In 2020, the economy gradually recovered as the pandemic was brought under control, the capital markets

50、 were notably more active compared with the previous year. The combined turnover of SSE and SZSE stood at RMB 207 trillion in 2020, representing year-on-year growth of 62 percent. SSE contributed RMB 84 trillion in turnover, and SZSE contributed RMB 123 trillion (Chart 5), 54 percent and 68 percent

51、higher than the previous year, respectively.Sources: SSE, SZSE and KPMG China analysis - 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 18,000 20,000Turnover of SSE (RMB billion)Turnover of SZSE (RMB billion)SSE Composite IndexSZSE Component Inde

52、xA-share indicesTurnover (RMB billion)Chart 5Market turnover and stock indices14 - 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 18,000 20,000AMainland China Securities Survey 202115 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are m

53、ember firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the K

54、PMG global organisation.In 2020, total fundraising through the domestic stock exchanges reached RMB 5,430 billion, increasing by 22 percent year-on-year. Of this amount, RMB 4,055.9 billion, or 75 percent, was raised through bond issuances (Chart 6), an increase of 25 percent from the previous year.

55、 Additionally, RMB 904.2 billion was raised through follow-on equity offerings, a year-on-year decrease of 6 percent. Supported by the implementation of the STAR Markets registration system, 396 companies raised a total of approximately RMB 470 billion through IPOs on the A-share market in 2020, an

56、86 percent increase in the funds raised from the previous year. The number of companies that went public increased by 95 percent year-on-year, and the amount raised accounted for 9 percent of total fundraising through domestic stock exchanges.Sources: CSRC and Wind InformationChart 6 Fundraising in

57、domestic stock exchanges - 1,000 2,000 3,000 4,000 5,000 6,000RMB billionIPOsFollow-on offeringsBond issuances16 - 1,000 2,000 3,000 4,000 5,000 6,000首次发 筹 额增发筹 额债 筹 额Mainland China Securities Survey 202117 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global

58、organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Funds r

59、aised from the securities market in 2020 were equivalent to around 5.3 percent of Chinas gross domestic product (GDP) (Chart 7), which was 0.8 percentage points higher than in the previous year.As of 2020, the total market value of the A-share market increased 34 percent and reached approximately RM

60、B 80 trillion. Tradable A-shares accounted for approximately RMB 64 trillion in market value, or 63.4percent of Chinas GDP in 2020, representing a year-on-year growth of 14.6 percentage points. Sources: CSRC, National Bureau of Statistics of China (NBS) and Wind InformationChart 7 A-share market cap

61、italisation and stock exchange fundraising as a proportion of Chinas GDP0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%0%10%20%30%40%50%60%70%Proportion of tradable A-shares to Chinas GDPProportion of stock exchange fundraising to Chinas GDPProportion of tradable A-shares to Chinas GDPProportion of stock exchange

62、fundraising to Chinas GDP180.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%0%10%20%30%40%50%60%70%AGDPGDPMainland China Securities Survey 202119 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Li

63、mited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.In 2020, trading activity increased in the buoyant stock market, and the margin finan

64、cing business grew rapidly. As of the end of 2020, the total balance of margin financing in Shanghai and Shenzhen was RMB 1,482.7 billion, which has increased 50 percent from the previous year. The growth of the securities lending business was supported by various factors, such as the expanded scope

65、 of underlying products for securities lending, the relaxation of restrictions around the lending of public offering funds, optimised investor structures, and the improved market-based refinancing mechanism. As a result, the rise of the securities lending business outperformed the rise of the margin

66、 financing business by a wide margin. The total balance of securities lending soared from RMB 13.6 billion at the end of 2019 to RMB 130.6 billion at the end of 2020, representing a massive year-on-year surge of 862 percent (Chart 8).Sources: SSE and SZSE - 500 1,000 1,500 2,000 2,500Margin financin

67、g (RMB billion)Securities lending (RMB billion)Chart 8Quarter-end balance of margin financing and securities lendingon the SSE and SZSE (2011Q1-2021Q1)Margin financingSecurities lending20 - 500 1,000 1,500 2,000 2,500(Mainland China Securities Survey 202121 2021 KPMG Huazhen LLP and KPMG Advisory (C

68、hina) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent m

69、ember firms of the KPMG global organisation.Due to the impact of COVID-19 and other factors, the transition period for the New Asset Management Regulations has been extended 1 year to 31 December 2021. During the year, the overall size of AUM of securities companies, segregated accounts of fund comp

70、anies subsidiaries, and futures companies continued to decline (Chart 9). According to the Asset Management Association of China (AMAC), at the end of 2020, the combined AUM of securities companies stood at RMB 8,553.1 billion, representing a year-on-year decline of 21 percent. Specifically, the AUM

71、 of collective asset management plans climbed 7 percent year-on-year to RMB 2,090.4 billion; and the AUM of single (targeted) asset management plans decreased by 29 percent year-on-year to RMB 5,920.3 billion. The AUM of single (targeted) asset management plans are mainly used as channel, shrank not

72、ably as securities companies squeezed the AUM size of their channel operation to comply with the New Asset Management Regulations. In contrast, actively managed products AUM continued to rise from 2017 to 2020. These trends indicate that under the new regulatory framework for asset management, which

73、 requires companies to “reduce channel operation and deleverage,” securities companies have been working to enhance their active asset management capabilities so that the asset management sector can return to its original function of investment.Source: AMACChart 9Assets under management (2017-2020)

74、- 5,000 10,000 15,000 20,00020020AUM (RMB billion)Axis TitleSecurities companiesSegregated accounts of fund management companiesSegregated accounts of fund management companiessubsidiariesFutures companiesAsset-backed securitisation22 - 5,000 10,000 15,000 20,00020020Mainland C

75、hina Securities Survey 202123 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The K

76、PMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Domestic exchange traded futures and options grew considerably in 2020. The number of options and futures products increased by 16 percent year-on-year from 75 products in 2019 to 87 p

77、roducts in 2020. The overall transaction volume in the futures market has shown a steady upward trend over the last several years, while total turnover dropped sharply from 2015 to 2016 before climbing steadily from 2016 to 2020 (Chart 10).Source: China Futures Association36 41 31 30 40 62 554 196 1

78、88 211 291 438 - 10 20 30 40 50 60 70 - 100 200 300 400 500 6002001820192020Transaction volume (100 million lot)Turnover (RMB trillion)Chart 10Futures: transaction volume and turnover (2015 to 2020)2436 41 31 30 40 62 554 196 188 211 291 438 - 100 200 300 400 500 60020018201920

79、20()Mainland China Securities Survey 202125 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed i

80、n China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.In 2020, Chinas stock index futures enjoyed rapid growth (Chart 11). The transaction volume and turnover in the stock index futures market jumped by 40 percent and 62 per

81、cent, respectively, from the previous year. This rapid growth was mainly driven by a series of policies announced by the China Financial Futures Exchange (CFFEX) that relaxed futures trading arrangements as well as the flourishing stock markets. Brisk trading activity spurred demand for speculation

82、and hedging among investors, which in turn drove the increase in transactions in the stock index futures market.Source: CFFEXChart 11 Stock index futures: transaction volume and turnover(2016 to 2020)9 10 16 53 75 1 1 1 4 6 9,318 10,507 15,740 54,800 88,930 776 876 1,312 4,567 7,411 - 10 20 30 40 50

83、 60 70 80 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000200192020Turnover (RMB billion)Transaction volume (million lot)269 10 16 53 75 1 1 1 4 6 9,318 10,507 15,740 54,800 88,930 776 876 1,312 4,567 7,411 - 10 20 30 40 50 60 70 80 - 10,000 20,000 30,000 40,000 50

84、,000 60,000 70,000 80,000 90,000 100,000200192020Mainland China Securities Survey 202127 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English comp

85、any limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.The regulatory framework for the over-the-counter (OTC) derivatives market is gradually improving, and the market

86、is opening up to more participants. Within this context, investor needs and product innovation are driving the growth of securities companies income. As of the end of December 2020, the nominal principal of securities companies outstanding OTC derivatives positions stood at RMB 1,278.1 billion. Spec

87、ifically, the nominal principal of outstanding OTC option positions increased by 63 percent year-on-year to RMB 757.0 billion, and that of outstanding Total Return Swap (TRS) positions surged by 229 percent year-on-year to RMB 521.1 billion (Chart 12). As of the end of 2020, the underlying products

88、in OTC derivatives trading mainly consisted of 55 percent of stock indices and 21 percent of commodities(Chart 13).Source: The inter-institutional quotation system of China Securities Internet System Co., Ltd. (“CSIS”)Source: The inter-institutional quotation system of China Securities Internet Syst

89、em Co., Ltd. (“CSIS”)Chart 12 OTC derivatives marketChart 13 Underlying assets of OTC options1,754 1,953 476 460 4,148 1,600 1,003 820 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500Stock indicesCommoditiesStocksOthers2019 (RMB 100 million)2020 (RMB 100 million)223.9 276.3 464.3 757.0 142.7 70

90、.4 158.4 521.1 - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.020020Nominal principal of OTC TRS (RMB billion)Nominal principal of OTC options (RMB billion)281,754 1,953 476 460 4,148 1,600 1,003 820 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,50020192020223.9 276.3 464.3 757.0 142

91、.7 70.4 158.4 521.1 - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.020020Mainland China Securities Survey 202129 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limite

92、d, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Increasing investment in information technology (IT) and harnessing technological advance

93、s to promote business development have become important means for securities companies to sharpen their competitive edge. The industry-wide IT investment amounted to RMB 26.2872 billion in 2020, an increase of 21.31 percent year-on-year. Four securities companies invested more than RMB 1 billion in

94、information technology respectively, and the smallest amount of IT investment among the top 20 securities companies with the highest IT investment was close to RMB 400 million (Chart 14). Compared with the amount of IT investment in the past two years, the top 15 securities companies in the investme

95、nt ranking are more stable, while the rankings of the rest changed slightly, and there exist securities companies experiencing a rapid increase in the ranking. First-tier securities companies tend to invest more in IT, while small and medium-sized ones invest less. Based on this data, it is clear th

96、at large securities companies are leveraging the differential advantages brought by financial technology to vigorously develop technology-enabled businesses, build digital fintech platforms and seek rapid growth.Sources: SAC, Financial statements of securities companies, industry research reports, a

97、nd KPMG China analysisChart 14Investment of top 20 securities companies with the highest investment in IT in 20202. Source: Securities Association of China19 14 14 10 10 10 9 8 8 8 8 8 7 7 6 5 5 5 5 4 11%7%5%7%6%9%6% 6%7%12%11%9%6%9%5%7%5%8%17%9%0%2%4%6%8%10%12%14%16%18%20% - 5 10 15 20 253019 14 14

98、 10 10 10 9 8 8 8 8 8 7 7 6 5 5 5 5 4 11%7%5%7%6%9%6%6%7%12%11%9%6%9%5%7%5%8%17%9%0%2%4%6%8%10%12%14%16%18%20% - 5 10 15 20 2503Industry trends33 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG

99、 International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Securities Survey 20213.1 The strategic importance of

100、 capital market reforms in the first year of the 14th Five-Year PlanDuring the years of the 13th Five-Year Plan, Chinas economy grew at a slower pace and underwent structural transformation. Capital market reforms are being advanced as a national strategy, and increasing the proportion of direct fin

101、ancing for market entities is viewed as core to the countrys financial reforms. Recently, rising personal wealth and the growing number of high-net-worth customers in China have led to further changes in wealth management products and services. Meanwhile, a new era is dawning for the asset managemen

102、t business, which is now mainly driven by high-net-worth customers. Against this backdrop, leading securities companies are proactively exploring strategies to grow more rapidly and seek long-term development.I.The two-way opening up of the capital markets has deepened. Regulators are encouraging in

103、ternationalinvestment banks to set up operations in China while also encouraging domestic securities companies to expand abroad. On the one hand, leading investment banks from other major economies have actively increased their presence in mainland China, contributing to the diversification of the m

104、arket and bringing with them sophisticated business philosophies, management practices, product offerings and expertise. These new entrants have further revitalized the market. On the other hand, domestic players are exploring cross-border opportunities as part of their efforts to nurture internatio

105、nal business as new drivers of growth for the next strategic cycle. In addition, in view of the changes in the global landscape resulting from the pandemic, securities companies are rethinking the strategic significance and focuses of their plans for global expansion. II. In accordance with regulato

106、ry guidance, securities companies have been making an effort to return to their original function and serve the real economy. In recent years, policymakers have been requiring financial institutions to proactively resolve financial risks and reduce leverage, and capital constraints have been continu

107、ously strengthened. As a result, securities companies have been developing high-risk and innovative businesses in a more regulated manner. As supply-side structural reforms are advanced in the financial sector, securities companies will play a greater role in reducing financing costs for businesses,

108、 increasing the proportion of direct financing, and channelling financing into the real economy.Mainland China Securities Survey 202134 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG Internati

109、onal Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.III. The concentration of the securities industry will further increase, and t

110、he integration and polarization of the entire industry will also accelerate. How to achieve significant growth through acquisitions, consolidate competitive advantages in vertical fields, and remedy specific deficiencies are all important strategic considerations for securities companies that are wo

111、rking to succeed and reshape the industry landscape during the 14th Five-Year Planperiod. IV.Securities companies urgently need to transform their existing business models, and only those with differentiated competitive advantages will achieve success in the market. The demand for wealth management

112、services is growing fast, and an increasingnumber of retail investors are making investments through institutional investors. Meanwhile, the asset management business is now being driven by high-net-worth individuals. In the context of these external changes (including the implementation of the regi

113、stration-based system), securities companies that are competing ineffectively and offering homogeneous products and services as they did in the past will no longer have competitiveness. To drive the transformation of their business models, securities companies should acquire the necessary licences a

114、nd qualifications, strengthen their professional capabilities, integrate different areas of business, and provide comprehensive services across the industry chain. V.Fintech and digitalisation will be the core drivers of growth for the next strategic cycle. Fintech is profoundly transforming securit

115、ies companies business models, business architecture and operating systems. Within this context, securities companies urgently need to further integrate their business activities and technologies and comprehensively enhance their fintech capabilities based on their own differentiated business needs.

116、 Against the above background, securities companies are actively exploring strategic directions suitable for their own development to provide vivid and useful experiences for the further high-quality development of the industry, capital market and real economy.35Mainland China Securities Survey 2021

117、36 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trade

118、marks used under license by the independent member firms of the KPMG global organisation.3.2 Data-driven digital transformation: Integrating fintech and business scenariosThe securities industry is rapidly transforming itself using digital technologies. Standardising data processing and exploiting d

119、ata to convert it into an asset are becoming the best practices for institutions embarking on their digital transformations. In addition, more securities companies have realized that the key to digital transformation is to use digital capabilities to match financial technologies with their actual bu

120、siness needs so that they can leverage technologies to drive growth. It also becomes important for securities companies to understand the relationship between business scenarios and technologies. With the rapid development of ABCD3technologies, the securities industry needs to adopt advanced big dat

121、a technologies to retain, analyze, exploit and apply the huge and ever-increasing amount of datathat is being generated by various transaction and management systems. Securities companies also need to ensure that they have a sound data infrastructure in place as this is the foundation for fintech-en

122、abled digital transformation.Securities companies should leverage data to drive the digitalisation of their financial services. To this end, they can build their data infrastructure in the following ways to support their digital transformations: Integrate data resources. Integrate data resources. Se

123、curities companies can integrate and improve existing data resources and manage newly generated data on a centralised basis. This data should be monitored, sorted out and analysed to provide comprehensive support, analysis and decision-making for financial supervision. Develop data standards. Develo

124、p data standards. Securities companies can formulate data standards for regulatory reporting and information disclosure and maintain consistent statistical standards to support the conversion of data into assets. Implement data service Implement data service visualisation.visualisation. Securities c

125、ompanies can transform reusable data models, provide unique data services, ensure data quality and consistency, and accelerate the conversion of data into value. Build data operation systems. Build data operation systems. Securities companies can build a professional team for their operational data

126、centres to manage data properly and strengthen the centres capabilities. 3.ABCD stands for AI, Blockchain, Cloud computing and DataMainland China Securities Survey 202137 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member f

127、irms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Looking ahead, we expect the following tren

128、ds to emerge in the application of data and financial technology in business scenarios in the securities industry: Fully integrated industry chainFully integrated industry chain. To improve data silos and redundancies, securities companies can leverage blockchain technology to enable data sharing to

129、 the extent permitted by laws and regulations. At the same time, technicians in the industry need to redesign business models and processes to make them more customer-centric; build integrated platforms covering their front, middle and back offices; construct centralised risk management and complian

130、ce centres; and develop the transaction, investment research, risk management and operation systems that are integrated and data-driven. Intelligent investment decisionIntelligent investment decision- -makingmaking. Technologies including big data analysis and machine learning will be integrated and

131、 leveraged to build intelligent self-iterating research systems, asset evaluation tools and investment allocation systems. These technologies will help financial institutions apply data intelligently and innovate investment technologies to generate more investment return.Digital wealth managementDig

132、ital wealth management. Securities companies will improve data connectivity, focus on client operations and leverage technologies to promote digitalisation and improve the precision and intelligence of services, channels and investment advisors. In this way, they will reconstitute business models, t

133、ransform management and innovate commercial practices. Intelligent risk managementIntelligent risk management. Securities companies will build unified high-concurrency and low-latency risk management platforms to enable online or offline real-time credit investigations, anti-fraud capabilities, ille

134、gal transaction alerts and other business functions; identify potential business risks and meet risk management requirements. Historical data servicesHistorical data services. Big data clusters will be leveraged to enable the storage, archiving, management and application of massive amounts of histo

135、rical data. By exploiting and analysing historical data, securities companies can optimise and innovate their marketing and services, keep abreast of changes in capital markets and enhance their competitiveness. Big data analysis in investment Big data analysis in investment researchresearch. Securi

136、ties companies can collaborate with ecosystem partners by utilising internal and external data. Technologies such as machine learning (ML) and big data analysis can be leveraged to collect and analyse information in fields such as regulatory policy, industry data, social media, alternative data, int

137、ernational conditions, business data, news and public opinion, and devise forecasts based on such analysis. In this way, data and technology will be combined to support securities investment research. In the future, the increasing need for digital transformation in the securities industry will lead

138、to greater integration of big data, financial technology and business scenarios. Currently, the development of financial technology has begun to leapfrog the scope of basic repetitive tasks, focusing on the substitution of complex work that requires a certain amount of experience. Securities compani

139、es are also exploring the possibility of applying financial technology in areas that require creativity, bringing more reforms to securities industry prospectively. 3839 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member fi

140、rms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Securities Survey 20213.3 Con

141、tinually enhancing compliance and risk managementSince the implementation of the new Securities Law in 2020, regulators have abolished, established and integrated various rules and regulations. The CSRC has successively issued the Basic Information Management Measures for Securities and Fund Managem

142、ent Institutions and the Sponsorship Rules for Securities Companies. In addition, the Shanghai Stock Exchange Regulations and the Shenzhen Stock Exchange Regulations have been amended. Meanwhile, regulators have improved their collaboration mechanisms and strengthened day-to-day supervision, and the

143、y are attaching equal importance to regulatory and punitive measures. At present, increased accountability measures and penalties are leading securities companies to expend greater effort to ensure integrity, due care and diligence in key aspects of their operations, such as compliance and internal

144、controls, information security and sponsorship business. Regulators are requiring them to improve the quality of their practices and enhance their ability to serve the real economy.In this way, the primary responsibilities of securities institutions have been further consolidated. At the same time,

145、as securities firms apply technologies such as big data and artificial intelligence, compliance and risk management practices will start to drive their business operations. Against this backdrop, we have observed the following developments and trends emerging in key areas of compliance and risk mana

146、gement in the securities industry:Consolidation supervision is driving Consolidation supervision is driving differentiation. differentiation. In March 2020, six leading securities firms were included in the first batch of the pilot project for consolidated supervision. Since then, regulators have cl

147、arified that they will monitor these firms comprehensive risk management capabilities. In the future, compliance and risk management capabilities will be key factors in evaluating the business development potential of securities firms and their qualifications and strengths. As the pilot project expa

148、nds, large securities firms willface new challenges in how they enforce risk management boundaries between the parent company and the subsidiaries as they work to achieve synergies in their operations. Mainstream brokers will capitalise on their size, platforms and brand to accelerate their developm

149、ent and enhance their advantages. In the future, large firms that are operating in all business segments will co-exist alongside smaller boutique firms, displaying a diverse and competitive industry landscape. Companies are using a multiCompanies are using a multi- -pronged approach to enhance the p

150、ronged approach to enhance the effectiveness of their antieffectiveness of their anti- -money money laundering (AML) capabilities. laundering (AML) capabilities. In the face of mounting AML challenges in recent years, regulators have accelerated efforts to optimise relevant laws and regulations; mea

151、nwhile, they have also imposed higher penalties on non-compliant institutions, with penalties of more than RMB 10 million having been imposed on several companies. In this context, while working to ensure full coverage, securities companies have integrated and amended theirMainland China Securities

152、Survey 202140 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and log

153、o are trademarks used under license by the independent member firms of the KPMG global organisation.ALM systems based on commonalities in their management practices and the individual characteristics of their business models, in accordance with changes in external laws and regulations, and special c

154、ircumstances in their own business development. At the same time, they have also strengthened supervision over the business departments that are responsible for managing money laundering risks, and they have improved their AML work procedures, documentation and methods. Securities companies have als

155、o carried out intensive training with a focus on self-assessment of inherent money laundering risks and re-identification of customers in order to upskill employees and adopt a two-pronged approach to AML that attaches equal importance to system building and process management.“Smart compliance” is

156、driving “Smart compliance” is driving business development. business development. Securities business is growing more complicated; risks are becoming more varied; and compliance costs are increasing. In this environment, compliance management that focuses only on identifying and managing risks is no

157、 longer sufficient for meeting securities companies needs against a backdrop of increasingly strict regulation and internal management. Smart compliance management tools are ushering in a new era for compliance and risk management that will allow companies to address these issues. Securities compani

158、es are using information technologies to optimise the entire compliance management process, and they have access to more effective tools and methods to capture compliance management information dynamically across the organisation. Based on these capabilities, they are able to capture risk informatio

159、n with a high sensitivity before an incident occurs, enable comprehensive surveillance during an incident and execute multi-dimensional rectification of flaws after an incident. In this way, securities companies can identify the key risk characteristics of various business and management activities

160、in order to empower compliance management, business development, risk control and strategy implementation. Driven by “smart compliance,” securities companies are transforming compliance from performing functions to creating value. 41Mainland China Securities Survey 202142 2021 KPMG Huazhen LLP and K

161、PMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by th

162、e independent member firms of the KPMG global organisation.3.4 A new stageof comprehensive opening to the outside worldSince 2020, following the implementation of a series of new domestic policies, globalisation and capital market reforms have continued to advance. Foreign financial institutions hav

163、e set up operations and increased their presence in China, more closely connecting the countrys financial industry with the global market. In the 2020 Government Work Report, Premier Li Keqiang highlighted the importance of reform and opening up to cope with changes in the external environment.Since

164、 the CSRC lifted its restrictions on foreign investors shareholding ratio in securities companies in April 2020, foreign investors has been acting fast to establish majority-held securities companies in China. To this end, Qingdao Yi Tsai Securities, Standard Chartered Securities (China), and BNP Pa

165、ribas Securities (China) have submitted their applications. As of May 2021, there were nine foreign-owned securities companies, which is atestament to foreign investors continued interest in Chinas securities market as well as confirmation that the country is continuing to open up its securities ind

166、ustry. Chinas futures market is diversifying faster, with international products being launched continuously. At present, five international product types are available: crude oil, iron ore, PTA, Styrene Chloroprene Rubber (SCR) 20 and Low Sulfur Fuel Oil (LSFO).Regulators have also implemented meas

167、ures to further open up the fund industry. In June, BlackRock was granted a public fund management licence. In August 2021, Fidelity International received approval to setup its public fund management company in China. Foreign asset managers such as Neuberger Berman, VanEck, AllianceBernstein and Sc

168、hroders have also submitted applications for public fund management licences, indicating that global players are entering the Chinese market at a fast pace.In addition, four foreign financial institutionsStandard Chartered, Citibank, Deutsche Bank and BNP Paribashave obtained fund custody licences.

169、Foreign fund managers and custodians are expected to diversify the competitive landscape and help Chinas financial markets align with those of its global peers. As capital market reforms advance, the securities industry will open up continually, presenting both opportunities and challenges for forei

170、gn investors and domestic players. Foreign financial institutions face challenges related to local players existing resources, business models and market penetration levels. To overcome these challenges, they need to adapt to the fact that Chinas financial sector is segregated intoMainland China Sec

171、urities Survey 202143 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name

172、 and logo are trademarks used under license by the independent member firms of the KPMG global organisation.sub-sectors operated by different financial institutions and regulators. Cross-border management of systems and data will also be a concern for them. For local players, foreign institutions ab

173、ility to collaborate and their innovative business models, expertise, experience and global outlook will present challenges. As local and foreign institutions interact withand learn from each other, they will explore potential market needs, develop innovative business models, and promote the develop

174、ment of financial technology. In addition, they will contribute to moving Chinas regulatory systems and risk management systems into line with global practices and help globalise Chinas financial markets.4445 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG globa

175、l organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainl

176、and China Securities Survey 20213.5ESG to support sustainable developmentIn recent years, as China continued to open up its capital market, more international Environmental, Social and Governance (ESG) investors increased their presence and the concept of ESG and responsible investment has been incr

177、easingly accepted. Meanwhile, the regulators are also promoting the establishment of a “green financial system” in face of the national strategic goal of hitting peak carbon dioxide emissions by 2030 and for carbon neutrality by 2060 (“30 60” Strategic Goal) , for this reason, ESG investment is the

178、trend to follow. An increasing number of ESG indices are emerging in China. Meanwhile, ESG funds are also developing rapidly and, seeing the trend, fund management companies are actively promoting ESG funds and their AUM is expanding to new highs. The Wind statistics indicate that as of 30 June 2021

179、, there were 146 ESG investment funds available in the market, of which 23 were newly issued during the first half of 2021. This number is a close match to the annual total recordedin 2020 (27 ESG funds were launched in 2020 ). The total AUM of the existing ESG funds reached almost RMB100 billion as

180、 at 30 June 2021, nearly doubled compared from two years ago.On the other hand, the securities industry is also paying increasing attention to the development of ESG. Through green financing, green investment, green research and environmental rights trading, securities companies are providing financ

181、ial support to green enterprises in sectors such as clean energy, energy transition, energy saving and environmental protection and make their contribution to the development of an eco-friendly and environmentally responsible society. One of the businesses to show securities companies support to the

182、 green industries is the underwriting of green bonds, so that more institutional investments will be channelled to green bonds, and companies that need to finance green projects to pay for financing leases, hydropower project construction and green industries can meet those needs. The number of gree

183、n bonds underwritten by securitiescompanies bounced in 2021. As of31 July 2021, 359 green bonds were underwritten by securities companies, an increase of 50 compared to the annual total recorded in 2020, and a total of RMB 346.625 billion was raised through green bond issuance.To achieve the “30 60”

184、 Strategic Goal, the securities industry has to adhere to the principle of green finance in the future and continue to support green enterprises in their IPO exercises, the issuance of green bonds and the introduction of innovative green products. The securities industry should serve environmental p

185、rotection, energy savings, clean energy and other green industries in a way that encourages more social investments to be channelled into the green economy. Insisting on the principle of “long-term investment, value investment and responsible investment”, the securities industry should show its comm

186、itment to the green and sustainable development in China by creating multi-layered ESG products, promoting green investments and, most important of all, taking action.4604Business dynamics业务动态49 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation

187、 of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Secu

188、rities Survey 20214.1 Wealth management: Accelerating transformation In recent years, the development model of securities companies that rely on traditional brokerage business has been disrupted due to the rising investment demand of consumers, declining brokerage commission rates, and the increasin

189、g adoption of fintech in the securities industry. Against this backdrop, securities companies are more quickly transforming their wealth management business by adjusting their business architecture, offering wealth management platforms and systems, and thus strengthening their overall fintech capabi

190、lities.Wealth management is a customer-oriented industry that focuses on differentiated service offerings. For this reason, securities companies need to invest more in their wealth management business to ensure that their services meet the standards expected by the market. For example, securities co

191、mpanies need to offer wide-ranging and diversified products to meet thespecific requirements ofhigh-net-worth individuals in respect of asset allocation and services. Meanwhile, companies also need to ensure that they have high-calibre professionals on staff who can preserve and appreciate customers

192、 asset value and provide top-notch and high-quality service experience to customers. Nowadays, customers consider professional and convenient online services to be a key criterion when selecting a securities company. For this reason, it is important for companies to provide fund investment advisory

193、services in addition to the fund distribution services under their current models. In this way, they can offer professional products that impress and win over customers. At present, diversified customer demands are imposing stricter requirements on companies overall platform construction capabilitie

194、s and professional teams, and for this reason these demands pose significant difficulties to companies wealth management transformation. At present, from channel operation business to active management business, and from intermediaries to comprehensive and professional financial services, we can see

195、 securities companies are making progress in their wealthmanagement transformations. In this transformation competition, first-tier securities companies and boutique securities companies are both excelling in their own ways. First-tier securities companies are leveraging their brands to serve high-n

196、et-worth individuals, and they are using their large client bases and resource advantages to seize opportunities. They are also harnessing technology to develop wealth management platforms. On the other hand, boutique securities companies are forming unique operating models that leverage their own c

197、ompetitive advantages.Mainland China Securities Survey 202150 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights r

198、eserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.It is worth noting that consumers in China are also shifting their wealth management and investment demands from savings deposits towards fund investmen

199、ts. This shift in investment preferences is a sign of the rising demand for wealth management in the marketplace. As of the end of 2020, total net publicly offered funds stood at RMB 19.894trillion, which represents year-on-year growth of 34.66% compared to the RMB 14.77 trillion that was recorded a

200、t the end of 2019. Currently, publicly offered funds of funds (FOF) are experiencing rapid growth, and fund management companies (FMCs) are continually increasing their supply of FOF products. As of the second quarter of 2021, 2005publicly offered FOF products valued at RMB 171.96 billion wereavaila

201、ble in the market, which represented a significant increase compared to the 105 FOF products valued at RMB 46.54 billion that were available as of the end of 2019. According to the list of the top 100 distributers of publicly offered funds in terms of retained AUM for the second quarter of 2021 rele

202、ased by the AMAC, 50 securities companies accounted for RMB 1,916.8 billion or 18.63 percent of the total retained AUM. In this regard, the top three securities companies were CITIC Securities, Huatai Securities and GF Securities. Securities companies take half of the top 100 league table, which ind

203、icates remarkable achievements made in wealth management transformation.4. Source: Asset Management Association of China5. Source: Wind Information51Mainland China Securities Survey 202152 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of in

204、dependent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.4.2 Proprietary trading:S

205、olid performance, especially in OTC derivativesThe active trading in the securities market in 2020 presented a range of opportunities. During the year, the ChiNext indices rose sharply, and listed securities companies increased their equity and fixed-income investments. As a result, income from prop

206、rietary trading continued to increase, and it has become a key driver of securities companies performance. In 2020, four securities companies each generated tens of billions of renminbi in income from proprietary trading business6. The top 50 securities companies in terms of operating income recorde

207、d RMB 162.8 billion from proprietary business, which accounted for 28 percent7of their total operating income and represented a year-on-year increase of 13 percent. Proprietary trading is the largest business segment of securities companies.Thanks to the bullish market, securities companies were abl

208、e to significantly grow the size of their OTC derivatives businesses, and this sector is expected to become a new driver for proprietary business growth in the future. In 2020, the nominal principal of new OTC derivatives business of domestic securities companies amounted to RMB 4.76 trillion, repre

209、senting a year-on-year increase of 159 percent. Meanwhile, the total number of OTC derivatives transactions reached 110,000, representing a year-on-year increase of 93 percent8. Compared to securities companies traditional lines of business, including brokerage , investment banking, investment resea

210、rch and proprietary trading, OTC derivatives business is more creative and can meet institutional clients demands for diversifiedinvestments and risk aversion, which creates value for customers and increase client loyalty while also improving securities companies service competitiveness. Against thi

211、s backdrop, securities companies are marshalling resources and making preparations to seize the strategic opportunities offered by the OTC derivatives business. First-tier securities companies have established an obvious advantage in the highly concentrated OTC derivatives business. On 25 September

212、2020, the SAC issued the Administrative Measures for Over-the-Counter Securities Business, which provides rules in order to ensure securities companies hierarchical management of OTC options trading. First-tier securities companies have advantages in meeting the qualification threshold, and they can

213、 also benefit from economies of scale in terms of the hedging and capital costs incurred in OTC options trading. According to the SACs statistics, in January 2021, the nominal principal of the top five securities companies, in terms of new TRS, stood at RMB 303.4 billion, accounting for 91 percent o

214、f the total of new TRS. Meanwhile, the nominal principal of the top five securities companies in terms of new OTC options stood at RMB 217.7 billion, accounting for 78 percent9 of the total of new OTC options.6. Income from proprietary business = investment income - investment income from associates

215、 and joint ventures + gains and losses from changes in fair value7. Source: Wind Information8. Source: Wind Information9. Source: Report on the OTC Business (Issue 2 2021), Securities Association of ChinaMainland China Securities Survey 202153 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited,

216、 are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of

217、 the KPMG global organisation.OTC derivatives business provides a strategic opportunity for the proprietary trading segments of securities companies. Based on OTC derivatives, securities companies have more risk hedging tool options available for their proprietary trading, which helps them achieve i

218、nvestment risk neutrality and offer genuine risk hedging tools that meet the practical requirements of institutional investors. However, it must be noted that the OTC derivatives market in China is still at an early stage of development and there is room for improvement in regulatory compliance and

219、risk control. Going forward, as detailed regulatory policies are introduced and institutional investors demands diversify, financial innovation will cause the OTC derivatives business to maintain rapid growth.5455 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG

220、global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.

221、Mainland China Securities Survey 20214.3 Investment banking: Deepened reform of registration-based IPO system with first-tier players outperformingIn 2020, securities companies were more successful in serving the real economy using their investment banking arms compared with the previous year. Durin

222、g the year, 396 companies raised a total of RMB 47010billion through IPOs on the A-share market. The number of IPOs recorded in 2020 was second only to that in 2017, while the amount of capital raised was the highest in almost a decade. In terms of the scale of bond underwriting, bonds valued at RMB

223、 10.1 trillion in total were underwritten by securities companies in 2020, representing a year-on-year increase of 40.27 percent. The investment banking business of the securities industry generated net income of RMB 67.32 billion from underwriting and sponsorships, an increase of 39.27 percent comp

224、ared to 2019. During the year, the top five securities companies in the investment banking business contributed 40.7 percent of the entire industrys investment banking income. Going forward, following the full implementation of the registration-based IPO system, the primary market activity may be fu

225、rther enhanced, and the Matthew effect will be further strengthened.The surge in the number of IPOs and fundraising in the A-share market in 2020 was largely a result of the continuous reform of Chinas capital market system. For instance, the STAR Market and ChiNext have both implemented registratio

226、n-based IPO systems to streamline the listing process and make financing more efficient, encouraging more companies to go public. In 2020, 144 companies raised a total of RMB 222.28 billion in the STAR Market, which was the first market in which the registration-based IPO system was piloted. As a re

227、sult, the STAR Market is now the leading market in terms of the number of IPOs and fundraising. Besides, the reform of ChiNext and the piloting of its registration-based system also contributed to the increase in IPOs. In 2020, 109 companies raised a total of RMB 90.29 billion on ChiNext, almost thr

228、ee times the amount of capital raised on the board in 2019. Meanwhile, the average time from IPO application acceptance to the registration of companies on ChiNext and the STAR Market was respectively 109.9 days and 230.7 days on average, far less than the average time spent under the traditional IP

229、O approval mechanism. 10. Source: Wind InformationMainland China Securities Survey 202156 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limite

230、d by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.As the US continues to tighten controls over China concept stocks, the registration-based IPO systems in the STAR Market and

231、 ChiNext provide IPO channels for companies with special equity structures and red chip companies. As a result, it is predictable that they will become a clear choice for China concept stocks to pursue secondary listings in Hong Kong SAR or mainland China.With the success of the pilot registration-b

232、ased IPO systems in the STAR Market and ChiNext, the registration-based IPO system will soon be fully implemented in the A-share market. Following its implementation, securities companies will be presented withnew opportunities and new requirements. The full implementation of the registration-based

233、IPO system will generate much more business for the investment banking arms of securities companies and promote the rapid growth of the investment banking business. However, the registration-based system also imposes higher standards on the professional services provided by the investment banking bu

234、siness. Once the registration-based IPO system is fully implemented, regulators will only supervise the information disclosed by the issuer, and issuance pricing will be more market-oriented. Hence, the implementation of the registration-based IPO system poses challenges to investment bankers in ter

235、ms of their understanding of the market, pricing capabilities and underwriting capabilities. Moreover, the registration-based IPO system will also feature a stricter de-listing mechanism, so a de-listing will inflict terrible damage on a sponsors brand, image and interests. For this reason, securiti

236、es companies investment banking business need to exercise more prudence when selecting IPO candidates to single out ones with high quality, and they should also diligently supervise and manage issuers after their IPOs.57Mainland China Securities Survey 202158 2021 KPMG Huazhen LLP and KPMG Advisory

237、(China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent

238、 member firms of the KPMG global organisation.4.4 Credit business: Stock-pledge lending declines, while margin financing and securities lending bounce back to their peakIn 2020, the credit business maintained the trend that it demonstrated in 2019. Efforts to downsize business and improve credit qua

239、lity gradually mitigated business risk, as evidenced by the decreasing stock pledge balance. On the other hand, the scale of margin financing and securities lending soared due to bullish A-share market.In 2020, the risks associated with the stock pledge business repeatedly reared their head as more

240、than 50 stock pledge disputes lodged by securities companies were publicly disclosed by listed companies. The total amount involved in the relevant litigation was disclosed to be more than RMB 10 billion. Within this context, securities companies are actively adjusting the positioning of their stock

241、 pledge business with a focus on “eliminating risks, adjusting the structure and stabilising the scale.” As a result of these efforts, the total balance of stock pledge business is decreasing each year. In 2018, 2019 and 2020, the book value of financial assets purchased under resale agreements (inc

242、luding stock pledge agreements) amounted to RMB 786 billion, RMB 546.19 billion and RMB 479.265 billion respectively. In recent years, securities companies have also adopted a stricter approach in recording credit impairments. Total credit impairments recorded by the 40 listed securities companies a

243、mounted to RMB 9.604 billion, RMB 19.307 billion and RMB 33.419 billion in 2018, 2019 and 2020 respectively.Due to the active trading in the Shanghai and Shenzhen market and the market-based refinancing mechanism, businesses related to margin financing and securitiesrebounded in scale. As of the end

244、 of 2020, the total balance of margin financing and securities lending stood at RMB 1,613.3 billion, representing year-on-year growth of 58 percent. Specifically, the margin financing balance stood at RMB 1,482.7 billion, an increase of 50 percent compared to the end of 2019; and the securities lend

245、ing balance amounted to RMB 130.6 billion, an increase of 860 percent compared to the end of 2019. At present, margin financing still plays a dominant role compared to securities lending; but structurally, the securities lending balance is increasing at a much faster pace than the margin financing b

246、alance. As a result, the long-standing imbalance under which “margin financing was dominant and securities lending was inadequate” in the A-share market is on track to be relieved. The rapid growth in the scaleMainland China Securities Survey 202159 2021 KPMG Huazhen LLP and KPMG Advisory (China) Li

247、mited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member fi

248、rms of the KPMG global organisation.of securities lending has been attributed to the continuous optimisation of supply and demand and various other mechanisms. Specifically, the steady growth of securities lending has been driven by the following developments: the scope of securities lending has bee

249、n expanded; mutual funds, the Social Security Fund and QFII/RQFII are all participating in margin financing and securities lending business, and the participation of institutional investors is increasing; the market mechanism for refinancing is improving (e.g. the implementation of the securities re

250、financing system in the STAR Market and ChiNext); and securities companies are investing more intodigital operating models. To cope with the general downtrend in the commission rate and develop capital-intensive businesses, securities companies are increasing the scale of their capital through priva

251、te placement, allotment and issuances of convertible bonds. Since 2020, many listed securities companies have launched their own refinancing plans, and at least 25 percent to 50 percent of the capital they have raised in this manner has been channeled into margin financing and securities lending bus

252、inesses.Against a backdrop in which commission rates are declining, the development of credit businesses is expected to boost the profitability and competitiveness of securities companies. Meanwhile, securities companies need to promote the balanced development of margin financing and securities len

253、ding business to address the risk management challenges brought by the new trading system, while also preserving the right of recourse for written-off bad debts in the credit business, and more closely connecting stock pledge business with the real economy. Going forward, the industry needs to study

254、 these challenges in a coordinated manner to facilitate the sound development of credit business.6061 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English co

255、mpany limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Securities Survey 20214.5 Asset management: Pivoting toward publicly offered fundsThe New Asset M

256、anagement Regulations were introduced over three years ago; and since then, securities companies efforts to downsize channel operation (companies that act as channels for direct funding) have borne notable results. In recent years, the AUM of actively managed products as a proportion of securities c

257、ompanies total AUM has continued to rise, and the number of products that are publicly offered has increasedindicating a steady transformation to mutual funds. With the postponement of the New Asset Management Regulations, securities companies will be able to more gradually rectify their existing as

258、set management businesses, and financial institutions will avoid having to dispose of large quantities of existing products within a shortperiod of time. As of the end of 2020, the AUM of privately offered asset management products provided by securities companies and their subsidiaries stood at RMB

259、 8.55 trillion, representing a year-on-year decline of RMB 2.28 trillion or 21 percent; however, the number of products offered rose from 16,968 as of the end of 2019 to 17,843 as of the end of 2020, which represented a growth rate of 5 percent11. The New Asset Management Regulations are expected to

260、 provide a certain degree of flexibility; and, within this context, a number of securities companies asset management subsidiaries have obtained licences from the CSRC to be established in anticipation of the upcoming changes. As of the end of 2020, a total of 19 asset management subsidiaries of sec

261、urities companies had commenced business. As disclosed in securities companies 2020 annual reports, six securities companiesCITIC Securities, Huatai Securities Asset Management, China Merchants Securities Asset Management, Guotai Junan Assets, China International Capital Corporation and BOCI Securit

262、iesrecorded respective AUMs of over RMB 500 billion, and there is the fierce competition within the sector. Banks are also fueling this competition by establishing their own wealth management subsidiaries.11. Source: Asset Management Association of ChinaMainland China Securities Survey 202162 2021 K

263、PMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks use

264、d under license by the independent member firms of the KPMG global organisation.In the face of heated competition, securities companies asset management business needs to rectify their existing business while also promoting the transformation to new business. Publicly offered funds have become a piv

265、otal point for securities companies to transform their wealth management businesses. In the second half of 2019, the first batch of securities companies received approval to convert collective asset management products with more than 200 investors into publicly offered funds; since then, several doz

266、en securities companies have rectified and converted about 90 collective asset management products to publicly offered funds with a net value of RMB 150 billion into the market. In July 2020, the CSRC issued an exposure draft of the Administrative Measures for the Supervision of Managers of Publicly

267、 Offered Securities Investment Funds and proposed the “1+1+1 principle,” which states that one institution can be the controlling shareholder of one fund management company and one licensed institution that provides publicly offered funds12. After the lifting of the “1+1” principle (which stated tha

268、t an institution can hold equity in no more than two fund management companies and can only be the controlling shareholder of one of them), securities companies will be able to sell publicly offered products to expand the scale of their actively managed products. On 30 December 2020, the CSRC approv

269、ed the application for a licence to publicly offer securities investment fund management business that had been submitted by Guotai Junan Securities wholly-owned subsidiary Guotai JunanSecurities Asset Management. So far, 14 securities companies have obtained licences to operate publicly offered fun

270、ds, including six securities companies, and eight asset management subsidiaries of securities companies.The adoption of the net value-based approach for asset management products has presented another challenge to the asset management business of securities companies. On 30 December 2020, the Minist

271、ry of Finance and the China Banking and Insurance Regulatory Commission issued the Notice on the Further Implementation of Relevant New Accounting Standards for Financial Instruments, which clarified that the implementation date of the relevant new accounting standards for financial instruments coul

272、d be postponed to 1 January 2022 for asset management products13. Currently, the asset management business is facing a critical period in which it will need to adopt the net value-based approach; and at the same time, securities companies and their asset management subsidiaries are facing various ch

273、allenges with respect to product design, valuation and impairment models, risk management systems, data and information systems, etc.12. China Securities Regulatory Commission (CSRC)13. Ministry of Finance of the Peoples Republic of China6305Conclusion结语Mainland China Securities Survey 202167 2021 K

274、PMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks use

275、d under license by the independent member firms of the KPMG global organisation.In 2021, China ushers in the 14th Five-Year Plan period. The year is also a critical one in the securities industrys transformation to quality development. As one of the most important intermediaries in the capital marke

276、t, securities companies are certain to benefit from the reforms in capital market policies. At the same time, the industry is expected to support the quality development of the capital market with its own quality development.Going forward, the securities industry should work with other players in th

277、e capital market to “form a chain of businesses” and “create a customer-oriented ecosystem.” Securities companies should focus on both business development and regulatory compliance and enhance their capabilities of investment banking and wealth management by engaging in customer value mining, inves

278、tment research and precision marketing. Meanwhile, new technologies are constantly emerging, and one of the most important strategic issues facing industry participants is how to apply technological innovation and effectively combine technology with business. In the current era, behind the transform

279、ation of businesses, technologies and models, a systematic mechanism is offering strong support, representing indispensable factors for securities companies to promote governance reform within their organizations.Regulatory support is crucial for the development of the securities industry. On the on

280、e hand, regulators should allow the market to play a more decisive role in resource allocation, and they should supervise companies in a classified and differentiated manner in order to give high-quality securities companies more room for innovation. On the other hand, regulators also need to furthe

281、r strengthen supervision by adhering to industry principles, cleaning up the market ecosystem, and punishing institutions that engage in illegal practices and disrupt the market order. In 2021, we stand at the historical intersection of the “Two Centenaries”, filling with an expectation to the futur

282、e. As the Chinese economy enters a new stage of development, securities companies should be more proactive in identifying their positioning in the new development landscape while also driving market development and price discovery. Within this context, the securities industry can help promote the tr

283、ansformation and quality development of industry structures and the real economy in the following ways:Professional businessProfessional business: Securities companies should uphold the professionalism and highlight their differentiators. In addition, securities companies should accelerate the trans

284、formation from channel operation and passive management to professional and proactive management in order to enhance their core capabilities in sponsoring, pricing and underwriting and take competitive advantages in the higher-level open-up of the capital market.Steady developmentSteady development:

285、 In the face of a period of major changes that are rarely seen in a century, the industry as a whole should adhere to prudentiality. Securities companies should strengthen their internal control management, pay attention to risk mitigation, and hold the bottom line of complianceto lay a solid founda

286、tion for sustainable development.Intelligent innovationIntelligent innovation: The industry is embracing digital transformation, and intelligent middle platforms and ecosystem development are also high on companies agendas. Securities companies should focus their innovation efforts on smart investme

287、nt research, smart investment advisory, smart operation and smart risk control.As integral players in the financial markets, securities companies are embarking on an innovative and transformational journey that will be filled with both opportunities and challenges, and they have shown both vitality

288、and creativity. We are excited to see how the future will unfold for the industry, and we look forward to witnessing the high-quality development of the industry and the Chinese economy as a whole.687006AppendicesMainland China Securities Survey 202171 2021 KPMG Huazhen LLP and KPMG Advisory (China)

289、 Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member

290、 firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 20202002020aAJ Securities (consol. level)-4,864 4,895 1,891 1,824 904 826 1bAJ Securities (company level)36 36 4,799 4,739 1,891 1,

291、824 904 826 2aAVIC Securities Co., Ltd. (consol. level)-23,383 22,127 5,049 4,181 3,883 2,573 2bAVIC Securities Co., Ltd. (company level)76 81 23,295 22,100 5,049 4,181 3,883 2,573 3aBeijing Gao Hua Securities (consol. level)-5,942 5,157 920 561 -3bBeijing Gao Hua Securities (company level)3 3 3,270

292、 3,103 268 44 -4aBOC International (China) Limited (consol. level) *#-53,960 48,312 12,413 12,361 11,679 8,432 4bBOC International (China) Limited (company level) *#107 107 46,127 39,804 8,720 7,664 11,679 8,432 5aBohai Huijin Securities Asset management Co., Ltd. (consol. level)-1,529 1,978 -5bBoha

293、i Huijin Securities Asset management Co., Ltd. (company level)-1,285 1,487 -6aBohai Securities(consol. level)-61,028 52,938 6,613 5,999 5,638 3,532 6bBohai Securities(company level)45 45 59,149 51,207 5,858 5,719 5,638 3,532 7aCaida Securities (consol. level)*-39,136 34,214 7,929 7,397 5,741 3,894 7

294、bCaida Securities (company level)*112 111 37,539 32,799 7,718 7,261 5,741 3,894 8aCaitong Securities (consol. level)*-96,659 64,992 14,881 11,216 19,984 12,395 8bCaitong Securities (company level)*121 120 92,824 62,055 14,699 11,113 19,427 11,805 9xCaitong Securities Asset management Co., Ltd.-2,196

295、 1,615 -Appendix 1 Financial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies72Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair valu

296、e through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities2020200202024 511 -270 365 -2,066 3,633 -7,218 6,471 19 19 1,891 3,766 -7,218 6,471 19 19 585 1,319 -585 1,319 -9,200 8,573 -1,859 1,220 45

297、 45 8,530 7,823 -1,859 1,220 45 45 1,292 1,742 -944 1,236 -42,089 35,416 -5 5 38,542 32,404 -5 5 16,158 14,322 -80 30 14,998 13,066 -80 30 25,002 19,618 6,481 227 7,036 5,583 131 125 23,093 18,211 6,481 227 7,036 5,583 131 125 517 301 -Mainland China Securities Survey 202173 2021 KPMG Huazhen LLP an

298、d KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by

299、 the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)20202002020191aAJ Securities (consol. level)-619 619 1bAJ Securities (company level)-619 619 2aAVIC Securi

300、ties Co., Ltd. (consol. level)110 32 31 -4,172 4,357 2bAVIC Securities Co., Ltd. (company level)694 534 -4,172 4,357 3aBeijing Gao Hua Securities (consol. level)1 1 2 2 -3bBeijing Gao Hua Securities (company level)287 793 2 2 -4aBOC International (China) Limited (consol. level)* #-13 18 8,753 8,678

301、4bBOC International (China) Limited (company level) *#976 976 2 4 8,753 8,678 5aBohai Huijin Securities Asset management Co., Ltd. (consol. level)-242 522 -310 5bBohai Huijin Securities Asset management Co., Ltd. (company level)-310 6aBohai Securities (consol. level)-795 731 6,656 5,659 6bBohai Secu

302、rities (company level)2,648 2,232 420 95 6,656 5,659 7aCaida Securities (consol. level)*-101 -7,881 7,380 7bCaida Securities (company level)*621 521 -7,881 7,380 8aCaitong Securities (consol. level)*6,701 5,724 91 14 24,290 15,433 8bCaitong Securities (company level)*7,816 6,897 91 14 23,804 14,768

303、9xCaitong Securities Asset management Co., Ltd.-Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 74Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests

304、Net assetsNumber of employees 202020020200202022 327 1,400 1,100 227 223 -1,627 1,323 N/A N/A122 327 1,400 1,100 227 223 -1,627 1,323 656 729 715 1,618 3,634 3,634 3,806 3,397 140 -7,580 7,031 1,770 1,559 924 1,618 3,634 3,634 3,726 3,393 -7,360 7,027 1,674 1,488 -30

305、1 1,072 1,072 1,788 2,076 -504 2,860 3,652340 301 -301 1,072 1,072 1,675 1,508 -2,747 2,580207 178 583 538 2,778 2,500 12,222 10,233 6 5 15,006 12,738 2,868 2,705 583 538 2,778 2,500 11,844 9,730 -14,622 12,230 2,723 2,569 -1,100 1,100 89 (51)-1,189 1,049 143 132 -1,100 1,100 89 (51)-1,189 1,049 143

306、 132 6,368 6,652 8,037 8,037 12,647 12,197 0 -20,684 20,234 1,940 1,807 6,368 6,652 8,037 8,037 12,409 12,180 -20,446 20,217 1,721 1,615 1,313 -2,745 2,745 6,179 5,922 4 4 8,928 8,671 2,118 2,060 1,313 -2,745 2,745 6,159 5,913 -8,904 8,658 1,968 1,924 10,157 4,246 3,589 3,589 19,859 17,750 9 9 23,45

307、7 21,348 3,255 3,006 10,157 4,246 3,589 3,589 17,832 16,288 -21,421 19,877 2,884 2,659 -200 200 992 755 -1,192 955 240 220 Mainland China Securities Survey 202175 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms aff

308、iliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient mon

309、ies held in segregated accountsBalance of margin trading 202020020200aCapital Securities (consol. level)-26,198 20,245 4,338 3,374 2,599 2,811 10bCapital Securities (company level)53 53 25,432 19,934 3,808 3,162 2,599 2,811 11aCentral China Securities (consol. level)*-52,377 43

310、,570 8,194 6,582 7,401 6,061 11bCentral China Securities (company level)*86 88 48,807 39,818 7,812 6,147 7,249 5,864 12aCentury Securities (consol. level)-14,471 10,496 2,905 2,600 2,535 1,449 12bCentury Securities (company level)36 38 14,471 10,492 2,905 2,600 2,535 1,449 13xChangjiang Financing Se

311、rvices Co.-901 815 -14aChangjiang Securities (consol. level)*-134,410 109,343 26,365 22,521 29,858 19,579 14bChangjiang Securities (company level)*247 250 126,833 103,568 23,605 20,442 29,826 19,517 15aChangjiang Securities Asset Management Co., Ltd. (consol. level)-3,385 3,152 -15bChangjiang Securi

312、ties Asset Management Co., Ltd. (company level)-3,256 3,097 -16aChasing securities co., ltd (consol. level)-51,663 26,445 9,282 7,442 5,561 4,615 16bChasing securities co., ltd (company level)86 82 40,658 24,393 8,211 7,071 5,561 4,615 17aCICC Wealth Management (consol. level)-106,998 85,969 27,443

313、23,494 25,955 18,962 17bCICC Wealth Management(company level)189 200 98,713 78,967 25,478 21,896 25,955 18,805 18aChina Development Bank Securities (consol. level)-44,074 37,583 71 1,270 -590 18bChina Development Bank Securities (company level)10 10 43,966 37,486 71 1,270 -590 Financial highlights:

314、balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 76Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt secur

315、itiesFinancial assets at fair value through other comprehensive income - equity securities20202002020,939 6,781 -4,233 1,847 -7,356 6,478 -4,233 1,847 -22,593 17,238 456 676 2,089 665 -19,933 14,902 -2,089 665 -2,795 3,265 1,949 785 2,063 591 2 2 2,796 3,425 1,949 785 2,063 591

316、 2 2 35 133 -33,504 32,336 -19 16,600 5,936 2,523 2,466 30,481 30,563 -16,600 5,936 2,502 2,447 1,955 1,538 -1,842 1,493 -25,707 6,503 -1,324 993 86 71 19,561 6,268 -1,324 993 84 70 20,022 18,633 -8,475 3,784 -18,301 17,067 -8,475 3,784 -7,260 8,606 1,211 1,961 22,316 17,118 -7,113 8,476 1,211 1,961

317、 22,316 17,118 -Mainland China Securities Survey 202177 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserve

318、d. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201910aCapital Se

319、curities (consol. level)862 827 -52 2,340 3,095 10bCapital Securities (company level)2,167 1,510 -52 2,340 3,095 11aCentral China Securities (consol. level)*1,067 1,105 1,356 1,115 4,927 6,206 11bCentral China Securities (company level)*4,126 4,126 779 715 4,610 4,624 12aCentury Securities (consol.

320、level)-245 100 12bCentury Securities (company level)-245 100 13xChangjiang Financing Services Co.-14aChangjiang Securities (consol. level)*1,295 1,053 94 196 37,559 28,320 14bChangjiang Securities (company level)*6,663 6,409 6 55 37,547 28,456 15aChangjiang Securities Asset Management Co., Ltd. (con

321、sol. level)-15 55 -15bChangjiang Securities Asset Management Co., Ltd. (company level)-16aChasing securities co., ltd (consol. level)0 07,647 878 6,116 3,450 16bChasing securities co., ltd (company level)711 611 -3 6,116 3,450 17aCICC Wealth Management(consol. level)271 323 133 -28,937 20,278 17bCIC

322、C Wealth Management(company level)907 1,256 1 -28,937 20,278 18aChina Development Bank Securities (consol. level)-37 10 7,595 10,150 18bChina Development Bank Securities (company level)240 240 1 -7,595 10,150 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed secu

323、rities company# denotes foreign invested securities companySources: 78Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees2020200202002020,557 3,176 2,460 650 6,473 3,829 16 15 8,948 4,494 1,706 1,77

324、7 2,557 3,176 2,460 650 6,391 3,783 -8,851 4,445 1,619 1,707 4,155 4,455 4,643 3,869 8,726 5,802 818 827 14,186 10,498 2,796 2,835 3,426 4,455 4,643 3,869 9,101 6,063 -13,744 9,932 2,427 2,478 374 -4,000 1,584 1,138 3,417 -5,138 5,001 1,259 1,050 374 -4,000 1,584 1,138 3,417 -5,138 5,001 370 347 -30

325、0 300 233 217 -533 517 299 278 5,001 4,188 5,530 5,530 23,554 22,434 170 188 29,253 28,152 6,286 5,983 5,001 4,188 5,530 5,530 22,588 21,624 -28,118 27,154 5,427 5,127 -2,300 2,300 696 539 -2,996 2,839 N/A N/A -2,300 2,300 696 539 -2,996 2,839 N/A N/A 2,124 15 5,309 3,965 5,090 3,407 193 189 10,593

326、7,561 2,027 1,873 2,124 15 5,309 3,965 5,199 3,506 -10,508 7,471 1,828 1,693 4,783 4,484 8,000 8,000 9,036 7,617 13 106 17,049 15,723 3,871 3,876 4,783 4,484 8,000 8,000 8,734 7,572 -16,734 15,572 3,736 3,715 -9,500 9,500 6,365 6,464 94 97 15,959 16,061 703 735 -9,500 9,500 6,417 6,509 -15,917 16,00

327、9 662 693 Mainland China Securities Survey 202179 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Pri

328、nted in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202020020209aChina Dragon Securiti

329、es (consol. level)-29,135 28,486 4,696 4,213 4,302 2,866 19bChina Dragon Securities (company level)80 81 27,586 26,941 4,521 4,109 4,302 2,866 20aChina Fortune Securities (consol. level)-25,207 21,390 7,222 6,203 4,927 5,379 20bChina Fortune Securities (company level)69 67 23,011 19,780 5,980 5,425

330、4,927 5,379 21aChina Galaxy Securities (consol. level)*-445,730 315,666 76,852 60,282 82,018 58,721 21bChina Galaxy Securities (company level)*491 493 383,765 277,452 59,066 49,265 77,993 54,028 22aChina International Capital Corporation (consol. level) *#-521,620 344,971 51,666 40,960 33,885 23,190

331、 22bChina International Capital Corporation (company level) *#23 23 286,094 172,514 18,661 12,999 5,333 2,767 23aChina Merchants Securities (consol. level)*-499,727 381,772 70,271 53,040 81,754 55,225 23bChina Merchants Securities (company level)*259 258 457,109 346,531 56,455 42,844 77,872 51,319 2

332、4xChina Merchants Securities Asset management Co., Ltd-4,906 4,588 -25xChina Post Securities23 19 11,594 10,868 1,650 1,360 1,426 976 26aChina Renaissance Securities Co., Ltd.(consol. level) #-4,812 3,014 -26bChina Renaissance Securities Co., Ltd.(company level) #1 1 4,480 2,789 -27aChina Securities

333、 (consol. level)*-371,228 285,670 59,604 47,315 46,515 27,806 27bChina Securities (company level)*292 295 343,096 266,656 52,587 43,521 46,294 27,753 28aChinalin Securities (consol. level)*-24,796 16,510 6,099 4,705 3,234 2,081 28bChinalin Securities (company level)*151 143 24,431 18,083 6,099 4,705

334、 3,234 2,081 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 80Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through othe

335、r comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities20202002020,370 2,503 35 228 6,146 5,086 59 60 2,559 1,835 35 228 6,146 5,086 59 60 5,639 4,209 -120 120 5,218 3,765 -107 112 93,517 74,248 5,789 5,031 5

336、2,130 23,017 33,868 19,349 79,604 68,993 5,079 4,651 52,130 23,017 33,868 19,349 259,917 172,694 -37,212 28,986 -140,824 76,670 -24,589 20,067 -175,321 139,952 1,739 1,895 44,615 45,734 7,421 7,058 150,652 120,120 1,057 1,800 41,926 44,816 7,421 7,058 2,225 2,338 -618 625 -1,445 1,881 -4,092 3,957 7

337、5 75 2,890 2,095 -253 -2,612 1,883 -253 -140,288 92,711 -44,817 32,430 3,280 3,214 122,736 79,620 -42,785 31,437 3,225 3,153 2,034 5,958 -9,476 -1,004 5,785 -9,476 -Mainland China Securities Survey 202181 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global or

338、ganisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB milli

339、onLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201919aChina Dragon Securities (consol. level)832 858 102 1 -19bChina Dragon Securities (company level)2,686 2,557 102 1 -20aChina Fortune Securities (consol. level)603

340、 133 28 -3,293 1,817 20bChina Fortune Securities (company level)1,213 1,234 28 -3,293 1,812 21aChina Galaxy Securities (consol. level)*1,308 1,320 12,004 2,188 73,663 69,799 21bChina Galaxy Securities (company level)*9,944 8,596 9,278 1,865 65,669 64,023 22aChina International Capital Corporation (c

341、onsol. level) *#1,189 1,168 67,574 32,933 128,001 79,391 22bChina International Capital Corporation (company level) *#25,442 23,052 17,725 5,861 76,110 45,034 23aChina Merchants Securities (consol. level)*9,508 8,834 17,014 12,260 96,942 69,095 23bChina Merchants Securities (company level)*25,404 16

342、,611 12,933 7,994 92,979 65,991 24xChina Merchants Securities Asset management Co., Ltd-25xChina Post Securities-26aChina Renaissance Securities Co., Ltd.(consol. level) #-187 165 -26bChina Renaissance Securities Co., Ltd.(company level) #101 61 -27aChina Securities (consol. level)*229 270 4,020 1,8

343、88 65,946 57,774 27bChina Securities (company level)*6,576 5,379 4,047 1,890 62,050 55,603 28aChinalin Securities (consol. level)*-929 155 -28bChinalin Securities (company level)*765 2,165 739 -Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company#

344、 denotes foreign invested securities companySources: 82Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees 2020200202002020,563 3,881 6,335 6,335 8,459 8,198 325 356 15,119 14,869 1,720 1,791 2,563

345、3,881 6,335 6,335 8,307 8,076 -14,642 14,406 1,663 1,727 1,887 1,863 3,600 3,600 2,700 1,880 -266 6,300 5,746 1,494 1,542 1,887 1,863 3,600 3,600 2,473 2,137 -6,073 5,737 1,329 1,215 48,286 17,660 10,137 10,137 71,117 60,759 754 1,026 82,008 71,922 11,545 9,821 48,286 17,066 10,137 10,137 68,482 58,

346、676 -78,619 68,813 8,977 8,702 26,493 21,240 4,827 4,369 66,808 43,925 180 238 71,815 48,532 9,372 8,101 14,993 10,107 4,827 4,369 55,493 36,516 -60,320 40,885 4,456 N/A36,217 33,099 8,697 6,699 97,040 78,349 88 80 105,825 85,128 9,230 8,725 36,217 33,099 8,697 6,699 89,591 71,491 -98,287 78,190 8,4

347、78 8,021 -1,000 1,000 2,941 3,182 -3,941 4,182 114 111 140 -5,060 5,060 1,014 810 -6,074 5,870 857 786 -3,024 3,024 (294)(215)-2,730 2,809 205 175 -3,024 3,024 (402)(259)-2,622 2,765 203 173 42,296 17,496 7,757 7,646 59,978 48,936 336 313 68,071 56,895 9,994 9,409 42,296 17,496 7,757 7,646 57,554 47

348、,255 -65,311 54,901 9,018 8,498 1,469 1,312 2,700 2,700 3,320 2,638 -6,020 5,338 1,290 1,324 1,469 1,312 2,700 2,700 3,158 2,571 -5,858 5,271 1,284 1,317 Mainland China Securities Survey 202183 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation

349、of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of

350、 branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202020020209xChuancai Securities10 10 3,014 3,759 610 591 318 259 30aCinda Securities (consol. level)-47,319 45,407 12,892 11,415 10,080 7,487 30bCinda Securities (company level)87 94 41,601

351、 40,264 10,849 9,411 9,933 7,212 31aCITIC Securities (consol. level)*337 277 1,052,962 791,722 158,251 95,417 116,741 70,674 31bCITIC Securities (company level)*202 207 778,348 603,216 89,431 53,219 96,835 61,454 32aCITIC Securities (Shandong) (consol. level)-27,660 19,774 9,555 6,721 8,666 5,457 32

352、bCITIC Securities (Shandong) (company level)64 64 27,660 19,701 9,555 6,721 8,666 5,457 33aCITIC Securities South China Company Limited (consol. level)-23,899 30,144 6,013 6,552 5,638 3,507 33bCITIC Securities South China Company Limited (company level)65 115 23,905 27,227 6,013 6,529 5,638 3,507 34

353、xCredit Suisse Securties# (formerly known as Credit Suisse Founder Securities)1 1 1,544 1,011 4 -35aDaton Securities (consol. level)-9,107 8,937 2,840 2,851 1,960 1,561 35bDaton Securities (company level)45 48 8,879 8,638 2,734 2,703 1,960 1,561 36aDatong Securities Brokerage (consol. level)-8,144 7

354、,250 2,469 2,312 1,419 1,170 36bDatong Securities Brokerage (company level)46 46 8,180 7,272 2,469 2,312 1,419 1,170 37aDongguan Securities (consol. level)-45,984 37,233 13,249 11,869 11,168 7,576 37bDongguan Securities (company level)56 56 43,968 35,832 12,513 11,232 11,168 7,576 38aDonghai Securit

355、ies (consol. level)-42,323 37,340 9,792 8,333 7,496 3,950 38bDonghai Securities (company level)70 72 33,286 26,332 6,278 5,589 7,492 3,940 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 84

356、Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities20202002020,271 2,144 -168

357、169 -2 8,619 8,160 581 3,361 4,426 4,231 -7,088 6,999 732 3,361 3,894 3,901 -440,139 362,699 -49,401 23,684 16,636 16,279 285,408 256,734 -56,477 32,373 16,440 16,074 4,377 3,779 -102 -4,377 3,778 -102 -4,312 4,308 -125 -30 30 4,312 3,407 -125 -30 30 -389 593 -8 8 341 497 -8 8 1,576 1,467 193 203 -1

358、,557 1,446 193 203 -5,062 3,556 85 129 8,810 7,115 -4,550 3,295 85 129 8,810 7,115 -14,745 14,431 141 518 108 144 44 25 11,543 7,937 -108 144 43 24 Mainland China Securities Survey 202185 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of ind

359、ependent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term inves

360、tmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201929xChuancai Securities-98 -30aCinda Securities (consol. level)407 394 75 -9,885 13,187 30bCinda Securities (company level)(1,852 1,952 75 -9,223 12,710 31aCITIC Securities (consol.

361、level)*8,877 9,001 105,285 71,709 177,892 133,799 31bCITIC Securities (company level)*49,977 38,125 57,127 28,291 158,487 114,538 32aCITIC Securities (Shandong) (consol. level)23 22 -32bCITIC Securities (Shandong) (company level)23 292 -33aCITIC Securities South China Company Limited (consol. level)

362、-110 172 1,039 6,682 33bCITIC Securities South China Company Limited (company level)30 2,080 110 172 1,039 6,682 34xCredit Suisse Securties# (formerly known as Credit Suisse Founder Securities)#-35aDaton Securities (consol. level)-49 137 -35bDaton Securities (company level)54 54 -36aDatong Securitie

363、s Brokerage (consol. level)18 18 -810 275 36bDatong Securities Brokerage (company level)79 74 -810 275 37aDongguan Securities (consol. level)-19 9 8,041 7,579 37bDongguan Securities (company level)594 594 0 0 8,041 7,579 38aDonghai Securities (consol. level)51 51 482 465 5,715 4,900 38bDonghai Secur

364、ities (company level)1,107 1,392 -5,428 3,505 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 86Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Ne

365、t assetsNumber of employees20202002020020208 -1,000 650 405 731 -1,405 1,381 398 407 3,163 -2,919 2,569 8,342 6,700 373 355 11,634 9,524 2,540 2,532 3,163 -2,919 2,569 8,026 6,414 -10,945 8,884 1,984 2,083 11,942 20,137 12,927 12,117 168,785 149,508 4,171 3,825 185,8

366、83 165,450 19,012 15,908 9,570 19,587 12,927 12,117 138,778 121,441 -151,705 133,558 10,976 9,135 -2,494 2,500 4,432 3,900 -33 6,926 6,433 N/AN/A-2,494 2,500 4,432 3,869 -6,926 6,369 N/AN/A-10,091 5,360 1,313 4,889 8 31 11,412 10,280 1,086 2,349 -10,091 5,360 1,327 4,935 -11,418 10,295 1,069 2,023 -

367、1,089 800 382 12 -1,471 812 150 154 -52 3,300 3,300 1,934 1,738 56 58 5,291 5,096 749 756 -52 3,300 3,300 1,927 1,729 -5,227 5,029 687 707 783 945 730 730 948 730 2 2 1,679 1,543 1,046 1,055 793 950 730 730 977 730 -1,707 1,566 988 990 2,562 901 1,500 1,500 5,546 1,500 249 234 7,295 6,658 3,042 2,83

368、7 2,562 901 1,500 1,500 5,503 1,500 -7,003 6,392 2,830 2,638 2,549 694 1,670 1,670 7,028 6,603 279 271 8,977 8,544 1,952 2,027 2,549 694 1,670 1,670 7,123 6,769 -8,793 8,439 1,579 1,646 Mainland China Securities Survey 202187 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms

369、of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global o

370、rganisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202020020209aDongxing Securities (consol. level)*-86,375 77,544 11,310 7,819 17,465 12,772 39bDongxing Securities (company level)*7270 77,905 66,048 8,277 6,3

371、33 17,313 12,579 40xDongzheng RonghuiSecurities Asset management-1,115 1,031 -41aEast Asia Qianhai Securities (consol. level)#-3,442 3,497 543 96 -41bEast Asia Qianhai Securities (company level)#-3,316 3,214 543 96 -42aEastmoney Securities (consol. level)-84,024 44,739 26,987 16,176 29,691 15,918 42

372、bEastmoney Securities (company level)169 148 80,217 42,752 24,766 15,178 29,691 15,918 43aEssence Securities (consol. level)-198,876 160,867 44,246 34,256 40,500 28,821 43bEssence Securities (company level)326 331 169,580 130,532 29,492 24,967 39,853 28,241 44xEssence Securities Asset Management Co.

373、, Ltd.-N/A 1,416 -N/A -N/A45aEverbright Securities (consol. level)*#-228,736 204,090 48,424 37,972 46,816 34,119 45bEverbright Securities (company level)*#254 266 185,138 159,874 29,224 23,808 41,097 27,425 46xEverbright Securities Asset management Co., Ltd. -3,303 2,682 -47aFirst Capital Investment

374、 Banking Co., Ltd. (consol. level)-698 507 -47bFirst Capital Investment Banking Co., Ltd. (company. level)-698 507 -48aFirst Capital Securities (consol. level) *-40,636 35,574 6,088 5,744 5,763 3,925 48bFirst Capital Securities (company level) *44 44 37,061 33,058 5,706 5,590 5,763 3,925 Financial h

375、ighlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 88Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income -

376、 debt securitiesFinancial assets at fair value through other comprehensive income - equity securities202020020208,070 17,578 172 650 24,094 22,188 2,265 2,482 14,166 10,366 -24,094 22,033 2,164 2,262 1,013 891 -722 590 -1,772 2,432 -627 349 -1,772 2,432 -12,646 4,840 70 -12,440

377、 4,705 -34,924 36,879 9 29 25,026 17,384 3,704 3,179 34,914 27,505 -21,434 15,561 3,704 3,179 368 N/A-N/A-N/A-N/A58,519 65,413 4,452 7,206 17,638 12,553 5,179 5,073 50,194 54,282 4,303 7,006 17,660 12,574 5,093 4,985 473 877 -184 163 -184 163 -15,978 15,841 -86 86 14,317 14,185 -55 55 Mainland China

378、 Securities Survey 202189 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG

379、name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201939aDongxing Securities (consol. level)*324

380、221 1,882 161 26,272 25,849 39bDongxing Securities (company level)*3,627 3,107 1,882 43 23,275 21,395 40xDongzheng RonghuiSecurities Asset management-41aEast Asia Qianhai Securities (consol. level)#-126 272 -41bEast Asia Qianhai Securities (company level)#-42aEastmoney Securities (consol. level)-95

381、-4,758 1,428 42bEastmoney Securities (company level)1,409 723 95 -4,758 1,428 43aEssence Securities (consol. level)533 469 2,571 787 45,322 42,492 43bEssence Securities (company level)8,337 5,012 2,435 784 44,180 41,018 44xEssence Securities Asset Management Co., Ltd.-N/A -N/A -N/A 45aEverbright Sec

382、urities (consol. level)*#1,093 1,039 2,920 997 49,027 59,037 45bEverbright Securities (company level)*#9,256 7,136 1,079 63 40,518 44,939 46xEverbright Securities Asset management Co., Ltd. -47aFirst Capital Investment Banking Co., Ltd. (consol. level)-47bFirst Capital Investment Banking Co., Ltd. (

383、company. level)-48aFirst Capital Securities (consol. level) *1,545 1,436 1,063 904 5,615 7,023 48bFirst Capital Securities (company level) *3,288 3,055 862 588 4,594 6,404 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign inves

384、ted securities companySources: 90Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees2020200202002020,647 6,593 2,758 2,758 18,390 2,758 37 36 21,185 20,329 N/A N/A6,647 6,593 2,758 2,758 18,358 2,75

385、8 -21,116 20,006 N/A N/A-700 700 375 294 -1,075 994 85 89 51 -1,500 1,500 (50)(95)-1,450 1,405 280 262 51 -1,500 1,500 (50)(95)-1,450 1,405 376 202 8,402 4,187 8,300 6,600 16,153 7,243 -24,453 13,843 1,888 1,635 8,402 4,187 8,300 6,600 16,050 7,209 -24,350 13,809 N/AN/A12,049 3,245 10,000 7,000 33,1

386、63 7,000 36 38 43,199 32,823 6,293 6,365 12,049 3,245 10,000 7,000 32,010 7,000 -42,010 31,934 5,542 5,712 -N/A 1,000 N/A 117 N/A -N/A 1,117 N/A 90 N/A 10,325 4,489 4,611 4,611 47,838 42,834 746 1,574 53,195 49,019 9,240 9,031 10,325 4,489 4,611 4,611 50,119 43,530 -54,730 48,141 7,226 7,152 -200 20

387、0 2,054 1,876 -2,254 2,076 171 164 -400 400 151 55 -551 455 169 134 -400 400 151 55 -551 455 169 134 -55 4,202 3,502 9,726 5,541 508 471 14,435 9,514 3,322 3,285 -55 4,202 3,502 9,367 5,359 -13,569 8,861 2,734 2,780 Mainland China Securities Survey 202191 2021 KPMG Huazhen LLP and KPMG Advisory (Chi

388、na) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent mem

389、ber firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202020020209XFounder Financing Services Co., Ltd.-3,466 3,251 -50AFounder Securities (consol. level)*-123,256 136,595 29,269 25,

390、418 23,952 20,282 50BFounder Securities (company level)*347 308 105,248 112,302 23,809 20,434 23,862 19,895 51AGalaxy Jinhui Asset management Co., Ltd (consol. level)-1,969 1,941 -51BGalaxy Jinhui Asset management Co., Ltd (company level)-1,450 1,464 -52AGF Securities (consol. level)*-457,464 394,39

391、1 80,470 58,366 86,153 54,787 52BGF Securities (company level)*282 283 396,920 344,697 65,695 49,881 83,472 52,133 53AGF Securities Asset management (Guangdong) (consol. Level)-6,709 12,627 -53BGF Securities Asset management (Guangdong) (company level)-6,709 6,028 -54AGolden Sun Securities (consol.

392、level)-26,966 29,162 7,501 6,234 5,143 4,039 54BGolden Sun Securities (company level)196 242 25,670 28,880 7,121 6,015 5,143 4,039 55XGolden Sun Securities Asset management Co., Ltd.-435 499 -56XGoldman Sachs Gao Hua Securities #-3,585 1,762 -57AGoldstate Securities (consol. level)-18,627 18,702 4,8

393、46 3,804 2,644 1,614 57BGoldstate Securities (company level)52 53 16,923 17,365 4,320 3,585 2,644 1,614 58AGreat Wall Glory Securities (consol. level)-12,663 11,908 1,498 1,491 1,075 825 58bGreat Wall Glory Securities (company level)23 23 11,584 10,561 1,241 1,230 1,075 825 Financial highlights: bal

394、ance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 92Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securiti

395、esFinancial assets at fair value through other comprehensive income - equity securities20202002020,198 665 -20,933 29,507 -14,190 24,901 5,157 5,042 9,734 11,957 -14,190 24,901 5,157 5,042 466 342 321 280 -334 233 -67,946 81,178 462 2,280 120,182 98,597 11,625 11,386 39,995 52,

396、489 301 2,023 119,319 96,313 11,577 11,339 2,082 9,355 -2,082 2,999 -5,495 10,040 -884 360 100 100 5,141 9,548 -884 360 100 100 263 403 -5,562 7,279 -40 40 2 7 5,365 6,650 -40 40 2 7 2,435 1,960 86 151 3,677 2,354 -1,322 829 30 -3,677 2,218 -Mainland China Securities Survey 202193 2021 KPMG Huazhen

397、LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under lice

398、nse by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201949xFounder Financing Services Co., Ltd.-50aFounder Securities (consol. level)*721 -4,83

399、6 12,204 7,172 19,940 50bFounder Securities (company level)*9,289 8,894 15 267 6,854 18,533 51aGalaxy Jinhui Asset management Co., Ltd (consol. level)-51bGalaxy Jinhui Asset management Co., Ltd (company level)-52aGF Securities (consol. level)*7,197 6,727 5,780 3,343 94,486 87,251 52bGF Securities (c

400、ompany level)*20,910 20,697 2,389 778 89,750 82,680 53aGF Securities Asset management (Guangdong) (consol. Level)-381 -53bGF Securities Asset management (Guangdong) (company level)-54aGolden Sun Securities (consol. level)59 62 168 981 572 571 54bGolden Sun Securities (company level)794 697 168 981 5

401、72 571 55xGolden Sun Securities Asset management Co., Ltd.-56xGoldman Sachs Gao Hua Securities #-57aGoldstate Securities (consol. level)-7 -307 568 57bGoldstate Securities (company level)442 442 5 -307 568 58aGreat Wall Glory Securities (consol. level)-895 1,050 1,840 1,753 58bGreat Wall Glory Secur

402、ities (company level)571 521 120 334 1,840 1,753 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 94Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests

403、 Net assetsNumber of employees 20202002020020201920202019-1,400 800 1,749 2,248 -3,149 3,048 366 410 10,719 2,018 8,232 8,232 31,388 30,319 737 929 40,357 39,480 8,090 8,184 10,719 2,018 8,232 8,232 31,149 30,270 -39,381 38,502 6,795 6,712 -1,000 1,000 326 329 -1,326 1,329 133

404、117 -1,000 1,000 328 329 -1,328 1,329 133 117 35,008 14,881 7,621 7,621 90,541 83,613 4,111 2,903 102,274 94,137 12,307 11,736 35,008 14,881 7,621 7,621 77,882 73,210 -85,504 80,831 10,379 9,878 -1,000 1,000 5,106 4,481 -6,106 5,481 N/AN/A-1,000 1,000 5,106 4,461 -6,106 5,461 N/AN/A1,398 1,855 4,695

405、 4,695 4,927 5,049 2 2 9,624 9,746 2,512 2,576 1,398 1,855 4,695 4,695 4,945 4,977 -9,641 9,672 2,340 2,407 -400 400 18 82 -418 482 83 78 -1,094 800 2,020 727 -3,114 1,527 104 95 1,696 1,399 4,031 4,031 2,513 2,569 368 353 6,912 6,953 1,347 1,363 1,696 1,399 4,031 4,031 2,362 2,452 -6,393 6,483 1,12

406、8 1,149 204 920 3,350 3,350 585 551 100 107 4,035 4,008 664 620 204 920 3,350 3,350 741 652 -4,091 4,002 558 602 Mainland China Securities Survey 202195 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated wi

407、th KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held i

408、n segregated accountsBalance of margin trading 202020020209aGreat Wall Securities (consol. level)*-72,213 59,096 14,790 12,789 18,906 11,892 59bGreat Wall Securities (company level)*121 112 67,307 55,349 12,812 11,564 18,906 11,892 60aGuoDu Securities (consol. level)-32,227 29,

409、208 4,700 4,160 5,128 4,187 60bGuoDu Securities (company level)-31,098 28,375 4,297 3,808 5,095 4,162 61aGuolian Securities (consol. level) *-46,220 28,419 7,449 6,548 8,413 4,638 61bGuolian Securities (company level) *89 87 45,093 27,045 7,449 6,548 8,413 4,638 62aGuorong Securities (consol. level)

410、-15,079 14,086 4,060 3,187 1,264 1,189 62bGuorong Securities (company level)69 76 10,825 10,845 2,091 1,761 1,264 1,189 63aGuosen Securities (consol. level) *-302,756 224,644 56,957 46,352 49,755 37,708 63bGuosen Securities (company level) *179 164 287,696 209,322 50,440 41,142 49,339 37,459 64aGuot

411、ai Junan Securities (consol. level)*418 448 702,899 559,314 127,494 95,398 99,429 72,088 64bGuotai Junan Securities (company level)*342 344 494,851 401,622 69,544 58,997 80,121 57,626 65aGuotai Junan Securities Asset management (consol. level)-7,370 7,701 -65bGuotai Junan Securities Asset management

412、 (company level)-7,346 7,552 -66aGuoyuan Securities (consol. level)*-90,557 83,169 16,803 13,819 16,273 12,310 66bGuoyuan Securities (company level)*117 140 78,407 66,550 12,627 10,041 15,676 11,391 67aHaitong Securities (consol. level)*-694,073 636,794 91,692 76,179 73,068 52,798 67bHaitong Securit

413、ies (company level)*302 300 397,693 341,939 57,107 49,401 62,585 41,348 68xHengtai changcaiSecurities-722 634 -Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securit

414、ies companies96Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities202020020203

415、,930 23,424 99 445 1,088 1,469 172 46 23,503 22,129 -307 1,087 1,468 172 46 12,645 9,720 -4,340 4,841 0 011,108 7,790 -4,340 4,841 0 0 17,033 8,223 -1,678 -13,646 7,214 -1,678 -4,974 4,948 -4,651 4,571 -106,766 62,531 -24,741 17,973 11,763 9,729 96,901 50,006 -24,741 17,973 14,218 12,459 230,940 189

416、,572 -72,493 60,267 17,637 17,547 142,760 110,049 -60,867 53,753 16,538 16,355 6,153 5,521 -6,153 5,492 -11,990 16,464 578 812 22,654 20,367 -7,021 6,804 -22,654 20,367 -222,234 221,110 3,763 2,624 13,108 11,154 16,239 15,784 119,065 108,565 -151 11,768 9,076 15,984 15,633 -Mainland China Securities

417、 Survey 202197 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and lo

418、go are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201959aGreat Wall Securities (consol. level)*1,821 1,570 8

419、8 22 17,088 11,116 59bGreat Wall Securities (company level)*3,462 3,210 88 22 16,968 11,116 60aGuoDu Securities (consol. level)411 279 -4,505 4,837 60bGuoDu Securities (company level)2,382 2,251 -4,505 4,837 61aGuolian Securities (consol. level) *105 104 1,016 1,080 8,998 5,146 61bGuolian Securities

420、 (company level) *3,466 1,288 429 -8,972 5,137 62aGuorong Securities (consol. level)-10 -1,174 1,320 62bGuorong Securities (company level)234 274 10 -1,174 1,320 63aGuosen Securities (consol. level) *3,625 3,111 383 356 35,692 37,846 63bGuosen Securities (company level) *10,108 9,369 331 222 35,346

421、37,549 64aGuotai Junan Securities (consol. level)*4,015 2,459 53,621 45,646 101,462 81,376 64bGuotai Junan Securities (company level)*22,457 21,340 16,761 12,001 84,496 61,563 65aGuotai Junan Securities Asset management (consol. level)-1,031 65bGuotai Junan Securities Asset management (company level

422、)2 63 -1,031 66aGuoyuan Securities (consol. level)*3,456 2,823 2,890 7,799 13,545 13,739 66bGuoyuan Securities (company level)*6,746 6,208 1 -12,204 12,203 67aHaitong Securities (consol. level)*4,428 4,943 34,911 32,257 240,569 220,867 67bHaitong Securities (company level)*35,146 29,725 8,863 6,898

423、101,985 80,295 68xHengtai changcaiSecurities-Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies98Short-term financing bonds payablePaid-in capital/S

424、hare capital/ReservesMinority interests Net assetsNumber of employees2020200202002020,455 2,539 3,103 3,103 14,972 13,816 451 433 18,527 17,352 3,284 3,208 5,455 2,539 3,103 3,103 14,752 13,653 -17,855 16,756 3,028 2,924 2,054 306 5,830 5,830 3,872 3,208 172 160 9,87

425、4 9,198 N/AN/A2,054 306 5,830 5,830 3,866 3,215 -9,696 9,045 N/AN/A4,781 1,309 2,378 1,902 8,216 6,165 -10,594 8,067 1,887 1,597 4,781 1,309 2,378 1,902 8,074 6,041 -10,452 7,943 1,542 1,316 630 583 1,783 1,783 2,125 2,026 174 171 4,081 3,980 1,530 1,607 630 583 1,783 1,783 2,107 1,985 -3,890 3,768

426、1,267 1,323 25,930 18,043 9,612 8,200 71,295 48,009 17 46 80,924 56,255 12,054 10,423 25,930 18,043 9,612 8,200 69,944 46,667 -79,556 54,867 11,464 9,846 48,724 17,424 8,908 8,908 128,445 128,594 8,885 8,592 146,238 146,094 15,198 15,233 33,844 12,159 8,908 8,908 115,411 117,436 -124,320 126,344 11,

427、120 11,290 -2,000 2,000 3,836 3,113 -5,836 5,113 N/AN/A-2,000 2,000 3,836 3,113 -5,836 5,113 208 190 6,291 4,487 4,364 3,365 26,496 21,469 13 12 30,872 24,846 3,529 3,358 6,291 4,487 4,364 3,365 24,938 20,010 -29,301 23,375 3,122 3,002 25,719 32,207 13,064 11,502 140,384 114,589 14,678 15,028 168,12

428、6 141,119 11,282 10,837 14,955 19,977 13,064 11,502 124,381 102,185 -137,445 113,687 5,910 5,718 -200 200 322 276 -522 476 179 109 Mainland China Securities Survey 202199 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member f

429、irms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsCl

430、ient monies held in segregated accountsBalance of margin trading 202020020209aHengtai Securities (consol. level) *-33,596 29,527 8,958 7,116 5,150 4,026 69bHengtai Securities (company level) *122 144 29,141 25,511 8,012 6,656 5,150 4,026 70aHongta Securities (consol. level)*-38

431、,318 45,461 2,797 2,139 1,306 1,150 70bHongta Securities (company level)*59 57 35,217 43,825 2,496 1,975 1,306 1,150 71aHongxin Securities (consol. level)-9,097 11,169 3,529 2,961 1,417 1,184 71bHongxin Securities (company level)40 47 8,708 10,396 3,531 2,963 1,417 1,184 72xHSBC Qianhai Securities#1

432、 1 1,454 1,530 14 -73aHuaan Securities (consol. level)*-58,613 50,963 11,420 9,181 8,536 6,492 73bHuaan Securities (company level)*128 133 48,623 42,010 8,953 7,485 8,536 6,492 74aHuachuang Securities (consol. level)-43,125 39,002 5,183 4,305 4,024 2,608 74bHuachuang Securities (company level)75 74

433、41,724 37,743 4,713 3,751 4,024 2,608 75aHuafu Securities (consol. level)-59,423 48,336 13,399 9,118 14,119 9,735 75bHuafu Securities (company level)170 166 50,167 43,196 13,399 9,118 14,119 9,735 76aHuajin Securities (consol. level)-12,224 13,461 1,149 903 1,972 1,787 76bHuajin Securities (company

434、level) 38 45 11,114 11,561 1,148 883 1,972 1,787 77aHuarong Securities (consol. level)-N/A65,774 N/A3,618 N/A2,360 77bHuarong Securities (company level)N/A 65 N/A42,249 N/A3,412 N/A2,360 78aHuatai Securities (consol. level)*-716,751 562,181 103,511 67,245 102,574 69,006 78bHuatai Securities (company

435、 level)*243 241 524,338 422,601 80,291 55,428 100,819 68,123 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies100Trading and derivatives financial

436、assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities20202002020,873 10,867 205 -1,560 -6,989 7,773 205 -1,560 -21

437、,866 26,006 63 113 335 749 42 30 18,847 24,246 -50 325 697 42 30 1,828 3,619 -51 54 1,907 3,690 -51 54 446 101 -19,005 15,718 920 618 3,401 5,165 53 79 15,423 12,404 920 590 3,401 5,165 27 59 18,940 15,475 1,254 1,762 1,348 1,755 54 54 17,998 14,965 1,233 1,741 1,348 1,755 54 54 20,838 16,822 2,342

438、3,606 743 1,302 83 135 10,067 10,721 2,342 3,306 743 1,302 78 130 6,467 7,961 -5,246 5,827 -N/A15,448 N/A9,906 N/A15,641 N/A106 N/A6,490 N/A1,372 N/A15,757 N/A106 299,991 254,654 30,412 19,740 5,268 2,013 10,678 10,345 191,263 173,796 30,120 17,781 -10,541 10,307 Mainland China Securities Survey 202

439、1101 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are tra

440、demarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201969aHengtai Securities (consol. level) *-3,533 2,765 69bHengtai S

441、ecurities (company level) *1,597 1,727 -3,550 2,765 70aHongta Securities (consol. level)*-80 851 425 -100 70bHongta Securities (company level)*3,216 2,416 -100 71aHongxin Securities (consol. level)-1 1 523 207 71bHongxin Securities (company level)43 48 -523 207 72xHSBC Qianhai Securities#-73aHuaan S

442、ecurities (consol. level)*1,891 1,474 4,144 4,548 10,535 5,059 73bHuaan Securities (company level)*3,178 2,692 47 103 10,535 5,059 74aHuachuang Securities (consol. level)74 42 99 468 10,393 9,530 74bHuachuang Securities (company level)1,728 1,699 99 468 10,393 9,530 75aHuafu Securities (consol. leve

443、l)26 26 3,687 -18,730 15,419 75bHuafu Securities (company level)2,339 2,252 -18,730 15,419 76aHuajin Securities (consol. level)-30 249 2,539 1,021 76bHuajin Securities (company level) 600 600 -2,539 1,021 77aHuarong Securities (consol. level)N/A-N/A4 N/A9,929 77bHuarong Securities (company level)N/A

444、939 N/A4 N/A9,929 78aHuatai Securities (consol. level)*18,445 15,639 28,780 8,659 108,828 71,191 78bHuatai Securities (company level)*30,692 28,809 6,906 1,806 91,154 61,012 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign inv

445、ested securities companySources: 2020 annual reports of securities companies102Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees2020200202002020,098 371 2,605 2,605 6,427 7,570 405 403 9,436 10,57

446、8 2,674 2,021 2,098 371 2,605 2,605 5,554 6,638 -8,159 9,243 2,122 1,534 877 8,383 3,633 3,633 10,790 9,745 280 242 14,703 13,620 1,442 1,259 877 8,383 3,633 3,633 10,336 9,573 -13,969 13,206 1,113 977 722 405 1,000 1,000 1,363 1,254 -2,363 2,254 N/A N/A 722 405 1,000 1,000 1,362 1,257 -2,362 2,257

447、1,075 1,086 -1,800 1,800 (614)(478)-1,186 1,322 202 195 2,527 2,080 3,621 3,621 10,924 9,647 338 370 14,883 13,638 3,0662,8252,527 2,080 3,621 3,621 10,292 9,173 -13,913 12,794 2,701 2,463 72 742 9,226 9,226 2,631 2,084 80 69 11,937 11,379 2,324 2,086 72 742 9,226 9,226 2,103 1,658 -11,329 10,884 2,

448、140 973 -503 3,300 3,300 9,577 10,418 714 623 13,592 14,341 3,910 3,557 -503 3,300 3,300 5,331 6,287 -8,631 9,587 3,719 3,397 664 1,479 3,450 3,450 754 661 -4,204 4,111 1,040 1,055 664 1,479 3,450 3,450 734 656 -4,184 4,106 1,040 1,055 N/A-N/A5,841 N/A6,197 N/A44 N/A12,082 N/A1,714 N/A-N/A5,841 N/A6

449、,123 N/A-N/A11,964 N/A1,585 43,951 46,425 9,077 9,077 119,995 113,461 3,241 3,117 132,312 125,655 10,516 10,211 43,720 47,059 9,077 9,077 102,895 101,179 -111,972 110,256 7,375 7,169 Mainland China Securities Survey 2021103 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of

450、 the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global org

451、anisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202020020209aHuatai Securities (Shanghai) Asset management Co., Ltd. (consol. level)-27,623 41,257 -79bHuatai Securities (Shanghai) Asset management Co., Ltd. (

452、company level)-9,902 8,530 -80x Huatai United Securities-7,632 5,539 -81aHuaxi Securities(consol. level)*-77,229 67,827 15,972 14,040 15,182 11,361 81bHuaxi Securities (company level)*114 109 74,357 65,586 15,433 13,443 15,182 11,361 82x Huaying Securities -1,187 1,109 -83aHwabao Securities (consol.

453、 level)-15,067 14,800 2,201 1,935 1,718 728 83bHwabao Securities (company level)25 23 14,948 14,812 2,201 1,935 1,718 728 84aIndustrial Asset management Co., Ltd (consol. level)-2,686 3,580 -84bIndustrial Asset management Co., Ltd (company. level)-1,894 2,165 -85aIndustrial Securities (consol. level

454、)*-181,020 170,575 33,966 25,537 31,025 20,735 85bIndustrial Securities (company)*143 136 143,247 130,888 23,410 17,928 28,985 17,389 86xJ.P. Morgan Securities (China) Company Limited#1 -659 793-87aJianghai Securities (consol. level)-27,590 35,217 4,852 5,045 4,375 4,503 87bJianghai Securities (comp

455、any level)56 57 27,458 34,544 4,852 4,754 4,375 4,503 88xJinyuan President Securities Co., Ltd.#-N/A 1,206 N/A 0 N/A -N/A 89aJZ Securities (consol. level)-6,585 8,598 1,076 1,227 567 781 89bJZ Securities (company level)6 6 6,048 8,366 873 1,044 567 781 90aKaiyuan Securities (consol. level)-25,229 18

456、,939 2,952 2,561 3,932 1,624 90bKaiyuan Securities (company level)47 48 23,814 17,828 2,305 2,083 3,932 1,624 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securiti

457、es companies104Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities202020020201

458、,205 34,844 -6,601 5,632 -2,648 2,677 -23,916 16,743 -7,287 9,411 45 45 22,192 16,622 -7,287 9,411 45 45 657 639 -2,883 2,367 -998 4,260 5,203 -93 2,846 2,386 -998 4,260 5,203 -93 2,100 2,204 -1,436 1,170 -49,624 48,565 -21,592 22,996 2,553 2,496 34,763 35,680 -21,592 22,996 2,553 2,496 147 N/A -10,

459、657 15,351 -170 1,012 53 110,428 14,733 -170 1,012 53 -843 N/A -N/A-N/A-N/A1,633 1,874 -1,266 2,742 -406 551 -1,265 2,684 -3,753 2,947 -7,459 4,538 163 17 3,567 2,814 -7,459 4,538 162 6 Mainland China Securities Survey 2021105 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms

460、 of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global

461、organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201979aHuatai Securities (Shanghai) Asset management Co., Ltd. (consol. level)-1,134 89 -79bHuatai Securities (Shanghai) Asset management Co., Ltd

462、. (company level)-80x Huatai United Securities-81aHuaxi Securities(consol. level)*108 45 1,504 107 12,673 7,996 81bHuaxi Securities (company level)*2,632 2,130 1,469 104 12,673 7,996 82x Huaying Securities -83aHwabao Securities (consol. level)-129 -1,627 163 83bHwabao Securities (company level)-1,62

463、7 163 84aIndustrial Asset management Co., Ltd (consol. level)-730 1,377 359 667 84bIndustrial Asset management Co., Ltd (company. level)-359 667 85aIndustrial Securities (consol. level)*2,334 1,773 2,750 4,011 47,039 54,258 85bIndustrial Securities (company)*7,082 5,985 87 10 41,255 43,325 86xJ.P. M

464、organ Securities (China) Company Limited #-87aJianghai Securities (consol. level)260 -123 7,469 10,855 87bJianghai Securities (company level)416 607 -31 7,469 10,855 88xJinyuan President Securities Co., Ltd. #-N/A -N/A -N/A 89aJZ Securities (consol. level)-46 -100 1,635 89bJZ Securities (company lev

465、el)424 622 -100 1,635 90aKaiyuan Securities (consol. level)371 305 -409 904 -90bKaiyuan Securities (company level)1,267 997 -409 904 -Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 an

466、nual reports of securities companies106Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees20202002020020201920202019-2,600 2,600 5,632 4,460 -8,232 7,060 N/A N/A -2,600 2,600 5,666 4,440 -8,266 7,040 N/A N/A -

467、997 997 3,088 2,466 -4,085 3,463 839 730 7,957 6,572 2,625 2,625 18,697 17,025 45 44 21,367 19,694 4,033 3,749 7,957 6,572 2,625 2,625 18,248 16,744 -20,873 19,369 3,876 3,605 -800 800 238 178 -1,038 978 345 276 1,711 1,794 4,000 4,000 705 573 8 7 4,713 4,580 N/A N/A 1,711 1,794 4,000 4,000 718 593

468、-4,718 4,593 572 578 -800 800 494 417 -1,294 1,217 121 115 -800 800 494 417 -1,294 1,217 121 115 8,583 6,365 6,697 6,697 31,042 27,736 3,097 2,611 40,835 37,044 8,906 8,334 8,524 4,390 6,697 6,697 28,152 25,781 -34,848 32,478 7,786 7,214 -800 800 (264)(86)-536 714 160 127 940 375 6,767 6,767 3,127 3

469、,100 -419,894 9,908 1,459 1,500940 375 6,767 6,767 3,028 3,070 -9,795 9,837 1,453 N/A-N/A 1,200 N/A (19)N/A -N/A 1,181 N/A 121 N/A 200 -3,370 3,370 404 291 -3,774 3,661 628 666 200 -3,370 3,370 263 353 -3,633 3,723 581 619 2,572 2,465 3,453 2,755 7,135 4,653 357 269 10,945 7,677 2,438 2,128 2,572 2,

470、465 3,453 2,755 7,122 4,641 -10,576 7,396 2,236 1,932 Mainland China Securities Survey 2021107 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company l

471、imited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 20202019202

472、020020201991x Kington Securities2 2 133 132 00-92a Lianchu Securities-16,404 17,250 1,931 1,336 2,394 1,878 92b Lianchu Securities58 60 16,348 17,226 1,931 1,336 2,394 1,878 93aMinmetals Securities Brokerage (consol. level)-22,820 21,304 1,958 1,322 3,846 2,947 93bMinmetals Securities Bro

473、kerage (company level)39 38 23,214 21,796 1,958 1,322 3,846 2,947 94aMinsheng Securities (consol. level)-52,420 44,458 6,981 6,327 5,308 4,969 94bMinsheng Securities (company level)48 46 50,600 43,268 6,411 5,837 5,308 4,969 95xMorgan Stanley Huaxin Securities #-664 599 -96aNanjing Securities (conso

474、l. level)*-44,570 36,059 9,033 7,764 8,443 4,940 96bNanjing Securities (company level)*101 100 43,186 35,075 8,282 7,180 8,443 4,940 97aNew Times Securities (consol. level)-17,674 23,518 4,362 4,466 4,183 3,594 97bNew Times Securities (company level)63 64 16,687 21,832 4,362 4,466 4,183 3,594 98xNom

475、ura Orient International Securities Co., Ltd #1 -3,292 2,052 14 -99aNortheast Securities (consol. level)*-68,686 68,218 13,736 11,935 12,958 9,778 99bNortheast Securities (company level)*102 99 64,491 64,917 12,182 10,598 12,958 9,778 100 x N-Securities40 40 703 2,611 288 305 -101 aOrient Securities

476、 (consol. level)*-291,117 262,971 48,384 29,750 21,172 13,214 101 bOrient Securities (company level)*177 168 228,615 219,895 22,343 15,329 20,945 12,925 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities comp

477、anySources: 2020 annual reports of securities companies108Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity s

478、ecurities202020020201920202019-4,702 5,224 -3,680 4,277 52 136 3,017 3,758 -3,680 4,277 52 136 3,971 2,942 -9,156 11,493 59 70 3,867 2,941 -9,156 11,493 59 70 29,620 25,493 -24,940 20,813 -5,054 2,246 -13,001 12,579 161 146 4,527 1,586 -13,001 12,579 161 146 3,896 10,025 1 -114 -3,480 8,9

479、03 -114 -701 300 -27,041 28,161-57 69 23,092 25,181 -2 1,629 -1 1 72,857 67,510 6,244 7,194 62,646 64,896 10,936 10,833 52,117 46,187 6,244 7,194 62,646 64,896 10,868 10,797 Mainland China Securities Survey 2021109 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG

480、 global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation

481、.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)202020020201991xKington Securities-92aLianchu Securities81 50 305 155 3,107 1,792 92b Lianchu Securities1,700 1,700 305 155 3,107 1,792 93aMinmetals Securities Brokera

482、ge (consol. level)-790 -93bMinmetals Securities Brokerage (company level)500 500 -1,179 -94aMinsheng Securities (consol. level)4 9 1,381 1,5198,378 12,34394bMinsheng Securities (company level)4,967 4,896 1,381 1,2458,378 12,343 95xMorgan Stanley HuaxinSecurities #-96aNanjing Securities (consol. leve

483、l)*680 477 2 47,660 4,235 96bNanjing Securities (company level)*1,222 1,175 2 47,660 4,23597aNew Times Securities (consol. level)156 -88 267-1,554 97bNew Times Securities (company level)2,135 2,135 -7 -1,554 98xNomura Orient International Securities Co., Ltd #-9 -99aNortheast Securities (consol. lev

484、el)*760 711 396 6 5,693 8,572 99bNortheast Securities (company level)*3,862 3,767 396 3 5,693 8,572 100 xN-Securities-101 aOrient Securities (consol. level)*5,771 4,454 15,081 15,274 62,845 67,949 101 bOrient Securities (company level)*18,359 16,052 12,764 13,808 56,346 62,122 Financial highlights:

485、balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies110Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employ

486、ees 20202002020020201920202019-135 135 (3)(4)-132 131 10 10 869 1,557 2,573 2,573 3,102 3,120 -5,675 5,693 1,615 1,332 869 1,557 2,573 2,573 3,086 3,114 -5,659 5,687 1,595 1,310 209 640 9,798 7,292 982 772 -10,779 8,064 1,446 1,177 325 1,137 9,798 7,292 971 769 -10,768 8,061 1,

487、428 1,162 731 25 11,456 9,619 2,789 1,687 21 19 14,266 11,325 2,543 2,446 731 25 11,456 9,619 2,439 1,537 -13,895 11,156 2,338 2,250 -1,020 1,020 (476)(478)-544 542 153 165 1,629 1,660 3,686 3,299 12,100 7,793 118 113 15,904 11,205 2,001 1,868 1,629 1,660 3,686 3,299 11,888 7,628 -15,575 10,927 1,79

488、4 1,670 16 178 2,910 2,910 6,632 7,024 610 667 10,152 10,601 N/AN/A16 178 2,910 2,910 6,533 6,655 -9,443 9,565 1,338 1,412 -2,000 2,000 (126)(54)-1,874 1,946 160 105 3,182 5,093 2,340 2,340 14,329 13,244 744 566 17,413 16,150 3,351 3,405 3,182 5,093 2,340 2,340 13,370 12,279 -15,710 14,619 2,799 2,8

489、98 -500 500 (4,076)(4,016)-(3,576)(3,516)324 362 16,255 16,113 6,994 6,994 53,209 46,972 28 46 60,231 54,012 6,339 5,772 16,255 14,989 6,994 6,994 48,670 43,593 -55,664 50,587 4,409 4,014 Mainland China Securities Survey 2021111 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member fir

490、ms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG globa

491、l organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 2020200202002 xOrient Securities Asset management Co., Ltd. -4,318 3,161 -103 xOrient Securities Investment Banking Co.,Ltd-2,599 1,999-80-104 aPacific Sec

492、urities (consol. level)*-22,659 30,728 3,968 4,044 2,528 2,250 104 bPacific Securities (company level)*80 86 22,692 30,624 3,968 4,044 2,528 2,250 105 aPingan Securities (consol. level)-199,283 138,991 49,123 33,502 45,079 24,447 105 bPingan Securities (company level)55 44 187,992 132,880 42,516 30,

493、260 45,054 24,435 106 aSealand Securities (consol. level)*-72,554 66,308 10,692 9,048 7,438 5,341 106 bSealand Securities (company level)*97 128 64,414 61,503 8,496 7,523 7,438 5,341 107 xShanghai Haitong Securities Asset management Co., Ltd. -8,182 7,610-108 aShanghai Securities (consol. level)-44,

494、604 33,535 11,708 9,630 7,620 5,155 108 bShanghai Securities (company level)76 76 37,991 29,380 8,923 7,950 7,620 5,155 109 aShanxi Securities (consol. level)*-62,452 55,696 10,753 8,460 7,238 5,468 109 bShanxi Securities (company level)*126 128 56,235 49,989 6,938 5,722 7,023 5,186 110 aShengang Se

495、curities Company Limited (consol. level)#-9,535 9,475335 472-110 bShengang Securities Company Limited(company level)#4 4 9,533 9,475 335 472-111 xShenwan HongyuanFinancing Services Co.-2,720 1,910 -112 aShenwan HongyuanSecurities (consol. level) -453,733 353,506 70,874 58,803 74,212 53,048 112 bShen

496、wan HongyuanSecurities (company level) 309 311 397,824 313,540 53,747 46,496 66,336 47,977 113 xShenwan HongyuanSecurities (Western)46 48 14,780 13,594 4,586 3,419 5,434 4,279 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign i

497、nvested securities companySources: 2020 annual reports of securities companies112Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehe

498、nsive income - equity securities20202002020,282 910 -946 679 -8,975 14,293 87 18 196 648 72 63 8,656 13,920 73 -196 648 72 63 36,342 25,523 188 393 28,101 23,033 16 10 34,530 23,682 867 915 28,101 23,033 16 10 19,141 11,582 38 14,738 18,049 11,797 75 75 15,670 9,279 -14,666 18,

499、049 11,797 75 75 4,163 5,276 -5,247 5,958 -10,938 6,423 581 322 4,495 4,673 -10,938 6,423 581 322 22,547 22,266 50 33 1,693 1,166 218 239 19,474 20,326 34 -1,693 1,152 180 185 6,133 4,202 -5,931 4,202 -1,102 874 -50 50 -151,108105,417 1,703 959 57,283 44,029 9,062 9,435 134,462 96,063 312 369 56,972

500、 43,310 9,062 9,435 749 2,057 -Mainland China Securities Survey 2021113 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Al

501、l rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)2020200202

502、019102 xOrient Securities Asset management Co., Ltd. -103 xOrient Securities Investment Banking Co.,Ltd-104 aPacific Securities (consol. level)*376 448 2 77 1,516 6,672 104 bPacific Securities (company level)*890 1,124 -75 1,516 6,672 105 aPingan Securities (consol. level)91 105 4,158 9,040 36,976 2

503、6,751 105 bPingan Securities (company level)2,567 2,267 4,158 9,029 36,671 26,506 106 aSealand Securities (consol. level)*256 239 3,930 1,225 7,878 13,007 106 bSealand Securities (company level)*1,579 1,579 1,324 508 7,878 13,007 107 xShanghai Haitong Securities Asset management Co., Ltd. -3,060 3,0

504、62 108 aShanghai Securities (consol. level)-23 -5,684 5,103 108 bShanghai Securities (company level)587 587 -5,684 5,103 109 aShanxi Securities (consol. level)*295 422 751 2,152 7,879 6,436 109 bShanxi Securities (company level)*5,199 4,192 731 2,134 7,646 6,246 110 aShengang Securities Company Limi

505、ted (consol. level)#-82 151 -110 bShengang Securities Company Limited(company level)#200 -82 151 -111 xShenwan HongyuanFinancing Services Co.-112 aShenwan HongyuanSecurities (consol. level) 1,556 1,228 5,551 474 101,808 72,509 112 bShenwan HongyuanSecurities (company level) 14,012 13,159 4,316 188 9

506、8,190 71,764 113 xShenwan HongyuanSecurities (Western)-Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies114Short-term financing bonds payablePaid-i

507、n capital/Share capital/ReservesMinority interests Net assetsNumber of employees 20202002020020201920202019-300 300 2,225 1,754 -2,525 2,054 N/AN/A-800 800 751 672 -1,551 1,472 562 495 1,633 1,433 6,816 6,816 2,788 3,529 54 98 9,658 10,443 1,711 1,818 1,633 1,433 6,816 6,816 2,

508、860 3,532 -9,677 10,348 1,688 1,789 15,104 4,611 13,800 13,800 19,701 17,536 305 305 33,806 31,641 3,690 3,611 15,104 4,611 13,800 13,800 19,012 16,937 -32,812 30,737 3,297 3,420 3,977 701 5,445 4,216 13,035 9,794 556 501 19,035 14,511 3,803 2,576 3,977 701 5,445 4,216 12,397 9,256 -17,842 13,472 3,

509、295 2,055 -2,200 2,2002,154 1,649 -4,354 3,849 167 161 3,108 2,131 2,610 2,610 4,892 4,651 -7,502 7,261 1,506 1,508 3,108 2,131 2,610 2,610 4,901 4,664 -7,511 7,274 1,327 1,332 5,520 4,323 3,590 2,829 13,316 9,826 546 561 17,451 13,216 2,637 2,517 5,344 4,323 3,590 2,829 13,427 9,715 -17,017 12,544

510、1,895 1,773 19 89 4,315 4,31592 (239)-4,407 4,076 790 752 19 89 4,315 4,315 90 (239)-4,405 4,076 788752 -1,000 1,000 817 506 -1,817 1,506 553 414 40,505 17,065 47,000 47,000 34,152 28,805 1,581 1,574 82,732 77,379 11,031 12,373 40,504 17,065 47,000 47,000 29,386 23,434 -76,386 70,434 8,202 9,547 -4,

511、700 4,700 1,709 2,562 -6,409 7,262 740 762 Mainland China Securities Survey 2021115 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by g

512、uarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 20202002020

513、14 aSinolink Securities (consol. level)*-67,630 50,151 13,180 11,461 14,815 9,178 114 bSinolink Securities (company level)*68 66 63,475 46,918 11,112 9,938 14,527 8,880 115 aSoochow Securities (consol. level)*-105,475 96,235 19,972 14,88518,050 11,604115 bSoochow Securities (company level

514、)*130 149 93,553 82,964 15,112 12,93117,774 11,604116 aSouthwest Securities (consol. level)*-79,188 65,851 10,421 9,789 12,002 10,578 116 bSouthwest Securities (company level)*86 95 75,121 62,136 9,973 9,288 11,926 10,286 117 aTebon Securities(consol. level)-20,223 14,862 3,131 2,5072,218 1,766117 b

515、Tebon Securities (company level)25 27 17,487 13,400 2,244 2,1082,218 1,766118 xTebon Securities Asset Management -N/A1,008 N/A-N/A-N/A119 aTF Securities (consol. level)*-81,405 59,920 8,915 5,436 5,617 6,068 119 bTF Securities (company level)*106 103 68,010 49,044 5,501 3,975 5,579 6,068 120 xTianfe

516、ng (Shanghai ) Securities Asset management Co., Ltd-N/A 543 N/A-N/A-N/A121 aUBS Securities(consol. level) #-7,101 4,961 2,006 1,488-121 bUBS Securities(company level) #4 4 4,493 3,592828 935-122 a Wanhe Securities-17,593 15,1341,453 1,4341,856 1,192122 b Wanhe Securities50 52 17,587 15,1191,453 1,43

517、41,856 1,192123 aWanlian Securities (consol. level)-44,327 35,389 7,194 5,838 5,678 3,938 123 bWanlian Securities (company level)65 66 39,272 34,977 7,201 5,838 5,678 3,938 124 aWestern Securities (consol. level)*-63,863 48,598 10,675 9,661 6,437 4,593 124 bWestern Securities (company level)*102 107

518、 60,493 44,692 9,373 7,739 6,437 4,593 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies116Trading and derivatives financial assetsFinancial assets

519、 measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities202020020208,874 13,474 170 153 1,019 796 2,689 2,623 20,690 15,591 153 153 1,019 7

520、96 2,412 2,359 34,123 37,143 224 142 6,265 5,7963,843 4,372 27,343 27,484-6,272 5,7843,804 4,287 26,86117,667 -9,107 11,384 3,425 3,318 22,79514,631 -9,107 11,384 3,425 3,318 10,411 6,627-55 57 7,656 4,97120 -55 57900 N/A-N/A-N/A-N/A27,805 23,141 -1,468 980 3,279 3,839 25,127 20,720 105 105 737 980

521、238 259 201 N/A-N/A-N/A-N/A1,479 1,432-1,479 1,43266 66 -11,830 9,755-10 213 342 41 4211,634 9,547-10 213 34241 4211,689 5,911 -12,237 11,900 30 30 6,792 5,295 -12,237 11,900 30 30 27,955 23,635 98 496 574 796 121 100 26,659 22,531 98 496 574 796 119 98 Mainland China Securities Survey 2021117 2021

522、KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks us

523、ed under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued2020200202019114 aSinolink Securities (consol. level)*572 575 2,082 2,263 6,926 4,402 11

524、4 bSinolink Securities (company level)*2,086 2,081 1,924 2,143 6,674 4,155 115 aSoochow Securities (consol. level)*1,538 1,179 1,982 5,614 27,900 28,602 115 bSoochow Securities (company level)*8,476 7,522 50 16 26,830 28,240 116 aSouthwest Securities (consol. level)*2,241 2,013 596 796 15,127 15,460

525、 116 bSouthwest Securities (company level)*6,551 5,960 -13,805 14,052 117 aTebon Securities(consol. level)-109 39 1,383 1,330 117 bTebon Securities (company level)2,835 1,735 -1,383 1,330 118 xTebon Securities Asset Management -N/A-N/A-N/A119 aTF Securities (consol. level)*4,521 645 32 0 26,191 18,0

526、20 119 bTF Securities (company level)*7,921 3,328 5 0 26,153 18,001 120 xTianfeng (Shanghai ) Securities Asset management Co., Ltd-N/A-N/A-N/A121 aUBS Securities(consol. level) #-67 -121 bUBS Securities(company level) #242 242 67 -122 aWanhe Securities-10 -1,015 -122 b Wanhe Securities200 200 -1,015

527、 -123 aWanlian Securities (consol. level)169 109 3,343 584 4,382 3,579 123 bWanlian Securities (company level)697 357 638 335 4,382 3,579 124 aWestern Securities (consol. level)*36 32 8931,071 4,032 2,299 124 bWestern Securities (company level)*1,496 1,296 19 50 4,032 2,299 Financial highlights: bal

528、ance sheetFinancial highlights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies118Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees

529、 2020200202002020,020 3,332 3,024 3,024 19,441 17,698 75 66 22,540 20,788 3,545 2,900 8,020 3,332 3,024 3,024 19,064 17,382 -22,088 20,406 3,198 3,258 8,401 4,894 3,881 3,000 23,999 17,956 330 300 28,210 21,256 3,722 3,612 8,401 4,894 3,881 3,000 23,466 17,526 -27,34

530、7 20,526 3,136 3,165 3,773 1,310 6,645 5,645 18,498 13,949 (64)(36)25,079 19,558 2,346 2,357 3,773 1,310 6,645 5,645 17,922 13,679 -24,567 19,324 2,080 2,102 446 401 3,967 3,967 3,870 3,776 348 372 8,185 8,115 1,438 1,422 446 401 3,967 3,967 3,869 3,822 -7,836 7,789 1,118 1,101 -N/A1,000 N/A5 N/A-N/

531、A1,005 N/A158 N/A8,132 4,102 6,666 5,180 10,794 6,943 4,783 5,384 22,243 17,507 3,208 3,242 8,132 4,102 6,666 5,180 10,150 6,170 -16,816 11,350 2,826 2,879 -N/A500 N/A13 N/A-N/A513 N/A185 N/A-1,490 1,490 528 466 -2,018 1,956 386 394 -1,490 1,490 503 450 -1,993 1,940 361 371 1,428 2,173 2,273 2,273 3

532、,099 3,038 -5,372 5,311 N/A N/A 1,428 2,173 2,273 2,273 3,103 3,034 -5,376 5,307 966 859 2,838 361 5,954 5,954 5,310 4,995 -11,264 10,949 1,752 1,631 2,838 361 5,954 5,954 5,277 4,990 -11,232 10,944 N/A N/A 3,012 -4,470 3,502 21,547 14,157 92 78 26,108 17,737 2,775 2,749 3,012 -4,470 3,502 21,699 14

533、,320 -26,168 17,822 2,410 2,375 Mainland China Securities Survey 2021119 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. A

534、ll rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 20202002020

535、25 aXiangcai Securities (consol. level)-29,342 26,118 9,148 8,165 7,697 5,772 125 bXiangcai Securities (company level)63 61 29,304 26,118 9,148 8,165 7,697 5,772 126 aYingda Securities (consol. level)-18,945 13,830 3,861 3,153 2,592 2,016 126 bYingda Securities (company level)28 30 16,381 12,331 3,0

536、37 2,671 2,592 2,016 127 aYintai Securities(consol. level)-5,819 5,850 1,894 1,844 1,342 1,336 127 bYintai Securities (company level)56 60 5,635 5,739 1,894 1,844 1,342 1,336 128 xYongxing Asset management-N/A196 N/A-N/A-N/A129 aYongxing Securities (consol. level)-N/A2,476 N/A347 N/A-N/A129 bYongxin

537、g Securities (company level)10 N/A 2,481 N/A 347 N/A -N/A 130 aYuekai Securities Co., Ltd (consol. level)-15,326 15,070 3,992 3,692 3,830 2,297 130 bYuekai Securities Co., Ltd (company level)63 62 15,299 15,066 3,992 3,692 3,830 2,297 131 aZhejiang ZheshangSecurities Asset management Co., Ltd. (cons

538、ol. level)-4,386 1,789 -131 bZhejiang ZheshangSecurities Asset management Co., Ltd. (company level)-1,982 1,783 -132 aZheshang Securities (consol. level)*-91,090 67,404 19,323 14,542 15,013 8,752 132 bZheshang Securities (company level)*99 101 73,089 57,527 13,435 10,936 15,013 8,752 133 xZhongde Se

539、curities #-1,356 1,342 -134 aZhongshan Securities (consol. level)-19,581 23,387 4,447 3,827 1,952 2,347 134 bZhongshan Securities (company level)79 84 15,686 15,695 3,486 2,938 1,952 2,347 Financial highlights: balance sheetFinancial highlights: balance sheet* denotes listed securities company# deno

540、tes foreign invested securities companySources: 2020 annual reports of securities companies120Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive income - debt securitiesFinancial assets at fair value through o

541、ther comprehensive income - equity securities20202002020,155 7,550 -99 76 7,752 7,584 -91 68 1,528 1,535 645 377 7,361 3,700 82 76 1,201 1,415 -7,361 3,700 17 32 947 1,093 -9 2 873 1,010 -9 2 42 -1,136 -1,094 -1,813 2,262 -3,082 2,712 44 45 1,602 2,074 -3,082 2,712 44 45 2,942

542、1,088-848 854 -29,927 22,258 -24,959 20,468 -572 150 N/A N/A N/A N/A N/A N/A 4,975 9,982 N/A N/A 1,204 1,406 18 20 3,516 4,457 N/A N/A 1,204 1,406 18 20 Mainland China Securities Survey 2021121 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation

543、of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term

544、 investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)2020200202019125 aXiangcai Securities (consol. level)28 37 98 9 1,718 3,610 125 bXiangcai Securities (company level)650 600 2 0 1,718 3,610 126 aYingda Securities (consol. level)-509 2,028

545、 126 bYingda Securities (company level)599 599 -509 2,028 127 aYintai Securities(consol. level)258 203 -127 bYintai Securities (company level)200 200 -128 xYongxing Asset management-129 aYongxing Securities (consol. level)-129 bYongxing Securities (company level)200 -130 aYuekai Securities Co., Ltd

546、(consol. level)-533 130 bYuekai Securities Co., Ltd (company level)201 201 -533 131 aZhejiang ZheshangSecurities Asset management Co., Ltd. (consol. level)-2,379 -131 bZhejiang ZheshangSecurities Asset management Co., Ltd. (company level)-132 aZheshang Securities (consol. level)*102 100 3,408 322 16

547、,208 14,331 132 bZheshang Securities (company level)*2,561 2,445 589 5 16,143 14,324 133 x Zhongde Securities #-N/A N/A -134 aZhongshan Securities (consol. level)2 2 8 191 306 1,146 134 bZhongshan Securities (company level)206 196 7 3 306 1,146 Financial highlights: balance sheetFinancial highlights

548、: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies122Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests Net assetsNumber of employees2020200202019202020

549、02020192,545 826 4,019 3,683 4,547 3,604 -8,566 7,287 1,731 1,616 2,545 826 4,019 3,683 4,625 3,633 -8,644 7,316 N/A N/A 1,227 150 4,336 2,700 1,970 1,055 174 171 6,480 3,926 689 806 1,227 150 4,336 2,700 1,895 1,009 -6,230 3,709 565 599 -255 1,400 1,400 1,789 1,572 -3,189 2,972 631 663 -

550、255 1,400 1,400 1,613 1,465 -3,013 2,865 616 649 -N/A200 N/A(5)N/A-N/A195 N/A39 N/A-N/A2,000 N/A(96)N/A-N/A1,904 N/A435 N/A-N/A 2,000 N/A (91)N/A -N/A 1,909 N/A 396 N/A 202 153 3,126 3,126 1,837 1,733 5 5 4,968 4,864 1,605 1,303 202 153 3,126 3,126 1,825 1,734 -4,951 4,860 N/A N/A -1,200 1,200 476 3

551、95 -1,676 1,595 153 144 -1,200 1,200 474 391 -1,674 1,591 153 144 6,307 6,533 3,614 3,333 15,735 11,523 -19,349 14,856 3,606 3,367 6,307 6,533 3,614 3,333 13,616 9,756 -17,231 13,089 2,896 2,690 -1,000 1,000 221 179 -1,221 1,179 260 251 332 1,157 1,700 1,700 3,774 3,531 127 125 5,601 5,356 1,509 1,5

552、04 332 1,157 1,700 1,700 3,734 3,501 -5,434 5,201 1,339 1,329 Mainland China Securities Survey 2021123 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English c

553、ompany limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNumber of branchesTotal assetsClient monies held in segregated accountsBalance of margin trading 202

554、0200202035 aZhongtai Securities (consol. level)*-174,510 146,613 32,266 26,167 31,207 23,249 135 bZhongtai Securities (company level)*289 284 151,254 127,263 25,988 21,963 30,086 22,067 136 xZhongtai Securities (Shanghai) Assets management-1,007 896 -137 aZhongtian Securities (

555、consol. level)-10,946 9,667 2,857 2,357 1,976 1,986 137 bZhongtian Securities (company level)60 66 10,066 9,063 2,460 2,155 1,976 1,986 138 aZTF Securities(consol. level)-6,142 5,092 44 238 -138 bZTF Securities(company level)1 -6,098 5,111 44 238 -Total (consol.)Total (consol.)10,601,023 10,601,023

556、8,679,510 8,679,510 1,790,119 1,790,119 1,378,445 1,378,445 1,583,398 1,583,398 1,095,178 1,095,178 Total (company)Total (company)8,853,686 8,853,686 7,259,299 7,259,299 1,363,667 1,363,667 1,097,293 1,097,293 1,499,215 1,499,215 1,024,722 1,024,722 Financial highlights: balance sheetFinancial highl

557、ights: balance sheet* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies124Trading and derivatives financial assetsFinancial assets measured at amortised costFinancial assets at fair value through other comprehensive inc

558、ome - debt securitiesFinancial assets at fair value through other comprehensive income - equity securities202020020206,797 33,442 3,732 4,239 17,760 18,522 5,965 5,511 37,615 26,995 N/A N/A 17,760 18,522 7,745 7,309 781 631 -3,201 2,495 -34 34 2,931 2,133 -34 34 3,583 3,230 -46

559、 34 3,375 3,230 -3,403,095 3,403,095 2,877,115 2,877,115 76,727 76,727 94,725 94,725 991,256 991,256 820,534 820,534 192,594 192,594 174,125 174,125 2,585,411 2,585,411 2,167,499 2,167,499 64,250 64,250 72,769 72,769 968,348 968,348 809,541 809,541 191,726 191,726 172,730 172,730 Mainland China Secu

560、rities Survey 2021125 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name

561、 and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionLong-term investmentTrading and derivatives financial liabilitiesShort-term, long-term loans and debts issued)2020200202019135 aZhongtai Securities (consol. level)*841 68

562、4 328 398 37,752 36,061 135 bZhongtai Securities (company level)*8,335 5,789 208 128 30,827 28,676 136 xZhongtai Securities (Shanghai) Assets management-137 aZhongtian Securities (consol. level)-122 122 137 bZhongtian Securities (company level)332 332 -122 122 138 aZTF Securities(consol. level)-138

563、bZTF Securities(company level)237 84 -Total (consol.)Total (consol.)106,508 106,508 89,507 89,507 417,998 417,998 293,420 293,420 1,981,772 1,981,772 1,718,385 1,718,385 Total (company)Total (company)452,648 452,648 392,158 392,158 176,584 176,584 102,918 102,918 1,683,520 1,683,520 1,438,773 1,438,

564、773 * denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companiesFinancial highlights: balance sheetFinancial highlights: balance sheet126Short-term financing bonds payablePaid-in capital/Share capital/ReservesMinority interests

565、Net assetsNumber ofemployees 20202002020020201,604 3,933 6,969 6,272 26,310 27,638 1,151 1,097 34,430 35,007 7,758 7,718 12,579 4,535 6,969 6,272 25,343 26,830 -32,312 33,102 6,714 6,693 -167 167 429 334 -596 501 135 138 992 1,088 2,225 2,225 1,770 1,572 -3,995 3,797

566、 862 862 992 1,088 2,225 2,225 1,786 1,603 -4,011 3,828 751 751 -3,280 3,280 1,706 1,515 -4,986 4,795 809 703 -3,280 3,280 1,680 1,535 -4,960 4,815 798 691 646,506 646,506 427,935 427,935 508,108 508,108 475,198 475,198 1,832,345 1,832,345 1,539,181 1,539,181 59,457 59,457 59,675 59,675 2,399,909 2,

567、399,909 2,111,001 2,111,001 323,259323,259306,473306,473610,212 610,212 398,933 398,933 558,104 558,104 516,587 516,587 1,734,370 1,734,370 1,463,200 1,463,200 - - -2,292,474 2,292,474 2,015,617 2,015,617 271,282271,282254,817254,817Mainland China Securities Survey 2021127 2021 KPMG Huazhen LLP and

568、KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by t

569、he independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position202020020200202019*

570、 denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companiesFinancial highlights: profit and loss128Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total t

571、ax expenses/ (income) /()Net profit/ (loss) after tax/20202002020020200202019163 54 295 319 290 308 11 (4)5 10 2 (1)3 11 71 58 294 319 289 308 11 (4)5 10 2 (1)3 11 554 486 1,769 1,300 912 750 118 69 852 542 183 112 669 430 531 455 1,638 1,251 869 716 118 69 764 527 1

572、62 109 602 418 60 75 451 1,091 603 785 -(152)306 89 77 (241)229 16 10 776 597 495 404 -281 193 72 49 208 144 899 830 3,244 2,908 2,121 1,909 213 59 1,117 1,015 232 215 885 800 831 723 3,311 2,726 2,087 1,808 225 38 1,219 935 211 198 1,008 737 3 (9)279 78 93 116 6 -186 (43)46 (12)140 (31)(1)(12)268 8

573、5 82 123 1 8 186 (43)46 (12)140 (31)(237)(254)2,956 2,721 1,640 1,520 487 202 1,313 1,193 207 253 1,106 940 (273)(265)2,529 2,533 1,506 1,357 481 202 1,019 1,174 135 261 884 913 94 137 2,050 1,813 1,324 991 337 (115)720 818 188 209 532 609 116 177 1,854 1,608 1,139 799 337 (115)701 805 181 205 520 6

574、00 825 228 6,528 4,952 3,729 2,719 463 78 2,769 2,222 477 346 2,292 1,876 717 161 4,754 3,309 2,694 1,757 449 17 2,032 1,541 357 213 1,675 1,328 34 17 1,235 1,082 915 815 (0)9 316 267 79 66 237 201 67 20 1,658 1,340 863 756 40 26 785 586 174 152 611 434 55 13 1,533 1,290 801 722 40 27 723 570 159 15

575、0 564 420 101 28 3,103 2,373 2,954 2,259 377 350 144 116 42 41 102 75 46 (59)1,654 1,686 1,431 1,297 263 186 218 390 16 69 202 321 Mainland China Securities Survey 2021129 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member

576、firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission income

577、Net investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position20202002020020201912aCentury Securities (consol. level)222 165 17 2 13 2 51 50 111 (10)12bCentury Securities (company lev

578、el)222 165 17 2 13 2 56 43 105 (4)13xChangjiang Financing Services Co.-463 532 -12 16 -14aChangjiang Securities (consol. level)*3,050 1,941 794 861 332 410 1,854 2,020 135 732 14bChangjiang Securities (company level)*2,893 1,797 334 339 -1,777 2,201 153 1,052 15aChangjiang Securities Asset Managemen

579、t Co., Ltd. (consol. level)-458 412 71 67 (85)(27)15bChangjiang Securities Asset Management Co., Ltd. (company level)-479 412 40 23 (74)17 16aChasing securities co., ltd (consol. level)897 531 311 267 71 76 565 295 (61)20 16bChasing securities co., ltd (company level)645 445 311 267 83 91 523 304 (3

580、6)22 17aCICC Wealth Management (consol. level)2,437 1,531 16 38 42 54 833 649 754 (332)17bCICC Wealth Management (company level)2,383 1,492 15 22 93 121 539 588 742 122 18aChina Development Bank Securities (consol. level)71 55 291 292 111 154 1,219 268 (630)386 18bChina Development Bank Securities (

581、company level)71 54 291 292 98 138 1,217 263 (631)367 19aChina Dragon Securities (consol. level)570 368 127 120 18 21 552 383 49 265 19bChina Dragon Securities (company level)503 352 127 120 19 21 521 396 22 153 20aChina Fortune Securities (consol. level)669 427 22 101 43 26 957 249 58 81 20bChina F

582、ortune Securities (company level)562 342 13 7 43 26 718 235 29 75 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies130Net interest income/ (exp

583、enses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/20202002020020200202019219 111 638 323 526 387 4 1 120 (67)(30)(2)150 (64)218 110 637 320 525 384 4 1 120 (67

584、)(30)(3)150 (64)16 13 498 563 356 391 0(1)142 177 36 46 106 131 1,281 791 7,784 7,033 4,940 4,714 469 539 2,830 2,340 743 757 2,086 1,583 1,043 552 6,390 6,097 3,963 3,276 440 65 2,414 2,836 556 594 1,858 2,242 25 16 500 495 171 207 6 4 328 288 82 72 247 216 22 16 499 495 170 207 6 4 328 288 82 72 2

585、47 216 294 341 2,106 1,562 1,395 1,022 191 67 702 533 169 127 533 406 259 277 1,815 1,437 1,097 903 168 61 709 529 170 125 539 404 1,141 921 5,287 2,995 3,077 1,984 340 (25)2,192 1,002 357 349 1,835 653 1,121 957 4,948 3,422 2,967 2,191 340 (42)1,963 1,223 380 342 1,583 881 577 406 1,736 1,644 1,565

586、 2,288 1,025 1,634 181 (631)60 (165)121 (466)572 401 1,708 1,591 1,528 2,221 1,025 1,614 188 (617)58 (167)131 (450)559 821 1,917 2,075 1,215 1,621 347 812 698 460 204 109 494 351 401 358 1,609 1,431 997 977 208 241 608 459 153 96 456 363 229 114 2,010 1,034 1,058 1,001 23 33 968 17 178 15 790 2 198

587、74 1,578 774 836 600 23 33 742 176 179 42 563 134 Mainland China Securities Survey 2021131 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limit

588、ed by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInv

589、estment incomeFair value gains/ (losses) on trading and derivatives position202020020200202019Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports o

590、f securities companies132Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/202020020200202002020194,178 3,492 23,749 17,041 14,571 10,

591、192 496 410 9,157 6,830 1,845 1,580 7,312 5,250 3,468 2,594 14,410 11,902 6,212 5,660 405 322 8,157 6,207 1,549 1,370 6,609 4,837 (1,069)(1,095)23,660 15,755 14,912 10,186 973 160 8,713 5,302 1,451 1,054 7,262 4,248 (1,409)(1,383)11,259 8,114 8,456 5,755 379 119 2,791 2,103 201 62 2,590 2,041 2,599

592、1,895 24,278 18,708 12,975 9,914 156 96 11,309 8,774 1,805 1,461 9,504 7,313 2,255 1,626 18,844 13,560 8,949 6,837 143 84 9,904 6,729 1,294 991 8,610 5,738 66 53 1,280 1,193 273 207 -1,007 986 246 237 761 749 333 326 794 632 512 378 58 23 304 260 80 66 224 194 15 21 208 269 278 199 1 1 (70)82 10 21

593、(80)61 14 20 120 208 274 196 2 1 (155)22 (11)5 (144)17 1,331 1,559 23,351 13,693 11,186 6,528 1,396 (59)12,126 7,154 2,589 1,624 9,537 5,530 1,188 1,391 20,153 12,740 9,046 5,727 1,306 (119)11,071 7,001 2,396 1,604 8,676 5,397 339 184 1,490 1,011 578 537 10 (7)903 476 90 35 812 441 330 179 1,379 989

594、 574 530 10 (7)796 462 79 33 717 429 5 (17)330 348 417 471 129 154 (95)(130)(24)(30)(72)(100)547 444 3,162 2,223 2,205 1,902 148 316 954 230 98 44 856 186 437 330 2,407 1,632 1,590 1,521 144 318 811 111 40 (12)771 123 Mainland China Securities Survey 2021133 2021 KPMG Huazhen LLP and KPMG Advisory (

595、China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent

596、member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position20202002020020201931aCITIC Securit

597、ies (consol. level)*11,257 7,425 6,882 4,465 8,006 5,707 24,884 18,748 (6,391)(2,055)31bCITIC Securities (company level)*7,214 4,278 5,663 3,736 2,408 1,619 23,631 13,023 (8,958)622 32aCITIC Securities (Shandong) (consol. level)1,167 666 -133 303 (132)(124)32bCITIC Securities (Shandong) (company lev

598、el)1,167 666 -199 303 (133)(124)33aCITIC Securities South China Company Limited (consol. level)415 323 50 137 95 123 73 652 359 (315)33bCITIC Securities South China Company Limited (company level)415 322 50 137 92 122 26 643 367 (292)34xCredit Suisse Securties# (formerly known as Credit Suisse Found

599、er Securities)#188 71 70 46 -2 2 -35aDaton Securities (consol. level)197 152 3 5 8 10 1 (187)31 243 35bDaton Securities (company level)194 148 3 5 8 12 10 (160)18 236 36aDatong Securities Brokerage (consol. level)248 170 72 15 19 21 61 39 12 (9)36bDatong Securities Brokerage (company level)245 165 7

600、215 19 21 59 38 11 (9)37aDongguan Securities (consol. level)1,267 876 287 309 81 68 130 128 18 90 37bDongguan Securities (company level)1,194 818 287 309 76 68 125 158 26 81 38aDonghai Securities (consol. level)610 457 342 308 59 64 913 408 225 368 38bDonghai Securities (company level)506 381 342 30

601、6 58 58 555 110 472 365 39aDongxing Securities (consol. level)*993 691 1,322 1,016 203 356 1,846 587 (296)498 39bDongxing Securities (company level)*944 654 1,284 975 251 435 1,236 (70)(341)488 40xDongzheng RonghuiSecurities Asset management-154 163 (9)(6)29 60 Financial highlights: profit and lossF

602、inancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies134Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total t

603、ax expenses/ (income) /()Net profit/ (loss) after tax/202020020200202002020192,587 2,045 54,383 43,140 33,744 26,129 7,076 2,590 20,470 16,995 4,954 4,347 15,517 12,648 1,484 1,498 31,594 25,577 16,616 11,142 6,216 1,504 14,902 14,448 2,560 2,747 12,342 11,701 621 45

604、7 1,806 1,319 1,095 792 34 5 715 524 180 132 535 392 601 425 1,849 1,286 1,125 784 67 5 729 499 168 125 561 374 252 (157)1,253 4,067 960 4,628 415 204 143 (612)29 (180)114 (432)250 (208)1,205 788 939 1,131 415 23 117 (395)33 (119)84 (276)23 21 283 153 267 205 (9)(1)16 (52)4 (10)12 (42)259 229 503 45

605、5 242 249 4 (6)259 206 65 53 194 153 255 212 491 455 226 231 4 (6)263 225 65 49 198 176 88 78 509 324 344 292 19 3 170 35 33 6 137 29 88 78 502 318 333 281 19 3 174 40 33 6 141 34 698 557 3,165 2,086 2,089 1,250 158 119 1,061 834 257 197 805 637 648 494 2,430 1,972 1,407 1,166 157 120 1,009 804 238

606、185 770 619 61 (25)2,269 1,642 1,544 1,432 278 477 718 219 262 156 457 63 131 142 2,113 1,414 1,588 1,224 564 507 521 190 171 44 350 146 849 786 5,687 4,475 3,736 3,075 656 467 1,945 1,453 405 232 1,540 1,221 962 898 4,355 3,411 2,394 2,019 342 151 1,950 1,445 320 217 1,631 1,228 1 1 189 232 85 87 -

607、104 145 23 34 81 111 Mainland China Securities Survey 2021135 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights r

608、eserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gain

609、s/ (losses) on trading and derivatives position20202002020020201941aEast Asia Qianhai Securities (consol. level)# #30 5 272 104 6 9 247 66 (25)-41bEast Asia Qianhai Securities (company level)# ()# 30 5 272 104 31 15 133 44 63 17 42aEastmoney Securities (consol. level)3,341 1,86

610、1 11 46 9 7 297 200 16 1 42bEastmoney Securities (company level)2,967 1,642 11 46 9 7 286 195 1 6 43aEssence Securities (consol. level)3,325 2,296 1,014 785 363 315 2,191 909 1,011 2,133 43bEssence Securities (company level)2,982 1,984 998 756 146 556 2,381 704 696 2,092 44xEssence Securities Asset

611、Management Company Limited -N/A -N/A359 N/A2 N/A4 N/A45aEverbright Securities (consol. level)*#*#3,656 2,512 1,987 1,378 1,497 1,237 2,807 2,162 (465)135 45bEverbright Securities (company level)*#*#2,823 1,908 1,950 1,326 -2,904 1,657 893 1,682 46xEverbright Securities Asset management Co., Ltd. -1,

612、426 1,185 22 79 21 (28)47aFirst Capital Investment Banking Co., Ltd. (consol. level)-308 201 -5 26 29 2 47bFirst Capital Investment Banking Co., Ltd. (company. level)-308 201 -12 26 22 2 48aFirst Capital Securities (consol. level) *418 287 447 415 687 751 1,109 683 72 354 48bFirst Capital Securities

613、 (company level) *(*412 284 156 203 246 385 1,013 533 20 311 49xFounder Financing Services Co., Ltd.-600 407 -25 (5)3 13 50aFounder Securities (consol. level)*4,149 2,756 655 501 259 331 1,255 1,918 (619)(704)50bFounder Securities (company level)*3,676 2,371 39 42 282 532 1,095 1,198 (379)(109)Finan

614、cial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies136Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (w

615、rite back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/2020200202002020020201976 68 612 254 569 262 66 6 43 2 -43 2 7668 610 253 567 262 66 6 43 2 -43 2 1,326 712 5,076 2,857 1,592 1,179 28 8 3,471 1,670 511 235 2,960 1,435 1,262 671 4

616、,598 2,594 1,202 941 27 8 3,384 1,646 493 229 2,891 1,417 2,698 1,955 11,749 9,187 7,256 5,887 562 390 4,479 3,288 967 820 3,512 2,468 2,059 1,380 9,448 7,591 5,451 4,659 516 356 3,971 2,919 760 731 3,211 2,188 17 N/A381 N/A225 N/A-N/A156 N/A39 N/A117 N/A2,114 1,573 15,866 10,057 10,330 7,211 945 1,

617、536 3,999 1,219 1,532 525 2,466 694 1,625 1,093 10,485 7,981 4,555 7,085 664 3,724 5,922 882 1,224 101 4,699 781 40 32 1,511 1,269 523 549 -986 721 245 180 740 541 7 7 349 236 222 193 0 -128 43 33 11 96 32 7 7 349 236 222 193 0 -128 43 33 11 96 32 121 (92)3,120 2,583 2,123 1,896 222 314 1,046 693 16

618、7 110 879 583 54 (144)2,127 1,710 1,432 1,269 206 307 741 444 82 54 659 390 21 43 716 518 603 488 (9)(1)133 31 32 26 101 5 1,560 1,376 7,542 6,595 5,943 5,489 970 469 1,548 1,129 350 146 1,198 983 1,421 1,116 6,288 5,254 5,069 3,905 1,493 460 1,147 1,369 272 90 875 1,279 Mainland China Securities Su

619、rvey 2021137 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo

620、 are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position20

621、202002020020201951aGalaxy Jinhui Asset management Co., Ltd (consol. level)-563 626 57 15 (2)4 51bGalaxy Jinhui Asset management Co., Ltd (company level)-571 631 (20)(2)7 (22)52aGF Securities (consol. level)*6,572 4,198 649 1,438 6,598 3,911 7,147 6,036 666 1,097 52bGF Securitie

622、s (company level)*6,042 3,818 572 1,366 -5,165 4,850 0 84 53aGF Securities Asset management (Guangdong) (consol. Level)-1,248 1,262 319 626 (9)(16)53bGF Securities Asset management (Guangdong) (company level)-1,282 1,329 233 112 (47)88 54aGolden Sun Securities (consol. level)934 528 143 156 70 83 37

623、6 320 (139)447 54bGolden Sun Securities (company level)918 522 141 154 -364 311 (140)442 55xGolden Sun Securities Asset management Co., Ltd.-67 81 12 9 1 6 56xGoldman Sachs Gao Hua Securities #-9 82 -1 1 -57aGoldstate Securities (consol. level)197 147 43 60 36 46 268 271 (40)17 57bGoldstate Securiti

624、es (company level)197 147 43 60 36 46 251 257 (50)12 58aGreat Wall Glory Securities (consol. level)126 88 32 98 96 85 146 200 7 (64)58bGreat Wall Glory Securities (company level)113 75 32 98 93 83 63 40 3 1 59aGreat Wall Securities (consol. level)*1,034 665 451 597 106 161 1,903 1,034 64 440 59bGrea

625、t Wall Securities (company level)*918 607 451 597 105 160 1,863 964 30 467 60aGuoDu Securities (consol. level)395 271 163 165 27 46 941 420 (31)309 60bGuoDu Securities (company level)373 252 163 165 27 46 838 479 (10)142 Financial highlights: profit and lossFinancial highlights: profit and loss* den

626、otes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies138Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (los

627、s) after tax/20202002020020200202019(15)43 604 687 473 612 30 60 131 75 33 19 98 56 21 26 580 633 447 558 6 9 133 74 33 18 99 56 4,254 3,168 29,153 22,810 15,525 12,110 856 681 13,599 10,276 2,828 2,166 10,771 8,110 3,763 2,820 16,662 13,676 7,869 6,478 382 225 8,775

628、 7,191 1,435 1,262 7,340 5,929 (28)(235)1,731 1,779 501 528 1 8 1,229 1,252 304 309 924 943 84 55 1,752 1,724 495 513 1 8 1,256 1,211 311 298 945 913 471 275 1,904 1,859 1,783 1,441 193 93 104 414 40 105 64 309 460 265 1,786 1,743 1,580 1,277 148 66 189 462 35 110 154 352 1 2 81 97 140 129 45 26 (59

629、)(32)5 (5)(64)(27)55 45 426 518 346 (431)-81 87 22 22 58 65 289 247 1,197 1,209 1,059 843 207 (90)130 331 28 90 102 241 273 224 755 752 708 467 198 (97)38 238 6 67 32 171 227 213 641 629 563 1,008 230 578 83 (372)29 (50)54 (322)247 277 556 584 406 576 121 271 150 14 42 4 108 10 425 263 6,869 3,899 5

630、,037 2,698 98 6 1,827 1,202 296 187 1,531 1,015 370 209 3,806 3,063 2,087 1,917 68 6 1,711 1,147 266 177 1,445 970 253 264 1,769 1,497 762 814 6 14 1,011 685 167 145 844 540 239 250 1,641 1,349 677 723 6 14 968 627 163 123 805 504 Mainland China Securities Survey 2021139 2021 KPMG Huazhen LLP and KP

631、MG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the

632、 independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position20202002020020201961a

633、Guolian Securities(consol. level) *526 360 275 246 72 65 592 215 87 213 61bGuolian Securities (company level) *526 360 27 18 78 71 600 220 57 213 62aGuorong Securities (consol. level)206 178 379 425 80 80 327 213 (26)251 62bGuorong Securities (company level)123 97 377 420 80 80 355 208 (68)246 63aGu

634、osen Securities (consol. level) *6,424 4,092 1,892 1,426 276 236 4,894 4,505 67 712 63bGuosen Securities (company level) *6,112 3,887 1,847 1,403 257 232 4,888 3,869 (150)663 64aGuotai Junan Securities (consol. level)*8,433 5,630 3,735 2,593 1,545 1,665 8,799 7,311 433 1,700 64bGuotai Junan Securiti

635、es (company level)*7,593 5,159 3,188 1,891 -4,489 6,860 145 969 65aGuotai Junan Securities Asset management (consol. level)-1,738 1,754 224 143 89 53 65bGuotai Junan Securities Asset management (company level)-1,738 1,756 220 145 93 50 66aGuoyuan Securities (consol. level)*1,011 682 622 400 83 118 9

636、92 518 25 142 66bGuoyuan Securities (company level)*905 625 613 387 92 147 904 223 16 7 67aHaitong Securities (consol. level)*5,208 3,571 4,939 3,457 3,372 2,395 10,349 9,231 1,271 2,369 67bHaitong Securities (company level)*4,368 2,904 3,537 2,033 -6,462 5,638 (803)1,454 68xHengtai changcaiSecuriti

637、es-289 283 -69aHengtai Securities (consol. level) *934 693 313 316 48 48 913 760 (196)710 69bHengtai Securities (company level) *840 649 25 34 48 38 762 578 (4)510 70aHongta Securities (consol. level)*246 184 155 70 136 90 2,857 1,532 (315)291 70bHongta Securities (company level)*229 170 155 70 24 8

638、 2,596 1,427 (396)280 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies140Net interest income/ (expenses)/() Operating incomeOperating expenses

639、Asset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/20202002020020200202019306 497 1,876 1,619 1,088 932 12 (12)788 686 200 165 588 521 267 443 1,572 1,347 818 701 11 (14)753 645 185 159 568 486 28 13 1,04

640、6 1,231 894 1,198 (16)393 148 35 48 9 100 26 (9)(28)897 1,068 738 1,028 (20)393 157 42 35 8 122 34 3,148 1,700 18,784 14,093 10,151 7,628 1,002 1,021 8,344 6,232 1,725 1,318 6,618 4,914 2,967 1,750 16,271 12,235 7,928 5,888 967 648 8,030 6,101 1,474 1,246 6,556 4,855 5,691 5,227 35,200 29,949 20,249

641、 18,490 1,312 2,070 14,872 11,445 3,135 2,394 11,737 9,051 4,560 4,289 20,819 20,057 10,150 9,333 784 1,021 10,632 10,684 2,282 1,937 8,350 8,747 (9)(38)2,249 2,058 1,295 1,166 54 52 933 896 214 161 718 735 10 (42)2,249 2,054 1,295 1,162 54 48 933 896 214 161 718 735 1,539 1,279 4,529 3,199 2,774 2,

642、094 490 369 1,734 1,151 363 236 1,371 915 1,196 1,044 3,764 2,478 2,307 1,803 473 324 1,433 713 256 137 1,177 576 4,891 4,148 38,220 34,860 22,358 21,053 4,597 2,839 15,757 13,872 3,720 3,331 12,037 10,541 2,508 2,752 16,750 15,259 7,799 6,817 1,800 913 8,969 8,521 1,695 1,776 7,275 6,745 13 14 306

643、299 242 243 -1 61 56 16 14 45 42 277 182 2,732 3,202 2,186 2,192 185 339 599 975 116 212 482 763 293 217 2,022 2,079 1,441 1,444 182 331 647 600 114 119 533 481 (256)(240)5,585 2,066 3,745 939 171 35 1,855 1,125 403 278 1,452 847 (344)(275)2,269 1,689 847 650 166 20 1,434 1,037 304 251 1,130 786 Mai

644、nland China Securities Survey 2021141 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in Chin

645、a. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading a

646、nd derivatives position20202002020020201971aHongxin Securities (consol. level)304 214 174 150 108 123 165 208 126 14 71bHongxin Securities (company level)304 214 174 150 110 126 155 212 (112)16 72xHSBC Qianhai Securities#23 10 69 26 -10 -(0)-73aHuaan Securities (consol. level)*

647、1,006 708 152 191 311 113 1,377 1,019 (342)557 73bHuaan Securities (company level)*876 629 152 191 369 146 894 752 48 437 74aHuachuang Securities(consol. level)882 619 419 241 145 143 1,300 798 70 330 74bHuachuang Securities (company level)840 593 419 241 144 143 1,330 633 138 471 75aHuafu Securitie

648、s (consol. level)900 555 238 202 333 317 892 897 1,076 174 75bHuafu Securities (company level)902 555 238 202 154 102 442 860 53 (102)76aHuajin Securities (consol. level) 76 44 378 236 35 31 201 459 168 57 76bHuajin Securities (company level) 76 44 378 236 48 32 330 338 (70)63 77aHuarong Securities

649、(consol. level)N/A224 N/A231 N/A55 N/A777 N/A722 77bHuarong Securities (company level)N/A224 N/A231 N/A428 N/A90 N/A71 78aHuatai Securities (consol. level)*6,460 4,108 3,644 1,947 2,980 2,772 17,111 9,849 (2,748)2,057 78bHuatai Securities (company level)*6,004 3,778 412 292 -9,180 6,150 (1,273)2,118

650、 79aHuatai Securities (Shanghai) Asset management Co., Ltd. (consol. level)-1,469 1,445 1,535 972 (667)83 79bHuatai Securities (Shanghai) Asset management Co., Ltd. (company level)-1,982 1,761 298 140 (222)363 80xHuatai United Securities-2,860 1,526 -154 70 (21)126 Financial highlights: profit and l

651、ossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies142Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Tot

652、al tax expenses/ (income) /()Net profit/ (loss) after tax/2020200202002020020201985 65 732 807 582 558 85 29 147 249 36 63 110 186 76 52 730 804 580 557 84 35 146 248 39 63 108 185 15 36 260 194 395 379 (0)-(136)(179)-(136)(179)667 541 3,357 3,232 1,711 1,738 138 428

653、 1,632 1,483 366 269 1,265 1,214 416 384 2,797 2,584 1,372 1,415 55 270 1,412 1,158 296 219 1,116 939 (36)103 3,222 2,502 2,295 1,775 363 167 931 737 218 194 712 543 (132)(6)2,893 2,129 2,154 1,648 363 166 736 486 136 129 600 357 483 453 4,041 2,784 2,431 1,785 356 291 1,606 994 192 160 1,414 834 45

654、7 426 2,306 2,116 1,914 1,450 3 135 382 661 (39)(2)421 663 (90)(118)809 970 678 703 41 (18)126 267 33 64 93 203 (30)(26)776 956 665 695 41 (18)106 260 28 63 78 197 N/A1,107 N/A3,264 N/A3,227 N/A2,090 N/A36 N/A(11)N/A47 N/A212 N/A1,297 N/A1,361 N/A277 N/A(65)N/A(69)N/A4 2,605 2,122 31,445 24,863 17,9

655、44 13,255 1,306 720 13,504 11,586 2,634 2,529 10,870 9,057 1,868 1,351 15,965 14,170 9,095 6,663 1,239 531 6,894 7,500 971 1,211 5,924 6,289 7 (55)2,663 2,741 1,090 987 0 126 1,570 1,752 397 425 1,172 1,327 35 35 2,468 2,594 841 860 (2)147 1,624 1,733 398 425 1,226 1,308 62 57 3,081 1,796 2,246 1,30

656、2 (3)(6)831 484 209 121 622 363 Mainland China Securities Survey 2021143 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. A

657、ll rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair

658、 value gains/ (losses) on trading and derivatives position20202002020020201981aHuaxi Securities (consol. level)*1,705 1,003 446 520 110 83 1,039 831 292 296 81bHuaxi Securities (company level)*1,658 972 446 520 110 86 1,152 726 66 363 82xHuaying Securities -298 232 -9 21 14 4 8

659、3aHwabao Securities (consol. level)276 168 5 2 65 45 55 71 92 167 83bHwabao Securities (company level)276 168 5 2 65 45 47 69 85 192 84aIndustrial Asset management Co., Ltd (consol. level)-151 271 158 71 (145)(127)84bIndustrial Asset management Co., Ltd (company. level)-166 281 42 (20)(46)(46)85aInd

660、ustrial Securities (consol. level)*2,778 1,563 1,379 744 140 295 5,119 2,601 (377)1,557 85bIndustrial Securities (company)*2,622 1,442 1,315 636 -2,776 2,149 743 1,886 86xJ.P. Morgan Securities (China) Company Limited #1 -4 -0 -87aJianghai Securities (consol. level)335 247 406 392 40 116 713 310 360

661、 510 87bJianghai Securities(company level)315 230 406 392 40 117 601 289 362 512 88xJinyuan President Securities Corporation Limited #0 N/A1 N/A-N/A8 N/A5 N/A89aJZ Securities (consol. level)52 53 204 172 61 65 108 22 44 94 89bJZ Securities (company level)41 37 204 172 56 60 9 19 (120)47 90aKaiyuan S

662、ecurities (consol. level)456 193 1,032 850 215 287 494 34 161 343 90bKaiyuan Securities (company level)274 171 1,032 849 215 287 459 (6)158 347 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySo

663、urces: 2020 annual reports of securities companies144Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/202020020200202002020191,041 1,

664、170 4,683 3,937 2,252 2,066 85 37 2,453 1,865 551 433 1,902 1,432 915 1,014 4,391 3,709 2,173 1,991 97 29 2,242 1,710 510 400 1,732 1,310 12 18 335 276 254 227 0 -82 49 22 13 60 36 268 227 775 691 595 538 1 5 174 153 35 31 139 122 266 224 758 710 591 535 (1)2 161 175 30 37 130 138 (5)(17)226 266 132

665、 140 1 1 92 125 16 35 76 90 (8)(20)222 263 129 138 1 1 92 125 16 35 76 90 1,167 751 17,580 14,250 11,380 11,589 637 747 6,156 2,630 1,572 715 4,584 1,915 1,067 623 8,752 6,948 4,804 4,645 266 185 3,911 2,277 950 470 2,961 1,807 9 4 212 2 393 115 -(181)(112)(3)(26)(178)(86)(29)(68)1,864 1,558 1,707 1

666、,377 800 417 162 213 30 27 132 186 (40)(85)1,719 1,502 1,667 1,325 800 417 57 209 (4)24 60 185 12 N/A17 N/A60 N/A-N/A(18)N/A1 N/A(19)N/A148 100 631 513 465 479 116 90 166 35 33 10 132 25 141 92 345 434 430 430 116 90 (85)5 (15)(2)(70)7 445 346 2,829 2,070 1,998 1,469 92 75 829 559 205 149 623 410 43

667、0 333 2,586 1,990 1,777 1,400 91 74 805 553 198 144 607 409 Mainland China Securities Survey 2021145 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English com

668、pany limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission

669、 incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position20202002020020201991x Kington Securities0 -92a Lianchu Securities106 71 97 70 29 20 312 271 181 262 92b Lianchu Securities106 71 97 70 29 20 403 249 17 265 93aMinmetals Securities Brokerage (c

670、onsol. level)97 64 645 275 146 141 405 357 (9)128 93bMinmetals Securities Brokerage (company level)97 64 642 274 145 141 405 357 (9)128 94aMinsheng Securities (consol. level)556 391 1,613 697 55 46 1,301 1,028 100 604 94bMinsheng Securities (company level)(521 373 1,613 697 56 49 1,117 905 (119)274

671、95xMorgan Stanley HuaxinSecurities #-149 99 -1 -96aNanjing Securities (consol. level)*659 604 258 302 49 74 389 213 57 182 96bNanjing Securities (company level)*530 390 258 301 49 72 374 198 25 77 97aNew Times Securities (consol. level)333 285 55 28 58 66 357 472 (694)(24)97bNew Times Securities (co

672、mpany level)333 285 55 28 58 66 401 512 (307)(6)98xNomura Orient International Securities Co., Ltd #22 -0 -95 -(7)-99aNortheast Securities (consol. level)*1,021 751 281 331 154 163 1,925 1,171 502 1,100 99bNortheast Securities (company level)*964 661 281 331 -1,727 896 538 1,022 100 x N-Securities36

673、 32 1 5 1 4 (0)44 (0)119 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies146Net interest income/ (expenses)/() Operating incomeOperating expen

674、sesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/202020020200202002020193 4 3 4 2 3 (0)-1 1 -1 1 82 151 869 915 810 770 171 158 52 135 10 31 42 104 79 147 791 873 793 753 171 158 (9)109 (41)14 32 95

675、512 414 1,810 1,387 1,197 956 169 201 614 425 154 104 460 321 496 405 1,790 1,376 1,188 948 169 201 603 422 151 103 452 319 (116)(320)3,632 2,688 2,341 2,033 149 61 1,230 652 311 120 919 532 (154)(360)3,092 2,008 2,091 1,690 47 11 938 316 222 50 716 266 7 12 328 132 325 268 -4 (134)2 (25)1 (109)906

676、790 2,365 2,202 1,318 1,247 92 38 1,038 946 223 231 815 715 885 766 2,134 1,822 1,162 1,019 92 38 960 793 197 192 763 601 279 232 1,604 1,954 1,406 1,343 34 6 191 597 154 158 37 439 239 161 786 1,058 582 663 19 (6)198 381 31 87 167 294 16 18 127 57 203 111 1 -(69)(54)-(69)(54)138 (80)6,610 7,969 4,7

677、94 6,691 252 242 1,807 1,276 340 233 1,467 1,043 114 (100)3,699 2,875 2,001 1,950 237 221 1,690 924 364 165 1,326 759 13 (56)52 155 108 158 (1)1 (57)(591)3 701 (60)(1,292)Mainland China Securities Survey 2021147 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG gl

678、obal organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RM

679、B millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position202020020200202019101 aOrient Securities (consol. level)*2,621 1,546 1,582 1,050

680、2,465 1,800 5,012 3,415 1,376 937 101 bOrient Securities (company level)*2,099 1,265 592 335 -4,609 3,023 837 1,208 102 xOrient Securities Asset management Co., Ltd. -2,440 1,772 15 28 226 77 103 xOrient Securities Investment Banking Co.,Ltd-969 613 -36 26 2 -104 aPacific Securities (consol. level)*

681、496 330 203 108 132 148 589 687 (281)706 104 bPacific Securities (company level)*496 330 203 107 132 148 625 652 (255)660 105 aPingan Securities (consol. level)3,884 2,400 1,476 1,120 474 442 1,223 1,717 164 (33)105 bPingan Securities (company level)3,660 2,269 1,439 1,073 426 365 1,228 1,658 154 67

682、 106 aSealand Securities (consol. level)*822 543 422 358 339 297 1,386 760 66 220 106 bSealand Securities (company level)*628 415 422 358 347 288 1,276 685 34 107 107 xShanghai Haitong Securities Asset management Co., Ltd. -1,407 970 398 78 (71)178 108 aShanghai Securities (consol. level)719 523 47

683、57 31 40 368 263 62 256 108 bShanghai Securities (company level)611 441 47 57 36 48 273 184 93 209 109 aShanxi Securities (consol. level)*520 431 652 572 78 91 1,696 1,064 (227)257 109 bShanxi Securities (company level)*520 341 284 232 86 106 1,537 1,051 (56)43 110 aShengang Securities Company Limit

684、ed (consol. level)#35 24 626 211 41 14 414 270 131 155 110 bShengang Securities Company Limited(company level)#35 24 626 211 41 14 413 270 132 155 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities compan

685、ySources: 2020 annual reports of securities companies148Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/20202002020020200202019779 8

686、91 23,134 19,052 20,437 16,301 3,885 1,044 2,786 2,855 65 376 2,722 2,479 706 843 8,969 6,666 7,883 4,257 3,881 1,013 1,097 2,393 (439)(9)1,536 2,402 32 49 2,862 1,945 1,844 1,168 0 (6)1,077 856 267 255 810 601 25 29 1,036 668 935 630 (0)-105 57 26 12 79 45 22 (229)1,172 1,777 1,858 1,194 766 (0)(1,

687、071)628 (316)154 (756)474 8 (218)1,215 1,702 1,826 1,155 754 (6)(997)594 (307)165 (689)429 1,871 1,181 13,618 11,649 9,688 8,651 779 452 3,884 2,987 782 611 3,102 2,376 1,802 1,138 9,099 7,003 5,402 4,122 773 456 3,651 2,870 706 545 2,945 2,325 409 534 4,482 3,560 3,433 2,845 568 434 1,041 717 232 1

688、73 810 544 323 446 3,067 2,329 2,278 1,856 529 430 781 469 156 105 625 364 (82)(85)1,793 1,377 856 501 -937 924 232 228 705 696 459 355 1,713 1,530 1,113 1,160 87 114 599 379 133 77 466 302 427 361 1,509 1,335 915 968 83 69 594 377 131 75 463 302 7 (143)3,342 5,102 2,333 4,435 103 159 1,006 666 244

689、146 762 520 (142)(191)2,333 1,689 1,133 975 30 30 1,192 712 251 127 941 585 83 63 1,422 785 1,006 707 2 48 415 75 84 -331 75 80 63 1,418 785 1,005 707 2 48 412 75 83 -329 75 Mainland China Securities Survey 2021149 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG

690、 global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation

691、.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position202020020200202019111 xShenwan HongyuanFinancing Services Co.-795 499 -28 45 1

692、2 3 112 aShenwan HongyuanSecurities (consol. level) 5,526 3,6971,424 1,222 1,224 1,260 5,387 5,205 1,025 82 112 bShenwan HongyuanSecurities (company level) 4,369 3,019 547 475 1,322 1,381 6,125 4,866 1,371 16 113 xShenwan HongyuanSecurities (Western)724 467 -21 50 8 (1)114 aSinolink Securities (cons

693、ol. level)*1,651 1,140 1,666 901 114 96 1,340 994 71 245 114 bSinolink Securities (company level)*1,557 1,081 1,657 877 106 91 1,517 1,117 (18)139 115 aSoochow Securities (consol. level)*1,525 1,050 1,083 625 139 161 2,151 1,907 154 (437)115 bSoochow Securities (company level)*1,363 965 1,086 625 76

694、 102 1,682 1,176 (3)176 116 aSouthwest Securities (consol. level)*)*747 583 250 295 30 55 1,690 1,295 (1)906 116 bSouthwest Securities (company level)*708 558 230 265 31 59 1,478 1,358 (135)602 117 aTebon Securities (consol. level)181 113 181 242 287 388 441 233 163 208 117 bTebon Securities (compan

695、y level)137 94 181 241 156 305 362 208 130 171 118 xTebon Securities Asset Management -N/A-N/A2 N/A0 N/A-N/A119 aTF Securities (consol. level)*789 577 1,025 744 837 667 1,325 1,221 505 323 119 bTF Securities (company level)*717 544 919 738 785 677 1,152 850 242 326 120 xTianfeng (Shanghai ) Securiti

696、es Asset management Co., Ltd-N/A -N/A33 N/A2 N/A-N/AFinancial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies150Net interest income/ (expenses)/() Oper

697、ating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/20202002020020200202084634260042113 3,850 3,143 20,553 16,768 11,032 10,015 775 672 9,483 6,730 1,527

698、 1,067 7,957 5,663 2,567 1,917 16,620 11,972 7,244 6,181 730 409 9,338 5,768 1,058 857 8,280 4,911 514 446 1,274 966 425 432 2 1 848 534 211 124 637 410 945 771 6,063 4,350 3,722 2,697 100 14 2,424 1,706 551 408 1,874 1,298 711 562 5,696 3,988 3,456 2,412 71 (36)2,317 1,625 523 377 1,794 1,248 596 3

699、28 7,356 5,130 5,055 3,794 727 259 2,273 1,334 560 355 1,714 979 456 197 4,712 3,268 2,802 1,895 577 109 1,883 1,367 359 306 1,524 1,061 331 188 3,170 3,489 1,970 2,383 196 316 1,182 1,099 124 134 1,058 965 382 225 2,722 3,120 1,895 1,772 483 50 809 1,341 49 74 760 1,267 142 224 1,404 1,416 907 1,12

700、2 26 66 104 91 14 18 90 73 106 198 1,082 1,224 668 883 28 63 51 128 4 20 47 108 6 N/A8 N/A1 N/A0 N/A7 N/A2 N/A5 N/A(468)(373)4,360 3,846 3,510 3,448 481 484 888 462 200 41 688 421 (638)(438)3,303 2,808 2,856 2,375 406 282 473 493 78 104 395 389 0 N/A36 N/A26 N/A2 N/A17 N/A4 N/A13 N/AMainland China S

701、ecurities Survey 2021151 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG n

702、ame and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivative

703、s position202020020200202019121 aUBS Securities (consol. level) #400 293 208 138 -65 98 2 (1)121 bUBS Securities (company level) #393 291 208 138 -65 98 2 (1)122 aWanhe Securities113 88 55 21 3 5 576 416 (189)46 122 bWanhe Securities113 88 55 21 3 5 567 415 (185)43 123 aWanlian

704、 Securities (consol. level)476 341 125 128 74 114 549 52 (127)80 123 bWanlian Securities (company level)502 341 125 128 138 115 297 157 (40)(50)124 aWestern Securities (consol. level)*1,037 659 529 318 12 22 1,555 1,483 211 160 124 bWestern Securities (company level)*1,020 659 529 318 20 30 1,432 1,

705、465 270 290 125 aXiangcai Securities (consol. level)642 445 114 104 53 105 330 91 (5)343 125 bXiangcai Securities (company level)648 449 114 104 54 105 339 120 (2)324 126 aYingda Securities (consol. level)255 181 20 153 61 55 182 83 38 97 126 bYingda Securities (company level)225 154 20 153 57 53 17

706、0 80 38 89 127 aYintai Securities (consol. level)146 110 5 7 1 2 183 219 (32)(18)127 bYintai Securities (company level)146 110 5 7 1 2 111 194 (32)(18)128 xYongxing Asset management-N/A -N/A -N/A 0 N/A -N/A 129 aYongxing Securities (consol. level)3 N/A -N/A -N/A 1 N/A 51 N/A 129 bYongxing Securities

707、 (company level)3 N/A -N/A -N/A 1 N/A 51 N/A 130 aYuekai Securities Co., Ltd (consol. level)309 190 78 78 29 36 120 88 33 86 130 bYuekai Securities Co., Ltd (company level)309 190 78 78 29 36 111 79 16 89 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed secu

708、rities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies152Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/202

709、02002020020200202019N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Mainland China Securities Survey 2021153 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent m

710、ember firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.RMB millionNet brokerage commission

711、incomeNet investment banking commission incomeNet asset management commission incomeInvestment incomeFair value gains/ (losses) on trading and derivatives position202020020200202019131 aZhejiang ZheshangSecurities Asset management Co., Ltd. (consol. level)-36025727614(188)97 13

712、1 bZhejiang ZheshangSecurities Asset management Co., Ltd. (company level)-4022574713541 132 aZheshang Securities (consol. level)*1,469 898 1,026 313 339 266 2,117 1,202 (630)142 132 bZheshang Securities (company level)*1,515 899 1,026 313 -1,392 1,279 (336)106 133 xZhongde Securities #-395345-293-13

713、4 aZhongshan Securities (consol. level)581 448 726 631 45 73 554 691 (234)(158)134 bZhongshan Securities (company level)223 154 726 631 60 98 326 297 (265)(70)135 aZhongtai Securities (consol. level)*3,600 2,4321,0921,1133283841,6601,729428749 135 bZhongtai Securities (company level)*3,466 2,285 962

714、 970 -1,303 1,156 469 821 136 xZhongtai Securities (Shanghai) Assets management()-409434222021 137 aZhongtian Securities (consol. level)()199 234(11)46 137 bZhongtian Securities (company level)()167 133 13 4 6 9 266 216 (14)41 138 aZTF Securities (consol. level)1 -535 430 -147 12 330 293

715、138 bZTF Securities (company level)1 -535 430 -147 12 276 293 Total (consol.)Total (consol.)145,489 145,489 95,284 95,284 73,305 73,305 53,817 53,817 43,289 43,289 35,891 35,891 192,391 192,391 136,347 136,347 (4,862)(4,862)29,845 29,845 Total (company)Total (company)129,555 129,555 84,255 84,255 67

716、,316 67,316 48,335 48,335 29,439 29,439 27,191 27,191 152,217 152,217 109,555 109,555 (3,853)(3,853)32,250 32,250 Financial highlights: profit and lossFinancial highlights: profit and loss* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of

717、securities companies154Net interest income/ (expenses)/() Operating incomeOperating expensesAsset impairment charge/ (write back)/Profit/ (loss)/Total tax expenses/ (income) /()Net profit/ (loss) after tax/2020200202002020020201924 234853963802866818413234

718、8441 600 307 10,637 5,659 8,464 4,364 201 (30)2,166 1,289 539 321 1,627 968 405 152 4,079 2,793 2,374 1,527 186 (32)1,692 1,260 420 244 1,272 1,016 12 33 438 384 378 343 4 4 60 42 19 14 42 28 18 (154)1,740 1,575 1,395 1,277 83 (5)357 299 97 64 260 235 136 82 1,256 1,236 940 946

719、 26 (4)328 291 87 61 241 230 2,083 1,502 10,352 9,709 7,035 6,863 402 268 3,275 2,833 694 539 2,581 2,294 1,638 1,179 8,042 6,689 4,990 4,224 158 121 3,041 2,455 615 425 2,426 2,030 5 44935319479 152 144 661 604 406 400 12 5 253 205 54 49 199 156 147 141 588 550 350 355 12 5 237 196

720、 53 47 184 149 20 28 1,041 772 751 540 18 2 260 221 78 64 182 157 16 26 983 770 744 522 18 2 209 238 64 65 145 173 71,245 71,245 56,524 56,524 620,949 620,949 495,098 495,098 391,986 391,986 325,927 325,927 42,614 42,614 30,436 30,436 225,603 225,603 165,852 165,852 47,416 47,416 37,122 37,122 178,1

721、87 178,187 128,726 128,726 59,611 59,611 45,827 45,827 446,752 446,752 360,228 360,228 255,112 255,112 209,952 209,952 35,922 35,922 21,682 21,682 189,889 189,889 148,195 148,195 34,979 34,979 28,730 28,730 154,911 154,911 119,526 119,526 Mainland China Securities Survey 2021155 2021 KPMG Huazhen LL

722、P and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under licens

723、e by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net inv

724、estment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 1aAJ Securities (consol. level)()0%1%98%97%45%35%27%7%1%4%1bAJ Securities (company level)() 0%1%98%97%45%35%27%7%1%4%2aAVIC Securities Co., Ltd. (consol.

725、level) ()9%8%52%58%21%18%18%20%8%9%2bAVIC Securities Co., Ltd. (company level) () 8%8%53%57%22%19%20%21%8%7%3aBeijing Gao Hua Securities (consol. level)-7%6%134%72%59%11%0%8%0%0%3bBeijing Gao Hua Securities (company level)8%6%64%68%32%19%0%0%0%0%4aBOC International (China) Limited (consol. level) *

726、#*#6%6%65%66%30%21%9%7%25%25%4bBOC International (China) Limited (company level) * #*#8%6%63%66%27%21%9%8%24%26%5aBohai HuijinSecurities Asset management Co., Ltd. (consol. level) 13%-3%33%149%-5bBohai HuijinSecurities Asset management Co., Ltd. (company level) 13%-3%31%145%-6aBohai Securities (cons

727、ol. level) 5%5%55%56%16%12%5%15%2%4%6bBohai Securities (company level) 4%5%60%54%18%13%6%16%0%0%7aCaida Securities (consol. level)*6%7%65%55%36%30%13%11%2%1%7bCaida Securities (company level)*6%7%61%50%39%33%15%13%2%1%8aCaitong Securities (consol. level)*10%9%57%55%18%16%9%8%18%22%8bCaitong Securiti

728、es (company level)*8%7%57%53%26%26%12%12%0%0%Financial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies156Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commiss

729、ion incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020

730、2019 2020 2020 2019 9%30%16%15%280%-48%-66%-28%-72%-18%-48%108%-68%199%270%9%27%16%15%280%-48%-66%-28%-69%-20%-48%108%-68%195%258%10%15%53%42%25%211%26%122%-9%-21%57%170%56%208%215%8%14%55%42%25%211%41%115%-24%-27%45%156%44%217%215%-82%6%113%15%-100%8%-704%-3150%-150%71%-205%108%41%16%9%112%8%-128%-

731、1033%45%157%45%19%20%7%12%60%16%41%7%13%-20%-31%22%10%11%11%260%279%13%11%60%22%41%7%13%-21%35%14%30%9%37%215%225%69%78%-7%217%-377%533%115%553%29%89%42%-31%-8%-535%-244%533%65%553%8%42%82%56%41%31%-64%102%-51%-8%60%12%10%100%18%195%162%85%59%41%30%-64%101%-44%19%-13%65%-3%189%153%40%34%35%24%31%58%

732、180%83%32%42%-12%694%-13%338%295%40%33%34%26%31%58%151%40%38%45%-13%739%-13%322%279%29%29%47%24%43%97%11%71%34%-5%25%155%22%312%204%33%34%44%25%43%94%-37%-9%32%129%26%333%212%Mainland China Securities Survey 2021157 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPM

733、G global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisatio

734、n.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset man

735、agement income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 9xCaitong Securities Asset management Co., Ltd. 22%24%74%75%0%0%0%0%95%97%10aCapital Securities (consol. level)9%10%52%56%13%12%16%17%22%12%10bCapital Securities (company level)8%10%52%56%13%12%18%18%23%12%11aCentral C

736、hina Securities (consol. level)*1%1%95%95%25%22%7%10%2%3%11bCentral China Securities (company level)*2%3%87%77%41%28%12%14%2%3%12aCentury Securities (consol. level)3%-2%82%120%35%51%3%1%2%1%12bCentury Securities (company level)3%-2%82%120%35%52%3%1%2%1%13xChangjiang Financing Services Co.20%36%71%69

737、%0%0%93%94%0%0%14aChangjiang Securities (consol. level)* * 7%6%63%67%39%28%10%12%4%6%14bChangjiang Securities (company level)* * 7%9%62%54%45%29%5%6%0%0%15aChangjiang Securities Asset Management Co., Ltd. (consol. level)8%9%34%42%0%0%0%0%92%83%15bChangjiang Securities Asset Management Co., Ltd. (com

738、pany level)8%9%34%42%0%0%0%0%96%83%16aChasing securities co., ltd (consol. level) 6%6%66%65%43%34%15%17%3%5%16bChasing securities co., ltd (company level) 6%6%60%63%36%31%17%19%5%6%17aCICC Wealth Management(consol. level)11%4%58%66%46%51%0%1%1%2%17bCICC Wealth Management (company level)10%6%60%64%48

739、%44%0%1%2%4%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies158Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commissi

740、on incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2

741、019 2020 2020 2019 1%1%-12%75%-9%-29%18%184%18%84%69%40%32%31%14%17%102%113%23%57%-28%33%172%44%193%351%41%34%33%17%17%102%124%17%44%-24%27%211%39%187%349%20%39%53%19%-16%111%-27%-35%-35%95%24%15%36%269%315%38%46%46%27%-12%127%-13%-36%-19%204%-44%-576%-37%255%301%8%15%34%29%731%-89%547%-78%1%79%280%

742、-70%331%182%110%9%13%34%29%731%-89%547%-78%30%59%281%-69%333%182%110%2%3%-13%66%-27%220%-20%941%-19%69%58%24%29%57%22%-8%56%-19%-12%-8%9%21%844%32%359%288%28%36%61%27%-2%35%-19%36%-15%1304%-17%351%281%14%14%-11%-2%5%46%14%66%14%13%11%8%5%-16%-2%74%15%14%104%14%9%9%27%19%69%39%17%82%-7%25%91%-192%32%

743、-279%31%388%250%29%21%45%29%17%82%-9%11%72%-172%34%-218%33%287%172%16%22%59%30%-59%-44%-23%-43%28%-2%119%-8%181%528%447%11%17%60%33%-33%-64%-23%-26%-8%18%60%20%80%490%407%Mainland China Securities Survey 2021159 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG gl

744、obal organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Pe

745、rformance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset managem

746、ent income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 18aChina Development Bank Securities (consol. level)1%-3%90%139%4%3%17%18%6%9%18bChina Development Bank Securities (company level)1%-3%89%140%4%3%17%18%6%9%19aChina Dragon Securities (consol. level)3%2%63%79%30%18%7%6%1%1%

747、19bChina Dragon Securities (company level)3%3%62%68%31%25%8%8%1%1%20aChina Fortune Securities (consol. level) 13%0%53%97%33%41%1%10%2%3%20bChina Fortune Securities (company level) 10%3%53%78%36%44%1%1%3%3%21aChina Galaxy Securities (consol. level)*10%8%61%60%29%27%4%3%2%4%21bChina Galaxy Securities

748、(company level)*9%7%43%48%42%36%6%4%0%0%22aChina International Capital Corporation (consol. level) *#*#12%9%63%65%19%19%25%27%5%5%22bChina International Capital Corporation (company level) *#*#5%5%75%71%15%14%36%35%10%9%23aChina Merchants Securities (consol. level)*10%9%53%53%28%21%9%10%5%6%23bChina

749、 Merchants Securities (company level)*10%7%47%50%33%27%11%12%0%0%24xChina Merchants Securities Asset management Co., Ltd 19%20%21%17%0%0%0%0%90%88%25xChina Post Securities4%3%65%60%13%12%19%5%11%13%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# d

750、enotes foreign invested securities companySources: 2020 annual reports of securities companies160Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management inco

751、meGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 70%16%29%15%0%-11%-28%-60%355%-80%129%-177%126%176%134%71%17%31%15%0%-11%-29%-63%363%-80%131%-1

752、79%129%176%134%29%18%55%27%6%90%-13%-53%44%-27%56%116%45%93%92%32%28%43%29%6%97%-11%-60%31%-22%33%1808%26%88%87%48%24%57%33%-78%-35%67%-35%284%251%5593%115%39399%300%272%45%30%64%39%88%-36%67%-35%205%182%322%4300%317%279%245%21%19%52%31%98%-10%-7%-15%53%-631%34%85%39%444%339%29%27%42%19%106%-14%-31%

753、-2232%31%78%37%388%303%81%62%55%14%40%34%51%22%95%163%64%21%71%626%611%52%68%48%4%44%64%56%35%6%27%33%3%27%374%322%26%29%68%27%18%25%10%-13%20%45%29%61%30%372%348%35%36%70%31%25%34%-35%52%47%58%50%365%343%4%5%-10%-4%-8%58%2%8%1%25%10%14%8%39%38%348%450%8%14%117%-75%17%73%15%91%85%Mainland China Secu

754、rities Survey 2021161 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name

755、 and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage

756、commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 26aChina Renaissance Securities(consol. level)#-3%2%133%74%5%2%17%23%2%2%26bChina Renaissance Securities(company

757、 level)#-5%1%229%94%9%3%30%30%6%4%27aChina Securities (consol. level)*15%11%48%48%21%21%25%27%4%6%27bChina Securities (company level)*14%11%45%45%22%21%29%28%5%7%28aChinalin Securities (consol. level)*14%9%39%53%30%25%9%9%3%8%28bChinalin Securities (company level)*13%9%42%54%33%26%10%9%4%8%29x Chuan

758、cai Securities-5%-7%127%135%24%28%20%21%28%12%30aCinda Securities (consol. level)8%2%70%86%28%30%18%12%4%4%30bCinda Securities (company level)(8%1%66%93%32%34%23%16%6%5%31aCITIC Securities (consol. level)*9%8%62%61%21%17%13%10%15%13%31bCITIC Securities (company level)*9%9%53%44%23%17%18%15%8%6%32aCI

759、TIC Securities (Shandong) (consol. level)8%6%61%60%65%50%0%0%0%0%32bCITIC Securities (Shandong) (company level)8%6%61%61%63%52%0%0%0%0%33aCITIC Securities South China Company Limited (consol. level) 1%-4%77%114%33%8%4%3%8%3%33bCITIC Securities South China Company Limited (company level) 1%-3%78%144%

760、34%41%4%17%8%15%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies162Growth rate Investment income/Operating income/Growth/Reduction in net brokerage comm

761、ission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 20

762、20 2019 2020 2020 2019 70%13%72%-43%117%-33%-25%330%-36%-185%215%-230%76%7%73%19%76%-43%117%-20%13%118%-2%-806%131%-946%71%1%33%20%70%24%59%18%12%15%177%92%69%77%72%445%402%35%23%69%26%59%24%7%23%141%126%58%81%61%425%386%12%28%76%39%44%-60%-40%-18%-34%-16%90%21%84%312%209%12%28%76%39%44%-60%-40%-18%

763、-38%-14%72%19%67%317%243%33%35%-16%9%-12%-25%122%32%-10%-36%27%-482%28%115%172%20%17%31%26%102%-28%71%32%63%133%315%291%360%307%372%27%15%41%21%115%-34%70%-5%157%-172%630%236%527%280%349%46%43%52%0%54%23%40%-2%33%165%20%36%23%466%379%75%51%69%11%52%36%49%-7%81%95%3%43%5%413%352%7%23%75%27%-56%4950%3

764、6%16%36%299%207%11%24%75%27%-34%4950%46%18%50%299%209%6%16%29%31%-63%-34%-23%155%-89%-50%123%30%126%109%192%2%82%29%31%-63%-34%-25%213%-96%-39%130%5%130%109%163%Mainland China Securities Survey 2021163 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organ

765、isation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance

766、measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income

767、/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 34xCredit Suisse Securties# (formerly known as Credit Suisse Founder Securities)#1%-5%94%134%67%46%25%30%0%0%35aDaton Securities (consol. level) 4%3%48%55%39%33%1%1%2%2%35bDaton Securities (company level) 4%4%46%51%40%33%1%1%2%3%36a

768、Datong Securities Brokerage (consol. level)8%2%68%90%49%52%14%5%4%6%36bDatong Securities Brokerage (company level)9%2%66%88%49%52%14%5%4%7%37aDongguan Securities (consol. level)12%10%66%60%40%42%9%15%3%3%37bDongguan Securities (company level)12%10%58%59%49%42%12%16%3%3%38aDonghai Securities (consol.

769、 level) 5%1%68%87%27%28%15%19%3%4%38bDonghai Securities (company level) 4%2%75%87%24%27%16%22%3%4%39aDongxing Securities (consol. level)*7%6%66%65%17%17%23%26%4%9%39bDongxing Securities (company level)*8%6%55%59%22%19%29%29%6%13%40xDongzhengRonghui Securities Asset management8%12%45%38%0%0%0%0%82%70

770、%41aEast Asia Qianhai Securities (consol. level)# #3%0%93%103%5%2%45%41%1%4%41bEast Asia Qianhai Securities (company level)# # 3%0%93%104%5%2%45%41%5%6%42aEastmoneySecurities (consol. level)15%14%31%41%66%65%0%2%0%0%42bEastmoneySecurities (company level)15%14%26%36%65%63%0%2%0%0%Financial highlights

771、: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies164Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net

772、 investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 1%1%165%11%52

773、%-41%-19%-93%131%-10%128%5%25%0%-41%30%22%-36%0%-23%-33%-100%-467%26%57%27%72%75%2%-35%31%24%-36%0%-31%-33%-106%-585%17%68%13%70%72%12%12%46%29%377%-46%-9%600%56%8%385%400%372%385%393%12%12%48%30%377%-46%-9%600%56%9%335%233%315%379%386%4%6%45%31%-7%143%18%-16%2%-62%27%222%27%530%459%5%8%46%34%-7%143

774、%11%-15%-21%-63%25%212%24%528%461%40%25%33%16%11%-11%-7%2%124%40700%228%60%625%371%337%26%8%33%21%12%-3%1%-5%404%633%174%30%139%279%212%32%15%44%14%30%66%-43%-19%215%-74%34%22%26%308%281%28%-2%44%15%32%70%-42%-14%-1866%-105%35%19%33%269%230%-5%-3%-5%-3%46%-57%-28%1218%-27%4%4%40%26%509%N/A162%181%-3

775、6%350%274%5%2058%-103%2058%137%149%22%17%509%N/A162%181%106%650%202%-30%2058%-103%2058%129%129%6%7%80%67%-76%15%32%-50%48%38%108%128%106%244%223%6%8%81%59%-76%15%32%-50%47%35%106%134%104%229%210%Mainland China Securities Survey 2021165 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are mem

776、ber firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPM

777、G global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating

778、income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 43aEssence Securities (consol. level)9%8%62%64%28%25%9%9%3%3%43bEssence Securities (company level)9%7%58%61%32%26%11%10%2%7%44xEssence Securities Asset Management Co., Ltd. 21%N/A 59%N/A-N/A-N/A94%N

779、/A45aEverbright Securities (consol. level)*#*#5%1%65%72%23%25%13%14%9%12%45bEverbright Securities (company level)*#*#9%2%43%89%27%24%19%17%0%0%46xEverbright Securities Asset management Co., Ltd. 34%30%35%43%0%0%0%0%94%93%47aFirst Capital Investment Banking Co., Ltd. (consol. level)19%5%63%82%0%0%88%

780、85%0%0%47bFirst Capital Investment Banking Co., Ltd. (company. level)19%5%63%82%0%0%88%85%0%0%48aFirst Capital Securities (consol. level) *7%6%68%73%13%11%14%16%22%29%48bFirst Capital Securities (company level) *(*6%4%67%74%19%17%7%12%12%23%49xFounder Financing Services Co., Ltd. 3%0%84%94%0%0%84%79

781、%0%0%50aFounder Securities (consol. level)*3%3%79%83%55%42%9%8%3%5%50bFounder Securities (company level)*2%3%81%74%58%45%1%1%4%10%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual repor

782、ts of securities companies166Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profi

783、t before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 19%10%45%26%29%85%15%21%141%-62%36%64%42%360%390%25%9%50%29%32%100%-74%21%238%-67%36%63%47%304%309%1%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A27%N/A18%21%46%14%44%30%21

784、%32%30%113%228%300%255%330%316%28%21%48%21%47%36%-75%12%571%260%502%238%226%1%6%-20%33%-72%-8000%37%16%37%47%29%1%11%-53%123%-82%-35%199%198%200%27%11%3%11%-53%123%-56%-35%199%216%200%27%11%36%26%46%23%8%63%-8%29%62%9%51%566%51%182%274%48%31%45%25%-23%29%-36%53%90%-19%67%117%69%173%273%4%-1%-100%47%

785、129%-100%-603%0%328%-90%1920%10%7%17%29%51%23%31%50%-22%-1%-35%-34%37%50%22%205%246%17%23%55%55%-6%-28%-47%7%-9%-51%-16%10%-32%167%192%Mainland China Securities Survey 2021167 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent mem

786、ber firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance measures Income components

787、 RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 201

788、9 2020 2019 2020 2019 2020 2019 2020 2019 51aGalaxy JinhuiAsset management Co., Ltd (consol. level) 7%4%78%89%0%0%0%0%93%91%51bGalaxy Jinhui Asset management Co., Ltd (company level) 7%4%77%88%0%0%0%0%99%100%52aGF Securities (consol. level)*11%9%53%53%23%18%2%6%23%17%52bGF Securities (company level)

789、*9%8%47%47%36%28%3%10%0%0%53aGF Securities Asset management (Guangdong) (consol. Level) 16%18%29%30%0%0%0%0%72%71%53bGF Securities Asset management (Guangdong) (company level) 16%18%28%30%0%0%0%0%73%77%54aGolden Sun Securities (consol. level) 1%3%94%78%49%28%8%8%4%4%54bGolden Sun Securities (company

790、 level) 2%4%88%73%51%30%8%9%0%0%55xGolden Sun Securities Asset management Co., Ltd.-14%-5%172%133%0%0%0%0%82%84%56xGoldman Sachs Gao Hua Securities #3%4%81%83%0%0%2%16%0%0%57aGoldstateSecurities (consol. level)1%4%88%70%16%12%4%5%3%4%57bGoldstate Securities (company level)0%3%94%62%26%20%6%8%5%6%58a

791、Great Wall Glory Securities (consol. level)1%-8%88%160%20%14%5%16%15%14%58bGreat Wall Glory Securities (company level)3%0%73%99%20%13%6%17%17%14%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 20

792、20 annual reports of securities companies168Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reducti

793、on in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 9%2%-10%-17%278%50%75%-13%74%49%46%-3%0%-9%-17%892%-122%80%-14%81%9%10%25%26%57%22%-55%18%69%4%18%80%32%71%33%347%319%31%35%58%26%-58%20%-7%77%22%54

794、%24%364%326%18%35%-1%10%-49%-18%-2%2%-2%10%130%13%6%-4%1%108%-8%4%3%3%10%10%20%17%77%56%-8%160%-15%-25%18%-4%-75%-256%-79%180%199%20%18%76%79%-8%166%-17%-5%-59%-257%-56%166%199%15%9%-17%-27%34%-10%-85%-210%-138%4%4%0%0%-89%8%-46%-67%-7%-7%-12%15%15%22%22%34%23%-28%-12%-22%-25%-1%42%-61%80%-58%169%16

795、9%33%34%34%23%-28%-12%-22%-25%-2%41%-84%102%-81%165%168%23%32%44%31%-67%88%13%-21%-27%-87%122%-340%117%214%197%11%7%50%27%-67%88%12%-28%57%-68%970%-89%977%183%164%Mainland China Securities Survey 2021169 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global org

796、anisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performanc

797、e measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management inco

798、me/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 59aGreat Wall Securities (consol. level)*9%6%73%69%15%17%7%15%2%4%59bGreat Wall Securities (company level)*8%6%55%63%24%20%12%19%3%5%60aGuoDu Securities (consol. level)9%6%43%54%22%18%9%11%2%3%60bGuoDu Securities (company level)9%

799、6%41%54%23%19%10%12%2%3%61aGuolian Securities (consol. level) *6%7%58%58%28%22%15%15%4%4%61bGuolian Securities (company level) *6%6%52%52%33%27%2%1%5%5%62aGuorong Securities (consol. level)2%1%85%97%20%14%36%35%8%6%62bGuorong Securities (company level)3%1%82%96%14%9%42%39%9%7%63aGuosen Securities (c

800、onsol. level) *10%9%54%54%34%29%10%10%1%2%63bGuosen Securities (company level) *10%9%49%48%38%32%11%11%2%2%64aGuotai Junan Securities (consol. level)*8%6%58%62%24%19%11%9%4%6%64bGuotai Junan Securities (company level)*7%7%49%47%36%26%15%9%0%0%65aGuotai Junan Securities Asset management(consol. level

801、)13%15%58%57%0%0%0%0%77%85%65bGuotai JunanSecurities Asset management(company level)13%15%58%57%0%0%0%0%77%85%66aGuoyuan Securities (consol. level)*5%4%61%65%22%21%14%13%2%4%66bGuoyuan Securities (company level)*4%2%61%73%24%25%16%16%2%6%67aHaitong Securities (consol. level)*8%8%58%61%14%10%13%10%9%

802、7%67bHaitong Securities (company level)*6%6%47%45%26%19%21%14%0%0%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies170Growth rate Investment income/Opera

803、ting income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio20

804、20 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 28%27%55%24%-24%24%-34%-14%84%-13%52%76%51%290%241%49%31%51%26%-24%24%-34%-13%93%-15%49%74%49%277%230%53%28%46%12%-1%511%-42%-49%124%159%48%-395%56%226%218%51%36%48%20%-1%511%-42%-49%75%712%54%-348%59%221%214%32%13%46%22%12%28%

805、10%7%175%-1035%15%853%13%336%252%38%16%46%22%50%-47%10%1%173%85%17%284%17%331%240%31%17%16%17%-11%80%0%19%54%-51%324%400%286%270%254%40%19%27%26%-10%88%-1%33%71%-51%273%147%258%178%188%26%32%57%26%33%30%17%-5%9%63%34%45%35%274%299%30%32%57%28%32%33%11%-3%26%39%32%54%35%262%282%25%24%50%29%44%29%-7%1

806、1%20%3%30%23%30%381%283%22%34%47%23%69%25%-35%2%0%26%-5%298%218%10%7%-1%13%56%-42%4%24%-2%26%51%10%7%-1%13%52%-39%4%23%-2%26%48%22%16%48%24%55%37%-30%22%92%-68%51%38%50%193%235%24%9%45%27%58%36%-37%17%305%-66%101%14%104%168%185%27%27%46%19%43%7%41%24%12%67%14%83%14%313%351%39%38%50%19%74%12%-15%31%5

807、%30%8%189%201%Mainland China Securities Survey 2021171 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved

808、. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses

809、/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 68xHengtai changcaiSecurities9%9%79%81%0%0%94%95%0%0%69aHengtai Securities (con

810、sol. level) * * 5%7%80%68%34%22%11%10%2%1%69bHengtai Securities (company level) * * 6%5%71%69%42%31%1%2%2%2%70aHongta Securities (consol. level)*10%7%67%45%4%8%3%3%2%4%70bHongta Securities (company level)*8%6%37%38%10%10%7%4%1%0%71aHongxin Securities (consol. level)5%8%80%69%42%27%24%19%15%15%71bHon

811、gxin Securities (company level)5%8%80%69%42%27%24%19%15%16%72xHSBC Qianhai Securities# # -11%-13%152%195%9%5%26%4%0%0%73aHuaan Securities (consol. level)*9%9%51%54%30%22%5%6%9%3%73bHuaan Securities (company level)*8%8%49%55%31%24%5%7%13%6%74aHuachuangSecurities (consol. level)6%5%71%71%27%25%13%10%4

812、%6%74bHuachuangSecurities (company level)5%3%74%77%29%28%14%11%5%7%75aHuafu Securities (consol. level) 10%6%60%64%22%20%6%7%8%11%75bHuafu Securities (company level) 5%7%83%69%39%26%10%10%7%5%76aHuajin Securities (consol. level)2%5%84%72%9%5%47%24%4%3%76bHuajin Securities (company level) 2%5%86%73%10

813、%5%49%25%6%3%77aHuarong Securities (consol. level)N/A0%N/A99%N/A7%N/A7%N/A2%77bHuarong Securities (company level)N/A0%N/A105%N/A17%N/A18%N/A33%78aHuatai Securities (consol. level)*8%8%57%53%21%17%12%8%9%11%78bHuatai Securities (company level)*5%6%57%47%38%27%3%2%0%0%Financial highlights: key ratiosF

814、inancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies172Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment b

815、anking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 0%0%-2%160%-9%273%8%38%33%

816、33%24%35%23%-1%114%0%-21%20%-518%-39%219%-37%256%179%38%28%29%28%-28%-11%26%-28%32%-722%8%179%11%257%176%51%74%34%27%121%40%51%17%86%268%65%118%71%161%234%114%84%35%27%121%40%201%-11%82%210%38%70%44%152%232%23%26%42%28%16%49%-12%86%-21%24%-41%55%-41%285%396%21%26%42%28%16%49%-12%80%-27%13%-41%50%-42

817、%269%361%4%0%126%400%165%N/AN/AN/AN/AN/A176%-47%24%23%16%41%32%42%26%-20%142%175%22%35%4%10%121%4%294%274%32%29%39%30%-20%142%153%35%19%13%22%137%19%249%228%40%32%42%33%74%54%1%-26%63%4%26%122%31%261%243%46%30%42%35%74%54%1%-26%110%-14%51%166%68%268%247%22%32%62%27%18%58%5%-31%-1%-8%62%7%70%337%237%

818、19%41%63%27%18%58%51%-39%-49%71%-42%65%-36%481%351%25%47%72%38%60%44%-3%-56%2%-53%123%-54%191%227%43%35%72%38%60%44%-0%-2%-5%-59%126%-60%166%182%N/A24%N/A13%N/A-26%N/A-38%N/A27%N/A103%N/AN/A444%N/A7%N/A13%N/A-26%N/A-20%N/A-134%N/A94%N/AN/A253%54%40%57%21%87%0%7%12%74%309%17%80%20%442%347%57%43%59%25

819、%41%56%-49%91%-8%30%-6%368%283%Mainland China Securities Survey 2021173 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Al

820、l rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(O

821、perating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 79aHuatai Securities (Shanghai) Asset management Co., Ltd. (co

822、nsol. level)15%21%41%36%0%0%0%0%55%54%79bHuatai Securities (Shanghai) Asset management Co., Ltd. (company level)16%20%34%33%0%0%0%0%80%69%80xHuatai United Securities16%10%73%72%0%0%93%85%0%0%81aHuaxi Securities (consol. level)*9%8%48%52%36%25%10%13%2%2%81bHuaxi Securities (company level)*9%7%49%54%3

823、8%26%10%14%3%2%82xHuaying Securities 6%4%76%82%0%0%89%84%0%0%83aHwabao Securities (consol. level)3%3%77%78%36%24%1%0%8%7%83bHwabao Securities (company level)3%3%78%75%36%24%1%0%9%6%84aIndustrial Asset management Co., Ltd (consol. level)6%9%52%53%0%0%0%0%59%102%84bIndustrial Asset management Co., Ltd

824、 (company. level)6%9%58%52%0%0%1%0%75%107%85aIndustrial Securities (consol. level)*12%5%65%81%16%11%8%5%1%2%85bIndustrial Securities (company)*9%6%55%67%30%21%15%9%0%0%86xJ.P. Morgan Securities (China) Company Limited #-29%-12%185%5750%0%-2%-0%0%87aJianghai Securities (consol. level) 1%2%92%88%18%16

825、%22%25%2%7%87bJianghai Securities (company level) 1%2%97%88%18%15%24%26%2%8%88xJinyuan President Securities Co., Ltd.#-3%N/A 344%N/A0%N/A7%N/A0%N/A89aJZ Securities (consol. level)4%1%74%93%8%10%32%34%10%13%89bJZ Securities (company level)-2%0%124%99%12%9%59%40%16%14%Financial highlights: key ratiosF

826、inancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies174Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment b

827、anking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 58%35%-2%-10%58%76%-10%-3%

828、-12%236%484%12%5%-13%2%113%-20%-6%0%-6%20%21%5%4%-87%-1%-120%-45%72%-36%71%87%60%22%21%70%33%-14%211%33%-39%25%4%32%67%33%261%244%26%20%71%36%-14%211%28%-37%59%-3%31%67%32%256%239%3%8%-28%38%-58%40%67%14%66%14%13%7%10%64%-13%132%-75%44%0%-22%-83%13%240%14%220%223%6%10%64%-13%132%-75%44%-4%-32%-83%-8

829、%775%-5%217%222%62%27%-44%-2%122%-384%-26%7%-52%108%194%19%-8%-41%-2%-312%-171%-26%-8%-52%46%78%29%18%78%16%85%-11%-52%3%97%-9%134%303%139%343%360%32%31%82%19%107%-6%-29%-42%72%152%64%311%303%-62%-110%23%11%38%20%36%22%4%20%-65%-15%130%-68%-24%-213%-29%179%255%35%19%37%25%4%20%-65%-15%108%-70%-73%-2

830、01%-67%180%251%48%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2%N/A17%4%-3%47%19%4%-6%-36%391%-96%373%400%429%74%135%3%4%11%16%19%4%-7%-40%-52%-96%-1794%0%-1100%66%125%Mainland China Securities Survey 2021175 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organi

831、sation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance m

832、easures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/

833、Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 90aKaiyuan Securities (consol. level)7%6%71%71%16%9%36%41%8%14%90bKaiyuan Securities (company level)7%7%69%70%11%9%40%43%8%14%91xKington Securities1%1%62%75%1%0%0%0%0%0%92aLianchu Securities1%2%93%84%12%8%11%8%3%2%92bLianchu Securiti

834、es1%2%100%86%13%8%12%8%4%2%93aMinmetalsSecurities Brokerage (consol. level) 5%4%66%69%5%5%36%20%8%10%93bMinmetalsSecurities Brokerage (company level) 5%4%66%69%5%5%36%20%8%10%94aMinshengSecurities (consol. level) 7%5%64%76%15%15%44%26%2%2%94bMinshengSecurities (company level) (6%2%68%84%17%19%52%35%

835、2%2%95xMorgan Stanley Huaxin Securities # # 0%-18%99%203%0%0%45%75%0%0%96aNanjing Securities (consol. level)* * 6%7%56%57%28%27%11%14%2%3%96bNanjing Securities (company level)* * 6%6%54%56%25%21%12%17%2%4%97aNew Times Securities (consol. level) 0%4%88%69%21%15%3%1%4%3%97bNew Times Securities (compan

836、y level) 2%3%74%63%42%27%7%3%7%6%98xNomura Orient International Securities Co., Ltd. #-4%-3%160%195%17%-0%-99aNortheast Securities (consol. level)*9%6%73%84%15%9%4%4%2%2%99bNortheast Securities (company level)*9%5%54%68%26%23%8%12%0%0%100 xN-Securities2%45%209%102%70%21%2%3%2%3%Financial highlights:

837、 key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies176Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net

838、investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 17%2%136%47%21

839、%29%-25%53%1352%-91%48%734%52%131%147%18%0%61%82%21%29%-25%54%-7754%-102%46%888%48%125%141%0%0%-27%-50%27%0%1%36%30%50%29%39%-39%45%-33%15%-46%-61%181%-60%189%203%51%29%50%29%39%-39%45%-33%61%-48%-108%211%-66%189%203%22%26%52%25%135%202%3%166%14%-38%44%32%43%112%164%23%26%52%25%134%201%3%166%13%-38%

840、43%31%42%116%170%36%38%42%29%131%47%19%-8%27%65%89%413%73%267%293%36%45%40%23%131%55%15%-8%23%74%197%210%169%264%288%0%0%-51%-31%-103%9%101%22%11%16%10%9%65%-15%150%-34%28%83%-32%10%207%14%180%222%18%11%36%23%-14%147%-32%29%89%-38%21%160%27%177%221%22%24%17%19%95%-32%-12%-8%-24%-27%-68%43%-92%74%122

841、%51%48%17%19%95%-32%-12%-12%-22%-31%-48%-10%-43%77%128%75%-28%-28%76%5%29%15%36%11%-15%46%-5%-4%64%-17%42%327%41%294%322%47%31%46%26%-15%46%-93%-10%83%1028%74%311%344%0%28%14%10%-76%-74%-79%-90%-100%-116%90%-84%95%-120%-174%Mainland China Securities Survey 2021177 2021 KPMG Huazhen LLP and KPMG Advi

842、sory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the indepe

843、ndent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking

844、 commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 101 aOrient Securities (consol. level)*5%5%88%86%11%8%7%6%11%9%101 bOrient Securities (company level)*3%5%88%64%23%19%7%5%0%0%102 xOrient Securities Asset management Co.

845、, Ltd. 35%27%64%60%0%0%0%0%85%91%103 xOrient Securities Investment Banking Co.,Ltd5%3%90%94%0%0%93%92%0%0%104 aPacific Securities (consol. level)*-8%5%159%67%42%19%17%6%11%8%104 bPacific Securities (company level)*-7%4%150%68%41%19%17%6%11%9%105 aPingan Securities (consol. level)9%8%71%74%29%21%11%1

846、0%3%4%105 bPingan Securities (company level)9%8%59%59%40%32%16%15%5%5%106 aSealand Securities (consol. level)*5%4%77%80%18%15%9%10%8%8%106 bSealand Securities (company level)*4%3%74%80%20%18%14%15%11%12%107 xShanghai Haitong Securities Asset management Co., Ltd. 17%19%48%36%0%0%0%0%78%70%108 aShangh

847、ai Securities (consol. level)6%3%65%76%42%34%3%4%2%3%108 bShanghai Securities (company level)6%3%61%73%40%33%3%4%2%4%109 aShanxi Securities (consol. level)*5%4%70%87%16%7%20%11%2%2%109 bShanxi Securities (company level)*6%5%49%58%22%20%12%14%4%6%110 aShengang Securities Company Limited (consol. leve

848、l)#8%2% 71%90% 2%3% 44%27% 3%2% 110 bShengang Securities Company Limited(company level)#8%2% 71%90% 2%3% 44%27% 3%2% 111 xShenwanHongyuanFinancing Services Co.19%8%53%75%0%0%91%88%0%0%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign

849、 invested securities companySources: 2020 annual reports of securities companies178Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduc

850、tion in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 22%18%70%14%51%-8%37%-24%47%32%-2%115%10%383%387%51%45%66%17%77%-3%-52%74%-54%750%-36%311%335%1%1%-38%-26%-47

851、%-28%26%-32%35%71%54%3%4%-58%-15%-39%-16%85%-68%76%68%36%50%39%50%11%88%-33%-11%-3%-14%74%-271%-138%-259%135%194%51%38%50%11%90%-31%-11%-3%-4%47%-268%-138%-261%135%196%9%15%62%50%32%32%7%-7%-29%-14%30%48%31%489%339%13%24%61%53%34%35%17%-7%-26%-20%27%29%27%473%332%31%21%51%4%18%37%14%55%82%-39%45%405

852、%49%281%357%42%29%51%24%18%37%21%54%86%-40%67%5763%72%261%357%22%6%-45%40%410%66%1%46%1%88%98%21%17%38%22%-18%235%-23%-5%40%-1243%58%316%54%495%362%18%14%39%24%-18%235%-24%-9%49%-284%57%314%54%406%304%51%21%21%21%14%86%-14%8%59%-29%51%132%47%258%321%66%62%52%23%22%268%-19%23%46%-1%67%125%61%230%299%

853、29%34% 48%50% 197%46% 194%75% 53%744% 453%-120% 341%116%132% 29%34% 48%50% 197%46% 194%75% 53%744% 450%-120% 339%116%132% 3%8%-59%117%-38%41%189%141%176%50%27%Mainland China Securities Survey 2021179 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organis

854、ation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance me

855、asures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/O

856、perating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 112 aShenwan HongyuanSecurities (consol. level) 10%8%54%60%27%22%7%7%6%8%112 bShenwan HongyuanSecurities (company level) 11%7%44%52%26%25%3%4%8%12%113 xShenwan HongyuanSecurities (Western)9%6%33%45%57%48%0%0%0%0%114 aSinolink Securiti

857、es (consol. level)*9%6%61%62%27%26%27%21%2%2%114 bSinolink Securities (company level)*8%6%61%60%27%27%29%22%2%2%115 aSoochow Securities (consol. level)* * 7%5%69%74%21%20%15%12%2%3%115 bSoochow Securities (company level)* * 6%5%59%58%29%30%23%19%2%3%116 aSouthwest Securities (consol. level)*)*5%5%62

858、%68%24%17%8%8%1%2%116 bSouthwest Securities (company level)*3%7%70%57%26%18%8%8%1%2%117 aTebon Securities (consol. level) 1%1%65%79%13%8%13%17%20%27%117 bTebon Securities (company level) 1%1%62%72%13%8%17%20%14%25%118 xTebon Securities Asset Management -N/A11%N/A-N/A-N/A22%N/A119 aTF Securities (con

859、sol. level)*3%2%81%90%18%15%23%19%19%17%119 bTF Securities (company level)*3%3%86%85%22%19%28%26%24%24%120 xTianfeng (Shanghai ) Securities Asset management Co., Ltd5%N/A73%N/A0%N/A0%N/A93%N/A121 aUBS Securities (consol. level) # # 3%1%85%99%44%35%23%16%0%0%121 bUBS Securities (company level) # # 3%

860、0%85%99%45%36%24%16%0%0%122 aWanhe Securities(consol. Level) 1%2%81%69%21%15%11%4%1%1%122 BWanhe Securities(company level) 2%2%80%69%22%16%11%4%1%1%123 aWanlian Securities (consol. level)5%4%54%60%28%25%7%10%4%8%123 bWanlian Securities (company level)5%4%54%61%30%26%8%10%8%9%Financial highlights: ke

861、y ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies180Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth/Reduction in net inv

862、estment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 26%31%49%18%17%37

863、%-3%7%3%39%41%37%41%448%357%37%41%45%20%15%-19%-4%16%26%-3%62%4%69%421%345%2%5%55%35%-58%100%59%27%55%131%87%22%23%45%15%85%25%18%-28%35%17%42%25%44%200%141%27%28%44%18%89%26%17%-28%36%37%43%28%44%187%130%29%37%45%30%73%0%-14%1%13%-4%70%255%75%274%353%36%36%41%30%74%0%-26%-31%43%-22%38%219%44%242%30

864、4%53%37%28%18%-15%-40%-46%-26%31%-23%8%414%10%216%237%54%44%27%18%-13%-39%-48%-35%9%-6%-40%1087%-40%206%222%31%16%60%-7%-25%41%-26%-50%89%-24%14%-73%24%147%83%34%17%46%-7%-25%43%-49%-52%74%-28%-60%-69%-56%123%72%1%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0%N/A30%32%37%3%38%43%25%0%8%4%92%8%63%266%242%35%

865、30%32%2%24%32%16%1%35%28%-4%93%2%304%332%7%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A6%N/A7%12%37%-3%50%-14%-34%-2%462%20%479%252%154%7%12%35%-3%50%-14%-34%-2%488%25%500%125%85%110%73%28%24%164%-19%-34%-58%38%35%-42%54%-41%227%185%109%74%28%24%164%-19%-34%-58%37%34%-36%43%-32%227%185%32%4%40%32%-2%22%-35%

866、16%955%-89%48%63%48%294%223%18%12%47%31%-2%22%20%17%89%-67%47%53%47%250%220%Mainland China Securities Survey 2021181 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a pri

867、vate English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Ave

868、rage Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating income/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 124 aWestern Secu

869、rities (consol. level)*5%4%71%80%20%18%10%9%0%1%124 bWestern Securities (company level)*5%4%57%70%29%22%15%11%1%1%125 aXiangcai Securities (consol. level)6%5%60%63%41%33%7%8%3%8%125 bXiangcai Securities (company level)7%5%55%66%42%32%7%7%4%8%126 aYingda Securities (consol. level)6%4%57%76%26%21%2%17

870、%6%6%126 bYingda Securities (company level)6%4%55%76%25%19%2%19%6%7%127 aYintai Securities (consol. level)7%5%44%58%33%25%1%2%0%0%127 bYintai Securities (company level)5%4%50%60%40%27%1%2%0%0%128 xYongxing Asset management-5%N/A318%N/A0%N/A0%N/A0%N/A129 aYongxing Securities (consol. level)-10%N/A203

871、%N/A4%N/A0%N/A0%N/A129 bYongxing Securities (company level)-9%N/A200%N/A4%N/A0%N/A0%N/A130 aYuekai Securities Co., Ltd (consol. level)3%2%77%80%33%23%8%9%3%4%130 bYuekai Securities Co., Ltd (company level)3%2%79%79%34%23%8%9%3%4%131 aZhejiang ZheshangSecurities Asset management Co., Ltd. (consol. le

872、vel)5%5%78%72%-74%65%131 bZhejiang ZheshangSecurities Asset management Co., Ltd. (company level)5%2%78%84%-84%76%132 aZheshang Securities (consol. level)*10%7%80%77%14%16%10%6%3%5%133 bZheshang Securities (company level)*8%8%58%55%37%32%25%11%0%0%133 x Zhongde Securities #3%2%86%89%0%0%90%90%0%0%Fin

873、ancial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies182Growth rate Investment income/Operating income/Growth/Reduction in net brokerage commission incomeGrowth

874、/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2

875、019 30%40%57%32%66%49%-44%-61%5%15%102%205%84%145%174%41%50%55%39%66%49%-33%-55%-2%13%70%155%54%131%151%21%7%44%25%10%89%-49%-40%262%-55%27%757%24%243%258%22%9%44%26%10%89%-48%-40%182%-41%50%454%35%239%257%18%9%41%17%-87%292%11%189%119%-60%106%306%109%192%252%19%10%46%26%-87%292%8%165%112%-56%111%34

876、7%113%163%232%41%49%33%34%-30%0%-44%-67%-16%107%36%320%56%82%97%31%47%33%34%-30%0%-44%-67%-43%116%9%469%25%87%100%4%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1%N/A1%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30%N/A1%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30%N/A13%11%63%26%-1%13%-20%-14%36%-42%35%180%33%208%210%12%1

877、0%63%26%-1%13%-20%-14%40%-46%21%181%21%209%210%57%4%-40%10%1870%-53%-5%1000%-4%162%12%10%4%-57%10%260%-57%104%657%104%18%12%20%21%64%28%228%9%27%11%76%50%68%30%68%371%354%34%46%68%28%228%9%-9%115%34%66%25%324%340%7%1%-14%39%-859%-40%43%1300%49%11%14%Mainland China Securities Survey 2021183 2021 KPMG

878、 Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used u

879、nder license by the independent member firms of the KPMG global organisation.Performance measures Income components RMB millionReturn on Equity (ROE)(Net profit after tax/Average Shareholders equity)/Cost/income ratio(Operating expenses/Operating income)/Net brokerage commission income/Operating inc

880、ome/Net investment banking commission income/Operating income/Net asset management income/Operating income/2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 134 aZhongshan Securities (consol. level)5%4%80%81%33%28%42%40%3%5%134 bZhongshan Securities (company level)5%4%75%77%18%12%58%51%5%8%135 aZhon

881、gtai Securities (consol. level)*7%7%68%71%35%25%11%11%3%4%135 bZhongtai Securities (company level)*7%6%62%63%43%34%12%15%0%0%136 xZhongtai Securities (Shanghai) Assets management()17%17%75%81%0%0%0%0%83%82%137 aZhongtian Securities (consol. level)()5%4%61%66%30%25%2%1%1%1%137 bZhongtian Securities (

882、company level)()5%4%59%65%28%24%2%1%1%2%138 aZTF Securities (consol. level)4%3%72%70%0%0%51%56%0%0%138 bZTF Securities (company level)3%4%76%68%0%0%54%56%0%0%Total (consol.)Total (consol.)8%8%6%6%63%63%66%66%23%23%19%19%12%12%11%11%7%7%7%7%Total (company)Total (company)7%7%6%6%57%57%58%58%29%29%23%2

883、3%15%15%13%13%7%7%8%8%Financial highlights: key ratiosFinancial highlights: key ratios* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies184Growth rate Investment income/Operating income/Growth/Reduction in net brokerag

884、e commission incomeGrowth/Reduction in net investment banking commission incomeGrowth/Reduction in net asset management incomeGrowth/Reduction in investment incomeGrowth/Reduction in net profit before taxGrowth in net profit after taxDebt to equity ratio2020 2019 2020 2019 2020 2019 2020 2019 2020 2

885、019 2020 2019 2020 2020 2019 32%44%30%59%15%26%-39%-22%-20%-17%19%353%11%250%337%26%24%45%40%15%26%-39%-20%10%-6%13%686%5%189%202%16%18%48%24%-2%55%-15%-19%-4%-21%16%101%13%407%319%16%17%52%28%-1%65%-13%-36%24%69%20%368%284%4%4%-6%-12%11%-20%21%158%19%69%79%43%39%30%10%228%300%-27%14%22%388%23%-272%

886、27%174%155%45%39%25%22%228%300%-31%29%23%391%21%-269%23%151%137%14%2%-24%126%-1128%-127%18%-123%16%23%6%15%2%-24%126%-1125%-127%-12%-125%-17%23%6%31%31%28%28%53%53%22%22%36%36%26%26%21%21%1%1%41%41%35%35%36%36%89%89%38%38%342%342%296%296%34%34%30%30%54%54%25%25%39%39%31%31%8%8%1%1%39%39%19%19%28%28%

887、76%76%30%30%286%286%260%260%Mainland China Securities Survey 2021185 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All r

888、ights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Appendix 2 Sector ranking for 2020Company NameNet profit after tax(Regulatory Consolidation)(RMB Million)1CITIC Securities*14,902.32 2Guotai Juna

889、nSecurities*11,122.10 3Haitong Securities*10,875.40 4Huatai Securities*10,822.50 5GF Securities*10,038.13 6China Securities*9,509.43 7China Merchants Securities*9,491.64 8Shenwan HongyuanSecurities7,852.04 9China Galaxy Securities*7,243.65 10China International Capital Corporation*#*#7,207.45 11Guos

890、en Securities *6,615.74 12Industrial Securities*4,003.31 13Essence Securities 3,514.38 14Ping An Securities3,064.24 15EastmoneySecurities2,960.18 16Orient Securities*2,722.99 17Zhongtai Securities*2,525.30 18Everbright Securities*#*#2,334.08 19Caitong Securities*2,291.60 20Changjiang Securities*2,08

891、5.38 Company NameTotal Assets(Regulatory Consolidation)(RMB Million)(RMB Million)1CITIC Securities*810,258.85 2Huatai Securities*537,742.19 3Guotai JunanSecurities*534,353.24 4China Merchants Securities*460,490.10 5Shenwan HongyuanSecurities408,281.80 6Haitong Securities*403,638.09 7GF Securities*40

892、2,601.83 8China Galaxy Securities*384,185.53 9China International Capital Corporation*#*#370,147.23 10China Securities*343,096.23 11Guosen Securities*287,695.51 12Orient Securities*234,198.10 13Everbright Securities*#*#188,229.89 14Ping An Securities187,992.19 15Essence Securities 169,876.14 16Zhong

893、tai Securities*152,137.67 17Industrial Securities*143,981.51 18Changjiang Securities*128,367.22 19Founder Securities*104,924.65 20Caitong Securities*94,811.78 * denotes listed securities company# denotes foreign invested securities companyRegulatory Consolidation: Consolidation of securities compani

894、es and their securities subsidiariesConsolidation:Group consolidation of securities companiesNote1: Net income from securities brokerage business-trading volume of stocks and funds*0.15Sources: Securities Association of China186Company NameIncome from underwriting and sponsorship business (Regulator

895、y Consolidation)()(RMB Million)(RMB Million)( () )1China Securities*5,261.35 2CITIC Securities*5,025.91 3China International Capital Corporation*#*#3,473.24 4Haitong Securities*3,332.93 5Guotai JunanSecurities*2,940.49 6Huatai Securities*2,911.75 7China Merchants Securities*1,892.59 8Everbright Secu

896、rities*#*#1,860.29 9Guosen Securities*1,767.07 10SINOLINK Securities*1,588.21 11 Minsheng Securities1,530.56 12 Orient Securities*1,420.01 13 Industrial Securities*1,251.28 14 Ping An Securities1,204.97 15Shenwan Hongyuan Securities1,160.66 16 Dongxing Securities*1,148.69 17 SooChow Securities*922.6

897、8 18 Zheshang Securities*917.23 19 Essence Securities 866.56 20 Kaiyuan Securities823.86 Company NameReturn on net capital(Regulatory Consolidation)()(RMB Million)(RMB Million)( () )1Eastmoney Securities15.46%2China Securities*15.30%3Chinalin Securities*14.31%4China Fortune Securities13.74%5China In

898、ternational Capital Corporation*#*#12.02%6Dongguan Securities 11.61%7Industrial Securities*11.10%8GF Securities*10.60%9Caitong Securities*10.23%10 Hongta Securities*10.17%11Shenwan Hongyuan Securities10.01%12China Merchants Securities*9.95%13 Guosen Securities*9.65%14China Galaxy Securities*9.52%15

899、Zheshang Securities*9.51%16 Ping An Securities9.45%17 Huaxi Securities*9.28%18 Essence Securities 9.25%19 AVIC Securities 9.21%20 Huaan Securities*9.12%Mainland China Securities Survey 2021187 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation o

900、f independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.* denotes listed secu

901、rities company# denotes foreign invested securities companyRegulatory Consolidation: Consolidation of securities companies and their securities subsidiariesConsolidation:Group consolidation of securities companiesNote1: Net income from securities brokerage business-trading volume of stocks and funds

902、*0.15Sources: Securities Association of ChinaCompany NameIncome from Income from brokerage brokerage businessbusiness(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1Guosen Securities*3,267.15 2Guotai JunanSecurities*3,064.56 3China Galaxy Securities*2,471.09 4China Mer

903、chants Securities*2,122.19 5Shenwan Hongyuan Securities2,074.02 6GF Securities*2,015.74 7Founder Securities*1,713.14 8CITIC Securities*1,560.40 9China Securities*1,188.53 10Ping An Securities1,132.08 11China International Capital Corporation*#*#865.15 12Everbright Securities*#*#846.30 13Huaxi Securi

904、ties*834.09 14Zhongtai Securities*815.29 15Haitong Securities*811.59 16Essence Securities 765.51 17EastmoneySecurities670.15 18Western Securities*567.81 19Dongguan Securities 517.70 20Huaan Securities*473.94 Company NameInterest income from Interest income from margin financing and margin financing

905、and securities lending securities lending businessbusiness(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1CITIC Securities*6,543.71 2Huatai Securities*5,960.87 3Guotai JunanSecurities*5,837.92 4GF Securities*4,608.85 5China Galaxy Securities*4,541.01 6Shenwan HongyuanS

906、ecurities4,513.25 7China Merchants Securities*4,333.53 8Haitong Securities*3,494.48 9Guosen Securities *3,301.78 10China Securities*2,824.83 11Everbright Securities*#*#2,390.12 12Essence Securities 2,320.10 13China International Capital Corporation*#*#2,085.25 14Ping An Securities1,972.20 15Zhongtai

907、 Securities*1,876.36 16Changjiang Securities*1,717.04 17Founder Securities*1,612.72 18Industrial Securities*1,541.50 19EastmoneySecurities1,414.04 20Caitong Securities*1,081.81 188Company NameIncome from Income from financial advisory financial advisory businessbusiness(Regulatory (Regulatory Consol

908、idation)Consolidation)(RMB Million)(RMB Million)1CITIC Securities*676.30 2China International Capital Corporation*#*#669.00 3China Securities*484.43 4Huatai Securities*327.46 5Guotai JunanSecurities*293.77 6Ping An Securities233.53 7Shenwan HongyuanSecurities222.03 8Kaiyuan Securities207.67 9Haitong

909、 Securities*203.63 10China Merchants Securities*190.86 11SooChow Securities*163.44 12Zhongtai Securities*159.18 13Shengang Securities#142.93 14Shanxi Securities*141.26 15Jianghai Securities139.80 16DongxingSecurities*135.63 17Great Wall Securities*135.44 18MinmetalsSecurities Brokerage132.21 19Essen

910、ce Securities 131.38 20TF Securities*124.85 Company NameNet Net captialcaptial(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1Guotai JunanSecurities*104,838.41 2CITIC Securities*103,586.32 3Haitong Securities*93,208.13 4Huatai Securities*85,760.41 5China Galaxy Securit

911、ies*74,813.50 6Shenwan HongyuanSecurities74,178.24 7GF Securities*71,449.06 8China Securities*65,034.97 9China Merchants Securities*64,963.83 10Guosen Securities*62,923.20 11China International Capital Corporation*#*#60,458.88 12Everbright Securities*#*#44,721.85 13Orient Securities*41,563.27 14Esse

912、nce Securities 36,117.38 15Ping An Securities28,416.59 16Industrial Securities*27,660.84 17Zhongtai Securities*27,037.26 18Changjiang Securities*25,073.90 19Founder Securities*24,830.20 20Western Securities*23,272.97 Mainland China Securities Survey 2021189 2021 KPMG Huazhen LLP and KPMG Advisory (C

913、hina) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent m

914、ember firms of the KPMG global organisation.* denotes listed securities company# denotes foreign invested securities companyRegulatory Consolidation: Consolidation of securities companies and their securities subsidiariesConsolidation:Group consolidation of securities companiesNote1: Net income from

915、 securities brokerage business-trading volume of stocks and funds*0.15Sources: Securities Association of ChinaCompany NameIncome from Income from investment investment advisory business advisory business (Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1China Merchants S

916、ecurities*673.52 2Ping An Securities322.74 3CITIC Securities*264.50 4China International Capital Corporation*#*#245.79 5Guotai Junan Securities*236.46 6Haitong Securities*204.93 7GF Securities*199.97 8Orient Securities*161.04 9Changjiang Securities*158.62 10Huachuang Securities 150.68 11First Capita

917、l Securities*133.52 12Essence Securities 132.68 13Zhongtai Securities*107.46 14Shenwan Hongyuan Securities94.24 15SINOLINK Securities*89.97 16China Development Bank Securities89.06 17Central China Securities*81.56 18HSBC Qianhai Securities#79.70 19China Galaxy Securities*70.30 20TF Securities*64.38

918、Company NameIncome from asset Income from asset management management businessbusiness(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1Orient Securities*2,364.57 2CITIC Securities*1,938.77 3Huatai Securities*1,907.40 4Guotai Junan Securities*1,569.28 5Everbright Securit

919、ies*#*#1,355.32 6Haitong Securities*1,325.27 7GF Securities*1,188.31 8Shenwan HongyuanSecurities1,182.74 9Caitong Securities*1,124.98 10China International Capital Corporation*#*#1,027.18 11China Merchants Securities*955.28 12China Securities*839.30 13TF Securities*771.06 14BOC International (China)

920、 Limited*#*#628.01 15China Galaxy Securities*512.86 16Essence Securities 454.24 17Changjiang Securities*443.54 18Zhongtai Securities*387.31 19Ping An Securities353.15 20Huaan Securities*344.43 190Company NameClient moniesClient monies(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(

921、RMB Million)1CITIC Securities*124,151.58 2Huatai Securities*100,533.50 3Guotai Junan Securities*88,560.63 4GF Securities*77,855.52 5China Galaxy Securities*69,853.81 6Shenwan Hongyuan Securities69,682.95 7China Merchants Securities*69,582.59 8Haitong Securities*67,353.43 9China Securities*62,619.90

922、10Guosen Securities*58,303.22 11China International Capital Corporation*#*#52,440.85 12Ping An Securities50,234.63 13Essence Securities 38,941.15 14Zhongtai Securities*32,782.97 15Everbright Securities*#*#32,708.90 16EastmoneySecurities31,126.61 17Industrial Securities*28,866.77 18Changjiang Securit

923、ies*28,505.92 19Founder Securities*27,696.75 20Orient Securities*26,054.21 Company NameOperating incomeOperating income(Consolidation)(Consolidation)(RMB Million)(RMB Million)1CITIC Securities*34,139.52 2Guotai Junan Securities*24,073.08 3Huatai Securities*21,247.24 4China Securities*20,152.77 5Chin

924、a Merchants Securities*19,063.38 6Haitong Securities*18,279.48 7GF Securities*18,063.46 8Shenwan Hongyuan Securities17,321.63 9Guosen Securities*16,271.09 10China International Capital Corporation*#*#15,701.29 11China Galaxy Securities*14,591.40 12Orient Securities*12,489.36 13Everbright Securities*

925、#*#11,421.12 14Essence Securities 9,754.45 15Ping An Securities9,098.92 16Industrial Securities*8,967.43 17Zhongtai Securities*8,408.30 18Changjiang Securities*7,215.22 19Founder Securities*6,932.55 20Caitong Securities*5,938.95 Mainland China Securities Survey 2021191 2021 KPMG Huazhen LLP and KPMG

926、 Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the i

927、ndependent member firms of the KPMG global organisation.* denotes listed securities company# denotes foreign invested securities companyRegulatory Consolidation: Consolidation of securities companies and their securities subsidiariesConsolidation:Group consolidation of securities companiesNote1: Net

928、 income from securities brokerage business-trading volume of stocks and funds*0.15Sources: Securities Association of ChinaCompany NameInvestment in IT Investment in IT systemsystem(Regulatory (Regulatory Consolidation)Consolidation)(RMB Million)(RMB Million)1Huatai Securities*1,947.05 2Guotai Junan

929、Securities*1,398.28 3CITIC Securities*1,373.95 4China Merchants Securities*1,032.63 5Haitong Securities*960.78 6China International Capital Corporation*#*#953.45 7GF Securities*942.94 8China Securities*824.46 9Guosen Securities*811.67 10Ping An Securities809.79 11Zhongtai Securities*783.36 12Orient

930、Securities*776.92 13China Galaxy Securities*746.97 14Essence Securities 675.40 15Shenwan Hongyuan Securities630.45 16Industrial Securities*520.60 17Everbright Securities*#*#502.32 18Founder Securities*468.44 19EastmoneySecurities452.13 20Caitong Securities*383.64 192NumberDate of establishment(Month

931、/Year)JV securities companiesForeign shareholder(s)Chinese shareholder(s)107/1995China International Capital Co.,Ltd.* *Tencent Mobility Co.,Ltd. (4.48%) Des Voeux Investment Company Limited(4.20%) Other public shareholders (34.90%)Central Huijin Investment Co.,Ltd.(40.11%) Haier Group(qingdao)Finan

932、cial Holdings Ltd. (8.26%)China National Investment & Guaranty Co.,Ltd. (2.64%) Public shareholders (5.41%)204/1996Everbright Securities Co.,Ltd.* *China Everbright Co.,Ltd.(20.83%)Other public shareholders (15.26%)China Everbright Group(25.15%)China Securities Finance Corporation Limited(2.82%)Othe

933、r shareholders (35.94%)302/2002BOC International (China) Co.,Ltd.* * BOC International Holdings Co.,Ltd.(33.42%)China National Petroleum Co.,Ltd. (14.32%) Shanghai Financial Development Investment Fund (Limited Partnership) () (8.47%)Yunnan Investment Co.,Ltd. (5.72%)Other shareholders(38.07%) 412/2

934、004Goldman Sachs Gaohua Securities Co.,Ltd.Goldman Sachs (Group) Inc.(51.00%)Beijing Gaohua Securities Co.,Ltd. (49.00%)Appendix 3 Overview of foreign invested securities company* denotes listed securities companyNote1: China Renaissance Broking Services (Hong Kong) Co.,Ltd.-former name Maxson Secur

935、ities Co.,Ltd.Sources: 2021 Q1 reports of securities companies and press mediaList of foreign invested securities company (30 June 2021)Mainland China Securities Survey 2021193 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent me

936、mber firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberDate of establishment(Month/Yea

937、r)JV securities companiesForeign shareholder(s)Chinese shareholder(s)512/2006UBS Securities Co.,Ltd. UBS AG Co.,Ltd. (51.00%) Beijing State-owned Assets Management Co., Ltd. (33.00%)Guangdong Provincial Communications Group Co.,Ltd.(14.01%)Guodian Capital Holding Co., Ltd.(1.99%) 610/2008Credit Suis

938、se SecuritiesChinaLimited Credit Suisse AG(51.00%)Founder Securities Co.,Ltd.* * (49.00%)704/2009Zhong De Securities Co.,Ltd. Deutsche Bank AG(33.30%)Shanxi Securities Co.,Ltd.* * (66.70%)805/2011Morgan Stanley Securities (China) Co., Ltd.Morgan Stanley(51.00%)China Fortune Securities Co.,Ltd. (49.0

939、0%)904/2016Shengang Securities Co.,Ltd. Mason Group Holdings Co.,Ltd. (12.17%)Freeman Securities Co.,Ltd.(12.17%)JT Capital management Ltd. (4.86%)Shanghai Chang Jia Investment Co., Ltd.(11.59%)Zhongchengxin Investment Co.,Ltd.(11.59%)Sailing Capital International (Shanghai) Co., Ltd.()(8.11%)Beijin

940、g Guoze Capital Management Co.,Ltd.(8.11%)Other entities (31.40%)1008/2016China Renaissance Securities (China) Co., Ltd.China Renaissance Broking Services (Hong Kong) Co.,Ltd.(Note 1) (48.83%) (1Shanghai Enlight Investment Holding Co., Ltd. (34.24%)Jiangsu Spruce Capital Management Co., Ltd.(4.90%)W

941、uxi Qunxing Equity Investment Management Co., Ltd. (3.49%)Guangzhou Li Bai Investment Co., Ltd.(2.85%)Other entities(5.69%)1108/2017HSBC Qianhai Securities Co.,Ltd. The Hongkong and Shanghai Banking Co.,Ltd.(51.00%)Shenzhen Qianhai Financial Holdings Co.,Ltd. (49.00%)194NumberDate of establishment(M

942、onth/Year)JV securities companiesForeign shareholder(s)Chinese shareholder(s)1208/2017East Asia Qianhai Securities Co.,Ltd. The Bank of East Asia (China) Limited (49.00%)Shenzhen Infogem Technologies Co.,Ltd. (26.10%)M&G Holdings (Group) Co.,Ltd. (20.00%)Shenzhen Qianhai Financial Holdings Co.,Ltd.

943、(4.90%)1308/2019J.P. Morgan Chase Securities (China) Co.,Ltd.J.P. Morgan International Finance Co.,Ltd. (51.00)Shanghai Waigaoqiao Free Trade Zone Development Co.,Ltd. (20.00)Zhuhai Mailande Equity Investment Management Co.,Ltd. (14.30)Xinjiang Zhong Wei Equity Investment L.P. (4.90)Shanghai Binghe

944、Investment Management CenterL.P. (4.90)Beijing Langxin Investment Co., Ltd. (4.90)1408/2019Nomura Orient International Securities Co., Ltd. Nomura Holdings Co.,Ltd. (51.00)Orient International (Holding) Co.,Ltd. (24.90)Shanghai Huangpu Investment Holding (Group) Co., Ltd. (24.10)1506/2020Jinyuan pre

945、sident securities Co., Ltd.President Securities Co.,Ltd.49.00%Xiamen Jin Yuan Investment Group Co.,Ltd. (51.00)1612/2020Daiwa securities (China) Co., LtdDaiwa Securities Group Corporation Inc.(51.00%)Beijing State-owned Capital Operation And Management Center (33%)Beijing Xicheng Capital Holding Co.

946、, Ltd.(16.00%)1701/2021DBS securities (China) Co., LtdDBS Bank Co.,Ltd.51.00%Donghao Lansheng (Group) Co., Ltd.(24.67%)Shanghai Huangpu investment holding (Group) Co., Ltd(13.33%)Shanghai Huiyang Asset Operation Co.,Ltd.(6.50%)Shanghai Huangpu leading capital equity investment Co., Ltd.(4.50%)* deno

947、tes listed securities companyNote1: China Renaissance Broking Services (Hong Kong) Co.,Ltd.-former name Maxson Securities Co.,Ltd.Sources: 2021 Q1 reports of securities companies and press mediaMainland China Securities Survey 2021195 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are memb

948、er firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG

949、 global organisation.AAA ratingNil AA rating (15 brokers)Essence Securities *Orient Securities*#Everbright Securities*#*GF Securities*Guotai JunanSecurities*Guosen Securities *Huatai Securities*Pingan Securities Shenwan HongyuanSecurities*Industrial Securities*China Galaxy Securities*China Merchants

950、 Securities*#China International Capital Corporation*#*China Securities*CITIC Securities*A rating (35 brokers)Beijing Gao Hua Securities*Caida Securities*Caitong Securities*Great Wall Securities*Changjiang Securities*EastmoneySecuritiesDongguan Securities Donghai Securities *Soochow Securities*Dongx

951、ing Securities*Founder Securities*Sinolink Securities*China Development Bank Securities*Guoyuan Securities*Huaan Securities*Hwabao Securities Hua Chuang Securities*Chinalin Securities*Huaxi Securities*China Fortune Securities*Kaiyuan Securities *Nanjing Securities*#Credit Suisse Securities#UBS Secur

952、ities#*Shanxi Securities*Capital Securities *TF Securities*Minmetals Securities*Western Securities*Southwest Securities*Zheshang Securities*AVIC Securities*Zhongtai Securities*ZTF Securities*#BOC International (China) Limited*#Appendix 4 2021 rating of securities companies by the CSRC* denotes liste

953、d securities company# denotes foreign invested securities company Sources: CSRC196BBB rating (18 brokers)Bohai Securities Chasing SecuritiesGreat Wall Glory Securities*Northeast Securities*#Goldman Sachs Gao Hua Securities#*Sealand Securities*Haitong Securities*Huajin SecuritiesChina Dragon Securiti

954、es #China Renaissance Securities#HSBC Qianhai Securities#Goldstate Securities Lianchu Securities#Morgan Stanley Huaxin Securities#Shengang Securities#Cinda Securities Zhongtian Securities *Central China Securities*BB rating (16 brokers)Datong Securities*First Capital Securities*#East Asia Qianhai Se

955、curities#*Guolian Securities *Guorong Securities*Hongta Securities *Huafu Securities JZ SecuritiesMinsheng Securities Century Securities Wanlian Securities Xiangcai Securities Yintai Securities Yingda Securities Yongxing Securities Yuekai SecuritiesB rating (5 brokers)Tebon Securities #Jinyuan Presi

956、dent Securities #J.P. Morgan Securities (China)#Wanhe Securities#Nomura Orient International Securities#Mainland China Securities Survey 2021197 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG

957、International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.CC rating (1 broker)GuoDu Securities C rating (1 broker)Chuancai Secu

958、ritiesD rating (1 broker)N-Securities2021 rating of securities companies by the CSRC2021 rating of securities companies by the CSRC* denotes listed securities company# denotes foreign invested securities companySources: CSRCCCC rating (11 brokers)AJ Securities Daton Securities Guosheng Securities *H

959、engtai Securities*Hongxin Securities Huarong Securities Jianghai Securities *Pacific Securities*New Times Securities Zhongshan Securities China Post Securities35 out of 138 securities brokers are assigned with their parent companies rating. These companies are Bohai Huijin Asset Management Co.,Ltd.

960、(parent: Bohai Securities), Changjiang Financing Services and Changjiang Securities Asset Management Co,Ltd. (parent: Changjiang Securities), Caitong Securities Asset management Co., Ltd. (parent: CaitongSecurities) , First Capital Investment Banking (parent: First Capital Securities), Northeast Sec

961、urities Ronghui Asset Management Co.,Ltd. (parent: Northeast Securities), Orient Securities Asset Management Co., Ltd. and Orient Securities Investment Banking Co., Ltd. (parent: Orient Securities), Founder Financing Services Co., Ltd. (parent: Founder Securities), Everbright Securities Asset Manage

962、ment Co., Ltd. (parent: Everbright Securities), GF Securities Asset Management (Guangdong) (parent: GF Securities), Huaying Securities (parent: Guolian Securities), Guosheng Securities Asset Management Co.,Ltd. (parent: Guosheng Securities), GuoTai JunAn Securities Asset Management Co., Ltd. and Sha

963、nghai Securities (parent: Guotai Junan Securities), Haitong Securities Asset Management Co.,Ltd. (parent: Haitong Securities), Hengtai changcai Securities (parent: Hengtai Securities), Huatai United Securities and Huatai Securities Asset Management Co.,Ltd. (Parent: Huatai Securities), Zhongtai Asse

964、t Management (parent: Zhongtai Securities), Zhongde Securities (parent: Shanxi Securities), Shenwan Hongyuan Financing Services and Shenwan Hongyuan (Western) (parent: Shenwan HongyuanSecurities), Industrial Asset Management Co., Ltd. (parent: Industrial Securities), Galaxy Jinhui Asset management C

965、o., Ltd. (parent: China Galaxy Securities), China Merchants Securities Asset Management Co.,Ltd. (parent: China Merchants Securities), Zhejiang Zheshang Securities Asset Management Co., Ltd. (parent: Zheshang Securities), China CICC Wealth Management Securities (parent: China International Capital C

966、orporation) , CITIC Securities (Shandong), Jintong Securities and CITIC Securities South China (parent: CITIC Securities), Essence Securities Asset Management (parent: Essence Securities) , Yongxing Asset Management (parent: Yongxing Securities), Tianfeng (Shanghai) Securities Asset Management (pare

967、nt: TF Securities), Tebon Securities Asset Management (parent: Tebon Securities).198Mainland China Securities Survey 2021199 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limite

968、d, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Inve

969、sted by Securities companiesForeign invested futures companies1Ahcof Futures Co., Ltd.54.00%NN2Avic Futures Co., Ltd.82.42%NN3Baocheng Futures Co., Ltd.*80.00%YN4Beijing Capital Futures Co., Ltd.50.37%YN5BOC International Futures Co., Ltd.*100.00%YN6Bohai Futures Co., Ltd.*96.00%YN7Brilliant Futures

970、 Co., Ltd.74.80%NN8Caida Futures Co., Ltd.*99.20%YN9CES Futures Co., Ltd.100.00%NN10Central China Futures Co., Ltd.*51.36%YN11Chang-an Futures Co., Ltd.40.20%YN12Changjiang Futures Co., Ltd.*93.56%YN13China Fortune Futures Co., Ltd.100.00%YN14China Futures Co., Ltd.*100.00%YN15China International Fu

971、tures Co., Ltd.50.07%NN16China Investment Tianqi Futures Co., Ltd.100.00%YN17China Merchants Futures Co., Ltd.*100.00%YN18China-Deriviative Futures Co., Ltd.49.00%NNAppendix 5 Mainland Futures CompaniesList of domestic futures companies approved by CSRC (30 June 2021)* denotes listed securities comp

972、any# denotes foreign invested futures companySources: official websites of futures companies, CSRC, China Futures Association200NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Invested by Securities companiesForeign invested futures companies19Chuang Yuan Futures

973、 Co., Ltd.58.06%NN20Cinda Futures Co., Ltd.100.00%YN21CITIC Futures Co., Ltd.*100.00%YN22COFCO Futures Co., Ltd. 65.00%NN23Dadi Futures Co., Ltd.100.00%NN24Gelin Dahua Futures Co., Ltd.*100.00%YN25Hengli Futures Co., Ltd. (formerly known as Dalian Fortune Futures Co., Ltd.)100.00%NN26Datong Futures

974、Broking Co., Ltd.70.00%NN27Dayou Futures Co., Ltd.100.00%NN28Dayue Futures Co., Ltd.58.75%NN29Donghai Futures Co., Ltd.60.00%YN30Donghua Futures Co., Ltd.51.00%NN31Dongxing Futures Co., Ltd.*100.00%YN32DoTo Futures Co., Ltd.80.00%NN33Everbright Futures Co., Ltd. *100.00%YN34First Capital Futures Co.

975、, Ltd. *100.00%YN35First Futures Co., Ltd.63.75%NN36CICC Futures Co., Ltd.*100.00%YNMainland China Securities Survey 2021201 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limite

976、d, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Inve

977、sted by Securities companiesForeign invested futures companies37Founder CIFCO Futures Co., Ltd.*92.44%YN38Galaxy Futures Co., Ltd.*100.00%YN39GF Futures Co., Ltd.*100.00%YN40Goldstate Futures Co., Ltd.89.33%YN41Goldtrust Futures Co., Ltd.35.43%NN42Guangzhou Finance Holdings Futures Co., Ltd.82.17%YN

978、43Guangzhou Futures Co., Ltd.99.03%NN44Guantong Futures Co., Ltd./48.72%NN45Guodu Futures Co., Ltd.62.31%YN46Guofu Futures Co., Ltd.80.14%NN47Guohai LiangshiFutures Co., Ltd.*83.84%YN48Guolian Futures Co., Ltd.() 54.72%NN49Guosen Futures Co., Ltd.*100.00%YN50Guotai Junan Futures Co., Ltd.*100.00%YN5

979、1Guoyuan Futures Co., Ltd. *98.41%YN52Haitong Futures Co., Ltd.*66.67%YN53Hehe Futures Co., Ltd.40.00%NN54Hengtai Futures Co., Ltd.*80.00%YN55()Hengyin Futures Brokerage Co., Ltd.(formerly known as Heibei Hengyin Futures Brokerage Co., Ltd.)45.86%NNMainland Futures CompaniesMainland Futures Companie

980、s* denotes listed securities company# denotes foreign invested futures companySources: official websites of futures companies, CSRC, China Futures Association202NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Invested by Securities companiesForeign invested futur

981、es companies56Herong Futures Co., Ltd. 99.95%YN57Hicend Futures Co., Ltd.100.00%YN58Holly Futures Co., Ltd.30.37%NN59Hongta Futures Co., Ltd.*100.00%YN60Hongyuan Futures Co., Ltd.100.00%NN61Chaos Ternary FurturesCo., Ltd.()87.72%NN62Huaan Futures Co., Ltd.*100.00%YN63Huachuang Futures Co., Ltd.62.50

982、%YN64JZ Futures Co., Ltd.100.00%YN65Hualian Futures Co., Ltd.49.00%YN66China Dragon Futures Co., Ltd.40.87%YN67HuaRong Futures Co., Ltd.92.50%YN68Huatai Futures Co., Ltd.*60.00%YN69Huawen Futures Co., Ltd.100.00%NN70Huaxi Futures Co., Ltd.*100.00%YN71Huishang Futures Co., Ltd.71.77%NN72Industrial Se

983、curities Futures Co., Ltd.*99.55%YN73ITG Futures Co., Ltd.95.00%NN74#J.P.Morgan Futures Co.,Ltd.#J.P.MORGAN BROKING (HONG KONG) LIMITED100.00%NYMainland China Securities Survey 2021203 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of indepe

984、ndent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameThe Lar

985、gest shareholderShareholding as of 30 June 2021(2021630)Invested by Securities companiesForeign invested futures companies75Jianghaihuixin Futures Co., Ltd.51.00%YN76Capital Jingdu Futures Co., Ltd.100.00%YN77HuaJin Futures Co., Ltd.100.00%NN78Jinpeng International Futures Co., Ltd.68.29%NN79Jinrui

986、Futures Co., Ltd.() 72.06%NN80Jinshi Futures Co., Ltd.39.79%NN81Jintai Futures Co., Ltd.40.00%NN82Jintou Futures Co., Ltd.85.00%NN83Funeng Futures Co., Ltd86.17%NN84Guosheng Futures Co., Ltd.98.65%YN85Jiangxi Rich Futures Co., Ltd.53.68%NN86Luzheng Futures Co., Ltd.*63.10%YN87Maike Futures Co., Ltd.

987、83.17%NN88Mailyard Futures Co., Ltd.45.08%NN89Minmetals Futures Co., Ltd. (formerly known as Minmetals & JingyiFutures Co., Ltd. )99.00%NN90Minsheng Futures Co., Ltd.95.01%YN91Miracle China Futures Co., Ltd.73.39%NN92Nanhua Futures Co., Ltd.69.68%NN93Ningzheng Futures Co., Ltd.*53.07%YNMainland Futu

988、res CompaniesMainland Futures Companies* denotes listed securities company# denotes foreign invested futures companySources: official websites of futures companies, CSRC, China Futures Association204NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Invested by Secu

989、rities companiesForeign invested futures companies94New Era Futures Co., Ltd.() 90.00%NN95Shenzhen Jinhui Futures Brokerage Co., Ltd.100.00%NN96TF Furtures Co., Ltd.*62.94%YN97Orient Securities Futures Co., Ltd.*100.00%YN98Oriental Huijin Futures Co., Ltd.93.93%NN99Pingan Futures Co., Ltd.96.05%YN10

990、0#Qiankun Futures Co., Ltd.#100.00%YY101Ruida Futures Co., Ltd.75.58%NN102Shanxi Sanli Futures Co., Ltd.66.00%NN103Soochow Futures Co., Ltd.*93.80%YN104SDIC Essence Futures Co., Ltd.100.00%YN105Shanghai CIFCO Futures Co., Ltd.66.67%NN106Shanghai Dalu Futures Co., Ltd.51.00%YN107Shanghai East Asia Fu

991、tures Co., Ltd.98.70%NN108Tongguan Jin Yuan Furtures Co., Ltd.79.00%NN109CCB Furtures Co., Ltd.80.00%NN110Shanghai East Futures Co., Ltd.75.00%NN111#UBS Furtures Co., Ltd.#100.00%YY112Tonghui Futures Co., Ltd.60.00%NNMainland China Securities Survey 2021205 2021 KPMG Huazhen LLP and KPMG Advisory (C

992、hina) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent m

993、ember firms of the KPMG global organisation.NumberInstitution nameThe Largest shareholderShareholding as of 30 June 2021(2021630)Invested by Securities companiesForeign invested futures companies113Zhongcai Futures Co., Ltd.99.00%NN114China Industrial Futures Co., Ltd.100.00%NN115Shengda Futures Co.

994、, Ltd.96.00%NN116Shengxin Futures Co., Ltd.51.00%NN117Shenyin & WanguoFutures Co., Ltd.97.87%YN118Sinolink Futures Co., Ltd.*100.00%YN119Shanghai Zheshi Futures Co., Ltd.100.00%NN120Sinosteel Futures Co., Ltd./29.24%NN121Southwest Futures Co., Ltd.*100.00%YN122Tianfu Futures Co., Ltd.55.00%NN123Tian

995、hong BaoyeFutures Brokerage Co.,Ltd.83.31%NN124Eastmoney Futures Co., Ltd100.00%YN125HNA Futures Co., Ltd.91.09%NN126()Chasing Futures Co., Ltd.(formerly known as Triumph Futures Co., Ltd.)61.54%YN127()Huarong RongdaFutures Co., Ltd.(formerly known as CEFC Futures Co., Ltd.)59.26%NN128Qianhai Future

996、s Co., Ltd./20.00%NN129Western Futures Co., Ltd.*100.00%YNMainland Futures CompaniesMainland Futures Companies* denotes listed securities company# denotes foreign invested futures companySources: official websites of futures companies, CSRC, China Futures Association206NumberInstitution nameThe Larg

997、est shareholderShareholding as of 30 June 2021(2021630)Invested by Securities companiesForeign invested futures companies130Shandong Gold Furtures Co., Ltd.100.00%NN131SPIC Xianrong Futures Co., Ltd.44.20%NN132Xindingsheng Futures Co., Ltd.88.85%NN133()Xinhu Futures Co., Ltd.54.00%NN134Cloudfutures

998、Co.,Ltd.90.20%NN135Xinsheng Futures Co., Ltd.51.00%NN136Yingda Futures Co., Ltd.77.00%YN137Zhongtian Futures Co., Ltd.100.00%YN138Yongan Futures Co., Ltd.*33.54%YN139Yunchen Futures Co., Ltd.60.00%NN140Zhao Jin Futures Co., Ltd.49.96%NN141New Century Futures Co., Ltd.46.71%NN142Zheshang Futures Co.,

999、 Ltd.*100.00%YN143Zhong Rong Hui Xin Futures Co., Ltd.94.50%NN144Zhongda Futures Co., Ltd.95.10%NN145Zhonghui Futures Co., Ltd.42.80%NN146Zhongzhou Futures Co., Ltd.100.00%YN147Pioneer Futures Co., Ltd.91.80%NN148Yongshang Futures Co., Ltd.48.00%NN149Great Wall Futures Co., Ltd.55.00%YNMainland Chin

1000、a Securities Survey 2021207 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPM

1001、G name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiariesFMCs invested by securities companies1

1002、China Southern Asset Management Co.,Ltd.41.16%NY2China Asset Management Co., Ltd.62.20%YY3Huaan Fund Management Co., Ltd.28.00%NY4Bosera Asset Management Co., Ltd.49.00%NY5Penghua Fund Management Co.,Ltd.50.00%YY6Changsheng Fund Management Co.,Ltd.41.00%YY7Fullgoal Fund Management Co., Ltd./27.78%/2

1003、7.78%/27.78%YY8E Fund Management Co.,Ltd./22.65%/22.65%/22.65%NY9Rongtong Fund Management Co., Ltd.60.00%YY10Yinhua Fund Management Co.,Ltd.49.00%NY11Changcheng Fund Management Co.,Ltd.47.06%NY12Wanjia Asset Management Co., Ltd.49.00%NY13HFT Investment Management Co.,Ltd.51.00%YY14Chang Xin Asset Ma

1004、nagement Co.,Ltd.44.55%NY15Invesco Great Wall Fund Management Company Limited49.00%YY16GF Fund Management Co.,Ltd.54.53%NY17Aegon-Industrial Fund Management Co., Ltd.51.00%YY18SWS Mu Fund Management Co., Ltd.67.00%YY19Everbright PGIM Fund Management Co.,Ltd.55.00%YYAppendix 6Mainland Fund Management

1005、 CompaniesList of fund management companies approved by the CSRC (30 June 2021)Sources: Offical website of Fund Management Companies, CSRC208NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiaries20Harfor Fu

1006、nd Management Co.,Ltd.49.00%NY21Orient Fund Management Co.,Ltd.57.60%NY22Soochow Asset Management Co.,Ltd.70.00%NY23Franklin Templeton Sealand Fund Management Co.,Ltd.51.00%YY24Huatai-PineBridgeFund Management Co., Ltd./49.00%/49.00%YY25New China Fund Management Co., Ltd.58.62%NY26China Universal As

1007、set Management Co.,Ltd.47.00%NY27Huashang Fund Management Co., Ltd.46.00%NN28China Post & Capital Fund Management Co., Ltd.46.37%YY29First State Cinda Fund Management Co. Ltd54.00%YY30Goldstate Capital Fund Management Co., Ltd.51.00%NY31Western LeadbankFund Management Company Limited51.00%NN32Fuanda

1008、 Fund Management Co.,Ltd49.00%NY33Caitong Fund Management Co.,Ltd.40.00%NY34Founder Fubon Fund Management Co., Ltd.66.70%YY35Gfund Management Co.,Ltd.49.00%NY36Tebon Fund Management Co.,Ltd70.00%NY37Hongta Hotland Asset Management Co.,Ltd.59.27%NY38Jiangxin Fund Management Co.,Ltd.30.00%NNMainland C

1009、hina Securities Survey 2021209 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The

1010、KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiaries39First Seafront Fund Management Co

1011、., Ltd./25.00%/25.00%/25.00%/25.00%NY40Donghai Fund Management Co., Ltd.45.00%NY41CDBS Cathay Asset Management Co.,Ltd.66.70%NY42China Fund Management Co.,Ltd.75.00%NY43Xingyin Fund Management Co.,Ltd76.00%NY44CICC Fund Management Co.,Ltd.100.00%NN45Truvalue Asset Management Co.,Ltd.51.07%NN46China

1012、Aviation Fund Management Co., Ltd.55.00%NN47Guorong Fund Management Co.,Ltd.51.00%NN48Xiangcai Fund Management Co., Ltd.100.00%NN49Tibet Eastmoney Fund Management Co., Ltd.100.00%NN50Huarong Fund Management Co.,Ltd.100.00%NN51Dongxing Fund Management Co., Ltd. 100.00%NNFMCs invested by trust compani

1013、es52Harvest Fund Management Co.,Ltd.40.00%YY53Dacheng Fund Management Co., Ltd.50.00%NY54Baoying Fund Management Co., Ltd.75.00%NY55UBS SDIC Fund Management Co., Ltd51.00%YY56Hwabao WP Fund Management Co., Ltd.51.00%YNMainland Fund Management CompaniesMainland Fund Management CompaniesSources: Offic

1014、al website of Fund Management Companies, CSRC210NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiaries57First-Trust Fund Management Co.,Ltd.45.00%NY58China Nature Asset Management Co., Ltd.61.25%NY59Lion Fu

1015、nd Management Co., Ltd./40.00%/40.00%NY60Zhonghai Fund Management Co.,Ltd.41.59%YY61China International Fund Management Co., Ltd51.00%YY62CITIC-Prudential Fund Management Company Ltd/49.00%/49.00%YY63HSBC Jintrust Fund Management Co., Ltd51.00%YN64Yimin Asset Management Co., Ltd.65.00%NY65Ping An Fu

1016、nd Management Co., Ltd.68.19%YY66Changan Funds Management Co.,Ltd.29.63%NY67Mirae Asset HuachenFund Management Co.,Ltd.40.00%YY68China Resources Yuanda Fund Management Co.,Ltd.51.00%YY69Zhongrong Fund Management Co.,Ltd51.00%NY70Golden Trust SinopacFund Management Co.,Ltd.51.00%YN71BeiXin RuiFeng Fu

1017、nd Management Co.,Ltd.60.00%NY72JYAH Asset Management Co.,Ltd./27.27%/27.27%NNMainland China Securities Survey 2021211 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a p

1018、rivate English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Fo

1019、reign invested FMCAlternative investment subsidiariesFMCs invested by banks73China Merchants Fund Management Co., Ltd.55.00%NY74Bank of China Investment Management Co.,Ltd.83.50%YY75ICBC Credit Suisse Asset Management Co,Ltd55.00%YY76Bank of Communications Schroder Fund Management Co.,Ltd.65.00%YY77

1020、CCB Principal Asset Management Co.,Ltd.65.00%YY78Zhong Ou Asset Management Co.,Ltd./25.00%/25.00%YY79AXA SPDB Investment Managers Co., Ltd.51.00%YY80ABC-CA Fund Management Co., Ltd.51.67%YY81Minsheng Royal Fund Management Co., Ltd.63.33%YY82Bank of Beijing Scotiabank Asset Management Co.Ltd.44.00%YY

1021、83CIB Fund Management Co.,Ltd90.00%NY84BOSC ASSET Fund Management Co., Ltd90.00%NY85Xinyuan Asset Management Co., Ltd.80.00%NY86Maxwealth Fund Management Co.,Ltd71.49%YY87Hang Seng Qianhai Fund Management Co.,Ltd.70.00%YNMainland Fund Management CompaniesMainland Fund Management CompaniesSources: Of

1022、fical website of Fund Management Companies, CSRC212NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiariesFMCs invested by individuals88Hongde Fund Management Co.,Ltd25.91%NN 89Horizon Asset Management Co.,

1023、Ltd.40.60%NN90V.Stone Fund Management Co., Ltd.65.00%NN91Oriental Alpha Fund Management Co., Ltd.39.96%NN92FocusbridgeInvestments Ltd.65.00%NN93United Vision Asset Management Co.,Ltd.31.29%NN94Hexa Asset Management Co.,Ltd.60.40%NN95Zhonggeng Fund Management Co.,Ltd26.00%NN96Foresight Fund Managemen

1024、t Co., Ltd.55.00%NN97Purekind Fund Management Co.,Ltd.31.20%NN98Tongtai Fund Management Co., Ltd.38.20%NN99Huisheng Fund Management Co., Ltd36.00%NN100Boyuan Fund Management Co., Ltd.45.03%NN101Mingya Fund Management Co.,Ltd46.00%NN102Integrity Funds Management Co., Ltd43.00%NN103Huiquan Fund Manage

1025、ment Co., Ltd.55.30%NN104Baijia Fund Management Co., Ltd.40.00%NNMainland China Securities Survey 2021213 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private Englis

1026、h company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign investe

1027、d FMCAlternative investment subsidiaries105Shangzheng Fund Management Co., Ltd.42.00%NN106Pengyang Asset Management Co.,Ltd45.15%NN107Broad Fund Management Co., Ltd.35.00%NN108Xinghua Fund Management Co., Ltd. 60.61%NNFMCs invested by other companies109Guotai Asset Management Co., Ltd.60.00%YY110Gal

1028、axy Asset Management Co.,Ltd.50.00%NY111Manulife Teda Fund Management Co.,Ltd()51.00%YN112CPIC Fund Management Limited Company51.00%YN113Tianhong Asset Management Co.,Ltd51.00%NY114Lord Abbett China Asset Management Co., Ltd.51.00%NN115BlackRock Fund Management Co., LtdBlackRock Financial Management

1029、. Inc.100.00%YN116Yingda Fund Management Co., Ltd.100.00%NY117Taiping Fund Management Company Limited91.50%YN118China Life AMP Asset Management Co.,Ltd.85.03%YY119Hotland Innovation Asset Management Co., Ltd.100.00%NY120JT Asset Management Co.,Ltd.26.00%NNMainland Fund Management CompaniesMainland F

1030、und Management CompaniesSources: Offical website of Fund Management Companies, CSRC214NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative investment subsidiaries121Xinjiang Qianhai Alliance Asset Management Co.,Ltd30.00%NN122Si

1031、nvo Fund Management Co.,Ltd70.00%NN123Cs Richland Funds Co., Ltd.62.23%NN124Fortune & Royal Asset Management Co., Ltd.50.00%NN125VFund Management Co.,Ltd.34.21%NN126Huatai Baoxing Fund Management Co., Ltd.85.00%NN127Gelin Fund Management Co.,Ltd.100.00%NN128Nanhua Fund Management Co.,Ltd.100.00%NN12

1032、9Hony Horizon Fund Management Co.,Ltd()100.00%NN130Rosefinch Fund Management Co., Ltd.65.00%NN131Ruida Fund Management Co., Ltd. 100.00%NN132Zheshang Fund Management Co., Ltd.50.00%NY133Essence Fund Management Co., Ltd.39.84%NY134Jinxin Fund Management Co.,Ltd.34.00%NN135Golden Eagle Asset Managemen

1033、t Co.,Ltd.66.19%NY136Morgan Stanley Huaxin Fund Management Company Limited49.00%YNOther companies with public fund licenses137Guodu Securities Co.,Ltd.13.33%NN138Orient Securities Asset Management Company Limited100.00%NN139Zhejiang ZheshangSecurities Asset Management Co.,Ltd.100.00%NN140Bohai Huiji

1034、n Securities Asset Management Limited100.00%NNMainland China Securities Survey 2021215 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited b

1035、y guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution nameRegistrationplaceThe Largest shareholderShareholding as at 30 June 2021Foreign invested FMCAlternative in

1036、vestment subsidiaries141Caitong Securities Assets Management Co.,Ltd.100.00%NN142Changjiang Securities(shanghai) Asset Management Co.,Ltd.100.00%NN143Huatai Securities Asset Management (shanghai) Co.,Ltd.100.00%NN144Zhongtai Securities (Shanghai) Assets management60.00%NN145Shanghai Guotai JunanSecu

1037、rity Assets Management Co.ltd.100.00%NN146Dongxing Securities Corporation Limited52.74%NN147BOCI Securities Limited37.14%YN148Taikang Asset Management Co., Ltd.99.41%NN149Picc Asset Management Company Limited100.00%NN150Shanxi Securities Co.,Ltd.31.77%NN151Beijing Gao Hua Securities Co.,Ltd/25%/25%/

1038、25%/25%NNMainland Fund Management CompaniesMainland Fund Management CompaniesSources: Offical website of Fund Management Companies, CSRCMainland China Securities Survey 2021216 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent me

1039、mber firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Securities Survey 2021

1040、217 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trad

1041、emarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution name1Harvest Capital Management Co., Ltd.2ICBC Credit Suisse Investment Management Co., Ltd.3Shenzhen Ping An Uob Investment Management Co., Ltd.4Changan Wealth Asset Management Co., Ltd.5Beij

1042、ing Funder Fubon Asset Management Co., Ltd.6Tianhong Innovative Asset Management Co., Ltd.7China Capital Management Co., Ltd.8Penghua Asset Management Co., Ltd.9Shenzhen Hongta Asset Management Co., Ltd.10Aegon-Industrial Capital Management (Shanghai) Co., Ltd.11()Fuanda Asset Management Co., Ltd.12

1043、Minsheng Royal Asset Management Co., Ltd.13Beijing Chance Capital Management Co., Ltd.14Shanghai Ruiyi Asset Management Co., Ltd.15WanJia Asset Management Co., Ltd.16China Merchants Wealth Asset Management Co., Ltd.17Shanghai XDWYS Asset management Co., Ltd.18Bosera Capital Management Co., Ltd.19Sha

1044、nghai Goldstate Brilliance Asset Management Co., Ltd.20Shanghai Ju Chao Asset Management Co., Ltd.21Tebon Innovation Capital Co., Ltd.22()Yin Hua Capital Management (Beijing) Co., Ltd.(formerly known as Yin Hua Capital Management (Zhuhai Hengqin) Co., Ltd.)Appendix 7 Mainland Subsidiaries of Fund Ma

1045、nagement CompaniesSources: CSRCList of fund management companies approved by the CSRC (30 June 2021)218Registered Capital (RMB 0000) Registration Place Approval date(Month/Year) 62,215 Beijing11/2012120,000 Shanghai11/201280,000Shenzhen12/201210,000 Shanghai12/201213,000 Beijing12/201260,000 Beijing

1046、12/201235,000 Shenzhen12/201235,000 Shenzhen01/201335,000 Shenzhen01/20138,000Shanghai01/201360,000 Shanghai01/201366,800 Shanghai01/201310,000 Beijing01/201322,000 Shanghai02/201310,600 Shanghai02/2013174,000 Shenzhen02/20135,000 Shanghai02/201385,000 Shenzhen02/201317,557 Shanghai02/201314,000 Sha

1047、nghai02/201328,000 Shanghai03/201314,910Beijing03/2013Mainland China Securities Survey 2021219 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company l

1048、imited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution name23EverBright Prestige Capital Asset Management Co., Ltd.24()Cinda New Wealth Asset Management Co.

1049、, Ltd.25China Universal Capital Management Co., Ltd.26Shanghai Huachen Mirae Asset Management Co., Ltd.27Beijing New China Fu Shi Asset Management Co., Ltd.28CITIC-CP Asset Management Co., Ltd.29Hong Funds Asset Management Co., Ltd.30Shen Zhen Rongtong Capital Management Co., Ltd.31Guotai Yuanxin As

1050、set Management Co., Ltd.32Shanghai Caitong Asset Management Co., Ltd.33Rui Yuan Asset Management Co., Ltd.34CCB Principal Capital Management Co., Ltd.35E Fund Asset Management Co., Ltd.36CIB Asset Management Co., Ltd.37Shanghai Harfor Lead Asset Management Co., Ltd.38UBS SDIC Asset Management Co., L

1051、td.39()Zhonghai Hengxin Asset Management Co., Ltd.40Guangzhou Golden Egale Asset Management Co., Ltd.41TBA Asset Management Co.,Ltd.42()Fullgoal Asset Management Co., Ltd.43Great Wall Capital Co., Ltd.44Shanghai Changjiang Wealth&Asset Manangement Co.,Ltd.Sources: CSRCMainland Subsidiaries of Fund M

1052、anagement CompaniesMainland Subsidiaries of Fund Management Companies220Registered Capital (RMB 0000) Registration Place Approval date(Month/Year) 96,000 Shenzhen03/20138,000Beijing03/201330,000 Shanghai03/20133,000 Shanghai03/201330,800 Beijing04/20135,000 Shanghai04/201310,000 Beijing05/201312,793

1053、 Shenzhen05/201312,348 Shanghai05/20132,000 Shanghai06/20137,500 Zhuhai06/2013135,000 Shanghai06/2013100,000 Zhuhai06/201378,000 Shanghai06/201311,687 Shanghai07/201318,000 Shenzhen07/20132,000 Shanghai07/201321,000 Guangzhou07/201310,000 Beijing08/201320,000 Shanghai08/201317,821 Shenzhen08/201310,

1054、000 Shanghai08/2013Mainland China Securities Survey 2021221 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights res

1055、erved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberInstitution name45()Donghai Ruijing Asset Management (Shanghai) Co.,Ltd.46Qianhaikaiyuan Asset Management Co., Ltd.47Orient Minerva Asset Management

1056、 Co.,Ltd.48ABC-CA Asset Management Co., Ltd.49Lion Asset Management Co., Ltd.50()Ceic Asset Management (shanghai) Co., Ltd.51()Zhongrong Asset Management Co., Ltd.52()Investco Great Wall Asset Management Co., Ltd.53()Hua An Furture Asset Manangement Co., Ltd.54Dacheng Innovative Capital Management C

1057、o.,Ltd.55Changsheng Chuangfu Wealth Asset Management Co.,Ltd.56Southern Asset Management Co.,Ltd.57China Railway Bao Ying Asset Management Co.,Ltd.58()Essence Asset Co., Ltd.59Shanghai AXA SPDB Assets Managers Co., Ltd.60Shenzhen Huarunyuanda Asset Management Co., Ltd.61Bank of Communications Schrod

1058、ers Asset Management Co., Ltd.62()Franklin Templeton Sealand Asset Management Co.,Ltd.63Xinyuan Capital Management Co., Ltd.64()SWS MU Asset Management Co.,Ltd.65BOSC Rui Jin Asset Management Co., Ltd.Sources: CSRCMainland Subsidiaries of Fund Management CompaniesMainland Subsidiaries of Fund Manage

1059、ment Companies222Registered Capital (RMB 0000) Registration Place Approval date(Month/Year) 2,000 Shanghai09/201318,000 Shenzhen09/201318,000 Shenzhen09/2013192,000 Shanghai09/201335,000 Beijing09/201326,700 Shanghai09/201320,000 Beijing09/201313,000 Shenzhen09/201350,000 Shanghai10/201311,860 Shenz

1060、hen10/201310,000 Beijing10/201354,200 Shenzhen11/201322,000 Shenzhen11/201310,000 Shenzhen12/2013148,000 Shanghai12/201311,800 Shenzhen12/2013120,000 Shanghai12/201312,000 Shanghai01/2014155,000 Shanghai02/201420,000 Shanghai03/201413,000 Shanghai03/2014Mainland China Securities Survey 2021223 2021

1061、KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks us

1062、ed under license by the independent member firms of the KPMG global organisation.NumberInstitution name66Maxwealth Asset Management Co., Ltd.67Beijing CDBS Cathay Asset Management Co., Ltd.68Bei Fund Management Co., Ltd.69Galaxy Capital Asset Management Co., Ltd.70Shanghai HFT Fortune Asset Manageme

1063、nt Co., Ltd.71Bank of China Asset Management Co., Ltd.72()PineBridge Aijian asset management (Shanghai) Co., Ltd.73China Life Capital Management Co., Ltd. 74Shanghai Xinghan Asset Management Co., Ltd.75Sunward Capital Management Co., Ltd. 76()CSC Asset Management Co., Ltd.77Shanghai Beixing Ruifeng

1064、Asset Management Co., Ltd.78Everbright Pramerica Assets Management Co., Ltd.79Beijing Yingda Capital Management Co., Ltd80Shenzhen Venture Capital Hongtu Asset Management (Shenzhen) Co., Ltd.Sources: CSRCMainland Subsidiaries of Fund Management CompaniesMainland Subsidiaries of Fund Management Compa

1065、nies224Registered Capital (RMB 0000) Registration Place Approval date(Month/Year) 80,000 Shanghai03/201410,000 Beijing04/201431,110 Shenzhen04/201410,000 Shanghai04/201420,000 Shanghai08/201485,000 Shanghai09/201415,000 Shanghai09/201420,000 Shanghai11/201430,000 Shanghai02/201516,000 Shanghai04/201

1066、513,000Beijing06/201510,000 Shanghai07/201525,000 Shanghai08/201555,800Beijing09/201512,000 Shenzhen09/2020Mainland China Securities Survey 2021225 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KP

1067、MG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberMainland Securities CompaniesHong Kong Subsidiary NameIncorp

1068、oration date1*SinolinkSecurities*Sinolink Securities (HK) Co., Ltd.Sinolink Finance (HK) Co., Ltd.Sinolink Securities Financial Holdings (Hong Kong) Co., Ltd.20/02/198730/05/198919/09/20182ShenwanHongyuanSecuritiesShenwan Hongyuan (International) Holdings Co., Ltd.29/10/19923Essence SecuritiesEssenc

1069、e International Financial Holdings Co., Ltd.17/09/19964*#China International Capital Corporation*#China International Capital Corporation (Hong Kong) Co., Ltd.China International Capital Corporation Hong Kong Securities Co., Ltd.China International Capital Corporation Hong Kong Asset Management Co.,

1070、 Ltd.China International Capital Corporation Hong Kong Futures Co., Ltd.CICC US Securities (Hong Kong) Co., Ltd.CICC Financial Trading Co., Ltd.04/04/199709/03/199817/12/200530/08/201011/10/201010/04/20125*CITIC Securities*CITIC Securities International Co., Ltd.09/04/19986*China Merchants Securitie

1071、s*China Merchants Securities International Co., Ltd.14/07/19997*Shanxi Securities*Shanxi Securities International Financial Holdings Co., Ltd.12/04/20068*GF Securities*GF Holdings (Hong Kong) Co., Ltd.14/06/20069*GuoyuanSecurities*Guoyuan International Holdings Co., Ltd.19/07/200610Ping An Securitie

1072、s()Ping An of China Securities (Hong Kong) Co., Ltd.19/07/200611*HuataiSecurities*Huatai Financial Holdings (Hong Kong) Co., Ltd.23/11/2006Appendix 8 Securities companies who have set up Hong Kong subsidiaries* denotes listed securities company# denotes foreign invested securities companySources: 20

1073、20 annual reports of securities companies and websites of securities company,CSRC226NumberMainland Securities CompaniesHong Kong Subsidiary NameIncorporation date12*Haitong Securities*Haitong International Holdings Co., Ltd.24/07/200713*Guotai Junan Securities*Guotai Junan Financial Holdings Co., Lt

1074、d.10/08/200714GuoDu SecuritiesChina Guodu (Hong Kong) Financial Holdings Co., Ltd.12/11/200715*Guosen Securities*Guosen Securities (HK) Financial Holdings Co., Ltd.13/11/200816*Orient Securities*()Orient Finance Holdings (Hong Kong) Co., Ltd.17/02/201017China Investment Securities China Investment S

1075、ecurities (Hong Kong) Financial Holdings Co., Ltd.20/08/201018*#Everbright Securities*#Everbright Securities Financial Holdings Co., Ltd.19/11/201019*Changjiang Securities*Changjiang Securities International Financial Group Co., Ltd.11/01/201120*China Galaxy Securities*China Galaxy International Fin

1076、ancial Holdings Co., Ltd.09/02/201121*Zhongtai Securities*Zhongtai Financial International Co., Ltd.22/06/201122*Industrial Securities*()Industrial Securities (Hong Kong) Financial Holdings Limited05/07/201123*Caitong Securities*Caitong Securities (Hong Kong) Co., Ltd.12/08/201124*Founder Securities

1077、*Founder Securities (Hong Kong) Financial Holdings Co., Ltd.21/03/201225*China Securities*China Securities (International) Finance Holding Co., Ltd.12/07/2012Mainland China Securities Survey 2021227 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisa

1078、tion of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.NumberMainland

1079、Securities CompaniesHong Kong Subsidiary NameIncorporation date26*Southwest Securities*Southwest Securities International Investment Co., Ltd.29/11/201327*Central China Securities*Central China International Financial Holdings Co., Ltd.29/10/201428*Dongxing Securities*Dongxing Securities (Hong Kong)

1080、 Financial Holdings Co., Ltd.17/07/201529Donghai SecuritiesDonghai International Financial Holdings Co., Ltd.11/08/201530*Zheshang Securities*ZheshangInternational Financial Holdings Co., Ltd23/04/201531*TF Securities*TF International Securities Group Co., Ltd.06/06/201632*SooChow Securities*SooChow

1081、 Securities (Hong Kong) Financial Holdings Co., Ltd.27/06/201633*Huaan Securities*Huaan Securities (Hong Kong) Financial Holding Limited30/06/202034*Guolian Securities*Guolian Securities (H.K.) Co., Limited27/02/202035Huafu SecuritiesHuafu International (HK) Financial Holdings Limited14/04/2020Secur

1082、ities companies who have set up Hong Kong subsidiariesSecurities companies who have set up Hong Kong subsidiaries* denotes listed securities company# denotes foreign invested securities companySources: 2020 annual reports of securities companies and websites of securities company,CSRCMainland China

1083、Securities Survey 2021228 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG

1084、name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Mainland China Securities Survey 2021229 2021 KPMG Huazhen LLP and KPMG Advisory (China) Limited, are member firms of the KPMG global organisation of independent member firms affiliated wi

1085、th KPMG International Limited, a private English company limited by guarantee. All rights reserved. Printed in China. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Appendix 9 Foreign-funded enterprises that offer private fund

1086、 management businessSources:Asset Management Association of China and press mediaList of foreign-funded enterprises that offer private fund management business of 30 June 20211APS China Asset Management Pte Ltd.2002-11-182018-07-172Mirae Asset Investment Management (Shanghai) Co., Ltd.2008-02-262018

1087、-11-143()D. E. Shaw Investment Management (Shanghai) Co., Ltd.2010-02-242019-04-114AZ Investment Management (Shanghai) Co., Ltd.2011-07-142018-02-285)Winton Investment Management (Shanghai) Co., Ltd.2012-03-262018-06-296Auto(HangZhou) Enterprise Management Limited2012-07-302014-05-267Fullerton Inves

1088、tment Management (Shanghai) Co., Ltd.2013-12-032017-09-078Shanghai Hunlicar Investment Management Co, Ltd2014-05-042014-10-139Russell Investment Management (Shanghai) Co., Ltd.2015-03-312020-02-1410UBS Asset Management (Shanghai) Co., Ltd.2015-08-192016-08-1511()FIL Investment Management (Shanghai)

1089、Company Limited2015-09-142017-01-0312()Aberdeen Standard Investments Management (Shanghai) Co., Ltd.2015-09-142017-11-2913AB (Shanghai) Investment Management Co., Ltd.2015-12-142019-03-0114()Schroders Investment Management (Shanghai) Co., Ltd.2015-12-212017-12-2515Bridgewater (China) Investment Mana

1090、gement Co., Ltd.2016-03-072018-06-2916Hanwha Asset Management Ltd.2016-10-212020-10-16NumberInstitution nameRegistration dateFiling date23017()Neuberger Berman Investment Management (Shanghai) Limited2016-11-282017-11-0918()Allianz Global Investors Asset Management (Shanghai) Co., Ltd.2016-12-062019

1091、-03-2519()Value Partners Investment Management (Shanghai) Limited2017-03-232017-11-0920()Invesco Investment Management (Shanghai) Limited2017-04-132017-11-0921()Man Investment Management (Shanghai) Co., Ltd.2017-05-032017-09-0722Income Partners Investment Management (Shanghai) Ltd.2017-10-112020-03-

1092、1023()BEA Union Investment Management (ShenZhen) Limited2017-10-252019-12-2524()Nomura Investment Management (Shanghai) Co., Ltd.2018-01-082019-06-2025()Eastspring Investment Management (Shanghai) Company Limited2018-03-052018-10-1626()Barings Investment Management (Shanghai) Limited2018-08-032019-0

1093、6-2027Cephei Capital Management (Tianjin) Limited2018-10-092020-11-0928()Two Sigma China Co., Ltd.2018-11-112019-09-1129Metori ChinaZhuhai Hengqin) Investment Management Co., Ltd.2019-03-262020-08-1730Power Pacific (Shanghai) Investment Management Co., Ltd.2019-04-152020-07-2731iFAST Investment Management China Ltd.2019-05-232020-09-2232Baillie Gifford Investment Management (Shanghai) Limited2019-05-302020-09-0133William Oneil Investment Management (Shanghai) Co., Ltd.2019-06-102020-04-24NumberInstitution nameRegistration dateFiling date