Mainland China Securities Survey 二零一五年中国证券业调查报告

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1 FINANCIAL SERVICES 金融服务 Mainland China Securities Survey 2015 二零一五年中国证券业调查报告 kpmg.com/cn

2 2015 KPMG Huazhen LLP, a People s 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. Contents 目录

3 二零一五年中国证券业调查报告 1 01 Introduction 引言 Market overview 市场回顾 Market development: opportunities and challenges 市场动态 : 机遇与挑战 Development driven by both traditional and new businesses 业务发展 : 传统和创新业务双轮驱动 Recent policy and regulatory developments 政策法规 : 政策红利持续释放 06 Conclusion 结语 07 Appendices 附录 Appendix 1 08 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 2015 grading of securities companies by CSRC 2015 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 RMB qualified foreign institutional investors 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 Mainland fund management companies 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 which have set up Hong Kong subsidiaries 附录 11 设立香港子公司的证券公司 Contact us 联系我们 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

4 2015 KPMG Huazhen LLP, a People s 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.

5 二零一五年中国证券业调查报告 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

6 4 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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 and the first half of 2015 was an extraordinary period for China s securities sector. Whilst the first six months of 2014 was relatively unremarkable with lacklustre market performance, the A share index took off in the second half of the year, resulting in record transaction volumes and making 2014 a bumper year for Chinese securities companies. Statistics from the Securities Association of China (SAC) show that the total income and net profits of the sector for the year ended 31 December 2014 reached RMB billion (a year-on-year rise of 64 percent) and RMB 94.9 billion (a year-onyear increase of 121 percent) respectively, making 2014 the ninth consecutive profit-making year since the overall loss experienced by the industry in The statistics also show that 115 out of the total 119 Chinese securities companies were profitable in The total assets and net assets of securities companies increased by 97 percent and 22 percent respectively compared to the previous year, providing a further indication of just how much the securities sector grew in According to data from exchanges, the annual turnover of the domestic A-share market reached RMB trillion in 2014, representing a sharp rise of 59 percent compared to Apart from the impact which this significant growth in trading volumes in 2014 had on securities firms revenues, the industry also benefited from a dramatic growth of the credit business driven by rising demand given the favourable market conditions. A number of policy initiatives also contributed to the performance of the sector, including the re-launch of the A-share initial public offering (IPO) and the official opening of the Shanghai-Hong Kong Stock Connect pilot program. Analysis of total income for the sector has shown growth across the different types of business undertaken by Chinese securities firms. The main source of revenue for securities firms in China in 2014 continued to be income from brokerage business which contributed 42 percent of the total income of the sector in Margin financing and securities lending business continued to grow in 2014, with a net income reaching RMB 27.6 billion, similar in proportion to that of The share of income from trading business rose sharply as a result of the strong market performance. Revenue from investment banking business accounted for 12 percent of the total income, 1 percentage point higher than in 2013 due to the re-launch of IPOs in Asset management business as a proportion of the total income was 5 percent, a small increase from the previous year. The growth in the securities sector in 2014 and 2015 has spurred renewed focus on fund-raising and continued business innovation. With margin financing and securities lending business reaching trillions of RMB, capital became a major area of focus for securities companies. There was an increasing number of broker IPOs and asset securitization began to emerge as a hot topic. Areas of innovation included firms internet securities trading platforms. A number of regulatory changes may also bring significant impact, including reforms of stock issuance registration procedures and the deregulation by the CSRC.

7 二零一五年中国证券业调查报告 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, 亿元 ( 同比增长 64%) 和人民币 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 家中国证券公司中有 115 家实现盈利 证券公司的总资产 净资产较上年分别增长 97% 和 22%, 体现了 2014 年证券公司业绩的飞跃发展 根据交易所统计数据,2014 年国内 A 股市场全年成交额达到人民币 万亿元, 较 2013 年涨幅达 59% 除了 2014 年 A 股交易量明显放大利好证券公司收入以外, 证券行业还得益于信用业务在有利市场条件下的井喷式发展 A 股首次公开发行 (IPO) 重启 沪港通正式开通等政策红利也积极推动了 2014 年证券行业的蓬勃发展 从收入结构分析, 证券公司经营的各项业务收入在 2014 年均实现了增长 其中, 经纪业务净收入仍然是 2014 年证券公司收入的主要来源, 占总收入的比重为 42% 融资融券业务持续增长,2014 年实现净收入 亿元, 占比与 2013 年基本一致 自营业务受益于 2014 年下半年开始的权益市场的上涨趋势, 占收入的比例大幅上升 投行业务因 2014 年 IPO 重启, 收入占比较 2013 年增长 1 个百分点, 达到 12% 资产管理业务占收入的比例为 5%, 较上年小幅增长 2014 年到 2015 年证券行业业绩的跨越式增长促使行业聚焦于融资和业务创新 随着两融余额高速增长过万亿, 证券公司 资本为王 的时代到来, 愈发强烈的融资需求掀起证券公司上市及再融资浪潮 ; 资管业务大发展, 资产证券化将成未来看点 ; 互联网证券平台等创新业务将持续提供增长动力 中国证券监督管理委员会 ( 以下简称 中国证监会 ) 对股票发行注册制循序渐进的改革以及进一步的简政放权, 都将激发市场自主活力 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

8 6 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. The significant increase in market transaction volume in 2014 and 2015, and the increased volatility of the equity market in June and July 2015 stress-tested the industry and provided a timely lesson to all market participants in the importance of effective risk management. This report is the ninth annual Mainland China Securities Survey published by KPMG China. It has been compiled based on information obtained from the 2014 financial statements of 119 domestic securities companies, which can be accessed via the official website of SAC (

9 二零一五年中国证券业调查报告 7 随着 2014 年到 2015 年的证券市场交易量的持续放大, 直至 2015 年 6 月至 7 月间证券市场的大幅波动给全体市场参与者上了一堂深刻的风险教育课, 也给证券公司进行了一次压力测试实战 证券公司经过此次市场波动, 也深切体会到风险管理这个核心竞争力的重要地位 本报告是毕马威中国发表的第九份年度中国证券业调查报告 本报告是根据中国证券业协会 ( 证券业协会 ) 官方网站 ( 上公布的 119 家内地证券公司的 2014 年财务报表而编制的 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

10 2015 KPMG Huazhen LLP, a People s 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. 8 Mainland China Securities Survey 2015

11 二零一五年中国证券业调查报告 9 02 Market overview 市场回顾 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

12 10 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. In 2014, the securities sector realized a net profit after tax of RMB 94.9 billion, a year-on-year rise of 121 percent (see Chart 1) on an unconsolidated company level basis (all figures quoted in this report are unconsolidated company level figures). This represents the second highest profit since The surge in profits was mainly driven by the substantial growth of profits in brokerage and trading business in the second half of 2014 due to the bullish A-share market, booming margin financing and securities lending, and the expansion of investment banking business due to the re-launch of IPOs. It is worth noting that the launch of the Shanghai-Hong Kong Stock Connect program, as well as the further upgrade of small-scale outlets and on-line accounts opening in 2014, resulted in more intense competition among brokerage firms and has hence brought down the average commission rate (see Chart 2). With further developments in internet finance and implementation of relevant policies, the average brokerage commission rate has room to decline further. Chart 1: Total net profit of securities firms in Mainland China (RMB billion) Source: Securities firms financial statements and KPMG analysis Chart 2: Movement of market turnover and average brokerage commission rates Source: China Securities Regulatory Commission (CSRC), SAC, KPMG analysis

13 二零一五年中国证券业调查报告 年, 证券公司全行业实现税后净利润人民币 949 亿元 ( 母公司财务报表口径, 下同 ), 较 2013 年增长了约 121%( 见图表 1), 为自 2001 年以来的 14 年中实现的第二高利润 行业利润较上年的翻倍主要源于 2014 年下半年以来 A 股牛市行情带来的经纪业务和自营业务利润的大幅增长 融资融券业务的迅猛膨胀 以及 IPO 的重启带来的投行业务的扩张 值得注意的是,2014 年随着沪港通业务的开展, 以及新型营业部 网上开户等业务的进一步升级, 券商对于经纪业务客户的争夺更加激烈, 从而导致了佣金率的下滑 ( 见图表 2) 随着互联网金融的发展以及相关政策的配套, 未来经纪业务的平均佣金率水平还有进一步的下降空间 图表 1 : 历年中国证券公司实现的净利润 ( 人民币十亿元 ) 数据来源 : 证券公司财务报表, 毕马威分析 图表 2 : 市场交易额与经纪业务平均佣金率的变动 数据来源 : 中国证监会, 中国证券业协会, 毕马威分析 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

14 12 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. The share of brokerage fees as a proportion of total operating income declined by 7 percentage point in 2014 compared to 2013 due to the decrease in commission rates, while the proportion of income from other major businesses in total operating income increased (see Chart 3). Brokerage fees still served as a major source of income for domestic securities firms. In contrast, leading international investment banks relied more on investment banking business and trading business. Benefiting from the bullish A-share market beginning from the fourth quarter in 2014, the share of income from trading and other investment business in total operating income grew by 7 percentage point. Despite the re-launch of IPOs in 2014, only 124 companies went public during the year, mainly due to regulators control over IPO numbers and scale. Hence, there was only a slight increase of 1 percentage point in the investment banking business compared to the previous year. Chart 3: Proportion of income from core businesses of domestic securities firms to total operating income Source: Securities firms financial statements and KPMG analysis Asset management related income has traditionally represented a smaller share of total operating income for domestic securities firms in China compared to the leading overseas investment banks which have had greater success in attracting clients capital and actively managing funds. This smaller share of total operating income (see Chart 4) indicates that significant opportunities remain for domestic brokers to further grow their asset management businesses. In 2014, growth in asset management business related revenue outpaced the overall growth in total operating income.

15 二零一五年中国证券业调查报告 13 从各项主要业务占总营业收入的比重看 ( 见图表 3), 除经纪业务受制于佣金率的下滑,2014 年收入占比较 2013 年下降 7 个百分点外, 其他主要业务收入占比较 2013 年均有所上升 经纪业务收入仍然是国内证券公司收入的主要来源 相较之下, 而国际主要投资银行则更多的依靠投资银行业务和自营业务 受益于 2014 年第四季度开始的 A 股牛市行情, 自营及其他投资业务占收入的比例大幅上升 7 个百分点 ;2014 年 IPO 重启, 但由于监管机构对 IPO 数量和规模的控制, 全年仅有 124 家企业成功完成了首次发行上市, 因此投行业务占收入的比例较上年微增 1 个百分点 图表 3 : 国内证券公司历年收入结构分析 数据来源 : 证券公司财务报表, 毕马威分析 与国外主要投资银行相比 ( 见图表 4), 资产管理业务对于国外成熟投行的收入贡献较高, 该业务能够充分反映证券公司吸引客户资金 主动管理资金的能力 ; 而国内证券公司资产管理业务收入占比偏低, 仍存在巨大的发展空间 2014 年资产管理业务收入增速高于总营业收入 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

16 14 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Chart 4: Comparison of income composition between domestic securities brokers and leading international investment banks in 2014 Source: Financial statements of relevant companies and KPMG analysis After minor fluctuations for the first six months of the year, in late July 2014 the value of the A-share market began to significantly increase. The Shanghai Stock Exchange (SSE) Composite Index and Shenzhen Stock Exchange (SZSE) Component Index closed at 3,235 points and 11,015 points respectively on 31 December 2014, representing a year-on-year increase of 53 percent and 36 percent, respectively. The Growth Enterprise Index closed at 1,472 points on 31 December 2014, representing an increase of 13 percent from the previous year. The market capitalization of the 406 companies on the ChiNext reached RMB 2,185.1 billion, an increase of over 40 percent during the year 1. With the rapid increase in share prices, investors showed great enthusiasm for the A-share market and trading volume increased rapidly. Daily turnover repeatedly hit new heights. In 2014, the total turnover of SSE and SZSE was RMB trillion, an increase of 59 percent compared to The SSE and SZSE accounted for a similar proportion in the turnover (see Chart 5). 1 Source: chinext.cs.com.cn

17 二零一五年中国证券业调查报告 15 图表 4 : 2014 年国内证券公司与国际主要投资银行各项收入结构分析 数据来源 : 证券公司财务报表, 毕马威分析 2014 年,A 股市场经过半年多的窄幅波动后自 7 月下旬开始整体呈上涨态势发展, 上证指数和深圳成指于 2014 年 12 月 31 日分别报收于 3,235 点和 11,015 点, 相比 2013 年年底收盘点位累计上涨 53% 和 36% 创业板指数于 2014 年 12 月 31 日报收于 1,472 点, 较上年上涨 13% 创业板 406 家公司的市价总值达到了人民币 21,851 亿元, 全年实现了超过 40% 的增长 1 随着市场行情快速上升,A 股市场投资者交易热情和市场成交量快速提高, 日成交金额屡创新高 2014 年, 沪深两市股票总成交额达人民币 万亿元, 较 2013 年增加了 59%, 两市成交额占比基本持平 ( 见图表 5) 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 1 数据来源 : 中证网 chinext.cs.com.cn

18 16 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Chart 5: Stock turnover and market index Source: Wind info Funds raised on the A-share market reached RMB billion in 2014, a year-on-year rise of 22 percent. Of this amount, RMB billion was raised through follow-on stock offerings, a year-on-year increase of 49 percent; RMB billion was raised through bond financing via exchanges, a decrease of 13 percent compared to At the beginning of 2014, IPOs resumed after being suspended for over a year. By the end of 2014, 7 batches of IPO approvals had been issued by the CSRC. 124 new shares went public, raising a total of RMB 66.9 billion and accounting for 8 percent of the total funds raised on the A-share market (see Chart 6). Chart 6: Funds raised on mainland bourses (RMB billion) Source: CSRC

19 二零一五年中国证券业调查报告 17 图表 5 : 股票成交额及市场指数 数据来源 : 万得资讯 2014 年度国内 A 股市场融资额达人民币 8,428 亿元, 较 2013 年度增加 22% 其中通过股票增发融资人民币 4,188 亿元, 较 2013 年增加 49% 通过交易所市场债券融资人民币 3,571 亿元, 较 2013 年减少 13% 2014 年初, 新股 IPO 在时隔一年多后重启, 截至 2014 年年底, 证监会累计下发 7 批 IPO 批文, 共有 124 只新股相继发行, 总募资规模约 669 亿元, 占 A 股市场融资总额的 8%( 见图表 6) 图表 6 : 国内证券交易所筹资统计 ( 人民币十亿元 ) 数据来源 : 中国证监会 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

20 18 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. The funds raised on the A-share market in 2014 accounted for 1.32 percent of China s GDP (see Chart 7), within the range recorded in the previous six years (1 percent to 3 percent). These figures are similar to those recorded in mature capital markets (the average share of funds raised on the stock markets to local GDP in the UK and US between 2009 and 2014 were 1.35 percent and 1.28 percent, respectively 2 ). By the end of 2014, China s A-share market capitalization was valued at approximately RMB trillion. The market capitalization of tradable shares reached RMB trillion and accounted for percent of China s 2014 GDP, a large increase compared to the percent recorded in But this was far below the comparable ratios in the UK, US and Japan (136 percent, 111 percent and 95 percent, respectively 3 ). This implies that China s capital markets still have enormous growth potential. Chart 7: Proportion of A-share market capitalisation and funds raised to China s GDP 1.10% 0.65% 0.62% 11.56% 0.53% 10.38% 9.70% 5.75% 7.31% 2.97% 35.01% 1.15% 14.40% 48.13% 44.37% 2.56% 34.97% 34.98% 35.09% 49.59% 0.18% Proportion of A-share market capitalisation to China's GDP In 2014, margin financing and securities lending continued to grow rapidly, and the total amount of margin financing and securities lending increased from RMB billion as at the end of 2013 to RMB 2,049.4 billion as at the end of June 2015, a staggering increase of 491 percent. The margin financing and securities lending businesses became an important growth driver for securities companies. By the end of June 2015, the balance of margin financing reached RMB 2,044.7 billion, an increase of 495 percent compared to that as at the end of 2013; while securities lending amounted to RMB 4.7 billion (see Chart 8), an increase of 54 percent compared to that as at the end of Source: World Federation of Exchanges (WFE) Hong Kong Exchanges and Clearing Limited (HKEX), Hong Kong Census and Statistics Department (HKCSD), KPMG analysis 3 Source: WFE, The Economist Intelligence Unit (EIU) KPMG analysis 1.35% 1.44% 1.13% 1.21% 1.32% Proportion of funds raised on A-share market to China's GDP

21 二零一五年中国证券业调查报告 19 从占国内生产总值的比例看,2014 年的 A 股筹资总额占国内生产总值的 1.32%( 见图表 7), 近 6 年的融资额占国内生产总值比重也在 1%-3% 之间徘徊, 已接近于成熟的资本市场 ( 英国及美国 2009 至 2014 年股票筹资额占其本地生产总值的比例平均分别为 1.35% 和 1.28% 2 ) 截止 2014 年底, 中国 A 股股票市值约人民币 万亿元, 其中流通股票市值约人民币 万亿元, 占 2014 年中国国内生产总值的 49.59%, 相比 2013 年的 35.09% 有较大的提升, 但与 2014 年英国 美国及日本的该项指标 (2014 年分别为 136% 111% 及 95% 3 ) 相比还有较大差距 这意味着中国资本市场存在巨大发展潜力 图表 7 : A 股流通市值及融资额占国内生产总值比重 1.10% 0.65% 0.62% 11.56% 0.53% 10.38% 9.70% 5.75% 7.31% 2.97% A 股股票流通市值占国内生产总值比重 35.01% 1.15% 14.40% 48.13% 44.37% 2.56% 1.35% 34.97% 1.44% 34.98% 1.13% 35.09% A 股筹资额占国内生产总值比重 1.21% 49.59% 1.32% 0.18% 年, 融资融券业务继续保持迅猛增长势头, 两融业务余额由 2013 年底的人民币 3,466 亿元上升到 2015 年 6 月底的人民币 20,494 亿元, 增幅高达 491%, 成为证券公司收入的重要增长点 截至 2015 年 6 月底, 融资规模达到人民币 20,447 亿元, 与 2013 年年末相比大幅增长 495%; 融券规模达到人民币 47 亿元 ( 见图表 8), 与 2013 年年末相比增加 54% 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 2 数据来源 :World Federation of Exchanges (WFE), 香港证券交易所, 香港政府统计处, 毕马威分析 3 数据来源 :WFE, The Economist Intelligence Unit (EIU), 毕马威分析

22 20 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Chart 8: Quarter-end balance of margin financing and securities lending on SSE and SZSE between March 2011 and June 2015 (RMB billion) Source: SSE and SZSE Chart 9: Monthly average turnover of stock index futures since 2011 Trading volume (million lots) 2014 In 2014, an average of million lots of CSI 300 index futures were traded per month, representing an increase of 13 percent compared to 2013 (16.1 million). The average monthly turnover of CSI 300 index futures in 2014 reached RMB 13.6 trillion, 17 percent more than the RMB 11.7 trillion recorded in 2013, and contributed to 56 percent of the total turnover of the China s futures market in 2014 (see Chart 9). Monthly average 2013 Monthly average 2012 Monthly average 2011 Monthly average Turnover (RMB billion) 163,138 13, ,700 11,725 75,841 6,320 43,766 3,647 Source: China Financial Futures Exchange Five years after the launch of the CSI 300 index futures, the China Financial Futures Exchange officially introduced SSE 50 index and CSI 500 index futures contracts on 16 April Both products were traded actively - after one month of operation, their monthly average trading volume and turnover had already reached a relatively high level (see Chart 10). The launch of these new products has provided the market with more diversified instruments for risk management and new trading strategies.

23 二零一五年中国证券业调查报告 21 图表 9:2011 年以来股指期货月均交易量 图表 8 : 2011 年 3 月至 2015 年 6 月沪深两市季末融资融券余额 ( 人民币十亿元 ) 数据来源 : 上海证券交易所及深圳证券交易所 ( 以下简称 上交所 及 深交所 ) 2014 年度沪深 300 股指期货月均交易 1,806 万手 ( 月均交易额为人民币 135,950 亿元 ), 全年成交额占 2014 年全年期货市场成交总额的 56%; 较 2013 年度月均交易 1,610 万手 ( 月均交易额为人民币 117,250 亿元 ) 增加 13% ( 月均交易额增加 17%)( 见图表 9) 2014 年月均 2013 年月均 2012 年月均 2011 年月均 成交量 ( 百万手 ) 成交额 ( 人民币十亿元 ) 163,138 13, ,700 11,725 75,841 6,320 43,766 3,647 数据来源 : 中国金融期货交易所 在沪深 300 股指期货推出 5 年后, 中国金融期货交易所于 2015 年 4 月 16 日正式推出了上证 50 和中证 500 的股指期货合约 两个品种成交活跃, 运行一个多月后的月均成交量和成交额均已达到较高水平 ( 图表 10) 股指期货新产品的推出为市场提供了更多元化的风险管理工具, 市场参与者通过组合各种基础工具实现自身意图的能力大大增强 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

24 22 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Chart 10: Transaction breakdown of futures contracts of SSE 50 index and CSI 500 index by the end of June 2015 SSE 50 index futures contracts CSI 500 index futures contracts Total trading volume (million lots) Total turnover (RMB billion) 18,900 26,305 Monthly average trading volume (million lots) 8 5 Monthly average turnover (RMB billion) 7,560 10,522 Source: China Financial Futures Exchange Treasury bond futures prices rose in 2014, mainly due to slower economic growth, weaker inflationary pressure and an easing monetary policy in China. Although the trading volume and open positions of treasury bond futures increased significantly in 2014, the average daily trading volumes decreased slightly in 2014 (3,767 lots) compared with 2013 (4,326 lots). At present, participants in the treasury bond futures market are primarily institutional investors: securities firms, securities investment funds, the asset management plans launched by futures companies, private equity (PE) funds, etc. On 20 March 2015, the ten-year treasury bond future contract was officially launched and traded on the China Financial Futures Exchange. The ten-year treasury bond rate is an indication of the marketability and yield of a nation s sovereign debt. It not only provides basic pricing reference for the financial system but also serves as a barometer for the financial performance of the national economy. The launch of the ten-year treasury bond futures also marks a major step towards interest rate liberalization. On 9 February 2015, the SSE 50 ETF option was officially launched in the A-share market and became the first option product ever to trade publicly on exchange in China. The SSE 50 ETF option has been traded in an orderly manner and its total trading volume has increased every month, reaching over 4.5 million contracts by the end of June 2015 with a total trading volume for the month 1,886,900 contracts, an increase of more than 60% over May Chart 11: Quarter-end transactions of SSE 50 ETF option since 2015 Month Total trading volume (thousands of contracts) put option/ call option (percent) March June , Source: SSE

25 二零一五年中国证券业调查报告 23 图表 10: 截止 2015 年 6 月上证 50 股指期货合约和中证 500 股指期货合约成交明细 上证 50 股指期货合约 中证 500 股指期货合约 累计成交量 ( 百万手 ) 累计成交额 ( 人民币十亿元 ) 18,900 26,305 月均成交量 ( 百万手 ) 8 5 月均成交额 ( 人民币十亿元 ) 7,560 10,522 数据来源 : 中国金融期货交易所 2014 年国债期货整体上走出了一波上涨行情, 这主要与国内增速放缓的经济环境 较弱的通胀压力以及宽松的货币政策有关 从成交持仓上来看, 虽然 2014 年国债期货的成交量与持仓量较 2013 年大幅上升, 但是 2014 年国债期货所有合约的日均成交量 (3,767 手 ) 却较 2013 年 (4,326 手 ) 小幅下降 目前, 国债期货市场参与者仍以机构投资者为主, 主要是证券公司 证券投资基金 期货公司资管计划及私募机构等 2015 年 3 月 20 日, 国内第二个关键期限的国债期货品种 10 年期国债期货正式登陆中国金融期货交易所上市交易 10 年期国债利率反映了一个国家主权债务的利率水平和市场情况, 不仅为金融体系提供基础定价参考, 也是国家经济和金融运行状况的 体温计 10 年期国债期货的上市, 对利率市场化改革具有积极意义 2015 年 2 月 9 日, 上证 50ETF 期权正式登场 A 股 作为我国境内首个公开交易的场内期权产品, 上证 50ETF 期权上市以来总体运行平稳有序, 截至 6 月末, 总成交量已超过 450 万张, 且呈现逐月放大的态势 其中,6 月总成交达到 万张, 较上月猛增超过六成 图表 11:2015 年以来季末上证 50ETF 期权成交情况 月份 总成交量 ( 千张 ) 认沽 / 认购 (%) 2015 年 3 月 年 6 月 1, 数据来源 : 上交所 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

26 2015 KPMG Huazhen LLP, a People s 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. 24 Mainland China Securities Survey 2015

27 二零一五年中国证券业调查报告 Market development: opportunities and challenges 市场动态 : 机遇与挑战 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

28 26 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. 3.1 Huge increase in credit business Demand for credit significantly increased in China s securities sector since By the end of 2014, the total balance of margin financing in the industry exceeded RMB 1 trillion, a 196 percent increase from the prior year-end. By the end of June 2015, the total balance of margin financing exceeded RMB 2.04 trillion 4, continuing the strong growth of the prior year. The turnover of margin financing and securities lending in 2014 totalled RMB 10 trillion, accounting for 14 percent of the total turnover of the A-share market 5. Interest income from margin financing and securities lending was RMB 44.6 billion in 2014, 142 percent higher than that in 2013, and it increased from 12% to 17% as a proportion of total operating income 6, making margin financing one of the main businesses in China s securities market. The securities-backed lending and stock repurchase business also quickly expanded in 2014, with turnover hitting RMB billion as at the end of 2014, a 129 percent increase from the RMB 80.8 billion as at the end of With the sharp increase in credit business, credit risk also became one of the main risks for China s securities sector. To ease the financial strains resulting from the sharp expansion in credit business, securities companies actively sought to expand financing channels and increase leverage. Many firms raised funds through issuing corporate bonds, short-term bonds, subordinated debts, fixed income securities or via indirect financing channels like refinancing from other securities companies and financial institutions. On the other hand, a number of securities companies also chose to IPO on the A-share or H-share market. Haitong Securities, Guangfa Securities and Huatai Securities have their H-shares listed in Hong Kong or made follow-on stock offerings in the first half of Orient Securities and Guotai Junan Securities completed their IPOs on the A-share market in March and June 2015, respectively. Margin financing and securities lending has brought new revenue sources for securities companies. They have, however, also increased their exposure to credit risk, liquidity risk and operational risk: problematic events originating from Zhangzidao and Chengfei Integration Technology Co., Ltd. attracted close attention from regulatory authorities. When both the Shanghai and Shenzhen stock indexes fell dramatically in June 2015, securities companies were abruptly exposed to liquidity risk resulting from their margin financing and securities lending businesses. Where the value of collateral provided by investors falls, making it difficult to close open positions, securities companies are potentially exposed to significant losses. One challenge which the industry currently faces is how to manage securities companies liquidity given the growth of their margin financing and securities lending businesses. Securities companies are exploring solutions such as establishing credit approval system with flexible credit lines, controlling the growth of margin financing, and setting more flexible trigger points for the mandatory liquidation of positions. 4 Source: Shanghai Stock Exchange and Shenzhen Stock Exchange 5 Source: China Securities Finance Corporation Limited 6 Source: Securities Association of China (SAC)

29 二零一五年中国证券业调查报告 信用业务大爆发 2014 年以来, 证券市场信用业务需求不断增加 截至 2014 年末, 全行业融出资金余额超过人民币 1 万亿元, 较 2013 年末增长 196%; 截至 2015 年 6 月末, 融出资金余额已突破人民币 2.04 万亿元 4, 融资业务持续高速增长 2014 年融资融券业务全年交易额约人民币 10 万亿元, 占整个 A 股市场交易额比重达 14% 5 ; 利息收入为人民币 446 亿元, 较 2013 年增长了 142%, 且该项收入占主营业务收入的比例也从 2013 年的 12% 增长至 2014 年的 17% 6, 融资交易已经成为中国证券市场的主要交易方式之一 除此之外, 股票质押式回购业务及约定购回业务在 2014 年也有较快的发展, 两者余额从 2013 年末的人民币 808 亿元增长至 2014 年末的人民币 1,846 亿元, 增幅达 129% 在信用业务高速增长的趋势下, 其信用风险也逐步成为中国证券行业面临的主要风险之一 为缓解信用业务规模的快速增长所带来的资金及资本压力, 证券公司纷纷积极拓展融资渠道, 增加资产负债杠杆 一方面, 证券公司普遍采取发行公司债 短期融资券 次级债 收益凭证或向证金公司转融通融入资金等间接方式进行融资 ; 另一方面, 亦有不少证券公司通过在 A 股或 H 股发行股票进行直接融资 海通证券 广发证券和华泰证券已于 2015 年上半年成功在香港市场完成增发或 IPO 上市, 东方证券和国泰君安证券也分别于 2015 年 3 月及 6 月完成了 A 股上市 融资融券业务的跨越式发展一方面虽为证券公司带来了新的利润增长点, 但另一方面也加剧了信用风险 流动性风险和操作风险的暴露, 如 獐子岛 和 成飞集成 等黑天鹅事件引起的信用风险, 引起了监管机构的密切关注 除此之外, 伴随着 2015 年 6 月起两市指数的大幅下挫, 融资融券业务带来的流动性风险也突然暴露在了各大券商面前, 若投资者的抵押物价格暴跌, 平仓发生困难时, 券商可能就会面临损失 如何在融资融券业务规模高速发展的当下, 通过合理有效的手段管理券商流动性, 是目前亟待解决的课题之一, 诸如实行可变额度的授信审批制度 管控融出资金增速以及设定更灵活的强制平仓线等, 均是各大券商目前正在摸索的解决之道 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 4 数据来源 : 上交所及深交所 5 数据来源 : 中国证券金融股份有限公司 6 数据来源 : 中国证券业协会

30 28 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Since December 2014, the CSRC has conducted several on-site inspections of the credit business of domestic securities companies. They have identified problems such as the rollover of overdue margin financing and securities lending contracts, and the provision of margin financing and securities lending to unqualified clients. At the beginning of July 2015, the CSRC issued administrative measures in respect of margin financing and securities lending business which require securities companies to set limits on the size of this business, allow the rollover of margin financing and securities lending contracts, and improve the criteria for the forced liquidation of collateral provided by margin financing and securities lending clients in case of default. Given these developments, securities companies must act to improve their policies, operating processes, risk controls, employee training and IT systems in order to ensure that the risks associated with their margin financing and securities lending businesses are appropriately controlled. 3.2 Rapid development of the investment banking business The resumption of IPOs in 2014 led to increased funds raised through the stock market. 89 securities companies with investment banking business generated RMB 30.2 billion of net income from investment banking, an increase of RMB 13.3 billion or 79.24% compared with The performance of newly listed stocks was impressive, with some new stocks even hitting the A-Share market s daily price increase limits 25 consecutive times after going public. Given the favourable A-share market conditions, the increased rate at which IPOs were being approved and the impressive performance of new stocks, many enterprises which had attempted to seek an overseas listing began to study how to unwind VIE (Variable Interest Entity) structures and return to the A-share market. CSRC is currently discussing and preparing the reforms to the stock issuance registration system. After these reforms are implemented, the approval process for IPOs by regulatory authorities will be greatly simplified. On the other hand, under the new process, securities companies are expected to be required to bear greater responsibility for reviewing the information provided by the applicants. It may also be harder for securities companies to differentiate their services from their competitors under the new process. Events in the second half of 2015 demonstrated the continued vulnerability of the investment banking business to changes in policy when market volatility in July 2015 prompted regulators to suspend new IPOs. On the fixed income side, the Administrative Measures on Issuance and Trading of Corporate Bonds issued by the CSRC on 16 January 2015 expanded the scope of eligible corporate bond issuers to all corporate legal persons, and allowed corporate bonds to be issued and traded through more channels. These measures have enabled more enterprises to issue corporate bonds, which has had a significant impact on liquidity in the bond market. From January to April 2015 corporate bond issuers raised RMB billion which was already 57 percent 7 of the amount raised through the issuance of corporate bonds in 2014 (2014 : RMB billion). The changes made to the regulations in January 2015 are expected to contribute to a significant increase in securities companies fixed income related revenues. 7 Source: CSRC

31 二零一五年中国证券业调查报告 年 12 月以来, 证监会分批次对国内券商的信用业务进行现场检查, 发现的典型问题包括为到期融资融券合约展期 向不符合条件的客户融资融券等违规行为等 2015 年 7 月初, 证监会新出台了融资融券业务的管理办法, 要求券商合理确定融资融券业务规模, 允许融资融券合约展期, 优化融资融券客户担保物违约处置标准和方式等 券商需要积极应对, 在制度建设 操作流程 风控体系 员工培训和融资融券业务系统等各方面进一步完善, 以确保融资融券业务中的各项风险能得到有效控制 3.2 投行业务发展迅猛 随着 2014 年 IPO 开闸, 证券市场融资规模上升,89 家开展投行业务的证券公司共实现投行业务净收入 亿元, 较 2013 年增加 亿元, 增幅达 79.24% 新股上市后普遍大受市场追捧, 个别新股甚至上市后连续拉升超过 25 个涨停板 此外, 受国内 A 股市场火爆, 新股发行提速, 新股上市表现亮眼的多个因素影响, 众多原计划在海外上市的企业也积极研究去除 VIE 结构, 回归 A 股上市 在权益类投行业务层面, 证监会正在稳步酝酿与完善股票发行注册制改革, 注册制实施后, 监管部门的审核程序将大大简化, 另一方面, 券商也要承担更多对企业信息的审核责任 如何在注册制下以高质量的保荐服务及销售工作在市场中凸现自身优势是券商新的挑战 2015 年下半年的市场波动体现了政策变动对于 IPO 业务的重大影响,2015 年 7 月初由于市场波动较大,IPO 再次被暂停 在固定收益业务方面,2015 年 1 月 16 日证监会颁发的 公司债券发行与交易管理办法 ( 下称 管理办法 ) 扩大了发行主体范围, 将发行范围扩大至所有公司制法人, 并丰富了债券发行方式及增加债券交易场所 管理办法 的发布, 让更多企业参与公司债的发行, 对债券市场的流动性产生了巨大的影响 受益于此,2015 年 1 至 4 月, 公司债发行金额累计人民币 1,412 亿元, 已达到 2014 年全年公司债发行金额 2,482 亿元的 57% 7 管理办法 对公司债的松绑无疑将为证券公司固定收益业务收入带来可观的增长 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 7 数据来源 : 中国证监会

32 30 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. 3.3 Impressive growth in asset management business Securities companies asset management businesses enjoyed impressive growth in 2014, aided in part by the strong support which regulatory authorities gave to financial innovation in this sector. By the end of 2014, the total value of securities brokers asset management products was RMB 7.79 trillion 8, a year-on-year increase of 50 percent. Securities brokers revenues from their asset management businesses also increased significantly, representing 5 percent of the total annual operating income, and a year-on-year increase of 77 percent. Designated asset management business, a type of asset management plan where the asset manager manages a single client s assets held in a designated account in accordance with instructions given by the client, accounts for over 90 percent 9 of asset management business. Asset management plans may increase securities firms vulnerability to systemic risk. There has recently been much focus on how to reduce this regulatory arbitrage and shorten the financing chain in order to build more efficient financial markets. With the regulatory authorities vigorously promoting innovation and reform, securities companies have had new opportunities in asset management business: for example, beneficiary certificates and asset securitization both recently made their debut on the Chinese market. In September 2014, the first beneficiary certificates issued by securities companies went public. These securities are linked to various types of underlying items with flexible terms, allowing greater innovation in product design while creating important new financing channels. Hence, this new product has been popular with securities companies, with the value of such products exceeding tens of billions of RMB by the end of In November 2014, the CSRC formally issued the Administrative Provisions on Asset-Backed Securitization Business of Securities Companies and Subsidiaries of Fund Management Companies. In June 2015, CSRC issued the Administrative Measures on Margin Financing and Securities Lending by Securities Companies. In July 2015, CSRC announced it would allow securities companies to carry out margin financing and securities lending credit asset securitisation business was predicted to be the first year of significant growth in asset securitization by securities companies although it remains to be seen what impact the recent market turmoil will have on this business. 8 Source: SAC 9 Source: China Finanical Stability Report

33 二零一五年中国证券业调查报告 资产管理业务持续高速增长 得益于监管层对金融创新的大力支持, 证券公司资产管理业务迅猛发展, 整体驶入高速增长的轨道 截至 2014 年末, 证券公司产品规模达到人民币 7.79 万亿 8, 较 2013 年末的规模增长了 50% 随着产品规模的扩大, 证券公司资产管理业务收入亦大幅增长 2014 年度, 证券公司共实现资产管理业务净收入占全年营业收入的 5%, 是 2013 年资产管理业务净收入的 1.77 倍 从产品结构分析, 定向资产管理业务占据资管业务规模的 90% 9 以上, 由此可见, 一旦系统性金融风险发生, 券商即使只是作为通道, 可能也难以全身而退 因此, 逐步消除 监管套利, 缩短 融资链条, 建立更有效率的金融市场, 可能是当下值得关心的课题 另一方面, 在监管层大力推进创新改革的大背景下, 券商资管业务则迎来了新的机遇 收益凭证及资产证券化等创新型业务正拉开序幕 2014 年 9 月, 首只券商收益凭证公开发行, 其挂钩标的种类丰富, 在产品设计上存在更多创新空间, 同时又开拓了新的融资渠道, 因此该业务的推出受到了券商热烈的追捧, 截至 2014 年末, 券商收益凭证产品规模已轻松突破百亿 2014 年 11 月, 证券公司以及基金管理公司子公司资产证券化业务管理规定 正式颁布 ;2015 年 6 月, 证监会发布了 证券公司融资融券业务管理办法 ;2015 年 7 月, 证监会公告允许证券公司开展融资融券债权资产证券化业务 尽管 2015 年下半年的市场波动对资产证券化业务发展的影响尚不明朗, 但是预期 2015 年仍将成为券商资产证券化爆发的元年 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 8 数据来源 : 中国证券业协会 9 数据来源 : 中国金融稳定报告

34 32 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. Market positioning Disclosure of noncompliance and remediation Disclosure of acquisition and effects on IPO timetable Reducing the stateowned share in listed companies 3.4 Business expansion funded through Hong Kong IPOs With the significant growth in credit business and the increase in trading volumes as a result of the bull stock market, the size of securities companies businesses underwent significant expansion in the second half of 2014 and the first half of However, business expansion has been limited by the amount of regulatory net capital available to support it. Many securities companies have thus sought to list in Hong Kong to raise more funds. Guangfa Securities was listed in Hong Kong in the first quarter of 2015, followed by Huatai Securities on 1 June The Huatai Securities IPO was the largest by size in the first half of According to media reports, many securities companies, including Everbright Securities, China Merchant Securities and China International Capital Corporation, have initiated plans to be listed on the H-share market. The easing of regulations and simplification of approval procedures were important factors in the increased number of Chinese securities firms listing overseas. In December 2014, the CSRC abandoned its requirement for overseas listing applicants to conduct a financial review and it no longer requires enterprises planning to list overseas to submit audited financial statements prepared in line with Chinese generally accepted accounting principles (GAAP). The number of document required to be included in an application for an overseas listing was reduced from thirteen to seven. In 2015, the CSRC further simplified the process for the review of overseas listing applications. Taken together, these measures greatly increase the efficiency of the application process, saving time and costs for enterprises looking to undertake an overseas listing. Nonetheless, a number of difficulties and challenges remain which must be overcome by securities companies looking to undertake a successful overseas IPO, including the following: Many domestic securities companies are homogenous in terms of their business, so a securities company applying for an overseas listing must consider how to differentiate itself from its competitors as it seeks to attract international investors. During the IPO process, the securities company is required to make full and accurate disclosures of any non-compliance with laws and regulations in the prospectus, and ensure that these issues are remediated before listing. A securities company which wishes to be listed in Hong Kong and is also considering making an acquisition needs to consider the effects of the acquisition on its IPO timetable. According to the Provisional Measures for the Administration of Reduction of State -Owned Share Holdings to Raise Funds for Social Security, when a domestic or offshore listed company in which the State has shares makes an initial public offering or a follow-on issuance, it should reduce state-owned shares by 10% of the fund raised. The process of reducing the State s shares in listed companies requires agreement for the divestment to be reached with state-owned shareholders and the social security fund, and other stakeholders and the State-owned Asset Supervision and Administration Commission.

35 二零一五年中国证券业调查报告 33 市场定位 不合规事件的整改和披露 收购交易的披露和对上市时间表的影响 国有股减持 3.4 券商 H 股上市浪潮 伴随着信用业务规模快速增长以及火爆牛市对于交易量的推动, 证券公司各项业务自 2014 年下半年至 2015 年上半年来都处于快速扩张阶段 然而受到净资本规模影响, 其业务规模的发展受到了制约, 因此不少证券公司都计划登陆香港以融资 补血 继广发证券于 2015 年一季度在港上市后, 华泰证券已于 2015 年 6 月 1 日在香港股票联合交易所挂牌交易, 并成为 2015 年上半年的最大 IPO 据媒体报道, 目前还有多家券商, 如光大证券 招商证券 中金公司等均启动了 H 股上市计划 监管放松和审核程序的简化是促使证券公司海外上市的重要因素 2014 年 12 月, 证监会取消了境外发行上市财务审核, 不再要求企业提交经审计的 按照中国企业会计准则编制的财务报表 境外发行的申请材料从 13 项减少为 7 项 2015 年, 中国证监会进一步精简境外发行上市审核内容 这些措施节约了企业上市的时间和财务成本, 大大提高了境外发行上市审核效率, 为企业赢得了宝贵的境外发行上市时间窗口 证券公司的海外上市路上有不少难点和挑战需要券商提早准备, 主要包括 : 由于国内证券公司大部分业务同质化较高, 证券公司需考虑如何展示与其他证券公司的差异以获得国际投资者的青睐 上市过程中, 证券公司需要和各方中介密切沟通 共同讨论, 将不合规事件在招股书中进行充分和适当的披露, 并确保在上市前对不合规问题加以整改 拟上市证券公司在制定收购方案时应充分考虑收购交易对上市时间表的影响 根据 关于减持国有股筹集社会保障资金管理暂行办法 的规定, 凡国家拥有股份的股份有限公司 ( 包括在境外上市的公司 ) 向公众投资者首次发行和增发股票时, 均应按融资额的 10% 出售国有股 国有股减持过程需要与各国有股股东和社保基金进行多轮沟通, 获得国有股东 国资委和社保基金的相关批复 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

36 2015 KPMG Huazhen LLP, a People s 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. 34 Mainland China Securities Survey 2015

37 二零一五年中国证券业调查报告 Development driven by both traditional and new businesses 业务发展 : 传统和创新业务双轮驱动 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

38 36 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. 4.1 Brokerage business riding the wave of China s stock market boom China s stock market experienced a boom in the second half of 2014 and the first half of The Shanghai Composite Index began to rise sharply in July 2014 after a lacklustre performance during the first half of the year. Trading volumes were significantly higher in 2014 compared to 2013 with the total average daily turnover for the Shenzhen and Shanghai stock markets increasing by 54 percent to RMB billion compared to the RMB196.9 billion in The surge in trading volume resulted in increasingly fierce market competition between brokers. Most securities companies began to adopt a low commission strategy for their online business, and listed securities companies net commission rates showed a significant decline in Statistics show that in 2014 the average commission rate of listed securities companies brokerage businesses was approximately percent 10, representing a drop of percent compared to the previous year. On 13 April 2015, China Securities Depository and Clearing Co., Ltd announced that investors in the country s A-share stock markets would be allowed to open multiple accounts (with a maximum of 20 accounts per investor) without needing to close and transfer their existing accounts, greatly reducing investors costs of transferring their accounts between different securities companies and significantly intensifying market competition. As a result, securities companies have been forced to further cut their commission rates. On 17 November 2014, the Shanghai-Hong Kong Stock Connect pilot program for establishing mutual stock market access between mainland China and Hong Kong was launched. Under the southbound link mainland investors are able to directly trade eligible Hong Kong stocks with trades cleared through the China Securities Depository and Clearing Co., Ltd, providing a boost to Chinese securities companies. The upcoming launches of the Shenzhen-Hong Kong Stock Connect and Shanghai-Taipei Stock Connect programs will further enhance the development and internationalization of China s capital markets. Surging trading volumes also presented a huge challenge to securities companies IT systems. Some of their trading systems broke down, affecting investors transactions and attracting complaints. These issues highlighted the need for securities companies to invest more in the safety and stability of their trading systems. 4.2 New opportunities on the New Third Board On 9 May 2014, the State Council issued Opinions of the State Council on Further Promoting the Sound Development of the Capital Market ( New Nine Policies of the State Council ), in which development of a multi-tiered capital market became a top priority. Under this initiative, the National Equities Exchange and Quotations System (NEEQ or the New Third Board ) was created as a key component of a multi-tiered capital market with lower listing barriers and simpler stock issuance registration system. Market-makers were introduced to the system in August 2014 and the first two indexes (NEEQ Component Index and NEEQ Market Making Component Index) were launched in March The New Third Board market experienced sustained growth in tandem with the boom on the main board market. By the end of 2014, the number of listed companies on the New Third Board was 1,572, with a total market value of RMB billion, and 122 companies had appointed market makers. By the end of June 2015, the number of listed companies has increased to 2,637, with a total market capitalization of RMB 1,193.4 billion, and 523 companies had adopted the market making approach for stock transfers Source: Development Report of China s Securities Industry Source:

39 二零一五年中国证券业调查报告 经纪业务御风而行 国内股市自 2014 年下半年至 2015 年上半年整体呈现上涨态势, 其中上证综指经过半年多的窄幅波动后于 7 月份开始显著上涨,2014 年股市交易量较 2013 年相比亦呈现火爆局面,2014 年两市日均成交额为 3, 亿元人民币, 较 2013 年的 1, 亿元人民币激增 54% 交易量的激增也导致市场竞争愈加激烈, 大部分券商开始实行网络低佣金战略, 上市券商整体净佣金率在 2014 年出现了显著下滑 据统计, 主要上市券商经纪业务的佣金率约为万分之六点六 10, 较 2013 年下滑了 12.18% 2015 年 4 月 13 日, 中国证券登记结算公司宣布 : 取消自然人投资者开立 A 股账户的一人一户限制, 允许自然人投资者开立多个证券账户, 上限为 20 个 由于投资者可以绕过销户和转户带来的不便, 开设多个证券账户, 投资者在各券商之间转换成本大大降低, 也进一步加剧了行业竞争, 这迫使券商不得不进一步降低佣金率 2014 年 11 月 17 日, 沪港股票市场交易互联互通机制正式施行, 大陆投资者可以通过中国证券登记结算公司直接开展规定范围内的香港证券交易, 这对于中国证券公司的业务发展是极大的助力 随着未来深港通和沪台通的推出, 这些跨境业务将进一步提升中国资本市场的综合实力以及在国际金融体系中的地位 然而, 火爆的交易量也给证券公司 IT 系统带来了巨大的挑战 例如部分证券公司的交易系统出现故障, 影响了客户交易并导致客户投诉 这些问题体现了券商需要尽快在系统的安全和稳定性上加大投入的必要性 4.2 新三板带来新机遇 2014 年 5 月 9 日, 国务院印发 关于进一步促进资本市场健康发展的若干意见, 被称为 新国九条, 其提出的 发展多层次股票市场 成为首要重点之一 由此, 新三板市场因其挂牌门槛相对较低 发行采用备案制的特点, 成为了多层次资本市场的重要组成部分 2014 年 8 月引入做市商制度, 并于 2015 年 3 月成功推出首批两大指数 ( 三板成指与三板做市 ), 新三板市场行情持续走牛, 与主板市场交相辉映 截至 2014 年年底, 新三板挂牌 1,572 家, 新三板总市值 4,591 亿元, 有 122 家公司采用做市转让方式 ; 至 2015 年 6 月末, 挂牌数已上升至 2,637 家, 总市值已突破万亿元达人民币 11,934 亿元, 做市转让数已达 523 家 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 10 数据来源 : 中国证券业发展报告 数据来源 : 全国中小企业股份转让系统

40 38 Mainland China Securities Survey KPMG Huazhen LLP, a People s 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. The rapid increase in the number of companies listed on the New Third Board has created new sources of revenue for securities companies. In addition to the agency fees from providing companies with listing assistance, other income from providing a full range of New Third Board services was generated from underwriting private placements, M&A and restructuring, transactions and marketmaking. Investing in small and medium sized enterprises through trading, asset management and direct investment has also brought a wealth of new business opportunities for securities companies. Sustainable development of the New Third Board will not only help securities companies to further diversify their revenue sources, but will also greatly help the brokers to further develop their businesses through providing a new avenue for obtaining funding. On 26 December 2014, the CSRC issued the Notice on Securities and Futures Companies Participation in the New Third Board Business, which supported the listing of securities companies, futures companies and fund management subsidiaries on the New Third Board. On 23 January 2015, Lianxun Securities announced the first phase of its Employee Stock Ownership Plan and became the first securities company to offer option incentives in recent years, demonstrating the unique advantages of the New Third Board. While it is expected to create more opportunities, the New Third Board also poses issues relating to the lack of agreed valuation criteria, limited trading volume and the agreement-based trading mechanism. 4.3 Introduction of options boosts derivatives business On 9 January 2015, the CSRC issued the Administrative Measures for the Pilot Program of Stock Option Trading and Guidelines for Securities and Futures Institutions to Participate in the Pilot Program of Stock Option Trading, in which the Shanghai Stock Exchange was approved to carry out a pilot stock option trading program. On 9 February 2015, the SSE 50 ETF Option started trading on the Shanghai Stock Exchange as China s first exchange traded options product, providing investors with an important new risk management tool. By the end of June 2015, a total of 1,886,856 SSE 50 ETF Option contracts have been traded, including 1,040,645 call option contracts and 846,211 put option contracts. There were seven main market makers and four general market makers providing market-making services for option trading 12. The introduction of options has not only helped to stabilize the spot market, enhance market liquidity, provide market price information, and reduce asymmetry of information in the spot market, but has also expanded securities companies business and product lines, creating a new source of profits. Customers who open stock option accounts with securities companies that are qualified to provide stock option brokerage services can directly trade options, a new business that greatly helps boost brokerage trading volume and customer activity. Options have provided securities companies with an important new tool for risk hedging and diversification of their trading strategies. The introduction of market-markers has helped to improve the liquidity of the option market, promoting the stability of option prices, and creating an additional source of profits for securities companies. In addition, the introduction of options has created favourable conditions for securities companies to design new asset management products and provide professional investment advisory services. 12 Source: