2018年中国证券业调查报告.pdf

Financial services 金融服务 kpmg/cn Mainland China Securities Survey 2018 二零一八年 中国证券业 调查报告2 | Mainland China Securities Survey 2017Contents 目录 Introduction 引言 Market overview 市场回顾 Industry trends 行业趋势 Business dynamics 业务动态 Conclusion 结语 Appendices 附录 Appendix 1 Financial highlights 附录1 财务摘要 Appendix 2 2017 sector rankings 附录2 二零一七年行业排名 Appendix 3 Overview of Sino-foreign joint venture securities companies 附录3 中外合资证券公司一览 Appendix 4 2018 grading of securities companies by the CSRC 附录4 2018年证监会对证券公司的评级 Appendix 5 Qualified Foreign Institutional Investors (QFII) 附录5 合格境外机构投资者 Appendix 6 RMB Qualified Foreign Institutional Investors (RQFII) 附录6 人民币合格境外机构投资者 Appendix 7 Qualified Domestic Institutional Investors (QDII) 附录7 合格境内机构投资者 Appendix 8 Mainland Futures Companies 附录8 内地期货公司名单 Appendix 9 Mainland Fund Management Companies 附录9 内地基金公司名单 Appendix 10 Subsidiaries of Mainland Fund Management Companies 附录10 内地基金公司子公司名单 Appendix 11 Securities companies with Hong Kong subsidiaries 附录11 设立香港子公司的证券公司 Appendix 12 List of foreign-funded enterprises for Private Fund Management Business 附录12 外商投资私募基金管理公司清单 0 1 0 2 03 04 05 06 01 07 27 51 55 57 109 117 119 121 133 141 147 153 159 163 165 37 二零一七年中国证券业调查报告 | 3 Introduction 引言 01 1 | Mainland China Securities Survey 2018二零一八年中国证券业调查报告 | 2 Introduction During the past year, the capital market ushered in a new generation of reform and development. The securities industry has made new progress in implementing comprehensive risk management, actively exploring new models of integrated financial and technologic services, and expanding the opening of capital markets. According to data summarised from audited annual reports of securities companies in China released by Securities Association of China (SAC), the securities industry realised operating income of RMB 312.8 billion and net profits of RMB 112 billion (based on financial statements at parent company level) in 2017 , which were year-on-year declines of five percent and nine percent, respectively. Total assets of the 131 securities companies stood at RMB 6.1 trillion, representing a year-on- year increase of six percent; net assets amounted to RMB 1 .8 trillion, which was a year-on-year increase of 12 percent. These figures show that the overall health of the industry remained stable. In terms of income composition, changes in the operating revenue of the 131 securities companies were in line with industry and regulatory developments. In 2017 , the brokerage segment accounted for 28 percent of the industrys total operating income, down six percentage points from the previous year. This once most significant source of income now seems to be running out. This was due to the fact that increased competition and lower transaction volumes are dragging both the commission rates and income down. A similar trend was witnessed for investment banking. The investment banking segment accounted for 16 percent of the industrys total operating income in 2017 , which was a year-on-year decrease of five percentage points. In addition, the amount recorded represented a year-on-year decline of 25 percent compared with RMB 68.1 billion in 2016. The fall was primarily induced by smaller fundraisings, in particular decline in follow-on offerings and corporate bond issuances. In contrast, the proprietary trading segment realised income of RMB 101 .7 billion (including profits or losses arising from changes in fair values and investment income), which was a surge of 41 percent compared to RMB 72.3 billion recorded in 2016. This jump propelled proprietary trading to become the industrys largest source of income, with a share of 32 percent. The performance of asset management business and financing segments were largely unchanged from 2016. The tightening of regulations has been the theme of the securities market since 2016. A number of new regulations related to investor suitability, compliance, liquidity risk management have been promulgated to enable the coordinated management of the securities, fund and futures sectors. In particular, on 27 April 2018, the Peoples Bank of China, China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE) jointly issued the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” , which contains unified standards to resolve a number of problems in the asset management sector, such as guaranteed repayment (the misconception that financial institutions are obliged to cover investor losses in the event of a product default), multi-layer embedding of underlying assets, leverage opacity, and regulatory arbitrage. New regulations for foreign- invested securities companies, fund management companies and futures companies were released in 2018. Their introduction relaxes the percentage of foreign shareholding allowed and broadens the business scope of foreign-invested securities companies. These measures further open up the securities industry. An increasing number of securities companies are exploring ways to transform their businesses. This includes shifting from traditional funding channel operations to providing more integrated service solutions that comprise of research, custodian and investment trading. These developments have led to a rise in international investments and leverage of local resources to expand cross-border activities. Many securities companies are also launching innovative products and services by technology-enabled integration of their online and offline channels. 2018 marks the 40th anniversary of 1 . The 19th session of national congress of the Communist Party of China 3 | Mainland China Securities Survey 2018 2018 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.Chinas landmark economic reform. This is a critical year as China aims to “deepen financial reforms, enhance the industrys ability to serve the real economy, increase the proportion of direct financing and promote the healthy development of a multi- layered capital market” , according to the 19th CPC National Congress report 1 . Securities companies will need to play a greater role in resource allocation to improve quality control, accelerate transformation of the wealth management business, focus on active management capabilities, strengthen in-house research and development (R&D) capabilities and deepen cross-border collaboration to enable developments characterised with compliance, transformation, innovation and internationalisation. This report is the 12th annual Mainland China Securities Survey issued by KPMG China. It was prepared based on the 2017 financial statements of 131 securities companies in mainland China, released by the SAC on its official website (sac). 2018 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International. 二零一八年中国证券业调查报告 | 4 引言 最近一年， 资本市场迎来改革发展新时 代， 证券行业在深入落实全面风险管理、 积极探索金融科技服务新模式和扩大资 本市场双向开放等方面取得了新进展。 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， 2017 年证券行业实现营业收入和净利润分别 为人民币3,128亿元和人民币1,120亿元 （母公司财务报表口径， 下同） ， 较2016 年分别下跌了5%和9%； 资产规模方 面， 2017年， 131家证券公司资产总额人 民币6.1万亿元， 较2016年全年增加6% ； 净资产人民币1.8万亿元， 较上年增加 12%， 行业整体规模稳步增长。 收入结构方面， 2017年131家证券公司各 项业务收入占比的变化符合行业发展的 规律及监管的趋势。 其中， 经纪业务收入 占营业收入总额的28%， 较上年下降6个 百分点， 作为曾经券商收入的半壁江山， 风光不再。 经纪业务收入比重的下降一方 面是由于激烈竞争带来的佣金费率的进 一步触底， 另一方面是因为证券市场交 易量的下降拉低了佣金收入水平。 与经 纪业务表现相似的还有投资银行业务收 入， 2017年投资银行业务收入占比16%， 较上年下降5个百分点， 绝对额亦较2016 年度的人民币681亿元下降25%。 投行业 务收入的下降主要是由于筹资规模的下 降， 特别是定向增发和公司债筹资规模的 下降。 另一方面， 自营业务抓住了蓝筹股 超预期的行情， 全年实现收益 （公允价值 变动损益与投资收益合计） 人民币1,017 亿元， 同2016年的723亿元相比增加了 41%， 问鼎第一收入来源 （收入占比32%） 。 此外， 资管业务收入和融资融券业务利 息收入占比情况与上年基本一致。 2017年至今， 监管机构延续了2016年以 来强化监管的主旋律。 先后颁布了投资者 适当性管理、 合规管理、 流动性风险管理 等文件， 更为协调统一地对证券、 基金、 期货行业进行管理， 特别是2018年4月27 日， 一行两会一局联合颁布的 关于规范 金融机构资产管理业务的指导意见 ， 针 对资管业务中的刚性兑付、 多层嵌套、 杠 杆不清、 监管套利等问题， 设定了统一的 标准。 2018年， 外商投资证券公司、 基金公司和 期货公司的新规陆续出台， 一方面放宽了 外资持股的比例限制， 另一方面扩大了外 商投资证券公司的业务范围， 进一步促进 了我国证券业的对外开放。 与此同时， 越来越多的证券公司开始积极 探索转型之路。 服务上， 证券公司逐渐由 传统通道业务向提供研究、 托管、 投资交 易的综合服务体系迈进； 业务上， 随着对 外开放的逐步推进， 国际联动的发展模式 已成为趋势， 证券公司正积极发挥本土资 源优势、 深化跨境业务； 创新上， 依靠科技 赋能， 线上线下高度融合， 创新产品服务 成为不少券商的选择。 2018年， 是改革开放40周年， 也是贯彻十 九大报告 1 中指出的 “深化金融体制改革， 增强金融服务实体经济能力， 提高直接融 资比重， 促进多层次资本市场健康发展” 的关键一年， 证券公司应发挥其在资源 配置中的重要作用， 严把业务质量控制、 调整加速财富管理转型、 提升主动管理能 力、 增强自身投研实力、 深化跨境联动协 作， 实现合规发展、 转型发展、 创新发展和 国际化发展。 本报告是毕马威中国发表的第十二份年 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131家内地证券公司 2017年财务报表而编制的。 1. 中国共产党第十九次全国代表大会报告 2018 毕马威华振会计师事务所 ( 特殊普通合伙 ) 中国合伙制会计师事务所，是与瑞士实体 毕马威国际合作组织 ( “毕马威国际”) 相关联的独立成员所网络中的成员。版权所有，不得转载。在中国印刷。毕 马威的名称和标识均属于毕马威国际的商标或注册商标。 5 | Mainland China Securities Survey 2018二零一八年中国证券业调查报告 | 6 2018 毕马威华振会计师事务所 ( 特殊普通合伙 ) 中国合伙制会计师事务所，是与瑞士实体 毕马威国际合作组织 ( “毕马威国际”) 相关联的独立成员所网络中的成员。版权所有，不得转载。在中国印刷。毕 马威的名称和标识均属于毕马威国际的商标或注册商标。Market overview 市场回顾 02 7 | Mainland China Securities Survey 2018二零一八年中国证券业调查报告 | 8 The securities industry realised net profit after tax of RMB 112 billion in 2017 (based on financial statements at parent company level), which was a year-on- year decrease of about nine percent (Chart 1), as moderate turnover declines in both the Shanghai and Shenzhen stock markets dragged down the profits from brokerage trading. Investment banking profits also declined, as the sector was hit by new regulations regarding refinancing and shareholding reduction. In addition, there was a slight decline in the average commission rate as securities companies tried to expand their market share amid heightened price competition triggered by online accounts opening promotion. However, there appears limited room for commission rates to lower further substantially (Chart 2). T otal net profit of securities companies in Mainland China(RMB billion) Chart 1 Chart 2 Market turnover and average brokerage commission rates Sources: Financial statements of securities companies and KPMG China analysis Sources: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC and KPMG China analysis 9 | Mainland China Securities Survey 2018 2018 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.2017年， 证券公司全行业实现税后净利润人民币1,120亿元 （母公司财务报表口径， 下 同） ， 较2016年减少了约9% （见图表1） 。 行业利润较上年下降主要源于2017年两市股 票成交量整体有小幅下降， 从而导致经纪业务利润下降， 此外， 2017年受再融资、 减持 新规的影响， 投行业务利润下降。 另外， 2017年证券经纪业务的竞争持续保持激烈态 势， 众多券商为争夺市场份额， 依托 “网上开户” 推行价格竞争， 导致券商平均佣金率仍 有小幅下滑， 但进一步下降空间不大 （见图表2） 。 历年中国证券公司实现的净利润 （ 人民币十亿元 ） 图表1 图表2 市场交易额与经纪业务平均佣金率的变动 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， 毕马威分析 二零一八年中国证券业调查报告 | 10 2018 毕马威华振会计师事务所 ( 特殊普通合伙 ) 中国合伙制会计师事务所，是与瑞士实体 毕马威国际合作组织 ( “毕马威国际”) 相关联的独立成员所网络中的成员。版权所有，不得转载。在中国印刷。毕 马威的名称和标识均属于毕马威国际的商标或注册商标。Based on an analysis of the contribution of core businesses to total revenue of domestic securities companies (Chart 3), the share of brokerage fees as a proportion of total operating income declined by six percentage points. This was due to a year-on-year decline of approximately seven percent in the turnovers of both the SSE and SZSE in 2017 . On the other hand, the share of the investment banking sector dropped by five percentage points, triggered by a year-on-year decrease of 20 percent in the total fund raising amount of IPOs and follow-on offerings to RMB 1 .52 trillion in 2017 . This was in spite of the fact that IPO approval rates continue to accelerate, with IPO fund raising amount reaching RMB 220 billion, an increase of 34 percent over the same period last year. As a result of an increasingly stringent regulatory landscape, and new regulations on follow-on offerings and shareholding reduction, around RMB 1 .3 trillion were raised through follow-on offerings in 2017 , a decline of 25 percent over 2016. The proprietary trading sector, on the other hand, performed well as most securities companies adopted a value investing strategy, which allowed them to benefit from the unexpected good performance of blue chip stocks. The share of proprietary trading and other investment sectors rose by ten percentage points, whereas the asset management sector also recorded a slight increase over the last year. Income composition of domestic securities companies Chart 3 Sources: Financial statements of securities companies and KPMG China analysis 11 | Mainland China Securities Survey 2018 2018 KPMG Huazhen LLP , a Peoples Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.从各项主要业务占总营业收入的比重看(见图表3)， 由于2017年沪深两市成交量较 2016年下降约7%， 经纪业务占收入的比例较2016年下降6个百分点； 2017年通过IPO、 增发合计筹资额人民币1.52万亿元， 同比下降20%， 投行业务占收入的比例较上年下 降5%， 其中IPO审核流程提速， 通过IPO筹资额人民币0.22万亿元， 同比增加34%， 但是 受审核日趋严格的再融资新规及减持新规落实等大环境的变化， 通过增发合计筹资额 人民币1.30万亿元， 同比下降25%； 2017年大部分券商自营的价值投资风格充分受益 于蓝筹股的超预期行情， 自营业务表现较好， 自营及其他投资业务占收入的比例较上 年增加10个百分点； 另外， 资产管理业务收入占比较上年小幅增加。 国内证券公司历年收入结构分析 图表3 数据来源： 证券公司财务报表， 毕马威分析 二零一八年中国证券业调查报告 | 12 2018 毕马威华振会计师事务所 ( 特殊普通合伙 ) 中国合伙制会计师事务所，是与瑞士实体 毕马威国际合作组织 ( “毕马威国际”) 相关联的独立成员所网络中的成员。版权所有，不得转载。在中国印刷。毕 马威的名称和标识均属于毕马威国际的商标或注册商标。Income composition of domestic securities companies and some global investment banks in 2017 Chart 4 Some of the major foreign investment banks have been operating for more than 100 years. As a result of their long history, they have developed more mature and balanced business models that are relatively more diverse in terms of revenue streams and business scope (Chart 4). With transaction volumes declining and the brokerage sector still undergoing transformation in 2017 , the sectors share in total operating income has gone down even though it remains a key segment. However, brokerage accounts for a relatively small portion of operating income to major foreign inves