二零一五年中国证券业调查报告

FINANCIALSERVICES 金融服务 MainlandChinaSecuritiesSurvey2015 二零一五年中国证券业调查报告 kpmg.com/cn Contents 目录 ©2015KPMGHuazhenLLP,aPeople’sRepublicofChinapartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved. 二零一五年中国证券业调查报告|1 01 Introduction 引言 02 Marketoverview 市场回顾 03 Marketdevelopment:opportunitiesandchallenges 市场动态：机遇与挑战 04 Developmentdrivenbybothtraditionalandnewbusinesses 业务发展：传统和创新业务双轮驱动 05 Recentpolicyandregulatorydevelopments 政策法规：政策红利持续释放 06 Conclusion 结语 07 Appendices 附录 Appendix1Financialhighlights 附录1财务摘要 Appendix2Sectorrankings 附录2行业排名 Appendix3OverviewofSino-foreignjointventuresecuritiesplayers 附录3中外合资证券公司一览 Appendix42015gradingofsecuritiescompaniesbyCSRC 附录42015年证监会对证券公司的评级 Appendix5Qualifiedforeigninstitutionalinvestors 附录5合格境外机构投资者 Appendix6RMBqualifiedforeigninstitutionalinvestors 附录6人民币合格境外机构投资者 Appendix7Qualifieddomesticinstitutionalinvestors 附录7合格境内机构投资者 Appendix8Mainlandfuturescompanies 附录8内地期货公司名单 Appendix9Mainlandfundmanagementcompanies 附录9内地基金公司名单 Appendix10Subsidiariesofmainlandfundmanagementcompanies 附录10内地基金公司子公司名单 Appendix11SecuritiescompanieswhichhavesetupHongKongsubsidiaries 附录11设立香港子公司的证券公司 08 Contactus 联系我们 3 9 25 35 47 61 65 66 104 107 108 110 118 122 126 130 134 138 141 ©2015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。 ©2015KPMGHuazhenLLP,aPeople’sRepublicofChinapartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved. 二零一五年中国证券业调查报告 | 3 01 Introduction 引言 ©2015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。 ©2015KPMGHuazhenLLP,aPeople’sRepublicofChinapartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved. 2014andthefirsthalfof2015wasanextraordinaryperiodforChina’ssecuritiessector.Whilstthefirstsixmonthsof2014wasrelativelyunremarkablewithlacklustremarketperformance,theAshareindextookoffinthesecondhalfoftheyear,resultinginrecordtransactionvolumesandmaking2014abumperyearforChinesesecuritiescompanies. StatisticsfromtheSecuritiesAssociationofChina(SAC)showthatthetotalincomeandnetprofitsofthesectorfortheyearended31December2014reachedRMB 255.4billion(ayear-on-yearriseof64percent)andRMB94.9billion(ayear-on-yearincreaseof121percent)respectively,making2014theninthconsecutiveprofit-makingyearsincetheoveralllossexperiencedbytheindustryin2006.Thestatisticsalsoshowthat115outofthetotal119Chinesesecuritiescompanieswereprofitablein2014.Thetotalassetsandnetassetsofsecuritiescompaniesincreasedby97percentand22percentrespectivelycomparedtothepreviousyear,providingafurtherindicationofjusthowmuchthesecuritiessectorgrewin2014.Accordingtodatafromexchanges,theannualturnoverofthedomesticA-sharemarketreachedRMB74.39trillionin2014,representingasharprise of59percentcomparedto2013.Apartfromtheimpactwhichthissignificantgrowthintradingvolumesin2014hadonsecuritiesfirms’revenues,theindustryalsobenefitedfromadramaticgrowthofthecreditbusinessdrivenbyrisingdemandgiventhefavourablemarketconditions.Anumberofpolicyinitiativesalsocontributedtotheperformanceofthesector,includingthere-launchoftheA-shareinitialpublicoffering(IPO)andtheofficialopeningoftheShanghai-HongKongStockConnectpilotprogram. AnalysisoftotalincomeforthesectorhasshowngrowthacrossthedifferenttypesofbusinessundertakenbyChinesesecuritiesfirms.ThemainsourceofrevenueforsecuritiesfirmsinChinain2014continuedtobeincomefrombrokeragebusinesswhichcontributed42percentofthetotalincomeofthesectorin2014.Marginfinancingandsecuritieslendingbusinesscontinuedtogrowin2014,withanetincomereachingRMB27.6billion,similarinproportiontothatof2013.Theshare ofincomefromtradingbusinessrosesharplyasaresultofthestrongmarketperformance.Revenuefrominvestmentbankingbusinessaccountedfor12percentofthetotalincome,1percentagepointhigherthanin2013duetothere-launchofIPOsin2014.Assetmanagementbusinessasaproportionofthetotalincomewas5percent,asmallincreasefromthepreviousyear. Thegrowthinthesecuritiessectorin2014and2015hasspurredrenewedfocusonfund-raisingandcontinuedbusinessinnovation.WithmarginfinancingandsecuritieslendingbusinessreachingtrillionsofRMB,capitalbecameamajorareaoffocusforsecuritiescompanies.TherewasanincreasingnumberofbrokerIPOsandassetsecuritizationbegantoemergeasahottopic.Areasofinnovationincludedfirms’internetsecuritiestradingplatforms.Anumberofregulatorychangesmayalsobringsignificantimpact,includingreformsofstockissuanceregistrationproceduresandthederegulationbytheCSRC. ©2015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。 2014年和2015年上半年是中国证券市场历史上不平凡的时期。2014年下半年的成交量和指数大幅上升与2014年上半年的市场交易平淡和指数窄幅震荡形成鲜明对比，2014年最终迎来证券行业的大丰收。 中国证券业协会的统计数据显示，2014年证券行业实现总营业收入和净利润总额分别为人民币2,553.81亿元（同比增长64%）和人民币948.51亿元（同比增长121% ），实现了自2006年证券行业整体亏损以来的连续第9年盈利。在所有的119