畢馬威：二零二零年中國證券業調查報告（232頁）.pdf

1、Mainland China Securities Survey 2020 Financial services 金融服務 二零二零年 中國證券業 調查報告 畢馬威中國 目錄Contents Introduction 引言 01 Market overview 市場回顧 Industry trends 行業趨勢 Business dynamics 業務動態 Conclusion 結語 Appendices 附錄 05 29 44 62 66 06 05 04 03 02 01 Appendix 1 附錄1 Financial highlights 財務摘要 67 Appendix 2 附錄2

2、Sector ranking for 2019 二零一九年行業排名 157 Appendix 3 附錄3 Overview of Sino-foreign joint venture securities company 中外合資證券公司一覽 164 Appendix 4 附錄4 2020 rating of securities companies by the CSRC 2020年證監會對證券公司的評級 167 Appendix 5 附錄5 Qualified Foreign Institutional Investors (QFII) 合格境外機構投資者 171 Appendix 6 附

3、錄6 RMB Qualified Foreign Institutional Investors (RQFII) 人民幣合格境外機構投資者 184 Appendix 7 附錄7 Qualified Domestic Institutional Investors (QDII) 合格境內機構投資者 194 Appendix 8 附錄8 Mainland Futures Companies 內地期貨公司名單 201 Appendix 9 附錄9 Mainland Fund Management Companies 內地基金公司名單 208 Appendix 10 附錄10 Subsidiaries

4、 of Mainland Fund Management Companies 內地基金公司子公司名單 215 Appendix 11 附錄11 Securities companies with Hong Kong subsidiaries 設立香港子公司的證券公司 221 Appendix 12 附錄12 Foreign-funded enterprises that offer private fund management business 外商投資私募基金管理公司 223 oPsRqNsPsQqRqMqNwOzQsRbRaO7NnPoOnPnNeRoOzQlOrRmQaQrRvMuOs

5、QxOMYmQpM 二零二零年中國證券業調查報告1 01 Introduction 引言 Mainland China Securities Survey 20202 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 affiliate

6、d 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. Introduction While the effects of the COVID-19 pandemic have been felt across global and local mar

7、kets 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 fo

8、reign 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

9、), the securities industry realised operating 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 o

10、f 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.

11、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

12、 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

13、 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 piloting c

14、onsolidated 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

15、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. Securit

16、ies companies have been exploring their market positioning and transformation to gain a long- term competitive edge. In this regard, M Administrative Measures for Privately Offered Asset Management Services of Securities and Futures Institutions (CSRC Decree No.151), CSRC, effective since 22 October

17、 2018 (together referred to as the “New Asset Management Regulations”) Source: Financial statements of securities companies and KPMG China analysis 二零二零年中國證券業調查報告10 2020畢馬威華振會計師事務所(特殊普通合伙)及畢馬威企業咨詢 (中國) 有限公司，均是與瑞士實體 畢馬威國際合作組織 (“畢馬威國際”)相關聯的獨立成員所網絡中的成員。畢馬威華振會計師事務所(特 殊普通合伙) 中國合伙制會計師事務所；畢馬威企業咨詢 (中國) 有限公司

18、 中國外商獨資企業。版權所有， 不得轉載。在中國印刷。畢馬威的名稱和標識均屬于畢馬威國際的注冊商標或商標。 從各項主要業務占總營業收入的比重來看（見圖表3)，自營業務受行情回升影 響，自營業務凈收入大幅增加，其在證券公司的收入來源中占比為39%，延續 上一年成為證券公司的第一大收入來源。行業傭金率持續下滑，2019年首次跌 破萬三，致使經紀業務占營業收入的比例進一步減少，較上年下降3個百分點。 資管新規1禁止剛性兌付和資金池業務，并提出了產品凈值化管理和更嚴格的 合格投資者門檻等規定。因此，金融機構發行新產品需要滿足更為嚴格的規定， 新規前的存量產品需要在2021年前完成整改或清算。受此影響，

19、資產管理規模 較上年減少19%，資管業務收入較上年減少1%，2019年資管業務收入占營業 收入比例僅為8%，較上年減少3個百分點。 數據來源：證券公司財務報表，畢馬威分析 國內證券公司歷年收入結構分析國內證券公司歷年收入結構分析圖表圖表3 3 48% 58% 72% 71% 57% 52% 39% 49% 42% 48% 34% 28% 26% 23% 1% 1% 1% 1% 2% 2% 2% 4% 5% 5% 9% 10% 11% 8% 36% 32% 8% 14% 19% 14% 26% 22% 29% 26% 22%32%35% 39% 6% 3% 6% 5% 12% 15% 17% 1

20、1% 12% 9% 21% 16% 14% 13% 9% 6% 13% 9% 10% 16%16% 14% 12%12% 14%14% 15% 16% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 經紀業務資產管理業務 自營及其他投資投資銀行業務 其他（包括融資融券利息收入） 1.關于規范金融機構資產管理業務的指導意見(銀發2018106號)，中國人民銀行、中國銀行保險監督管理委員會 (銀保監會) 、中國證券監督管

21、理 委員會 (證監會)、國家外匯管理局，2018年04月27日生效；證券期貨經營機構私募資產管理業務管理辦法(證監會令第151號)，證監會，2018年 10月22日生效（統稱“資管 新規”） Mainland China Securities Survey 202011 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 th

22、e 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. From 2016 to 2019, the operating income of the

23、 top 10 securities 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 t

24、he background 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 positio

25、n. With deepening capital market reforms and the CSRC move to develop mega-sized securities companies, this proportion may increase in the long run. Source: Financial statements of securities companies and KPMG China analysis Proportion of the top 10 securities companies operating income Proportion

26、of the top 10 securities companies operating income to the total operating income of the securities industryto the total operating income of the securities industry C Chart 4hart 4 40% 42% 44% 42% 38% 39% 40% 41% 42% 43% 44% 45% 2016201720182019 二零二零年中國證券業調查報告12 2020畢馬威華振會計師事務所(特殊普通合伙)及畢馬威企業咨詢 (中國)

27、有限公司，均是與瑞士實體 畢馬威國際合作組織 (“畢馬威國際”)相關聯的獨立成員所網絡中的成員。畢馬威華振會計師事務所(特 殊普通合伙) 中國合伙制會計師事務所；畢馬威企業咨詢 (中國) 有限公司 中國外商獨資企業。版權所有， 不得轉載。在中國印刷。畢馬威的名稱和標識均屬于畢馬威國際的注冊商標或商標。 2016至2019年間，營業收入行業前十的大型券商，其營業收入占全行業營業 收入的比例從40%上升至44%，并于2019年下降至42%（見圖表4）。行業集 中度于2019年有所回落，主要是由于中小券商在2019年市場回暖和政策改革 的背景下展現出更高的業績增速反彈。但近三年來，大券商的營業收入占

28、全行 業營業收入比例穩定維持在40%以上，體現出大券商強大的市場地位。隨著資 本市場改革的不斷深化，證監會大力打造航母級券商等舉措，長期來看，行業 呈現頭部券商集中化的趨勢。 數據來源：證券公司財務報表，畢馬威分析 前十大券商營業收入占全行業營業收入的比例前十大券商營業收入占全行業營業收入的比例圖表 4 4 40% 42% 44% 42% 38% 39% 40% 41% 42% 43% 44% 45% 2016201720182019 Mainland China Securities Survey 202013 2020 KPMG Huazhen LLP, a Peoples Republi

29、c 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

30、 name and logo are registered trademarks or trademarks of KPMG International. The Shanghai and Shenzhen A-share stock markets experienced increasing transactions in 2019, despite a correction in the second quarter. The SSE Composite Index and the SZSE Component Index closed at 3,050 points and 10,43

31、1 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 risks and the easing of Sino-American relations. Moreover, increasing risk appetite together with c

32、ontinuous 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 RMB 54 trillion in turnover, and SZSE contributed RMB 73 trillion (Chart 5), 35 percent and 46 perc

33、ent higher than the previous year, respectively. Source: SSE and SZSE Market turnover and stock indicesMarket turnover and stock indicesC Chart 5hart 5 - 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 200820092010201120122013201420152016201720182

34、019 上交所成交額（十億）深交所成交額（十億） 上證指數深證成指 A A- -share indicesshare indices Turnover (RMB billion)Turnover (RMB billion) Turnover of SSE (RMB billion) SSE Composite Index Turnover of SZSE (RMB billion) SZSE Component Index 二零二零年中國證券業調查報告14 2020畢馬威華振會計師事務所(特殊普通合伙)及畢馬威企業咨詢 (中國) 有限公司，均是與瑞士實體 畢馬威國際合作組織 (“畢馬威國際”)

35、相關聯的獨立成員所網絡中的成員。畢馬威華振會計師事務所(特 殊普通合伙) 中國合伙制會計師事務所；畢馬威企業咨詢 (中國) 有限公司 中國外商獨資企業。版權所有， 不得轉載。在中國印刷。畢馬威的名稱和標識均屬于畢馬威國際的注冊商標或商標。 2019年A股滬深兩市各指數市場行情全年整體維持上漲趨勢，僅二季度出現回 調。年末上證指數和深證成指分別報收于3,050點和10,431點，較上年末漲幅 高達22%和44%。 2019年，隨著股票質押風險的逐步緩解以及中美關系的逐步緩和，資本市場的 風險偏好逐漸提升，疊加市場流動性的持續改善，市場成交活躍度較上年顯著 提升。2019年，滬深兩市全年總成交額為

36、人民幣127萬億元，同比2018年大幅 增長41%。其中，上交所全年總交易額54萬億元，深交所全年總成交額為人民 幣73萬億元（見圖表5），同比分別增長了35%和46%。 數據來源：證券公司財務報表，畢馬威分析 股票成交額及市場指數股票成交額及市場指數圖表 5 - 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 200820092010201120122013201420152016201720182019 上交所成交額（十億）深交所成交額（

37、十億） 上證綜指深證成指 A A股指數股指數 成交額成交額( (人民幣十億元人民幣十億元) ) Mainland China Securities Survey 202015 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 affil

38、iated 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. Total fundraising through the domestic stock exchanges reached RMB 4,447.6 billion in 2019, in

39、creasing by 49 percent year-on-year. Of this amount, RMB 3,237.2 billion, or 73 percent, was raised through bond issuances (Chart 6), an increase of 60 percent from the previous year. Additionally, RMB 957.2 billion was raised through follow-on equity offerings, a year-on-year increase of 17 percent

40、. With the implementation of the STAR Markets IPO registration system and a higher approval rate for IPO applications in 2019, 203 companies raised a total of approximately RMB 253.2 billion through IPOs on the A-share market, an 84 percent increase in the fund raised from the previous year. The num

41、ber of companies that went public increased by 97 percent year-on-year, and the amount raised accounted for 6 percent of total fundraising through the domestic stock exchanges. Source: CSRC and Wind Information Fundraising in domestic stock exchangesFundraising in domestic stock exchangesC Chart 6ha

42、rt 6 - 1,000 2,000 3,000 4,000 5,000 6,000 2004200520062007200820092010201120122013201420152016201720182019 RMB billionRMB billion 首次發行籌資額增發籌資額債券籌資額IPOs Follow-on offerings Bond issuances 二零二零年中國證券業調查報告16 2020畢馬威華振會計師事務所(特殊普通合伙)及畢馬威企業咨詢 (中國) 有限公司，均是與瑞士實體 畢馬威國際合作組織 (“畢馬威國際”)相關聯的獨立成員所網絡中的成員。畢馬威華振會計師事務

43、所(特 殊普通合伙) 中國合伙制會計師事務所；畢馬威企業咨詢 (中國) 有限公司 中國外商獨資企業。版權所有， 不得轉載。在中國印刷。畢馬威的名稱和標識均屬于畢馬威國際的注冊商標或商標。 2019年國內證券交易所籌資額為人民幣44,476億元，較2018年度增長49%?；I 資額中的73%為通過交易所市場債券融資（見圖表6），總額為人民幣32,372 億元，較2018年上漲60%。通過股票增發融資人民幣9,572億元，較2018年增 加17%。2019年由于科創板注冊制改革以及IPO過會率提高，全年共有203家 企業在A股完成IPO，上市家數同比增幅97%，總募資規模約人民幣2,532億元， 同

44、比增幅84%，占國內證券交易所市場融資總額的6%。 數據來源：證監會，wind資訊 國內交易所市場籌資統計國內交易所市場籌資統計圖表 6 - 1,000 2,000 3,000 4,000 5,000 6,000 2004200520062007200820092010201120122013201420152016201720182019 單單 位位 ： 人人 民民 幣幣 十十 億億 元元 首次發行籌資額增發籌資額債券籌資額 Mainland China Securities Survey 202017 2020 KPMG Huazhen LLP, a Peoples Republic of

45、 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 nam

46、e and logo are registered trademarks or trademarks of KPMG International. Funds raised from the securities market in 2019 were equivalent to around 4.5 percent of Chinas gross domestic product (GDP) (Chart 7), 1.2 percentage points higher than the previous year. As at the end of 2019, A-share market

47、 capitalisation stood at RMB 59 trillion, up 36 percent year-on-year. Tradable A-shares accounted for approximately RMB 48 trillion in market value, or 48.8 percent of Chinas GDP in 2019, representing year-on-year growth of 9.5 percentage points. This indicates that Chinas capital markets were much

48、more active in 2019 and that there is still significant growth potential. Sources: CSRC and National Bureau of Statistics of China (NBS) A A- -share market share market capitalisationcapitalisation and stock exchange fundraisingand stock exchange fundraising as a proportion of Chinas GDPas a proport

49、ion of Chinas GDP C Chart 7hart 7 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0% 10% 20% 30% 40% 50% 60% 70% A股股票流通市值占GDP比重證券市場籌資額占GDP比重 Proportion of tradable A-shares to Chinas GDP Proportion of stock exchange fundraising to Proportion of tradable A-shares to Chinas GDP Proportion of stock exchange fundraising to Chinas GDP 二零二零年中國證券業調查報告18 2020畢馬威華振會計師事務所(特殊普通合伙)及畢馬威企業咨詢 (中國) 有限公司，均是與瑞士實體 畢馬威國際合作組織 (“畢馬威國際”)相關聯的獨立成員所網絡中的成員。畢馬威華振會計師事務所(特 殊普通合伙) 中國合伙制會計師事務所；畢馬威企業咨詢 (中國) 有限公司 中國外商獨資企業。版權所有， 不得轉載。在中國印刷。畢馬威