Financial services 金融服务 kpmg/cn Mainland China Securities Survey 2019 二零一九年 中国证券业 调查报告2 | Mainland China Securities Survey 20170 1 0 2 0 3 0 4 0 5 06 Contents 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 Sector ranking for 2018 附录2 二零一八年行业排名 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 2019 grading of securities companies by the CSRC 附录4 2019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 Foreign-funded enterprises that offer private fund management business 附录12 外商投资私募基金管理公司名单 01 07 29 55 59 61 125 133 135 137 149 159 165 171 177 181 183 43 二零一七年中国证券业调查报告 | 3 Introduction 引言 01 1 | Mainland China Securities Survey 2019二零一九年中国证券业调查报告 | 2 Introduction Against a backdrop of geopolitical uncertainty, slowing domestic economic growth and a weak A-share market, mainland China's securities industry, reflected a cyclical nature through 2018 to the first half of 2019 and demonstrated the “Matthew effect, ” which can be observed by the industrys increasing market concentration. Despite the slowing growth, securities companies are actively trying to evolve in terms of organisational structure, risk management, business innovation, incentive systems and human resources in order to create new business models and drive growth. According to the audited annual reports of securities companies in China released by the Securities Association of China (SAC), the securities industry realised operating income of RMB 263.3 billion and net profits of RMB 62.4 billion (based on financial statements at the parent company level) in 2018, which represented year-on-year declines of 16 percent and 44 percent, respectively. The total assets of the 131 securities companies that were counted stood at RMB 6.3 trillion, representing a year-on-year increase of 2 percent; net assets amounted to RMB 1 .9 trillion, which constituted a year-on-year increase of 2 percent. In 2018, income composition remained in line with the previous year, although the income level from various segments declined in varying degrees. During the year, the proprietary trading segment remained the most significant source of income. This segment realised RMB 86.7 billion in income (including profits or losses arising from changes in fair values and investment income), down 15 percent from 2017 . The brokerage segments operating income decreased by 22 percent compared with the previous year, and was the result of declining transaction volumes and lower commission rates. The investment banking segments income also declined 28 percent year-on-year. This decrease was primarily caused by reduced equity financing. As a result of new asset management regulations that reduced funding channel operations, implemented deleveraging measures and enhanced active management capabilities, the share of the industrys total operating income increased slightly in 2018, yet the amount was down by 11percent. Regulatory authorities are increasingly balancing the strictness of regulations with the need to promote economic development. On one hand, guidelines and measures related to information technology (IT) management, risk management of stock-pledged repo transactions, internal control over investment banking and asset management are strengthening the regulation of securities companies risk and compliance management with regard to IT , credit, investment banking and asset management business. On the other hand, the launch of the Sci- Tech Innovation Board (STAR Market); the deregulation of stock index futures; the relaxation of merger and acquisition (M Accounting Standards for Business Enterprises 23 - Transfer of Financial Assets (Revised); Accounting Standards for Business Enterprises 24 - Hedge Accounting (Revised); and Accounting Standards for Business Enterprises 37 - Presentation of Financial Instruments (Revised)(together referred to as “New Financial Instrument Standards”) 4. Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, Yin Fa 2018 No.106; and the Administrative Measures on Private Offering Asset Management Business of Securities and Futures Business Organisations, CSRC Order No. 151 (together referred to as “New Asset Management Regulations”) Income composition of domestic securities companies Chart 3 Sources: Financial statements of securities companies and KPMG China analysis 11 | Mainland China Securities Survey 2019 © 2019 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)， 在2018年沪深两市成交量低迷 与平均佣金率下跌的双重影响下， 经纪业务占收入的比例较2017年下降2个百分 点； 2018年IPO审核趋严， 整体上会和过会数量都保持在较低水平， 通过IPO、 增发合计 筹资额人民币0.96万亿元， 同比下降37%， 投行业务收入下降28%， 其收入占比较上年 下降2%。 自营业务表现相对较好， 主要因为2018年债券市场走强， 现券交易量达到157万亿元， 同比增长45% 2 ， 推动了固定收益业务的发展， 此外券商在2019年1月1日起实施 “新金 融工具准则” 3 ， 及时变现了部分在可供出售金融资产中的浮盈， 2018年自营及其他投 资业务收入占比高达33%， 较上年增加1个百分点。 另外， 随着资管新规 4 的对通道业务的限制， 证券公司资管业务转向主动管理类， 积极 开展资产支持证券化 （以下简称 “ABS” ） 业务， 2018年底ABS业务规模较2017年上涨 49%， 有显著的提升， 本年资产管理业务收入占比较上年小幅增加1个百分点。 2. 数据来源： 中国人民银行 3. 企业会计准则第22号金融工具确认和计量(修订) 、 企业会计准则第23号金融资产转移(修订) 、 企业会计准则第24号套期会计(修订) 及 企业会计准则第37号金融工具列报(修订) (统 称 “新金融工具准则” ) 4. 关于规范金融机构资产管理业务的指导意见 银发2018106号, 证券期货经营机构私募资产管理业务管理办法 证监会令第151号 （统称 “资管新规” ） 数据来源： 证券公司财务报表， 毕马威分析 图表3 国内证券公司历年收入结构分析 经纪业务 自营及其他投资 其他 （包括融资融券利息收入） 资产管理业务 投资银行业务 二零一九年中国证券业调查报告 | 12 © 2019 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。