中国证券业调查报告

1、01Introduction引言0102Market overview市场回顾03Industry trends行业趋势0529Contents 目录0444Business dynamics业务动态05Conclusion结语06Appendices附录6266Appendix 1附录1Appendix 2附录2Appendix 3附录3Appendix 4附录4Appendix 5附录5Appendix 6附录6Appendix 7附录7Appendix 8附录8Appendix 9附录9Appendix 10附录10Appendix 11附录11Appendix 12附录12Financ

2、ial highlights财务摘要二零一九年行业排名Sector ranking for 2019中外合资证券公司一览Overview of Sino-foreign joint venture securities company年证监会对证券公司的评级2020 rating of securities companies by the CSRC 2020合格境外机构投资者Qualified Foreign Institutional Investors (QFII)人民币合格境外机构投资者RMB Qualified Foreign Institutional Investors (RQF

3、II)合格境内机构投资者Qualified Domestic Institutional Investors (QDII)内地期货公司名单Mainland Futures Companies内地基金公司名单Mainland Fund Management Companies内地基金公司子公司名单Subsidiaries of Mainland Fund Management Companies设立香港子公司的证券公司Securities companies with Hong Kong subsidiaries外商投资私募基金管理公司Foreign-funded enterprises tha

4、t offer private fund management business671571641671711841942012082152212231二零二零年中国证券业调查报告01引言IntroductionIntroductionMainland China Securities Survey 2020 2While the effects of the COVID-19 pandemic have been felt across global and local markets throughout 2020, the impact on the securities industr

5、y 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

6、 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 realised operating income of RMB

7、 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

8、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 percentIn terms of income composition, income from the proprietary trading segment stood at RMB141.8 billion (including profit or losses arising from changes in

9、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 in

10、creased 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.

11、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 manag

12、ement 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

13、 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 tr

14、ansformation 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 optim

15、ise their business. Small and medium-sized securities companies are also seeking to differentiate themselves for long- term development. 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 t

16、he 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.3Mainland China Securities Survey 2020Regardin

17、g 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

18、 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 14th annu

19、al 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 (). 2020 KPMG Huazhen LLP, a Peoples Republic of China partnership and KPMG Advisory (

20、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 o

21、r trademarks of KPMG International.二零二零年中国证券业调查报告 4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

22、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

23、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

24、；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 ()公布的132家内地证券公司2

25、019年财务报表而编制的。 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。5二零二零年中国证券业调查报告02市场回顾Market overview6二零二零年中国证券业调查报告 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

26、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。7Mainland China Securities Survey 2020In 2019, 132 securities companies in Chinas securities industry recorded a total operating income of RMB 360 billion, representi

27、ng 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, reb

28、ounding 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 Sh

29、anghai 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 i

30、ncrease 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 1244.0128.9123.0112.0119.593.494.978.450.062.524.638.9 32.9 43.06.5(3.7) (9.4) (15.0)(11.4)Source:

31、 Financial statements of securities companies and KPMG China analysisMarket turnover and average brokerage commission ratesChart 2300,000250,000200,000150,000100,00050,000-两市股票总交易额(单位：人民币十亿元)行业平均佣金率（单位：万分之一）2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201914.0255,05412.6 7.88.27.

32、0127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,464.04.812.010.08.06.04.02.00.0Average brokerage commission rates (per 10,000)Total stock turnover of SSE and SZSE (RMB billion)Source: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), SAC, industryresearch re

33、ports and KPMG China analysis 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 Internati

34、onal”), a Swiss entity. All rights reserved. Printed in China.The KPMG name and logo are registered trademarks or trademarks of KPMG International.二零二零年中国证券业调查报告 82019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

35、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。历年中国证券公司实现的净利润（人民币十亿元） 图表1 244.0128.9123.0112.0119.593.494.978.462.524.638.9 32.9 43.06.550.0(3.7) (9.4) (15.

36、0)(11.4)数据来源：证券公司财务报表，毕马威分析图表2市场交易额与经纪业务平均佣金率的变动300,000250,000200,000150,000100,00050,000-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201914.0255,05412.6 127,384127,416112,46390,29654,56374,39153,59942,16546,87326,71131,4674.84.012.010.08.06.04.02.00.0两市股票总交易额

37、(单位：人民币十亿元)行业平均佣金率（单位：万分之一）数行业据研来究源报：告上，海毕证马券威交分易析所(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， 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。9Mainland China Securitie

38、s Survey 2020Income composition of domestic securities companiesChart 3Based on an analysis of core businesses contribution to the total operating income of domestic securities companies (Chart 3), net income from the proprietary trading business increased significantly, accounting for 39 percent of

39、 the total operating income. Proprietary trading business remained the biggest source of income for securities companies as a result of a rebound in the market. Brokerage commission rates slipped further, falling to below 0.03 percent for the first time in 2019, and consequently, the share of broker

40、age business as a proportion of total operating income declined by 3 percentage points year-on-year. New Asset Management Regulations1(NAMR) prohibited principal-guaranteed and fund-pooling operation, and required net value management on asset management products and introduced more stringent criter

41、ia of qualified investors. Therefore, financial institutions have been required to meet these more stringent provisions for offering new products, and existing asset management plans issued before the NAMR announcement have been required to complete rectification or liquidation by the end of 2021. A

42、s a result, the Asset Under Management (AUM) and income of the asset management business declined by 19 percent and 1 percent, respectively, from 2018. As a result, asset management business income accounted for 8 percent of total operating income in 2019, a decrease of 3 percentage points compared

43、with the previous year.9%6%3%13%9%10%16%16%14%12%12%14%14%15%16%6%5%6%12%11%12%9%14%16%14%32%8%1%15%17%21%13%1%36%19%22%26%14%29%1%2%2%26%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%26%23%100%90%80%70%60%50%40%30%20%10%0%经纪业务资产管理业务2006 2007 2008 2009 2010 2011 2012 2013 2014

44、2015 2016 2017 2018 2019BrokerageAsset managementProprietary trading and other investmentsInvestment bankingOthers (including interest income from margin financing and securities lending)自营及其他投资投资银行业务其他（包括融资融券利息收入）Source: Financial statements of securities companies and KPMG China analysis1. Guiding

45、 Opinions on Regulating the Asset Management Business of Financial Institutions (Yin Fa 2018 No. 106), Peoples Bank of China (PBOC) & China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE), effectiv

46、e since 27 April 2018; Administrative Measures for Privately Offered Asset Management Services of Securities and Futures Institutions (CSRC Decree No.151), CSRC, effective since 22 October 2018 (together referred to as the “New Asset Management Regulations”) 2020 KPMG Huazhen LLP, a Peoples Republic

47、 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

48、name and logo are registered trademarks or trademarks of KPMG International.二零二零年中国证券业调查报告 10破万三，1致使经纪业务占营业收入的比例进一步减少，较上年下降3个百分点。从各项主要业务占总营业收入的比重来看（见图表3)，自营业务受行情回升影响，自营业务净收入大幅增加，其在证券公司的收入来源中占比为39%，延续上一年成为证券公司的第一大收入来源。行业佣金率持续下滑，2019年首次跌资管新规 禁止刚性兑付和资金池业务，并提出了产品净值化管理和更严格的合格投资者门槛等规定。因此，金融机构发行新产品需要满足更为严格

49、的规定，新规前的存量产品需要在2021年前完成整改或清算。受此影响，资产管理规模 较上年减少19%，资管业务收入较上年减少1%，2019年资管业务收入占营业 收入比例仅为8%，较上年减少3个百分点。国内证券公司历年收入结构分析图表39%6%3%9%13%10%16%16%14%12%12%14%14%15%16%6%5%6%12%11%12%9%8%14%16%14%32%15%17%21%13%1%1%36%19%22%26%14%29%1%2%26%2%22%32%35%4%5%39%1%5%2%9%72%71%10%11%58%57%52%8%48%49%48%39%42%34%28%2

50、6%23%100%90%80%70%60%50%40%30%20%10%0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019经纪业务资产管理业务自营及其他投资投资银行业务其他（包括融资融券利息收入）数据来源：证券公司财务报表，毕马威分析委关员于会规(范证金监融会机)、构国资家产外管汇理管业理务局的，指2导01意8年见04(月银2发7日生20效18；10证6号券)期，货中经国营人机民构银私行募、资中产国管银理行业保务险管监理督办管法理委(员证会监会(银令保第监1会51)号、)，中证国监证会券，监2督01管8

51、年理10月22日生效（统称“资管 新规”） 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。11Mainland China Securities Survey 2020From 2016 to 2019, the operating income of the top 10 s

52、ecurities companies as a proportion of the industrys total operating income increased from 40 percent to 44 percent, before slightly decreasing to 42 percent in 2019 (Chart 4). This decrease in 2019 was mainly due to small and medium-sized securities companies rebounding higher in 2019 on the backgr

53、ound of market recovery and policy reforms. Nonetheless, the top 10 securities companies operating income as a proportion of the industry total remained firmly above 40 percent over the past three years indicates that the large securities companies continue to maintain strong market position. With d

54、eepening capital market reforms and the CSRC move to develop mega-sized securities companies, this proportion may increase in the long run.Proportion of the top 10 securities companies operating income to the total operating income of the securities industryChart 445%44%44%42%42%40%43%42%41%40%39%38

55、%2016201720182019Source: Financial statements of securities companies and KPMG China analysis 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

56、 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.二零二零年中国证券业调查报告 122016至2019年间，营业收入行业前十的大型券商，其营业收入占全行业营业收入的比例从40%上升至44%，并于2019年下降至42%（见图表4）

57、。行业集中度于2019年有所回落，主要是由于中小券商在2019年市场回暖和政策改革的背景下展现出更高的业绩增速反弹。但近三年来，大券商的营业收入占全行业营业收入比例稳定维持在40%以上，体现出大券商强大的市场地位。随着资本市场改革的不断深化，证监会大力打造航母级券商等举措，长期来看，行业呈现头部券商集中化的趋势。前十大券商营业收入占全行业营业收入的比例图表 445%44%44%42%42%40%43%42%41%40%39%38%2016201720182019数据来源：证券公司财务报表，毕马威分析 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

58、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。13Mainland China Securities Survey 2020The Shanghai and Shenzhen A-share stock markets experienced increasing transactions in 2019, despite a correction in the sec

59、ond quarter. The SSE Composite Index and the SZSE Component Index closed at 3,050 points and 10,431 points at year end, representing year-on-year increases of 22 percent and 44 percent, respectively.In 2019, the trading market was more active compared to 2018 due to the mitigation of stock pledge ri

60、sks and the easing of Sino-American relations. Moreover, increasing risk appetite together with continuous improvements in liquidity encouraged market activity. The combined turnover of SSE and SZSE stood at RMB 127 trillion in 2019, representing year-on-year growth of 41 percent. SSE contributed RM