2013年KPMG中国证券业调查报告

中国证券业调查报告

FINANCIAL SERVICES

金融服务

Mainland China

Securities Survey 2013

二零一三年

中国证券业调查报告

/cn

中国证券业调查报告

目录

© 2013毕马威华振会计师事务所(特殊普通合伙) — 中国特殊普通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。© 2013 KPMG Huazhen (Special General Partnership), a special general partnership in China 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.

Contents

Introduction 引言

5

01 Market overview 市场回顾

9

02 Market development: opportunities and challenges 23 市场动态：机遇与挑战

03 Innovation: moving forward through change 创新发展：在变革中前进

31

04 Policies and regulations: equal focus on innovation 51 and risk control 政策法规：创新与风控并重

05 Conclusion 61 结语

中国证券业调查报告

06 Appendices 附录

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

Financial highlights 财务摘要Sector rankings 行业排名

Overview of Sino-foreign joint venture securities players 中外合资证券公司一览

65 6698 102

2013 securities companies’ rating by CSRC 1042013年证监会对证券公司的评级Qualified foreign Institutional investors 合格境外机构投资者

106

RMB qualified foreign institutional investors 112人民币合格境外机构投资者

Qualified domestic institutional investors 合格境内机构投资者Mainland futures companies 内地期货公司名单

113116

© 2013毕马威华振会计师事务所(特殊普通合伙) — 中国特殊普通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。© 2013 KPMG Huazhen (Special General Partnership), a special general partnership in China 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.

Mainland fund management companies 120内地基金公司名单

123

Appendix 10 Securities companies who have set up direct investment subsidiaries 附录 10 设立直接股权投资子公司的证券公司Appendix 11 Securities companies who have set up Hong Kong subsidiaries 附录 11 设立香港子公司的证券公司

124

Contact us 联系我们

126

中国证券业调查报告

© 2013 KPMG Huazhen (Special General Partnership), a special general partnership in China 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.

© 2013毕马威华振会计师事务所(特殊普通合伙) — 中国特殊普通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。

中国证券业调查报告

Introduction引言

© 2013 KPMG Huazhen (Special General Partnership), a special general partnership in China 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.

© 2013毕马威华振会计师事务所(特殊普通合伙) — 中国特殊普通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。

中国证券业调查报告

Mainland China Securities Survey 2013

6

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.r作odwev合tree际ns 国Ger Ms威tPh马Kg i毕er hlltA foy.— tmit rni体fe rses实bim士eSw 瑞ma ,与 )a ”l是dann，ao i所atna务ihnrCe事 tnnI师i pG计ihsM会rPK制。en“(伙载tr aev合转p ita通得larre普不enpo殊，egoC特有 la la国所iceno中权psit版 a a n,r—。)pe员tin h)sI rG伙成enM合的trPaK通中P h普络latirw殊网en d特所e(员Geta所成 liali务立icffea事独 psSm师的( nri计联ef hr会关zeab振相umHe华) Gm威” Mtn马际Ped毕国Kn3威 1e0马013p2e毕2 d ©ni©“( In 2012, China’s securities sector saw results slip for the third year in a row. Gross operating income and net profit on a company level basis were RMB 130.1 billion and RMB 33.1 billion, respectively, representing decreases of 4.6 percent and 14.9 percent year-on-year. However, the fall was not as steep as in 2011 (which saw slumps of 29 percent and 50 percent, respectively, compared with 2010). Dwindling trading volumes in the stock market (which decreased by 25 percent) and a drastic fall in funds raised from initial public offerings (IPOs) (which plummeted by 63

percent) dragged on the results of the brokerage and equity capital market business in 2012, resulting in the sector’s slipping operating income and net profits. On the other hand, the strong performance of bond business (including underwriting and proprietary trading) and the rapid growth in innovative business cushioned the fall.From a revenue structure perspective, traditional brokerage income accounted for less than 40 percent of the sector’s gross operating income for the first time, largely due to shrinking trading volumes in the stock market and further cuts in commission rates. Income from proprietary trading accounted for 22.4 percent, the highest level since 2008, mainly thanks to proprietary bond trading and improved asset allocation of securities brokers, while the share of asset management income remained at 2 percent. The dramatic increase in assets under management was offset by a significant drop in average fee rates.

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