下面是小编为大家整理的2020年度中国证,券业调查报告,供大家参考。
C ontent s
目录 财务摘要 二零一九年行业排名 合格境外机构投资者 中外合资证券公司一览 年证监会对证券公司的评级 人民币合格境外机构投资者
B u si n e ss
d y n a m i c s业务动态
Appendix 1 附录1 Appendix 2 附录2 Appendix 3 附录3 Appendix 4 附录4 Appendix 5 附录5 Appendix 6 附录6 Appendix 7 附录7 Appendix 8 附录8 Appendix 9 附录9 Appendix 10 附录10 Appendix 11 附录11 Appendix 12 附录12 Fi na nci a l highli ght s
S ec t or r a nking f or 2019
Overvi ew
of
S ino - f oreign joi nt
v ent ure securi t ies c om pa ny
2020 r a t ing of
securi t ies c om panies by t he CSRC 2020
Q ua li f ied For eign Ins t i t ut i ona l Inves t ors ( Q FI I )
RM B Q ua li f ied For eign Ins t i t ut i ona l Inves t ors ( R Q FI I )
02
Mar k e t
o ve r vi e w
市场回顾 03
I nd u s t r y
t r e nd s
行业趋势 05
29
01
I n tr o d u c ti on
引言 01
05
C on c l u s i on
结语 06
A ppe n d i c e s
附录 62
66
04
44
内地期货公司名单 内地基金公司名单 合格境内机构投资者 内地基金公司子公司名单 设立香港子公司的证券公司 外商投资私募基金管理公司
Q ua li f ied D om es t ic Ins t i t ut i ona l Inves t ors ( QDII )
Ma inl a nd Futures C om pa nies
Ma inl a nd Fund
Ma na gem ent
C om pa nies
S ubsidi a ries of
Ma inl a nd Fund
Ma na gem ent
C om pa nies
S ecuri t ies c om pa nies w i t h Hong K ong subsidi a ries
For eign - f unded ent erprises t ha t
of f er priv a t e f und m a na gem ent
business 67
157
164
167
171
184
194
201
208
215
221
223
引言
1 二零二零年中国证券业调查报告
01
I n trodu cti on
Int roduc t ion
M ain l an d
C h i n a
S ec u r i t i es
S u r vey
2020
2
W hile
t he
ef f ec t s
of
t he
C O V ID - 19 pa ndem ic
ha ve
been
f el t
a cross glob al
an d
lo cal
m ar ke t s t hr oughout 2020,
t he
i m pa c t
on t he
securi t ies
indus t ry
in
C hi na
ha s been
li m i t ed
c om pa red
t o
ot her se ct ors.
C hina’s
cap i t al
m ar ke t s rebounded
in
2019,
a nd
t he i m pl ement a t ion
of
a
num ber
of policies
a nd
r ef or m s
–
including
t he
l a unch
of
t he
S ci - Tec h Innov a t ion
B oa rd
( S TA R
M a rk et ) , t he
li ft ing
of
f oreign
s ha reholding c a ps,
t he
r ef or m
of
t he
N ew
Thi rd B oa rd
a nd
a m endm ent s
t o
t he S ecuri t ies
La w
–
c ont inues
t o
drive signi f ic a nt
gr owt h
oppor t uni t ies
f or t he
securi t ies
indus t ry.
According
t o
t he
a udi t ed
a nnua l repor t s
of
securi t ies
c om pa nies
in C hi na
issued
by
t he
S ecuri t ies Associ a t ion
of
C hi na
( S A C ) ,
t he securi t ies
indus t ry
re al ised oper a t ing
inc om e
of
R M B
360 billion
a nd
net
pr of i t
of
R M B
119.5 billion
( ba sed
on
f i na nci a l s t a t ement s
a t
t he
pa r ent
c om pa ny level )
in
2019,
repres ent ing
y ea r - on - y ea r
incr ea ses
of
37
perc ent a nd
92
perc ent ,
respec t ively.
As
a t 31
Dec em ber
2019,
t he
t ot a l a ss et s
of
t he
132
securi t ies c om pa nies
t ha t
wer e
included s t ood
a t
R M B
7.3
t rillion, repres ent ing
a
y ea r - on - ye ar .
incr ea se
of
16
perc ent .
N et
a ss et s a m ount ed
t o
R M B
2
t rillion,
a
y ea r - on - y ea r
incr ea se
of
5
perc ent
In
t er m s
of
inc om e
c om posi t ion, inc om e
f r om
t he
propri et a ry t r a ding
s egm ent
s t ood
a t
R M B
141.8
billion
( including
pr of i t
or losses
a rising
f r om
c ha nges
in
f a ir v a lue
a nd
inves t m ent
inc om e) ,
up 64
perc ent
f r om
t he
R M B
86.7 billion
recorded
in
2018.
Thi s s egm ent
r em a ined
t he
bigges t source
of
inc om e
f or
t he
indus t ry, a cc ount ing
f or
39
perc ent
of
t he indus t ry ’ s
t ot a l
oper a t ing
inc om e. S uppor t ed
by
a
m a rk et
rebound, net
inc om e
f r om
t he
broker a ge s egm ent
incr ea sed
by
25
perc ent ye ar - on - y ea r
t o
R M B
84.3
billion, repres ent ing
t he
second
l a rges t source
of
inc om e
f or
t he
indus t ry. As
a
resul t
of
t he
S TA R
M a rk et ’ s I P O
regis t r a t ion
sys t em
a nd
t he new
regul a t ions
on
r ef i na ncing, net
inc om e
f r om
t he
inves t m ent ba nking
s egm ent
incr ea sed
by
31 perc ent
t o
R M B
48.1
billion.
N et inc om e
f r om
t he
a ss et m a na gem ent
s egm ent
s t a yed
f l a t f r om
t he
previous
y ea r.
Fr om
a
regul a t ory
perspec t ive, regul a t ors
c ont inue
t o
f ocus
on risk
m a na gem ent
a nd
c om pli a nce. In
2020,
s om e
securi t ies c om pa nies
bega n
pil ot ing
consoli da t ed
supervision m ec ha nis m s
t o
i m prove
over a ll
risk
m a na gem ent
a nd
c om pli a nce a t
t he
group
level.
Fur t her m ore, t he
S TA R
M a rk et
wa s
l a unched f a s t er
t ha n
expec t ed,
a nd res t ric t ions
on
f oreign
s ha reholding
a nd
r ef i na ncing
ha ve been
rel a xed
ea rlier
t ha n
expec t ed. Thes e
devel opm ent s
ha ve
opened a
new
c ha pt er
in
t he
r ef or m
a nd opening -up
of
t he
dom es t ic
c a pi t a l m a rk et s.
In
a ddi t ion,
t he convergence
of
a ss et
m a na gem ent
regul a t ion
a s
wel l
a s f ierce
c ompet i t ion
ha ve
led
t o gr ea t er
requir ement s
on
securi t ies c om pa nies ’
a bili t y
t o
conduc t a c t ive
m a na gem ent
a nd
of f er di ff er ent i a t ed
services.
S ecuri t ies
c om pa nies
ha ve
been exploring
t heir
m a rk et
posi t ioning a nd
t r a ns f or m a t ion
t o
ga in
a
long - t er m
c ompet i t ive
edge.
In
t his r ega rd,
M & A
a nd
cross - indus t ry i nt egr a t ion
a re
s t a r t ing
t o
em erge in
t he
indus t ry.
Fi rs t - t ier
securi t ies c om pa nies
ha ve
s ought t o
pa r t ner wi t h
t echnology
l ea ders
in
order
t o lever a ge
t he
l a tt er ’ s
cus t om er ba se
a nd
c a pi t a l
t o
r ef or m
a nd op t im ise
t heir
business.
S m a ll
a nd m edi um - si z ed
securi t ies c om pa nies
a re
a lso
seeking
t o di ff er ent i a t e
t hem selves
f or
long - t er m
devel opm ent .
©
2020
KP M G
H ua z hen
LLP , a
P eopl e’ s R epubli c of
C hi na
pa r t ner s hip
a nd
KP M G
A dvi s or y ( C hi na )
Li m i t ed,
a
w holl y f oreign
ow ned
ent erpri s e
in
C hi na ,
a re
m em ber
f ir m s of
t he
KP M G
net w or k of i ndependent m em ber
f ir m s a ff ili a t ed
w i t h
KP M G
I nt er na t ional
C ooper a t i v e
( “K P M G
I nt er na t ional ”) , a
S w i ss ent i t y. A ll
r i ghts r eserved. P ri nt ed
in
C hi na . The
KP M G
na m e
a nd
logo
a re
r egi s t ered
t r a dem a rks or
t r a dem a rks of
KP M G
I nt er na t ional .
3 M ain l an d
C h i n a
S ec u r i t i es
S u r vey
2020
R ega rding
t he
devel opm ent
of f i na nci a l
t echnology
( f i nt ec h)
a nd digi t a l
t r a ns f or m a t ion,
t he i nt roduc t ion
of
a
series
of
m a rk et - ori ent ed
r ef or m s
a nd
t he
r em ov a l of
owner ship
res t ric t ions
f or f oreign
inves t ors
pres ent
t he securi t ies
indus t ry
wi t h unprec edent ed
oppor t uni t ies
a s wel l
a s
c ha llenges.
In
li ght
of
t hese c ha nges,
securi t ies
c om pa nies need
t o
explore
di ff er ent i a t ed gr owt h
s t r a t egies,
a cceler a t e business
a nd
digi t a l
t r a ns f or m a t ion,
develop
f ea t ured
businesses,
develop
t he
ri ght t a l ent ,
a nd
s t r engt hen
risk m a na gem ent
in
order
t o
gr ow
a nd be
success f ul
in
t he
long
t er m .
Thi s
repor t
is
t he
14 th
a nnua l M a inl a nd
C hi na
S ecuri t ies
S urvey published
by
KP M G
C hi na .
I t
wa s pr epa red
ba sed
on
t he
2019 f i na nci a l
s t a t ement s
of
132 securi t ies
c om pa nies
in
m a inl a nd C hi na ,
whi ch
wer e
rel ea sed
by S A C
on
i t s
of f ici a l
webs i t e ( www. s a c. net .c n) .
©
2020
KP M G
H ua z hen
LLP , a
P eopl e’ s R epubli c of
C hi na
pa r t ner s hip
a nd
KP M G
A dvi s or y ( C hi na )
Li m i t ed,
a
w holl y f oreign
ow ned
ent erpri s e
in
C hi na ,
a re
m em ber
f ir m s of
t he
KP M G
net w or k of i ndependent m em ber
f ir m s a ff ili a t ed
w i t h
KP M G
I nt er na t ional
C ooper a t i v e
( “K P M G
I nt er na t ional ”) , a
S w i ss ent i t y. A ll
r i ghts r eserved. P ri nt ed
in
C hi na . The
KP M G
na m e
a nd
logo
a re
r egi s t ered
t r a dem a rks or
t r a dem a rks of
KP M G
I nt er na t ional .
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...