2020年中国证券业调查报告.pdf

Mainland ChinaSecuritiesSurvey 2020Financial services金融服务二零二零年中国证券业调查报告毕马威中国kpmg/cn目录ContentsIntroduction引言01Market overview市场回顾Industry trends行业趋势Business dynamics业务动态Conclusion结语Appendices附录0529446266060504030201Appendix 1附录1Financial highlights财务摘要67Appendix 2附录2Sector ranking for 2019二零一九年行业排名157Appendix 3附录3Overview of Sino-foreign joint venture securities company中外合资证券公司一览164Appendix 4附录42020 rating of securities companies by the CSRC2020年证监会对证券公司的评级167Appendix 5附录5Qualified Foreign Institutional Investors (QFII)合格境外机构投资者171Appendix 6附录6RMB Qualified Foreign Institutional Investors (RQFII)人民币合格境外机构投资者184Appendix 7附录7Qualified Domestic Institutional Investors (QDII)合格境内机构投资者194Appendix 8附录8Mainland Futures Companies内地期货公司名单201Appendix 9附录9Mainland Fund Management Companies内地基金公司名单208Appendix 10附录10Subsidiaries of Mainland Fund Management Companies 内地基金公司子公司名单215Appendix 11附录11Securities companies with Hong Kong subsidiaries设立香港子公司的证券公司221Appendix 12附录12Foreign-funded enterprises that offer private fund management business外商投资私募基金管理公司223二零二零年中国证券业调查报告101Introduction引言Mainland China Securities Survey 2020 2 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.IntroductionWhile the effects of the COVID-19 pandemic have been felt across global and local markets throughout 2020, the impact on the securities industry in China has been limited compared to other sectors. Chinas capital markets rebounded in 2019, and the implementation of a number of policies and reforms including the launch of the Sci-Tech Innovation Board (STAR Market), the lifting of foreign shareholding caps, the reform of the New Third Board and amendments to the Securities Law continues to drive significant growth opportunities for the securities industry.According to the audited annual reports of securities companies in China issued by the Securities Association of China (SAC), the securities industry realisedoperating income of RMB 360 billion and net profit of RMB 119.5 billion (based on financial statements at the parent company level) in 2019, representing year-on-year increases of 37 percent and 92 percent, respectively. As at 31 December 2019, the total assets of the 132 securities companies that were included stood at RMB 7.3 trillion, representing a year-on-year. increase of 16 percent. Net assets amounted to RMB 2 trillion, a year-on-year increase of 5 percent In terms of income composition, income from the proprietary trading segment stood at RMB 141.8 billion (including profit or losses arising from changes in fair value and investment income), up 64 percent from the RMB 86.7 billion recorded in 2018. This segment remained the biggest source of income for the industry, accounting for 39 percent of the industrys total operating income. Supported by a market rebound, net income from the brokerage segment increased by 25 percent year-on-year to RMB 84.3 billion, representing the second largest source of income for the industry. As a result of the STAR Markets IPO registration system and the new regulations on refinancing, net income from the investment banking segment increased by 31 percent to RMB 48.1 billion. Net income from the asset management segment stayed flat from the previous year.From a regulatory perspective, regulators continue to focus on risk management and compliance. In 2020, some securities companies began pilotingconsolidated supervision mechanisms to improve overall risk management and compliance at the group level. Furthermore, the STAR Market was launched faster than expected, and restrictions on foreign shareholding and refinancing have been relaxed earlier than expected. These developments have opened a new chapter in the reform and opening-up of the domestic capital markets. In addition, the convergence of asset management regulation as well as fierce competition have led to greater requirements on securities companies ability to conduct active management and offer differentiated services.Securities companies have been exploring their market positioning and transformation to gain a long-term competitive edge. In this regard, M&A and cross-industry integration are starting to emerge in the industry. First-tier securities companies have sought to partner with technology leaders in order to leverage the latters customer base and capital to reform and optimise their business. Small and medium-sized securities companies are also seeking to differentiate themselves for long-term development.Mainland China Securities Survey 20203 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.Regarding the development of financial technology (fintech) and digital transformation, the introduction of a series of market-oriented reforms and the removal of ownership restrictions for foreign investors present the securities industry with unprecedented opportunities as well as challenges. In light of these changes, securities companies need to explore differentiated growth strategies, accelerate business and digital transformation, develop featuredbusinesses, develop the right talent, and strengthen risk management in order to grow and be successful in the long term.This report is the 14thannual Mainland China Securities Survey published by KPMG China. It was prepared based on the 2019 financial statements of 132 securities companies in mainland China, which were released by SAC on its official website (sac).二零二零年中国证券业调查报告 4 2020毕马威华振会计师事务所( 特殊普通合伙) 及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 毕马威国际合作组织 (“ 毕马威国际”) 相关联的独立成员所网络中的成员。毕马威华振会计师事务所( 特殊普通合伙) 中国合伙制会计师事务所；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。引言2020年爆发的新型冠状病毒肺炎（ “ 新冠肺炎 ” ） 席卷全球和中国，但其对中国证券行业的影响相对有限 。 中国资本市场2019 年回暖， 科创板正式落地、 外资股比限制放开、新三板改革启动、 中华人民共和国证券法 的修订等一系列政策和改革措施的落地为资本市场的发展带来活力和潜能， 证券行业积极抓住市场机会 ， 迎来新的发展机会和业务增长点。根据中国证券业协会各家证券公司经审计的年报数据汇总， 经营业绩方面， 2019年证券行业实现营业收入和净利润分别为人民币 3,600亿元和人民币1 ,195 亿元（ 母公司财务报表口径， 下同） ， 较 2018年分别上升了 37%和 92%；资产规模方面，截止2019 年 12月 31日 ， 132家证券公司资产总额人民币7 .3万亿元 ， 较上年末增加16 %；净资产人民币2 .0万亿元，较上年末增加5 %。收入结构方面， 除资产管理业务净收入与上年持平外， 2019年证券公司其他业务条线收入较上年均有不同程度的增长。 其中 ， 自营业务全年实现收益 （ 公允价值变动损益与投资收益合计） 人民币 1,418亿元,较 2018年的人民币867 亿元增加了64%， 占营业收入总额的39% ， 为证券公司最大收入来源。 由于科创板注册制和再融资新规的红利影响，投行业务净收入较上年增加31 %，全年实现净收入人民币 481亿元 。作为仅次于自营业务的收入来源 ，经纪业务受市场交易回暖的影响 ，全年实现净收入人民币 843亿元 ，较上年增加25% 。监管方面， “ 风控 ” 和 “ 合规 ” 仍是监管机构关注的重点， 特别在集团化管控方面， 强调境内外一体化的管控；2020 年以来， 部分券商开始试点并表监管， 以提升集团整体的风控合规水平。 另一方面 ， 科创板的超预期快速落地、 提前对外资全部放开以及再融资新政的松绑 ，中国资本市场迎来改革开放的新篇章 。 同时， 大资管行业的全面监管趋同 ， 各大机构同台竞技， 竞争激烈 ， 对资管机构的主动管理和差异化特色服务的能力提出更高要求。行业发展方面， 券商进一步探索转型定位 ， 以寻求长远的竞争优势；同业兼并、 混业融合的行业生态已初步显现。 头部券商纷纷与科技龙头 “ 牵手” ， 希望借助对方的流量和资本优势 ， 对现有业务进行改造和优化 。 中小券商寻求差异化的定位，谋求长远发展。在大力发展金融科技和数字化转型的大背景下 ， 随着一系列市场化改革措施的出台和外资股比限制全面放开 ， 证券行业将迎来空前的市场机遇和挑战 ， 券商应积极应对这一历史性的大变局， 在把握风险的前提下 ， 探索差异化的发展定位、 加速业务转型 、 加强数字化建设、 深耕特色业务 、 培育人才梯队 ， 定能厚积薄发，行稳致远。本报告是毕马威中国发表的第十四份年度中国证券业调查报告 ， 是根据中国证券业协会 （ “ 证券业协会 ” ） 官方网站 (sac)公布的132 家内地证券公司2019 年财务报表而编制的。二零二零年中国证券业调查报告502Market overview市场回顾二零二零年中国证券业调查报告6 2020毕马威华振会计师事务所( 特殊普通合伙) 及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 毕马威国际合作组织 (“ 毕马威国际”) 相关联的独立成员所网络中的成员。毕马威华振会计师事务所( 特殊普通合伙) 中国合伙制会计师事务所；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。Mainland China Securities Survey 20207 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.In 2019, 132 securities companies in Chinas securities industry recorded a total operating income of RMB 360 billion, representing a year-on-year increase of 37 percent, and net profit after tax of RMB 119.5 billion, a significant increase of 92 percent year-on-year (Chart 1). The sharp rise in net profit was attributable to an improved operating environment, with all business lines in the sector posting growth. In 2019, rebounding stock and bond markets drove the strong performance of securities companies proprietary trading business. Coupled with increased financing in the bond market and the launch of the STAR Market, net income from investment banking business increased. Furthermore, the A-share stock markets in Shanghai and Shenzhen were more active in 2019, recording a combined turnover of RMB 127 trillion, representing a year-on-year increase of 41 percent (Chart 2). The average brokerage commission rate decreased further in 2019, though by a smaller percentage, to 0.0288 percent (Chart 2). A significant increase in trading volume and a slightly lower average commission rate resulted in higher net income for brokerage business.Total net profit of securities companies in mainland China(RMB billion)Chart 1Market turnover and average brokerage commission ratesChart 226,711 53,599 54,563 42,165 31,467 46,873 74,391 255,054 127,384 112,463 90,296 127,416 12.611.79.58.1 7.88.27.04.84.0 3.93.1 2.9-50,000100,000150,000200,000250,000300,0002008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190.02.04.06.08.010.012.014.0两市股票总交易额(单位：人民币十亿元)行业平均佣金率（单位：万分之一）Total stock turnover of SSE and SZSE (RMB billion)Average brokerage commission rates (per 10,000)Source: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC, industry 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 62.5 119.5Source: Financial statements of securities companies and KPMG China analysis二零二零年中国证券业调查报告 8 2020毕马威华振会计师事务所( 特殊普通合伙) 及毕马威企业咨询 (中国) 有限公司，均是与瑞士实体 毕马威国际合作组织 (“ 毕马威国际”) 相关联的独立成员所网络中的成员。毕马威华振会计师事务所( 特殊普通合伙) 中国合伙制会计师事务所；毕马威企业咨询 (中国) 有限公司 中国外商独资企业。版权所有， 不得转载。在中国印刷。毕马威的名称和标识均属于毕马威国际的注册商标或商标。2019年 ，全行业132 家证券公司合计实现营业收入 3,600亿元 ， 同比增长 37%；实现税后净利润人民币 1,195亿元， 同比增长 92%（ 见图表1 ） 。 行业净利润的大幅增长得益于2019 年经营环境的整体优化， 2019年券商各业务条线迎来全面增长。 2019年股债市场反弹驱动券商自营业务业绩显著提升 ， 同时受科创板开市叠加债券市场融资规模增加的影响 ， 投行业务净收入增长；此外， 2019年A股沪深两市交易活跃度较2018 年改善 ， 沪深两市全年股票总成交额为人民币127万亿元， 同比 2018年大幅增长41 %（ 见图表2 ） 。 行业经纪平均佣金率万分之 2.88， 整体延续下滑趋势、 但降幅较小 ， 在交易量显著提升 、 平均佣金率小幅下降的综合影响下，2019 年经纪业务净收入整体上行。数据来源：证券公司财务报表，毕马威分析数据来源：上海证券交易所( 以下简称 “ 上交所” )， 深圳证券交易所( 以下简称“ 深交所” )， 中国证券业协会，行业研究报告，毕马威分析历年中国证券公司实现的净利润（人民币十亿元 ）图表 1市场交易额与经纪业务平均佣金率的变动图表 226,711 53,599 54,563 42,165 31,467 46,873 74,391 255,054 127,384 112,463 90,296 127,416 12.611.79.58.1 7.88.27.04.84.0 3.9 3.1 2.9-50,000100,000150,000200,000250,000300,0002008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190.02.04.06.08.010.012.014.0两市股票总交易额(单位：人民币十亿元)行业平均佣金率（单位：万分之一）6.5 (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