中国证券业发展报告,中国网购调查报告2013,2013证券业薪酬排名图,2013年KPMG中国证券业调查报告

发布时间:2013-08-31 来源: 2013中国证券业总资产

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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 kpmg.com/cn ? 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. — 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 05 Conclusion 结语 Introduction 引言 01 Market overview 市场回顾目录 Contents 03 Innovation: moving forward through change 创新发展：在变革中前进 04 Policies and regulations: equal focus on innovation and risk control 政策法规：创新与风控并重 02 Market development: opportunities and challenges 市场动态：机遇与挑战 31 23 9 5 61 51 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 Appendix 10 附录 10 Appendix 11 附录 11 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 2013 securities companies’ rating by CSRC 2013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 Securities companies who have set up direct investment subsidiaries 设立直接股权投资子公司的证券公司 Securities companies who have set up Hong Kong subsidiaries 设立香港子公司的证券公司 65 66 98 102 104 106 112 113 116 120 123 ? 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. 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 124 Contact us 联系我们 126 ? 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. — 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 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. — 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 Mainland China Securities Survey 2013 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. In last year’s securities survey, we indicated that 2012 would be a year of ‘innovation’ for the securities sector. As expected, the contribution of service innovation was significant in 2012, with rapid growth seen in margin trading and short selling, as well as in refinancing, margin management, ETF market-making, collateralised bond repos, stock repos, and over-the-counter (OTC) trading. The performance of margin trading and short selling was particularly striking, with net income rising by RMB 5.26 billion in 2012 to double the previous year’s level. In October 2012, the upper limit for foreign shareholding in securities firms was raised to 49 percent, while the number of consecutive years of operation required before a broker can make an application to expand its business scope was shortened from five years to two. The China Securities Regulatory Commission (CSRC) also announced in early 2013 that they would consider allowing Taiwanese investors to set up securities business in China, in order to further open the market. These changes offer further incentives for international financial institutions to enter the China market. KPMG China is pleased to release this seventh annual survey of securities business in mainland China. This survey covers 114 securities firms and, unless othwerwise noted, is based on their financial statements for 2012 posted on the Securities Association of China (SAC) website (.cn, CSRC 12 Announcement on Matters Related to Members of Securities Companies’ Participation in the Evaluation of Marketisation of Main Underwriting Business of the Non-financial Corporate Debt Financing Instrument, No. 18 [2012]Announcement of the National Association of Financial Market Institutional Investors, 16 November 2012 13 Pilot Measures on Domestic Securities Investments by Renminbi-denominated Qualified Foreign Institutional Investors, No. 90 Order of CSRC;

Provisions on Implementation of the Measures on Pilot Scheme for Qualified Foreign Institutional Investors’ Renminbi-denominated Securities Investments in China，CSRC Announcement [2013] No.14, 1 March 2013 — 二零一三年中国证券业调查报告债券业务迅猛发展随着利率市场化的不断推进和直接融资的大力发展，债券市场（包括银行间债券市场和交易所债券市场）的大扩容成为中国金融市场备受瞩目的事件。一方面表现为债券融资额大幅上升。2012年债券发行量超过人民币8万亿元（上年同期为人民币7万亿），而同期股票融资量为人民币3,128亿（上年同期为人民币5,073亿元），2012年的债券融资额是股票融资额的25倍（上年同期为14倍）11。进入2013年，债券发行市场持续火热，Wind资讯显示，2013年一季度债券发行总额达人民币19,624亿元，较上年同期增加人民币4,391亿元，创历史同期新高。

另一方面，2012年债券市场交易额达到人民币268万亿，同比增长33%，创历史新高。伴随着债券市场的迅猛发展，券商在银行间市场的债券承销资格也取得7年来的突破。2012年11月，中国银行间市场交易商协会(NAFMII) 发布公告 12，向10家证券公司开放银行间市场非金融企业债务融资工具的主承销资格。加上2005年已获得该资格的中信证券和中国国际金融有限公司，截至2013年6月底共有12家证券公司具备该资格。

债券市场火爆的另一个原因是自2012年11月至今的新股发行暂停。从2012年底开始，证监会启动了对拟IPO企业的财务核查，此次IPO财务专项检查预示着监管层对于发行人信息披露的要求会越来越严格，证券公司及保荐代表人在保荐业务中的责任将更加重大。券商的股票承销业务收入亦随之下滑，促使投行把更多精力放在开拓和执行债券发行业务上。

伴随着债券市场的火爆，一些市场不规范行为也逐渐暴露。2013年4月，以中国人民银行为首的监管机构掀起了一股对债券市场“代持养券”利益输送等问题的检查风暴，多家金融机构包括券商卷入其中。虽然核查对债券市场有短期不利影响，但是我们相信，清理整顿这些违规操作有利于债券市场的长期稳定发展。

QFII、RQFII进一步扩容近年来，随着我国经济总量持续扩大及资本市场的不断发展，境外机构投资我国资本市场的需求日益增加。继2012年4月合格境外机构者（QFII）额度新增500亿美元达到800亿美元之后，2012年11月，人民币合格境外机构投资者(RQFII)额度亦大幅度新增人民币2,000亿元，达到人民币2,700亿元。此外，证监会于2013年3月发布新规13，进一步扩大了RQFII试点机构类型。从境内基金管理公司、证券公司的香港子公司扩大为全部在香港证券监管部门取得资产管理业务资格并已经开展资产管理业务的境内商业银行、保险公司等香港子公司或注册地及主要经营地在香港地区的金融机构。 27 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 11 数据来源：中国债券信息网，中国证监会 12 《关于证券公司类会员参与非金融企业债务融资工具主承销业务市场化评价有关事项的公告》，中国银行间交易商协会公告[2012]18号，2012年11月16日 13 《人民币合格境外机构投资者境内证券投资试点办法》，证监会第90号令；《关于实施〈人民币合格境外机构投资者境内证券投资试点办法〉的规定》，证监会公告[2013]14号，2013年3月1日 ? 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 China Securities Survey 2013 expanded from just the Hong Kong subsidiaries of mainland fund management companies and securities companies to also cover Hong Kong subsidiaries of PRC commercial banks and insurance companies who have obtained the asset management qualification from Hong Kong securities industry regulators and have started an asset management business. It also includes other financial institutions that are registered and mainly operate in Hong Kong. To facilitate the expansion of QFII and RQFII, the CSRC accelerated the approval process for QFII qualification applications. In 2012 alone, 72 institutions were granted the QFII quota, representing 33 percent of the total number of institutions that have obtained the qualification over the last ten years. At the same time, the State Administration of Foreign Exchange (SAFE) approved a total of USD 15.8 billion QFII quota in 2012, almost equal to the total accumulated quota approved in previous years. By the first quarter of 2013, 217 foreign institutions were qualified as QFIIs, with a combined investment quota of USD 41.545 billion (see Chart 13), while 24 foreign institutions were qualified as RQFIIs, with a combined investment quota of RMB 76.3 billion14. Chart 13: Approved QFII quota and number of approved QFIIs 180 Approved QFII quota (USD 100 million) 80 Number of approved QFIIs for the year 160 140 120 100 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Q1 70 60 50 40 30 20 10 0 28 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

on the other, as foreign institutional investors focus on long-term capital investments, the expansion of QFIIs and RQFIIs can help develop a mature investment philosophy in the A-share market, as well as for the steady development of China’s capital market. 14 Source: CSRC, SAFE 二零一三年中国证券业调查报告为积极配合QFII、RQFII扩容，证监会在QFII资格审批方面的速度明显加快。仅2012年一年，获批QFII资格的机构就达72家，占实施QFII项目十年来累计获批QFII资格机构数量的三分之一。与此同时，国家外汇管理局在 2012年共批准QFII投资额度158亿美元，几乎赶超之前所有年度累计批准的额度总额。截至2013年一季度，已有217家境外机构获批QFII资格，累计获批投资额度415.45亿美元（见图表13）；已有24家境外机构获批RQFII资格，其总投资额度为763亿人民币14。 180 160 140 120 100 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Q1 80 70 60 50 40 30 20 10 0 29 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— QFII、RQFII的双双扩容将意味着约有5,600亿元等值人民币的新增资金在未来几年逐渐流入我国资本市场。二者扩容也具有积极的宏观意义，一方面着拓宽了境外人民币的投资渠道，推动了人民币的国际化，进一步提升我国资本市场对外开放水平；另一方面QFII和RQFII作为以境外长期资金为主的机构投资者，其规模扩大还有助于改善A股市场投资理念，推动我国资本市场的逐步成熟和稳定发展。 14 数据来源：证监会、国家外汇管理局 ? 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 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. 30 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 毕马威国际合作组织 17 16 Innovation and development Interim Measures for the Supervision and Administration of the Refinancing Business, 26 October 2011, CSRC Order No. 75 Wind Information ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 17 16 创新发展：在变革中前进《转融通业务监督管理试行办法》，2011年10月26日，中国证券监督管理委员会令第75号数据来源：Wind资讯 Innovation: moving forward through change 创新发展：

在变革中前进 31 03 — 毕马威国际合作组织 Mainland China Securities Survey 2013 Innovation in investment banking In 2012, income from investment banking accounted for 14 percent of the total operating income of securities brokers. Though corporate bond financing surged to RMB 272.3 billion in 2012, increasing by 59 percent compared with last year15, the main investment banking business income of securities brokers still came from IPO underwriting and sponsorship. The suspension of IPOs has resulted in, the net income from underwriting and sponsorship decreasing to RMB 17.476 billion in 2012, falling 16 percent compared with last year16. By the end of August 2013, there was still no sign that IPOs would be re-launched, which is expected to have a major influence on investment banking business income in 2013. Faced with uncertainty regarding new IPO regulations, securities brokers are actively seeking innovation in investment banking business. In January 2013, the National Equities Exchange and Quotations System (the ‘New Third Board’) formally started operating. The launch marked the beginning of the formal, regulated operation of the national over-the-counter market in China and represents an important milestone in the development of a multilevel capital market. The trading of equities of non-listed companies, as well as financing, merger and acquisition transactions, can all be processed in this system, and securities brokers can provide listing recommendation, brokerage and market-making services. By 30 April 2013, the number of companies listed on the New Third Board had reached 21217, more than double the total of 97 at the end of 2011. 32 毕马威国际合作组织 Chart 14: New Third Board income sources analysis 2.5 ? 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. 2 0.08 0.54 0.03 0.26 Income (RMB 100 million) — ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 1.5 1 0.03 0.49 0.19 0.18 2010 Listing-related income Brokerage commission income 0.75 0.19 0.27 2011 2012 Income from private placement of additional shares Income from underwriting of board switching 0.5 1.08 0 Source: Guotai Juan Securities analysis and KPMG analysis 15 Source : CSRC 16 Source: : the Securities Association of China 17 Source: http://.cn/ 二零一三年中国证券业调查报告投行业务创新 2012年，投资银行业务占证券公司总营业收入比例为14%。虽然2012年公司债券融资规模大幅增长至人民币2,723亿元15，较上年增加59%，但目前证券公司投资银行业务收入仍以股票IPO承销保荐收入为主。受新股发行暂停影响，2012年证券公司承销与保荐业务净收入同比下降了16%，为人民币 174.76亿元16，而截至2013年8月底，新股发行尚未开闸，预计将继续对2013 年投行业务收入产生较大影响。面对新股发行监管的不确定性，各家证券公司也在积极开展投行业务的创新。

2013年1月，全国中小企业股份转让系统（“新三板”)正式运行，标志着全国性场外市场开始规范运转，这也是我国多层次资本市场发展的一个重要里程碑。非上市股份公司股份的公开转让、融资、并购等相关业务均可在此系统完成，券商亦可提供挂牌推荐、经纪、做市等服务。截止到2013年4 月30日，新三板挂牌公司已达212家17，较2011年底的97家翻了一番。 2.5 2 0.08 0.54 0.03 0.26 ? 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. 1.5 33 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 1 0.03 0.49 0.19 0.75 0.19 0.27 2011 2012 1.08 0.5 0 0.18 2010 15 数据来源：中国证监会 16 数据来源：中国证券业协会 17 数据来源：全国中小企业股份转让系统网站 Mainland China Securities Survey 2013 Currently, the business income generated by the New Third Board is not considerable, but it can drive investment banking (listing recommendation), proprietary trading (market making business) and brokerage business (agency trade) of securities brokers due to strong synergy. The CSRC has placed the expansion of the pilot scope of the New Third Board at the top of the list of its 2013 working priorities. Among 83 national high-tech zones, over 70 are still not covered by the New Third Board. Once expanded, this market will have huge potential. It should also be noted, however, that certain obstacles, such as high market entry barriers, unclear board switching criteria and low liquidity, still need to be gradually overcome. Secondly, the private placement bonds of small and medium-sized enterprises (‘SME private placement bonds’) also saw a breakthrough in 2012. Due to their combination of high risks and high returns, these bonds are often compared with overseas ‘high-yield bonds’. The first of these bonds went to market in June 2012 and, as of March 2013, a total of 66 securities brokers had been approved as qualified pilot underwriters of SME private placement bonds, issuing 171 bonds in total and raising capital of RMB 19.95 billion18. In the short term, the launch of SME private placement bonds will not likely result in a significant change to the income composition of securities brokers. However, in the long term, SME private placement bonds are conducive to the expansion of an integrated financial services platform, such as providing IPO, M&A and asset management services to small and medium-sized enterprises. In the future, securities brokers can become essential partners of SMEs on their road to growth. Thirdly, another manifestation of innovation in investment banking business is further opening-up to offshore players. At the beginning of 2013, the chairman of the CSRC announced that the CSRC will consider allowing qualified Taiwanese securities brokers to establish fully-licensed joint-venture securities brokers in Shanghai, Fujian and Shenzhen, and that Taiwanese investors may hold up to a 51 percent share in such enterprises. In the past, the shareholding ratio of Taiwanese investors was limited to 49 percent, and they were only allowed to engage in securities underwriting and sponsorship business. Similar plan has been crystallised for Hong Kong securities brokers via CEPA 10 (Closer Economic Partnership Arrangement 10) signed in September 2013. Though detailed regulations have not yet been issued, many Taiwanese financial institutions have been actively preparing for this development. In February 2013, Taiwan SinoPac Financial Holdings Company Limited formally announced that it would team up with Xiamen Jinyuan Investment Group to form the first fully-licensed joint-venture securities firm established by mainland Chinese and Taiwanese investors. 34 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

其二，中小企业私募债亦于2012年取得突破。由于中小企业私募债高风险、高收益的特性，业界常把其与国外的“高收益债券”比较。从2012年6月首家中小企业私募债开闸，到2013年3月底，全国已有66家获准开展中小企业私募债业务试点的资格的证券公司，共发行中小企业私募证券公司债171 只，募集资金规模达人民币199.49亿元18。

短期来看，中小企业私募债开闸实际上对券商收入结构还不会带来大的改变；但从长期看，中小企业私募债业务有利于券商拓展综合金融业务，如为优质中小企业提供IPO、并购、资产管理等服务，从而成为中小企业成长的伙伴，与其共同成长。

其三，投行的创新亦体现为进一步对外开放。2013年初，证监会主席宣布积极考虑允许符合条件之台资证券公司在上海、福建、深圳各新设一家合资的全牌照证券公司，且台资持股可达51%。而根据此前的相关规定，台资在大陆设立合资证券公司的持股比例不超过49%，且只能经营证券承销与保荐业务。对于港资金融机构，类似的设想已通过2013年9月签订的CEPA 10 (关于建立更紧密经贸关系的安排补充协议十) 成为现实。

— 18 数据来源：中国证券业协会 ? 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 China Securities Survey 2013 Innovation in brokerage business The proportion of traditional brokerage business income in the total business income of securities brokers has been decreasing in recent years. Securities brokers now realise that innovation in brokerage business is essential if they want to escape the endless scrap for dwindling commissions. The repo business utilising client deposit funds has developed rapidly in recent years. According to the SAC, 30 securities brokers launched repo business utilising client deposit funds in 2012 with an aggregate repo amount of RMB 44.774 billion. This represented a significant source of new income for securities companies, and generated revenues of RMB 305 million across the sector. China Securities Depository and Clearing Company Limited, SSE and SZSE issued new regulations in March 2013 to better regulate the market19. The repo business utilising client deposit funds relieves the flow of client deposit to the banks. It is an effective method to increase new deposit and it is expected to be a new source of profit growth for securities brokers. According to a regulation issued by the CSRC on 15 March 201320, securities brokers with properly managed operations, good management and control capabilities, and no material risks, are allowed to establish more branches or outlets, and restrictions on the number of branches/outlets and the regions where they can be opened are removed. The long-standing ‘saturation policy’ for securities outlets has been consigned to the past. Going forward, securities brokers can enjoy greater freedom in selecting locations for their branches/ outlets, which should lead to a competitive shake-up in brokerage business. 毕马威国际合作组织 36 ? 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. The regulation issued by the SAC on 15 March 201321 clearly stipulates that securities brokers can open accounts for clients via agency witness services, the internet, and other methods permitted by the CSRC. With such services, it is expected that more and more stock investors will choose to open accounts offsite. This should also help reduce the operating cost of branches and outlets. Though the proportion of brokerage income in the total income of Chinese securities brokers has decreased in recent years, a big gap still exists compared with the situation in mature capital markets. According to statistics, 40.69 percent of securities companies’ income comes from brokerage business in China, much higher than the 20.09 percent level in the US22. So far, the brokerage business of Chinese securities brokers still focuses on traditional stock brokerage, but innovative areas such as OTC and derivative transactions are gradually developing and offers huge potential for future growth. ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 19 Rules on Securities-oriented Collateralized Repo Trading Business and Settlement, Sheng Zheng Jiao Zi [2013] No.25 and Shen Zheng Kuai [2013] No. 35, 28 March 2013 20 Provisions for the Regulation of Branches of Securities Companies, Announcement No.17 [3013], 15 March 2013 21 Regulation for Clients Accounts Opening by Securities Companies, Zhong Zheng Xie Fa No.38 [2013], 15 March 2013 22 Source: the Securities Association of China 二零一三年中国证券业调查报告经纪业务创新经纪业务作为证券公司的传统业务，近年来，其业务收入占证券公司总营业收入的比例呈逐渐下降的趋势。证券公司意识到想要走出“佣金战”泥潭，经纪业务创新已刻不容缓。

近年来，证券公司报价回购业务发展迅速。据中国证券业协会统计，2012 年共有30家证券公司开展了报价回购业务，参与报价回购总额度为人民币 447.74亿元，全年为券商带来收入人民币3.05亿元，成为2012年证券公司主要创新收入来源之一。2013年3月，上交所和深交所联合中国证券登记结算有限责任公司先后发布了新规19规范该业务。报价回购业务减缓了客户保证金回流银行，为新增客户保证金提供了有效手段，有望形成证券公司新的利润增长点。

根据证监会2013年3月15日发布的规定20，只要经营规范、具备管理控制能力、不存在重大风险的证券公司，均可设立分公司或证券营业部等分支机构，并取消了证券公司分支机构数量和区域的限制。至此，实行多年的券商营业部“饱和度制度”终于退出历史舞台，券商网点布局更为自由，将带来竞争格局重构。

2013年3月15日，中国证券业协会发布规范 21 ，明确证券公司可以通过见证、网上及中国证监会认可的其他方式为客户开立账户。由于非现场开户的便利，预计将来会有越来越多的股民选择非现场开户的形式，同时，证券公司非现场开户的开放将有助于降低券商的网点的运营成本。毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 19 20 21 22 《质押式报价回购交易及登记结算业务办法》，上证交字[2013]25号及深证会[2013]35 号，2013年3月28日《证券公司分支机构管理规定》，证监会公告[2013]17号，2013年3月15日《证券公司开立客户账户规范》，中证协发[2013]38号，2013年3月15日数据来源：中国证券业协会 ? 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. 虽然近年来我国证券公司经纪业务收入的占比有所下降，但与成熟资本市场仍然存在明显的差距。经统计，我国证券业对经纪业务的依赖度为 40.69%，远高于美国的20.09%22，目前证券公司的经纪业务仍然以传统股票经纪业务为主，场外交易、衍生品交易等创新经纪业务刚刚起步，发展空间巨大。 37 Mainland China Securities Survey 2013 Innovation in asset management business The Administrative Measures on Management of Client Assets by Securities Companies and related implementation rules23, issued on 18 October 2012, have now come into effect. These regulations require that securities brokers file information related to asset management products with the SAC after they are issued, and loosens restrictions on investment scope, asset utilisation, investment limitations and product design, hence greatly enhancing the flexibility and market competiveness of assets management products such as pooled asset management plans. These new regulations draw extensively on views and opinions from within the industry and are designed to help securities brokers fully utilise the platforms and products of the asset management business, to expand the scope of investment, and to allow brokers to provide better services to both investors and fund-raising parties. The short-term duration of most asset management products, along with huge levels of demand and limited policy restrictions, have made the asset management business a platform on which securities brokers are able to introduce innovation and rapid strategy changes in response to market dynamics. In general, innovative asset management products can be divided into three categories: investment products, financing products and channel products. Investment products include leverage funds, long-short funds, quantitative investment products and alternative investment products;

financing products include real estate property financing, project financing, entrusted loans and asset securitisation;

channel products include private placements, notes and loans. By the end of June 2013, the total value of the asset management business of securities brokers exceeded RMB 3.5 trillion for the first time;

at the end of 2011, the figure was only RMB 200 billion. This means that securities brokers have surpassed the fund management companies in terms of the total value of the assets managed. The key to the further development of securities brokers lies in enhancing management capabilities, product design, and risk control. Going forward, the average per capita disposable income of Chinese residents will likely increase at an annual rate above the 9.6 percent rise seen in 201224. This substantial growth in income may lead to further diversification in the demands of investors. Moreover, with the implementation of the new Securities Investment Fund Law of the People’s Republic of China25 on 1 June 2013, qualified brokers are now able to obtain a mutual fund licence. All of these factors should drive the assets management business of securities brokers. 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 38 ? 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. 23 Administrative Measures on Management of Client Assets by Securities Companies, CSRC Order No. 87;

Implementation Regulations for Directed Asset Management Business of Securities Companies, CSRC Announcement No. 30 [2012];

Implementation Regulations for Collective Asset Management Business of Securities Companies, CSRC Announcement No.29 [2012], 18 October 2012 24 Source: National Bureau of Statics of China 25 Securities Investment Fund Law of the People’s Republic of China, Presidential Decree of the People’s Republic of China No. 71, 28 December 2012 二零一三年中国证券业调查报告资产管理业务创新 2012年10月18日《证券公司客户资产管理业务管理办法》及配套实施细则23正式实施，新办法规定券商资管产品今后将实行证券业协会事后备案的制度，券商资管产品的投资范围、资产运用方式、投资限制和产品设计都得到大幅放宽，从而大大加强了集合理财等资管产品的灵活度和市场竞争力。新政广泛吸取了行业意见，其核心是支持证券公司充分利用资管业务的平台和产品，拓宽投资标的范围，放松限制，以使其可以更灵活地服务投融资双方。

由于资产管理产品的设计周期短、客户需求多、政策限制少，这成为各个券商比拼创新实力和市场反应力的大舞台。总体而言，创新资产管理产品可以分为三类，即投资型、融资型和通道型。投资型资管产品包括杠杆分级产品、多空分级产品、量化投资产品和另类投资产品等；融资型资管产品包括房地产融资、项目融资、委托贷款、资产证券化等；通道型包括定向增发、票据、贷款等。

截至2013年6月底，券商资产管理规模首次突破人民币3.5万亿元，而2011年底还只有人民币2,000亿。已超过基金公司的资产管理规模。券商在资产管理业务领域进一步发展的关键是提高主动管理实力和产品设计能力，同时控制风险。展望未来，中国居民人均可支配收入会在2012年增长9.6%24的基础上进一步增加；投资者的需求将进一步多元化；随着新基金法25从2013年 6月1日起实施，合格券商可获得公募基金牌照，这些均驱动着券商资产管理业务进一步向前迈进。 ? 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. 39 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 23 《证券公司客户资产管理业务管理办法》，证监会令第87号；《证券公司定向资产管理业务实施细则》，证监会公告[2012]30；《证券公司集合资产管理业务实施细则》，证监会公告[2012]29号，2012年10月18日 24 数据来源：中国国家统计局 25 《中华人民共和国证券投资基金法》，中华人民共和国主席令第七十一号，2012年12月28日 Mainland China Securities Survey 2013 Innovation in proprietary business On 16 November 2012, the CSRC decided26 to allow further expansion of the investment products offered to securities brokers in their proprietary trading. A new category was added to the proprietary trading pool, consisting of securities that can be listed and traded in the National Equities Exchange and Quotations system (NEEQ). Furthermore, two categories were expanded: the securities permitted to be traded in the domestic interbank market were expanded to include all quoted securities, while the wealth management products of banks and collective investment trust funds also began to be held in their proprietary trading. In addition, securities brokers with proprietary trading licenses were permitted to engage in financial derivatives trading for speculation, arbitrage and hedging purposes. All these policies can be fully exploited to enrich the products of proprietary trading. On the one hand, brokers can serve as a counterparty to meet the diverse demands of their clients;

on the other, they can hedge against their risks and lock in profits through various means. Financial derivatives appears to be a significant source of innovation in proprietary trading. One key derivative is the yield swap, in which investors and the broker exchange the yield of certain securities during a certain period in the future for the yield of other bonds, A shares, or even overseas stocks. The product breaks the boundaries between fixed income products and equity products and allows trading in both domestic and overseas capital markets — for these reasons, it has been received with enthusiasm by the market. Up to the end of March 2013, six brokers including CITIC Securities and Galaxy Securities have been approved as pilot brokerage firms for trading yield swaps. 毕马威国际合作组织 40 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 The second product is the treasury bond futures. The China Financial Futures Exchange (CFFE) initiated trading of treasury bond futures on 6 September 2013, which have been suspended for 17 years. Launching treasury bond futures should boost the liberalisation of China’s interest rate market, facilitate the formation of the benchmark interest rate curve, and provide a hedging instrument for brokers to hedge against interest rate risks. Thirdly, commodity futures business is also being considered by some brokerage firms. In March 2013, CITIC Securities became the first broker to announce that it would be applying for a licence to conduct commodity futures transactions. More securities brokers are expected to follow suit. In addition, a variety of financial derivatives, including stock index options, stock options, foreign currency futures and crude oil futures, have been earmarked for addition to the proprietary business of securities brokers. These derivatives should further expand the trading targets and business of brokers, and help the brokers to hedge against risks while meeting the diverse demands of their clients. However, given the high-leverage, high operational risk and volatile nature of financial derivatives, the risk control capabilities of the brokers are expected to face a challenge. — 26 Decision on Amending the Provisions on the Investment Scope for the Proprietary Trading of Securities Companies and Related Matters, CSRC Announcement, [2012] No. 35, 16 Nov. 2012. 二零一三年中国证券业调查报告自营业务创新 2012年11月16日，证监会决定26进一步扩大证券公司证券自营业务的投资品种范围，证券自营品种增加一类，扩大两类。增加的是在全国中小企业股份转让系统挂牌转让的证券。扩大的两类，一是在境内银行间市场交易的证券，由部分扩大到全部；二是将银行理财计划、集合资金信托计划等纳入自营投资范围。同时，有证券自营业务资格的证券公司可以为投机、套利和对冲风险的需要而参与金融衍生产品交易。这一系列举措大大丰富了券商自营的“弹药库”，券商可以一方面作为交易对手满足客户多元化的需求，另一方面通过多种手段对冲风险、锁定利润。

金融衍生产品是自营业务创新的源泉之一。其一为收益互换。投资者通过收益互换可以与证券公司在未来某一期限内针对特定证券的收益表现与其他证券的收益进行交换，其他证券可以包括债券、其他A股股票甚至境外股票。该产品打通了固定收益和权益产品界限，亦可以连通境内外资本市场，前景十分广阔。截至2013年3月底已有包括中信证券、银河证券等在内的6家券商获得了收益互换业务的试点资格。

其二是国债期货正式启动。2013年9月6日中国金融期货交易所启动国债期货的交易，这意味着停摆17年之久的国债期货重新开闸。国债期货是中国利率市场化迈出的重要一步，有利于形成基准利率曲线。同时为券商对冲利率风险提供了一个良好的避险工具。

其三，商品期货业务亦纳入部分券商考虑范围。中信证券已于2013年3月成为首家表示拟申请开展商品期货交易的券商。相信更多的券商会加入这个行列。

另外，股指期权、个股期权、外汇期货、原油期货等多种金融衍生品均已纳入议事日程。这些金融衍生品将进一步扩展券商的投资标的，丰富自营业务的盈利手段，也有利于券商在满足客户多元需求时对冲风险。但从另一方面来看，金融衍生品具有高杠杆性、高操作风险和高波动性的特点，因此也会给券商的风险控制能力带来了更大的挑战。 41 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 26 《关于修改〈关于证券公司证券自营业务投资范围及有关事项的规定〉的决定》，证监会公告[2012]35 号，2012年11月16日 ? 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 China Securities Survey 2013 Stock-pledged repo transactions are also arousing significant interest, as evidenced by the fact that Shanghai and Shenzhen Stock Exchange issued Provisional Measures for Registration and Settlement of Stock-pledged Repo Transactions on 24 May 2013. The measures reflect an optimistic outlook for the sector, as they allowed the inclusion of non-tradable shares in underlying securities with maximum maturity of three years, and a shorter time for securing financing. China Securities Co., Ltd. estimates that the business is expected to bring revenue of RMB 22.7 billion to the securities sector over three years. Innovation of business models As well as introducing innovation in their offerings, securities brokers have also been actively exploring new business models, one of which is the custody of securities. Brokers that offer securities custody can yield steady income at a low cost, without taking up capital, resulting in significant business synergies. On 26 October 2012, China Merchants Securities was officially approved by the CSRC to carry out its integrated custody services of private equity funds investing in secondary market, marking the first foray of the securities sector into custody services. In accordance with the contracts with its private equity fund clients, China Merchants Securities is authorised to provide custody of assets, net worth calculation, investments settlement, investment monitoring, custody reports, comprehensive information services, risk assessment and management, backoffice outsourcing and other services. Securities brokers have also been cleared to provide margin trading and short selling, fund management, research reports, securities brokerage, and performance evaluation. This allows them to provide ‘one-stop’ integrated financial services to clients, giving them an edge over the simple custody services provided by banks. Moreover, this should present an opportunity for securities companies to compete with trust companies in the provision of trading platforms for secondary market private equity funds. Secondly, a payment function has also been introduced in securities fund accounts. Everbright Securities officially launched its payment services in November 2012, through which the securities fund accounts at Everbright Securities can be used for online shopping, payment for public utilities and other fees. CRE Securities has also begun cooperating with third-party payment companies to allow online payment via securities fund accounts. In August 2013, Guo Tai Jun An Securities becomes the first broker connecting with the national payment system of the People’s Bank of China. This business model innovation satisfies the increasingly diverse demands of clients for financial services, and has improved the client retention rates of brokers. 42 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

业务模式创新除了以上各业务条线的创新之外，证券公司亦积极探索各类新的业务模式。其一为托管业务。证券公司提供托管业务不用占用资本、收入稳定、成本低、业务协同效应显著。2012年10月26日，招商证券获得中国证监会正式批复，准予其开展私募基金综合托管服务，证券行业迈出了托管业务第一步。招商证券根据与私募基金客户的合同约定，可以为其提供资产保管、净值计算、投资清算、投资监控、托管报告、全面信息服务、风险评估与管理、后台外包等各类服务。此外，证券公司还可以为其提供融资融券、资金管理、研究报告、代理买卖、绩效评估等服务，相比银行的单一托管，券商可以提供“一站式”综合金融服务，更具竞争力。此外，这也使得券商可以与信托公司竞争为投资二级市场的私募基金提供交易平台。

其二，证券资金账户的消费支付功能亦被激活。2012年11月，光大证券正式开展消费支付业务，在光大证券开户的证券资金账户可进行互联网购物、公共事业缴费和支付。华创证券亦与第三方支付公司合作，实现证券资金账户的网上支付。2013年8月，国泰君安证券在券商中率先加入中国人民银行全国支付系统。这一业务模式创新满足了客户日益多元化的金融服务需求，增强了证券公司的客户粘度。 ? 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. 43 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— Mainland China Securities Survey 2013 In addition, with the integration of the internet and finance, some securities brokers have been actively exploring an e-commerce business model. Internet finance is one of the key developments in the securities industry in 2013. Securities brokers have been focusing on online account opening, network platform building and mobile terminals service development. In March 2013, Founder Securities became the first online securities broker on Tmall, selling information intelligence, trading software, hedging software and consulting services. Guotai Junan Securities and Huatai Securities also set up their own online stores, selling pooled asset management products, research reports and investment advisory services. Guotai Junan even introduced the highly popular group purchasing model to promote sales. Looking to the future, deregulation of off-site business means that accounts and product sales are no longer subject to geographical boundaries, which allows brokers to compete for customers and sell products via the internet across the entire nation. Developing e-commerce and internet finance is becoming an increasingly essential strategy. Overall, some securities brokers have been actively pursuing innovation in their business models. Although this is just the beginning, such exploratory steps have already given new impetus to widespread innovation and transformation in the securities sector. Business innovation of fund management companies By the end of May 2013, over 40 securities brokers have invested in fund management companies. Among these fund management companies, 40 of them were controlled by securities brokers, accounting for 50 percent of the total number of fund management companies27. Fund management companies have become one of the pillars for securities brokers to develop an integrated financial services group. Since its birth in 1998, the mutual funds market has rapidly expanded thanks to the advantages fund management companies possess in investment research and the relatively low investment barriers. The assets managed by mutual funds increased from RMB 10.7 billion in 1998 to RMB 3.2 trillion in 2007, a 300-fold increase within a decade. However, growth stalled after 2007 due to a long-term bear market. However, trust products and banks’ wealth management products reaped exponential growth. This bleak situation drove fund management companies to embrace innovation and transform themselves into wealth management institutions. From 2012, in order to meet market demand, some fund management companies launched short-term wealth management products, cross-market ETF, cross-border ETF, bonds ETF and a variety of innovative products. They also introduced innovations to existing products, such as integrating credit cards and money market funds to launch money market funds with a payment function, or allowing T+0 redemption of money market funds to make transactions more convenient. 44 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

the Securities Association of China;

KPMG analysis 二零一三年中国证券业调查报告另外，随着互联网和金融的结合，部分证券公司已积极探索电子商务业务模式。互联网金融也是2013年证券行业的关键词之一。网上开户、搭建网络平台、发展移动终端服务等都是券商在互联网道路上的探索足迹。2013 年3月，方正证券成为首家在天猫上开店的证券公司，销售资讯类产品、交易软件、套利软件和咨询服务。国泰君安证券和华泰证券亦建立了自己的网上商城，销售其集合理财产品、研究、投资顾问服务等。国泰君安甚至还引入了热门的团购模式进行促销。展望未来，随着非现场开户业务放开，券商的开户和产品销售不再受到地域的局限，从而可以通过互联网在全国范围内争抢客户和销售产品。电子商务和互联网金融的战略地位愈发重要。

综合看来，部分证券公司已积极进行业务模式创新，这些探索刚刚起步，但是为券商的创新和转型注入了新的力量。

基金公司业务创新截至2013年5月底，超过40家证券公司参与投资了基金公司，其中由券商控股的基金公司达40家，占基金公司总数的50%27。基金管理公司已成为不少券商打造综合金融服务集团的重要支柱之一。

自1998年诞生起，公募基金依靠投资研究优势和较低投资门槛攻城略地，资产管理规模从1998年人民币107亿发展到2007年人民币3.2万亿，10年间增长了300倍。但2007年以后，多年的熊市使得公募基金规模停滞不前，而同期信托产品、银行理财产品发展却风生水起。基金公司逐步开始业务创新，努力向财富管理机构转型。 ? 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. 45 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 2012年开始，部分基金公司顺应市场需求，推出短期理财类基金产品、跨市场ETF、跨境ETF、债券ETF等一系列创新基金产品，同时对原有产品也进行了创新如将信用卡与货币市场基金相结合，推出具有支付功能的货币市场基金，或者实现了货币市场基金的T+0赎回，进一步提高了其便利性。 27 数据来源：中国证券投资基金业协会、中国证券业协会、毕马威分析 Mainland China Securities Survey 2013 Fund management companies also introduced a large number of multi-class bonds, index arbitrage products, quantitative investment products and commodity futures arbitrage products for separately managed accounts (SMA). With stricter regulations imposed on cooperation between trust institutions and banks, some fund management companies aggressively developed their channel business through SMA. The fund management companies assumed responsibility for the promotion and selling of SMA products, although the actual operations of the products were mainly managed by trust companies, sunshine private equity funds, and future companies. Fund management companies provided investment channels, while the sources and structural design of the products were undertaken by other institutions. However, channel commission fees have been continually decreasing due to ever more intense competition between providers of channels, and the fund management companies have been forced to accept substantial compliance and legal risks to engage in such business. The benefits do not match with the level of risks, making it necessary for the funds to strengthen channel management and further enhance their management ability and their capacity to design structured products, in order to maintain core competitiveness. In addition, from November 2012, fund management companies are allowed to establish subsidiaries to invest in unlisted stocks, debts and beneficiary rights.28 Therefore, via this less restricted platform, many fund company subsidiaries have been able to engage in real estate financing, construction of low-income housing, stock-pledged financing, infrastructure construction, entrusted loans, leasing, microfinancing, PE projects, semi-securitisation projects, and many other areas. However, this rapid growth was achieved partially due to the policy restrictions imposed on competitors, which may not remain in place for long. Fund company subsidiaries have to work out appropriate long-term development models by positioning themselves according to their own skills and the demands of their clients, as well as by enhancing risk management and cooperating closely with other financial institutions. Business innovation of futures companies Up to 31 December 2012, more than 60 securities brokers have invested in a total of 65 futures companies, accounting for 40 percent of all futures companies in China29. Futures business has also become one of the key areas for securities brokers to develop an integrated financial services platform. China’s futures market saw a trading volume of 1.5 billion lots and turnover of RMB 171 trillion in 2012, representing year-on-year increases of 38 percent and 24 percent, respectively. More specifically, commodity futures realised a trading volume of 1.4 billion lots and turnover of RMB 95 trillion, representing year-onyear increases of 34 percent and 2 percent, while CSI 300 stock index futures achieved a trading volume of 100 million lots and turnover of RMB 76 trillion, representing year-on-year rises of 108 percent and 73 percent.30 The total margin deposit of the futures market have also hit a record high due to the soaring trading volume, reaching RMB 230 billion by April 2013. 31 46 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

the Securities Association of China;

KPMG Research 30 Source: “Statistics of futures trading in 2012” CSRC (the trading volume and turnover have been calculated unilaterally) , 31 “Total margins of the futures market hit close to RMB 230 billion” Futures Daily, 3 May 2013 , 二零一三年中国证券业调查报告在专户产品层面，基金公司推出了大量的债券分级产品、指数套利产品、量化投资产品和商品期货套利产品等。然而，随着信托与银行的合作受到越来越多的监管，部分基金公司亦大力发展专户通道业务。即基金公司以专户的形式设计、成立产品，但实际上产品的运作则由信托公司、阳光私募、期货公司等机构主要负责。该类业务实质的资源和产品结构设计均由其他机构负责，而基金公司仅提供投资交易通道，随着通道业务的竞争日趋激烈，通道费率逐步降低，而基金公司却需要为该类业务承担相当的合规风险和法律风险，其收益与风险难以匹配。基金公司应加强对通道业务的管理并进一步提升主动管理能力，提高结构化产品的设计，方能打造基金公司的核心竞争力。

另外，从2012年11月起，基金公司可以设立子公司投资于未上市股权、债权和收益权28。很多基金公司子公司通过这个灵活的平台现身于房地产融资、保障房建设、股票质押融资、基础设施建设、委托贷款、租赁、小额贷款、PE项目、类资产证券化项目等众多领域。然而，上述快速发展部分程度上得益于政策对于竞争对手的限制，可能难以长期依赖。基金子公司应根据自身优势找准定位，挖掘客户需求，加强风险管理，与其他金融机构密切合作，走出一条适合自己的发展道路。

期货公司业务创新截至2012年12月31日，已有超过60家证券公司参与投资了65家期货公司，占期货公司总数的40%29。期货业务也已成为部分券商综合金融服务体系中的一个重要组成部分。 ? 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. 47 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 2012年中国期货市场累计成交量为15亿手，成交额为171万亿元，较2011年度分别增加38%及24%。其中商品期货成交量为14亿手，成交额为95万亿元，较2011年度增加34%及2%；沪深300股指期货成交量为1亿手，成交额为 76万亿元，较2011年度增加108%及73%30。随着期货市场交易量的增加，期市保证金总量也创出历史新高，截至2013年4月底，保证金总量已接近人民币2,300亿元。31 28 《基金管理公司特定客户资产管理业务试点办法》，中国证监会令第83号，2012年9月26日 29 数据来源：中国期货业协会、中国证券业协会、毕马威分析 30 数据来源：证监会2012年期货交易情况统计表，成交量和成交金额数据按照单边统计 31 《期市保证金逼近2300亿元》，期货日报，2013年05月03日 Mainland China Securities Survey 2013 The rapid growth of the futures market forms a sharp contrast with the relatively scarce variety of products traded in the market, making new product development and innovation a continuous focus in 2013. Vigorous research was carried out into crude oil futures, stock index options and stock options, SME index futures, foreign currency futures, commodity index futures and options, and carbon emission futures. Treasury bond futures was launched in September 2013, and simulated trading of stock options has been commenced and may be rolled out in 2014.32 Furthermore, in May 2013, Shanghai Futures Exchange launched simulated trading tests of gold and platinum futures during the evening trades, which pushed forward the convergence of the domestic market with the overseas market and will help investors to manage risks and seize opportunities. The rapid development of the futures market has also fuelled product innovation and business innovation by futures companies, who have been eagerly pursuing new sources of income. New regulations33 have encouraged eligible futures companies to expand their business scope by carrying out asset management services for futures and setting up risk management subsidiaries to engage in futures related asset management, tailor-made hedging, pricing services and basis trading. So far 18 futures companies, including Guotai Junan Futures, have already been granted licences to engage in asset management, allowing them to become pioneers in this new area.34 In addition, eight futures companies, including Yongan Futures, have set up subsidiaries to carry out risk management services.35 By expanding their business lines, the futures companies have entered a new era, leaving the brokerage-driven business model behind. 48 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 With widespread innovation and change in the futures industry, futures companies controlled by securities brokers hold an edge over traditional futures companies, thanks to their brand advantages in the capital market and their securities trading experience.36 According to a ranking of futures companies by category, half of the 22 futures companies of ‘A’ rating or above are backed by securities brokers.37 Given their integrated strength, featuring strong research capacity in the financial futures area, resources strength, advanced IT technology and solid product development, futures companies operating under securities brokers can look forward to differentiating themselves over the traditional futures companies. With the rapid development of China’s financial industry, listing has become the target for a number of good quality futures companies. In October 2012, Yongan Futures and Nanhua Futures were officially converted into joint stock corporations, and the companies are in preparation for listing. With these two companies officially converted into joint stock corporations, futures companies are one step closer to listing. — 32 Stock option is expected for market rollout in 2014, China Securities News, 11 September 2013 33 Measures on the Pilot Asset Management Business of Futures Companies, CSRC Order No. 81, 31 July 2012;

Circular on the Issuance of the Guidelines for Pilot Businesses of Risk Management Services Provided by Subsidiaries of Futures Companies, CFA [2012] No. 129, 21 December 2012 34 “Futures asset management market deregulated, eighteen futures companies granted licenses” Shanghai Securities , News, 22 November 2012 35 Declaration of Filed Results of the Pilot Businesses of Risk Management Services Provided by Subsidiaries of Futures Companies, CFA, 19 March 2013 36“Futures companies controlled by securities brokerages take the lead, traditional futures companies facing severe challenges” China Securities News, 22 October 2012 , 37 2012 Rating of Futures Companies by Category, CFA, 3 September 2012 二零一三年中国证券业调查报告期货市场的快速发展，使得交易品种相对匮乏的问题日益突出，新产品的研发与创新继续成为2013年度的发展重点。原油期货、股指和个股期权、中小板指数期货及外汇期货、商品指数及期权、碳排放期货等的研究工作正在积极推进中。国债期货已于2013年9月正式推出，个股期权已进入仿真运行阶段，有望在2014年正式推出32。此外，上海期货交易所于 2013年5月启动了黄金和白金期货的夜盘仿真测试，有利于国内和国外市场顺利衔接从而便于投资者管理风险以及把握机会。

期货市场的快速发展，也促使期货公司积极地进行产品创新和业务创新，发现新的业务增长点。根据规定33，符合条件的期货公司将可以通过开展期货资管业务和设立风险管理子公司进一步扩大其业务范围，包括发行期货资管产品、合作套保、定价服务、基差交易等。国泰君安期货等18家期货公司资管业务资格已经获得监管部门的批复，成为首批期货资管“新军”34。永安期货等8家期货公司也已设立子公司开展风险管理服务35。这意味着期货公司将告别单一经纪业务模式，进入一个全新的发展阶段。

在期货行业创新变革的过程中，券商系期货公司借助于资本市场品牌资源以及证券行业背景优势脱颖而出，逐渐拉开了和非券商系同行的距离36。根据2012年期货公司分类评价结果，在22家A类及以上的期货公司中，券商系期货公司已经占据了其中的半壁江山37。券商系期货公司会以其在金融期货领域更强的研究能力、人员储备、IT技术及产品开发等综合实力与非券商系期货公司形成差异化竞争。

随着中国金融业的快速发展，上市融资成为一些资质良好的期货公司的诉求。2012年10月，永安期货和南华期货正式变更为股份制公司，并已接受证券公司的上市辅导，伴随着这两家公司正式变身为股份制，期货公司离上市又近了一步。 49 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 32 《个股期权业务明年有望正式推出》，中国证券报，2013年09月11日 33 《期货公司资产管理业务试点办法》，证监会令第81号，2012年7月31日；《关于发布<期货公司设立子公司开展以风险管理服务为主的业务试点工作指引>的通知》，中期协字[2012]129号，2012年12月21日 34 《期货资管业务开闸 18家期货公司或资格》，上海证券报，2012年11月22日 35 《关于期货公司风险管理服务子公司业务试点第一批备案结果的公告》，中国期货业协会，2013年03月19 日 36《券商系加速领跑期货公司面临生死大考》，中国证券报，2012年10月22日 37 2012年期货公司分类评价结果，中国期货业协会，2012年9月3日 ? 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 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. 50 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 毕马威国际合作组织 Policies and regulations: equal focus on innovation and risk control 政策法规：

创新与风控并重 04 51 ? 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. — 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 Mainland China Securities Survey 2013 Leverage ratio of securities brokers increased Data from the SAC indicates that by the end of 2012, the average leverage ratio of the securities industry was 3.46, a slight increase from 3.39 in 2011. In 2012, the CSRC released a series of regulations38 designed to relax securities firms’ compliance ratio, including the reduction of the ratio of net assets to total liabilities from 20 percent to 10 percent. As a result, maximum financial leverage has been increased from five times to 10 times, providing more room for business growth. In May 2012, securities brokers were allowed to issue short-term notes again. The first deal was done by China Merchants Securities which issued 91-day short-term notes of RMB 4 billion. During 2013, the short-term notes issued by securities brokers increased significantly. By the end of May 2013, securities brokers have issued a total of 46 short-term notes valued at RMB 119.9 billion39. With the increased financial leverage ratio, securities brokers have a greater intention to increase leverage through debt financing. It is expected that the scale of short-term notes issued by securities brokers will further expand in the future. The CSRC issued Provisional Measures for Management of Debt Financing Instruments by Securities Companies (Exposure Draft) on 3 March 2013.40 In the measures, the CSRC included corporate bonds, subordinated debts and beneficiary certificates (BCs) in the scope of debt financing instruments, and it set out detailed requirements regarding new financing instruments such as BCs. BCs is a type of marketable securities product issued by securities brokers, for which the payment of principal and yields is linked to the performance of certain underlying assets, including currency rates, basic commodities, securities prices or indices.41 BCs provide securities brokers with a flexible way of financing, since they can be issued publicly, placed privately, or tailor-made to be issued to a single client. The maturity of BCs can be decided at the discretion of the brokers and the clients based on their specific requirements. BCs can also be issued or traded in bourses, the OTC market, securities exchange and quotation platforms, and other eligible platforms approved by the CSRC. The launch of BCs will further broaden the financing sources of securities brokers, enhance leverage, and should actively promote the development of innovative businesses. Furthermore, the issuances of BCs put higher requirements on securities companies’ internal controls, risk management and sales suitability. 52 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

The Provisions on Adjusting the Basis of Calculation of the , Net Capital of Securities Companies (revised, 2012), CSRC Announcement [2012] No. 37 16 November 2012 , 39 Windinfo 40 Circular on Public Outreach on Provisional Measures for Regulating Debt Financing Instruments Used by Brokers, CSRC, 3 March 2013 41 “BC issuance ready to be approved by CSRC” Oriental Morning Post, 4 March 2013 , 二零一三年中国证券业调查报告证券公司杠杆率提升证券业协会数据显示截至2012年底，证券行业整体杠杆倍数为3.46，较2011 年的3.39略有上升。2012年，证监会相继发布了一系列针对证券公司风控指标的相关规定38，将证券公司的净资产与总负债的比例从原来的20%降至 10%，意味着将财务杠杆率最高从5倍提升到了10倍，为其业务发展提供更大的空间。

2012年5月，证券公司再次获准启动发行短期融资券，招商证券发行91天40 亿元人民币短期融资券，成重启后第一单。进入2013年，证券公司发行短期融资券呈现井喷之势，截至2013年5月底，证券公司已累计发行短期融资券 46只，发行规模达人民币1,199亿元39。随着财务杠杆率的提升，证券公司通过债券融资扩大经营杠杆的欲望强烈，预计未来证券公司短期融资券的发行规模还将进一步扩容。

2013年3月3日，证监会发布《证券公司债务融资工具管理暂行规定(征求意见稿)》 40，指出证券公司债务融资工具包括公司债券、次级债和收益凭证等，并重点对发行收益凭证这一新的融资工具进行了细致规定。所谓收益凭证，是指证券公司依法发行、约定本金和收益的偿付与特定标的相关联的有价证券。特定标的包括但不限于货币利率，基础商品、证券的价格，或者指数。41 收益凭证为证券公司提供了一种相当灵活的融资方式。收益凭证可以公开发行，也可以非公开发行，还可以向单一客户定向发行。收益凭证的期限可以根据券商和客户的需求自行约定。收益凭证可以在证券交易所、证券公司柜台市场、机构间报价与转让系统以及中国证监会认可的其他场所发行、转让。收益凭证一旦推出，将进一步拓宽证券公司的融资渠道，提升杠杆率，积极推动创新业务发展。此外，收益凭证的发售也对券商内部控制、风险管理和产品销售适用性提出了更高的要求。 53 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 38 《关于修改〈关于证券公司风险资本准备计算标准的规定〉的决定》，证监会公告[2012]7号，2012年4月 21日；《关于调整证券公司净资本计算标准的规定(2012年修订)》，证监会公告[2012]37号，2012年11月16 日 39 Wind 咨讯 40 关于就《证券公司债务融资工具管理暂行规定(征求意见稿)》公开征求意见的通知，2013年3月3日，中国证券监督管理委员会 41 《证监会拟准券商发行收益凭征》，东方早报，2013年3月4日 ? 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 China Securities Survey 2013 Rapid development of asset securitisation The CSRC issued new regulations on asset securitisation in March 2013,42 of which two aspects were particularly noteworthy. First, securatisation was allowed for a wide range of underlying assets, covering almost all asset types, including corporate receivables, credit assets, trust beneficiary rights, infrastructure beneficiary rights, commercial property and other real estate property, and other properties or property rights recognised by The CSRC. Secondly, trading markets could be selected flexibly. Asset-backed securities (ABS) can be traded in stock exchanges, the SAC’s securities exchange and quotation systems, the OTC market, and other trading platforms authorised by the CSRC. This means that the already eight-year long pilot asset securitisation program will be accelerated and is poised for a wider market rollout. Haitong Securities estimates that if China’s asset securitisation market reached RMB 1.2 trillion, the size of the corresponding market in the United States in 2012, it would contribute revenue of around RMB 24 billion to securities brokers, equivalent to 18 percent of the revenues of the whole securities sector in China in 2012. On 17 May 2013, Shanghai Tunnel Engineering Co., Ltd. announced that the asset management plan for the Dalian Road Tunnel ABS project had been approved by the CSRC. It was the first project of its kind to be initiated since the release of the new regulations and raised funds of RMB 484 million within five days. On the other hand, China Banking Regulatory Commission (CBRC) Circular No. 843 has limited the amount of non-standardised credit assets that commercial banks can invest in for their wealth management products, i.e., the cap is specified as the lower of 35 percent of the balance of the bank’s wealth management products or 4 percent of the total assets of the bank as disclosed in its last annual audited financial statements. Such a limit may lead banks to shift their investment from non-standardised credit assets to standard ones. Given that ABS products traded on stock exchanges are one of the eligible standard credit assets, the regulation has played an important role in promoting the development of asset securitisation. OTC trading emerging The SAC released Rules for OTC Trading by Securities Brokers on 21 December 2012,44 and approved seven brokers, including Haitong Securities and Guotai Junan Securities, to engage in OTC trading including derivatives and nonderivatives products. These steps represented the formal launch of the pilot OTC trading in the multi-tier capital market. As an indispensable part in this market, OTC trading is one of the innovation focuses of securities brokers. According to a survey by the SAC, the OTC trading of the above-mentioned seven brokers generated total revenue of RMB 3.32 million by the end of 2012. 54 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

另一方面，银监会“8号文”43对商业银行理财产品投资非标准化债权资产的规模作出了限制，规定理财资金投资非标准化债权资产的余额在任何时点均以理财产品余额的35%与商业银行上一年度审计报告披露总资产的4% 之间孰低者为上限。对非标准债权资产规模的限制，会促使各方努力将其转化为标准债权资产，而交易所的资产证券化产品正是符合规定的标准债权资产，这也从另外一方面有利于资产证券化的发展。

柜台交易初具雏形中国证券业协会于2012年12月21日发布了《证券公司柜台交易业务规范》44，同时海通证券、国泰君安证券等7家券商获准开始进行衍生及非衍生柜台交易业务，这标志着多层次市场体系中的柜台交易试点正式启动。

— 42《证券公司资产证券化业务管理规定》，证监会公告[2013]16号，2013年3月15日 43 《中国银监会关于规范商业银行理财业务投资运作有关问题的通知》，银监发[2013]8号，2013年3月25日 44 《证券公司柜台交易业务规范》，中证协发[2012]244号，2012年12月21日 ? 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 China Securities Survey 2013 The SAC released subsequent rules and related documents in 2013, aiming to instill discipline in the development of OTC derivatives trading, as well as improve the efficiency of transactions and reduce the relevant risks and regulatory costs.45 The significance of OTC business is evidenced by two important facts. On the one hand, a well-developed OTC market can provide more appropriate tailor-made financial services and more efficient financial instruments, which can satisfy the specific requirements of investors regarding asset portfolio and integrated wealth management. On the other hand, brokers can also take advantage of the OTC market to enhance their core competitiveness by actively exploring the integration of the five basic functions of brokers, namely securities transactions, custody and settlement, payment, financing, and investment. Naturally, it will take time for the domestic OTC market to develop. Currently, securities brokers mainly take advantage of OTC trading to support innovation in the asset management business, to sell securities brokers’ wealth management products, or to sell other financial products on a commission basis. As of February 2013, two batches of brokers, 15 in total, have passed the OTC business professional evaluation and are qualified to participate in the pilot program. However, improper design and operation of OTC products were found during the initial phase of the pilot program, and rectification was required by regulators. Controlling risks of OTC business effectively may prove to be a challenge for domestic brokers. There is still a long way to go before they will be able to provide custom-made financial solutions to clients and give full play to the functions of OTC business in the financial market. Risk management: riding the tide A series of regulations concerning innovative business have been released by the CSRC and other relevant regulatory authorities in 2013, including Provisions for the Administration of the Asset Securitisation Business of Securities Companies, Provisions for the Regulation of Branches of Securities Companies and Risk Management Guidelines for OTC Derivatives Trading by Securities Companies. Both the scopes and scale of innovative business are growing at an unprecedented speed. In addition to their attempts at encouraging innovation, securities regulators are not only actively promoting awareness and capability in risk management in order to ensure the steady expansion of innovative businesses and the healthy operation of the whole industry, but also preparing for the introduction of comprehensive risk management guidelines. 56 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

柜台交易业务的发展意义非凡：发达的柜台交易市场，将能为客户提供更好的个性化金融服务，通过创新不断为投资者创造更多、更新、更高效的金融工具，以满足投资者个性化的资产配置和综合财富管理需求；券商也可以依托柜台交易市场建设，积极探索并推进证券公司交易、托管结算、支付、融资和投资等五大基础功能的整合，提升核心竞争力。

当然，国内柜台交易市场建设也是循序渐进的过程，目前的柜台交易多为券商配合资产管理业务创新，以销售证券公司理财产品、代销金融产品为主。截至2013年2月，共有两批共15家券商通过柜台交易业务实施方案专业评价，获准开展试点。

然而，在试点初期也暴露出部分券商的柜台交易产品设计和运作存在一些不规范现象，被监管机构要求进行整改。柜台交易如何更有效的控制风险是国内券商面临的巨大挑战。要提供更为个性化的金融产品、进一步发挥柜台交易的金融市场基础功能，国内券商仍然任重道远。

风险管理顺势而为 2013年，证监会及其他相关监管机构陆续出台创新业务相关法规，如《证券公司资产证券化业务管理规定》、《证券公司分支机构监管规定》、《证券公司金融衍生品柜台交易风险管理指引》等，创新业务的种类和规模正以史无前例的速度增长着。

在鼓励创新的同时，为了保证各项创新业务的稳步推广，以及整个行业的健康运行，证券监管机构正在积极推动行业风险管理意识和能力的提高，也在酝酿着全面风险管理相关指引的出台。 ? 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. 57 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 45 《关于发布<中国证券市场金融衍生品交易主协议>及相关自律规范的通知》，中证协发[2013]35号，2013 年3月15日 Mainland China Securities Survey 2013 Based on research and observation of industry and regulatory developments, the following characteristics and issues exist in terms of risk management in the securities industry: Firstly, deficiencies exist in the comprehensive risk management framework, which needs continuous improvement. Apart from a few large securities companies, who have implemented their own risk management system, most securities companies still focus on basic compliance and monitoring. As a result, the majority of securities companies fail to establish comprehensive risk management framework (including organisational structure, policy and procedures, and roles and responsibilities) and are unable to cover all financial and operational risks. Furthermore, resources are lacking for dealing with market risk, liquidity risk and operational risk, as well as appropriate support from technology and systems. Secondly, innovative businesses require continuous improvement in operational risk management. With the boom in innovative businesses, related business processes need to be established, revised and optimised. In the course of the development of new business, business personnel (especially risk management staff) need to fully understand the new business and any new processes related to it, recognise the potential operational risks and implement control measures or monitoring indicators in advance, in order to effectively prevent risk events. The rapid development of quantitative investment trading and high-frequency trading generates huge challenges for risk management. Securities companies need to place greater emphasis on model risk and IT system risk. 毕马威国际合作组织 58 ? 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. Thirdly, with the rapid development of credit business, credit risk management needs to be strengthened. Due to the focus on development of credit business in the securities industry (including margin trading and securities lending, and stock-pledged repo transactions), credit risk is becoming increasingly critical. However, credit risk management (including client risk rating, credit approval, and collateral management) needs to be strengthened further. Fourthly, due to the increasing peril of liquidity risk, demands for more robust liquidity management loom ahead. China’s ‘money drought’ in June 2013 was a chastening experience for the industry and many securities companies keenly felt the impact of liquidity risk. With the government imposing de-leveraging, securities companies urgently need to find a fine balance between rewards and risks and work out how to improve their liquidity risk management. With the expansion in business scope, the further enriching of business lines and changes in the market environment, risk management ability has become a decisive factor in terms of how successful securities dealers can operate. Without a doubt, securities companies will need to invest in their organisation framework, staffing, operational processes and information system in order to meet the demands and challenges of business development down the road. ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 二零一三年中国证券业调查报告根据对行业的调研以及监管动态的持续追踪，证券行业在风险管理方面存在这样几个特点和问题: 其一，全面风险管理体系尚须持续完善除了个别大型券商已基本完善自己的风险管理体系之外，大部分券商还是重点关注在合规和监控，尚未建立完善的风控体系（包括组织架构、政策制度、职责分工等），尚未覆盖所有的金融风险，在市场风险、流动性风险和操作风险等方面管理手段不足、缺乏相应的系统支持。

其二，创新业务不断涌现，要求操作风险管理能力不断提高在创新业务不断推出的大环境下，相应的业务流程也需要上线、改造并优化，在新业务开展的过程中，需要业务人员（尤其是风控人员）迅速了解新业务、新流程，识别潜在的操作风险隐患，并提前制定相应的控制手段或监控指标，以便有效的防范风险事件的发生。随着量化投资和高频交易的快速发展，给事中风控提出巨大挑战。券商要更多关注模型风险和IT系统风险。

其三，信用业务发展迅速，信用风险管理能力有待加强针对目前不断发展起来的信用业务（包括融资融券、股票质押式回购等），证券行业的信用风险敞口日益凸现，但是相应的信用风险管理水平（包括客户的评级管理、授信管理、抵押品管理等方面）还有待进一步加强。

其四，流动性风险日益严峻，流动性管理迫在眉睫 2013年6月的钱荒事件，已然让不少券商体会到了流动性风险的威力，而且是那么的近在咫尺，在政府极力要求去杠杆的大背景下，券商如何在收益和风险方面寻找一个平衡、如何提高自己的流动性风险管理能力成了当下亟待解决的命题。

在业务规模不断扩大、业务类型不断丰富、市场环境风云变幻的背景下，风险管理能力已成为决定券商能够走多远的关键因素。券商必然需要在风险管理体系的组织架构、人员配备、制度流程、信息系统等方面进一步加大投入，以顺应业务发展的需要。 59 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

从政策层面来看，截止2013年3月底，2012年5月创新研讨会的11项创新举措的配套政策已经全面出台，过往束缚券商手脚的条条框框已经基本被打破，目前的政策东风，已足以让券商大展身手。展望2013年，政策的密集调整和出台的节奏会适当放缓，重点将放在不同监管机构之间的配合和不同金融体系间监管政策的协调，此外，证券业的基本法—《证券法》的修改和完善亦提上了议事日程，证监会已就此提出了10个方面的修改和完善建议。可以预见，未来的政策红利潜力仍十分巨大。

从券商层面来看，大部分证券公司在投资银行、经纪业务、资产管理、证券自营等各业务条线上努力革新，推动了转融通、股票质押式回购、中小企业私募债、做市商、代销金融产品、约定式回购、非现场开户、资产证券化、柜台交易、衍生品交易等各类创新产品和业务的迅猛发展。倘若将各类创新产品之间或者创新产品与传统业务之间进行嫁接，券商的“弹药库”会更为丰富。此外，部分券商还积极探索托管业务、支付业务、电子商务等各类业务模式的创新，为券商的持续稳定发展打下了坚实的基础。

随着行业内的竞争加剧、不同金融子行业间的业务渗透以及互联网金融的发展，券商的创新步伐还将继续保持，来自行业内的和跨界的整合和并购会逐渐增加。

伴随证券业的创新进程的不断深入，创新也在不断考验着证券公司的风险管理能力，各类风险的量化管理、程式化交易风险、信息隔离墙的改进、销售适当性管理、投资者利益保护等方面尤其需要特别关注。风险管理能力已成为决定券商能够走多远的关键因素，需要在风险管理体系的组织架构、人员配备、制度流程、信息系统等方面进一步加大投入，努力找到创新与风险管理的平衡。

“问渠那得清如许，为有源头活水来”，创新就如那“源头活水”，驱动着整个行业日新月异。我们相信证券业将在政策红利继续释放、客户需求更加多元化和风险控制不断完善的三大趋势下走出一条稳步发展的康庄大道！ ? 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. 63 毕马威国际合作组织 ? 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”)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. 64 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 毕马威国际合作组织 Appendices 附录 06 65 ? 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. — 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 Mainland China Securities Survey 2013 Appendix 1 Financial highlights: profit and loss 附录1 财务摘要：利润表 RMB million 人民币(百万元) Profit and loss 利润表 Net brokerage commission income 代理买卖证券业务净收入 Net underwriting commission income 证券承销业务净收入 Net asset managerment income 受托客户资产管理业务及基金管理费净收入 2012 19.5 20.2 27.2 27.2 29.9 28.7 33.5 14.9 2.0 2.0 1.7 1.7 8.1 68.4 65.0 0.2 0.2 8.3 8.3 41.2 41.2 134.7 124.3 28.2 28.2 100.5 83.3 21.2 2.9 61.5 61.5 2011 0.7 6.8 6.9 22.0 22.0 10.2 10.2 14.9 13.0 521.7 (0.2) (0.2) 5.0 81.3 81.3 0.3 0.3 27.1 27.1 98.8 85.2 16.6 16.6 104.4 87.0 0.5 9.1 9.1 Investment income/ (loss) 投资收益 Fair value gain/ (loss) on trading and derivatives position 公允价值变动净损益 2012 14.8 2.6 (1.0) 2.6 80.0 80.0 115.4 115.4 12.0 12.0 27.3 26.4 18.2 18.0 19.1 19.1 5.3 112.9 110.2 (5.0) (0.5) 42.7 41.0 71.5 (4.8) 14.3 13.0 108.9 162.9 7.8 69.3 117.4 117.4 17.9 2011 (18.8) (8.3) 14.2 8.5 (31.6) (31.6) (98.4) (99.4) 1.3 1.3 (233.6) (231.3) (41.6) (38.7) (100.4) (100.4) (3.3) (104.1) (103.3) 3.2 3.2 (4.2) (4.2) (22.1) (22.1) 106.4 181.2 26.6 26.6 (318.1) (237.4) 10.6 (68.6) (63.0) (63.0) (50.0) Net interest income/ (expenses) 利息净收入/(支出) 2012 1 Aerospace Securities 2 Aijian Securities 3a Beijing Gao Hua Securities (consol) 3b Beijing Gao Hua Securities (company level) 4a BOC International Securities (consol level)# 4b BOC International Securities (company level) # 5a Bohai Securities (consol level) 5b Bohai Securities (company level) 6a Caida Securities (consol level) 6b Caida Securities (company level) 7a Caitong Securities (consol level) 7b Caitong Securities (company level) 8a Capital Securities Brokerage (consol level) 8b Capital Securities Brokerage (Company level) 航天证券爱建证券北京高华证券（合并）北京高华证券（母公司）中银国际证券（合并） # 2011 20.0 124.3 127.1 127.1 628.7 628.7 470.1 470.1 819.7 819.7 559.9 565.7 175.1 174.2 597.8 570.5 214.1 1,258.7 1,154.8 355.7 355.7 223.2 223.2 3,567.4 3,567.4 1,261.1 842.0 1,694.5 1,629.8 2,269.3 2,071.4 550.5 62.4 2,381.6 2,274.9 226.6 2012 5.2 51.9 447.7 447.7 41.7 41.7 99.7 99.7 16.0 16.0 116.0 116.0 12.9 25.0 172.8 140.3 86.8 86.8 97.5 634.6 634.6 932.8 546.1 199.8 199.8 340.5 292.2 34.4 892.2 892.2 323.5 2011 10.5 3.8 60.1 385.5 385.5 107.1 107.1 82.7 82.7 32.0 32.0 31.1 31.1 29.9 27.8 134.9 34.4 127.5 127.5 42.3 42.1 536.2 536.2 1,063.8 680.0 318.1 318.1 992.3 962.4 46.8 685.5 685.5 277.6 2012 (18.2) 11.7 147.1 95.6 276.7 269.0 248.9 251.4 185.1 185.1 19.9 18.7 188.4 187.3 302.3 300.3 26.7 0.1 441.3 529.2 135.2 135.2 4.6 (3.5) 356.7 410.8 785.1 700.9 98.8 72.1 1,530.4 1,561.1 44.6 (102.3) 617.8 614.5 6.1 2011 (24.3) (16.9) 15.7 (11.6) 119.4 115.1 57.4 58.8 51.9 51.9 97.9 177.3 106.5 199.3 38.3 38.3 2.0 0.1 153.6 200.7 27.0 27.0 24.7 24.2 126.5 196.6 435.2 352.5 (137.7) (126.0) 1,201.0 1,061.9 (6.4) (19.9) 196.0 195.3 28.1 2012 15.7 46.1 (169.9) (106.8) 32.9 20.2 94.1 89.4 114.1 111.2 365.7 202.8 7.8 6.1 75.4 61.0 48.1 5.3 398.4 352.3 88.3 78.3 160.0 100.2 1,419.5 1,212.0 (252.8) (204.6) 571.7 533.7 565.2 431.6 72.3 25.6 699.7 660.6 72.2 2011 17.2 50.2 (155.9) (101.1) 128.1 120.6 107.3 103.8 205.5 201.9 305.9 168.3 17.1 0.6 91.3 85.1 53.9 8.3 284.1 236.1 78.4 73.9 131.9 95.0 1,319.9 1,178.4 (293.4) (257.9) 537.2 509.8 689.3 563.7 108.1 17.5 653.9 619.5 54.0 13.1 80.2 103.9 103.8 462.7 462.7 343.2 343.4 538.2 538.2 423.4 438.4 120.5 117.8 418.4 379.5 148.1 1,028.6 889.2 243.2 243.2 150.6 150.6 2,655.8 2,648.4 1,040.4 694.1 1,347.0 1,225.7 1,786.7 1,564.2 361.1 35.7 1,827.3 1,702.7 150.4 中银国际证券（母公司）# 渤海证券（合并）渤海证券（母公司）财达证券 (合并) 财达证券 (母公司) 财通证券（合并）财通证券（母公司）首创证券（合并）首创证券（母公司）中原证券（合并）中原证券（母公司）世纪证券长江证券承销保荐长江证券（合并）* 长江证券（母公司）* 华龙证券（合并）华龙证券（母公司）华鑫证券（合并）华鑫证券（母公司）中国银河证券（合并）* 中国银河证券（母公司）* 中国国际金融（合并）# 中国国际金融（母公司）# 中国中投证券（合并）中国中投证券（母公司）招商证券（合并）* 招商证券（母公司）* 中国民族证券中邮证券中信建投证券（合并）中信建投证券（母公司）华林证券 66 毕马威国际合作组织 9a Central China Securities (consol level) 9b Central China Securities (company level) ? 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. 10 Century Securities 11 Changjiang Financing Services Co 12a Changjiang Securities (consol level)* 12b Changjiang Securities (company level)* 13a China Dragon Securities (consol level) 13b China Dragon Securities (company level) ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — 14a China Fortune Securities (consol level) 14b China Fortune Securities (company level) 15a China Galaxy Securities (consol level) 15b China Galaxy Securities (company level) 16a 16b China International Capital Corporation (consol level)# China International Capital Corporation (company level)# 17a China Investment Securities (consol level) 17b China Investment Securities (company level), 18a China Merchants Securities (consol level)* 18b China Merchants Securities (company level)* 19 China Minzu Securities 20 China Post Securities 21a China Securities (consol level) 21b China Securities (company level) 22 Chinalion Securities * Denotes listed securities companies. # Denotes Sino-foreign joint venture companies. Source: financial statements of securities companies 二零一三年中国证券业调查报告 Profit and loss 利润表 Operating income 营业收入 Operating expense 营业支出 Asset impairment charge/ (write back) 资产减值损失/ （回拨） Net profit/(loss) before ta 利润/（亏损）总额 Total tax expenses/(income) 所得税费用/(收益) Effective tax rate 实际税率 Net profit/(loss) after tax 净利润/（亏损） 2012 26.0 167.0 1,216.6 629.9 1,413.7 1,363.7 914.8 906.6 859.1 855.3 1,411.5 832.6 356.1 350.3 1,007.9 949.3 271.0 89.4 2,286.1 2,096.6 627.8 607.0 528.2 259.3 5,552.2 5,052.5 3,430.8 2,405.5 2,265.8 2,077.5 4,665.7 4,317.8 662.6 43.0 4,430.3 4,260.7 635.1 2011 4.9 179.6 993.8 533.8 1,411.1 1,380.9 713.1 665.1 1,081.4 1,077.2 1,224.7 784.9 832.9 384.3 710.0 677.5 313.7 161.3 1,863.5 1,611.2 629.3 614.4 457.1 387.1 5,923.0 5,587.4 3,287.2 2,257.0 2,459.6 2,377.7 5,225.2 4,744.7 778.0 (7.8) 4,000.3 3,857.2 553.9 2012 40.7 182.0 1,066.6 573.2 934.6 892.3 679.5 665.1 676.2 663.9 1,233.5 799.9 240.7 227.9 758.4 706.3 329.5 98.6 1,507.5 1,272.4 519.7 506.0 810.6 397.5 3,655.6 3,231.3 2,997.6 2,055.8 1,809.6 1,659.6 2,796.7 2,453.3 595.7 87.7 2,639.5 2,533.9 574.3 2011 43.3 188.2 923.3 527.2 915.2 878.1 668.1 644.7 633.6 623.3 1,095.3 714.0 525.9 241.2 638.6 601.1 344.5 121.6 1,394.7 1,169.1 525.8 515.9 550.9 253.0 3,677.3 3,370.3 3,133.0 2,255.2 1,688.8 1,604.1 2,664.0 2,385.3 695.9 80.9 2,393.3 2,298.6 524.3 2012 (5.0) 1.1 (0.9) (0.9) (5.0) (4.1) 7.9 9.3 (5.0) (0.2) 6.4 2.1 3.9 3.9 (2.7) (2.7) 27.0 27.0 2.2 2.2 1.1 1.1 (108.1) (0.2) 62.5 62.5 9.2 2011 0.6 (12.8) (12.8) (0.2) (3.7) (0.1) (0.1) (5.1) (4.1) (6.6) 0.9 2.2 0.5 17.9 17.9 (0.2) (0.2) 19.5 19.5 1.4 6.3 6.3 (64.2) 0.2 (3.7) (3.7) - 2012 (14.8) 17.0 163.2 60.8 482.3 474.5 252.5 254.4 184.0 189.1 226.9 68.6 116.6 123.6 257.1 250.5 (56.4) 7.2 846.2 875.2 105.1 97.9 334.4 471.0 1,886.3 1,811.1 457.3 389.9 500.0 446.4 1,875.2 1,868.8 131.5 (44.6) 1,809.5 1,744.3 72.9 2011 (38.6) (4.4) 79.2 11.9 498.5 505.1 57.7 32.5 453.2 455.3 134.7 70.3 310.7 145.8 137.0 141.0 (27.5) 48.6 586.1 544.2 103.4 98.3 152.7 358.3 2,261.0 2,229.5 192.8 46.7 798.9 791.6 2,564.5 2,361.1 108.2 (88.6) 1,632.6 1,582.8 31.8 2012 5.0 4.9 45.9 17.3 123.0 121.1 65.5 64.7 48.4 48.4 68.8 14.4 15.0 16.6 73.9 69.8 6.0 2.4 163.2 138.3 23.9 21.8 90.7 123.9 453.8 414.7 149.5 110.3 147.1 126.8 229.2 198.5 40.4 (11.2) 467.3 457.4 22.8 2011 (8.1) (5.9) 23.3 5.9 129.1 130.5 14.2 6.6 114.2 114.2 42.1 (8.9) 70.4 4.7 44.2 43.0 0.4 11.7 151.1 123.0 7.6 6.4 42.1 89.9 676.1 639.7 54.2 20.6 210.9 202.3 556.2 520.0 35.7 (22.0) 421.0 413.5 12.1 2012 -34% 29% 28% 28% 26% 26% 26% 25% 26% 26% 30% 21% 13% 13% 29% 28% -11% 33% 19% 16% 23% 22% 27% 26% 24% 23% 33% 28% 29% 28% 12% 11% 31% 25% 26% 26% 31% 2011 21% 134% 29% 50% 26% 26% 25% 20% 25% 25% 31% -13% 23% 3% 32% 30% -1% 24% 26% 23% 7% 7% 28% 25% 30% 29% 28% 44% 26% 26% 22% 22% 33% 25% 26% 26% 38% 2012 (19.8) 12.1 117.3 43.5 359.3 353.4 187.0 189.7 135.6 140.7 158.1 54.2 101.6 107.0 183.2 180.7 (62.4) 4.8 683.0 736.9 81.2 76.1 243.7 347.1 1,432.5 1,396.4 307.8 279.6 352.9 319.6 1,646.0 1,670.3 91.1 (33.4) 1,342.2 1,286.9 50.1 2011 (30.5) 1.5 55.9 6.0 369.4 374.6 43.5 25.9 339.0 341.1 92.6 79.2 240.3 141.1 92.8 98.0 67 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 36.9 435.0 421.2 95.8 92.0 110.6 268.4 1,584.9 1,589.8 138.6 26.1 588.0 589.3 2,008.3 1,841.1 72.5 (66.6) 1,211.6 1,169.3 19.7 * 代表上市公司。

# 代表中外合资证券公司。

资料来源：证券公司财务报表 ? 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. (27.9) Mainland China Securities Survey 2013 Profit and loss 利润表 RMB million 人民币(百万元) Net brokerage commission income 代理买卖证券业务净收入 Net underwriting commission income 证券承销业务净收入 Net asset managerment income 受托客户资产管理业务及基金管理费净收入 2012 79.3 79.3 198.1 198.1 4.3 4.3 9.4 9.4 82.6 82.6 56.5 56.5 53.8 51.8 454.8 45.2 39.8 39.8 2.9 2.9 22.7 22.7 112.0 112.0 17.4 17.4 2011 25.4 25.4 217.8 217.8 3.9 3.9 9.7 9.7 132.4 132.4 39.8 39.8 42.2 42.0 648.6 248.0 17.3 17.3 5.3 5.3 35.6 35.6 112.1 112.1 Investment income/ (loss) 投资收益 Fair value gain/ (loss) on trading and derivatives position 公允价值变动净损益 2012 0.1 58.5 57.8 416.8 168.5 10.2 27.9 22.7 0.2 91.9 91.2 203.4 203.4 34.1 34.1 6.3 3.2 285.4 269.7 63.6 63.6 53.1 53.1 5.8 28.7 28.6 100.5 80.2 70.0 (0.5) (0.5) 3.0 2011 (17.3) (12.7) (755.0) (581.7) (12.8) 20.2 22.1 (0.2) (51.2) (51.8) (176.0) (176.0) (6.8) (6.8) 22.7 24.6 (259.3) (259.8) (6.4) (8.2) (14.1) (14.1) (7.5) (305.3) (305.3) (122.9) (276.1) (256.9) (51.2) (51.0) 5.7 Net interest income/ (expenses) 利息净收入/(支出) 2012 23 Chuancai Securities 24a Cinda Securities (consol level) 24b Cinda Securities (company level) 25 CITIC Securities(Zhejiang) 26a CITIC Securities (consol level)* 26b CITIC Securities (company level)* 27 Citic Wantong Securities 28 Credit Suisse Founder Securities # 29 Daiwa SMBC-SSC Securities# 30a Daton Securities (consol level） 30b Daton Securities (company level) 31 Datong Securities Brokerage 32a Dongguan Securities (consol level) 32b Dongguan Securities (company level) 33a Donghai Securities (consol level) 33b Donghai Securities (company level) 34a Dongxing Securities (consol level) 川财证券信达证券（合并）信达证券 (母公司）中信证券（浙江）中信证券（合并）* 中信证券（母公司）* 中信万通证券瑞信方正证券# 海际大和证券# 大通证券（合并）大通证券（母公司）大同证券东莞证券（合并）东莞证券（母公司）东海证券（合并）东海证券（母公司）东兴证券（合并）东兴证券（母公司）安信证券（合并）安信证券（母公司）光大证券（合并）*# 光大证券（母公司）*# 第一创业证券（合并）第一创业证券 (母公司）财富里昂证券# 财富证券（合并）财富证券（母公司）华宝证券方正证券（合并）方正证券（母公司）广发华福证券广发证券（合并）* 广发证券（母公司）* 国盛证券（合并）国盛证券（母公司高盛高华证券# 48.4 451.1 451.1 773.0 2,927.0 1,306.3 425.4 169.0 169.5 165.6 412.9 412.9 545.0 393.2 480.3 480.3 1,248.7 1,153.8 1,543.4 1,328.7 151.5 133.6 1.7 236.2 184.6 83.5 915.0 915.1 298.0 2,297.9 2,279.3 206.2 201.1 - 2011 70.0 652.6 652.7 1,006.9 3,570.7 1,569.6 591.5 246.7 247.2 230.0 570.0 570.0 682.1 554.3 630.7 630.7 1,731.5 1,678.0 1,861.2 1,720.5 177.0 168.0 324.3 281.8 110.2 1,129.8 1,129.8 401.1 3,063.2 3,044.0 273.5 273.1 - 2012 97.0 97.0 1,790.1 1,667.6 155.5 25.7 1.2 1.2 23.8 23.8 177.2 177.2 55.1 55.1 264.0 239.0 241.7 203.6 175.8 87.6 5.0 43.8 38.8 143.7 923.8 913.2 69.1 67.2 51.9 2011 107.2 107.2 1,485.4 1,382.1 134.7 22.6 0.2 0.2 65.2 65.2 122.2 122.2 146.1 146.1 682.6 678.9 698.4 655.3 436.5 423.7 8.5 21.9 13.4 129.0 762.7 760.3 23.2 18.2 60.1 2012 2.1 316.5 312.0 5.1 3,663.4 2,627.2 18.2 2.6 45.1 83.8 10.6 99.1 102.0 21.6 21.2 493.7 275.2 248.0 229.3 441.5 546.5 542.0 534.5 69.5 72.2 94.6 306.5 252.2 6.8 1,967.8 1,864.7 0.4 (0.5) 48.2 2011 102.4 102.2 15,563.4 10,898.3 40.7 (1.9) (117.7) (118.0) 0.1 (0.9) (0.7) 143.5 228.9 121.6 121.6 (60.0) (68.7) 609.4 935.3 217.0 218.5 10.4 14.2 (72.2) 16.3 1.3 31.7 894.9 861.4 5.5 5.1 27.1 2012 20.2 101.7 63.3 272.9 1,224.5 602.8 147.3 32.8 5.8 172.6 90.9 57.5 80.1 67.4 171.7 117.4 80.1 148.4 390.3 350.9 648.7 488.2 (34.3) (73.2) 22.2 93.0 63.8 (1.9) 583.2 482.0 132.9 1,040.9 887.4 64.4 64.1 (68.0) 2011 13.2 163.0 133.2 313.2 1,401.4 791.2 143.7 28.3 6.2 135.9 115.6 55.9 80.0 71.0 169.6 127.5 155.1 150.2 420.8 393.8 908.3 786.8 1.9 (27.8) 20.7 82.4 55.7 14.4 534.1 459.4 181.4 879.7 772.5 68.1 67.9 (54.9) 68 毕马威国际合作组织 34b Dongxing Securities (company level) 35a Essence Securities (conso level) 35b Essence Securities (company level) 36a Everbright Securities (consol level)*# 36b Everbright Securities (company level)*# 37a First Capital Securities (consol level) 37b First Capital Securities (company level) 38 Fortune CLSA Securities Limited # 39a Fortune Securities (consol level) 39b Fortune Securities (company level) 40 Fortune Securities Brokerage 41a Founder Securities (consol level) 41b Founder Securities (company level) 42 GF Huafu Securities 43a GF Securities (consol level)* 43b GF Securities (company level)* 44a Golden Sun Securities (consol level) 44b Golden Sun Securities (company level) 45 Goldman Sachs Gao Hua Securities # ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — * Denotes listed securities companies. # Denotes Sino-foreign joint venture companies. Source: financial statements of securities companies 二零一三年中国证券业调查报告 Profit and loss 利润表 Operating income 营业收入 Operating expense 营业支出 Asset impairment charge/ (write back) 资产减值损失/ （回拨） Net profit/(loss) before ta 利润/（亏损）总额 Total tax expenses/(income) 所得税费用/(收益) Effective tax rate 实际税率 Net profit/(loss) after tax 净利润/（亏损） 2012 71.2 1,357.3 1,178.8 1,064.3 11,693.9 7,883.2 613.4 206.5 56.9 488.8 398.2 238.1 781.9 727.7 1,232.3 1,025.2 1,431.3 1,214.3 2,326.7 2,152.4 3,651.7 2,911.5 1,038.4 787.7 69.0 548.8 426.6 206.1 2,331.6 1,855.3 650.8 6,971.4 6,356.0 382.3 377.8 657.6 2011 83.6 1,196.8 1,062.7 1,348.3 25,033.2 14,794.0 794.4 177.7 43.8 375.2 322.0 286.9 728.5 685.5 1,144.6 1,059.0 1,101.5 1,089.9 2,961.8 2,866.9 4,498.5 4,112.2 893.8 813.6 57.8 463.9 361.6 60.3 1,709.0 1,358.8 505.4 5,945.7 5,511.6 330.9 330.1 526.7 2012 63.5 1,091.5 963.0 792.8 6,263.2 3,913.8 474.0 199.8 65.8 388.6 329.0 197.0 632.7 588.9 1,038.9 857.4 824.6 752.4 1,898.4 1,719.0 2,386.4 1,735.6 784.2 536.2 87.2 498.7 361.7 186.1 1,708.7 1,329.3 352.3 4,268.3 3,904.1 314.1 307.2 562.7 2011 65.3 1,009.4 903.9 827.9 10,022.0 5,799.0 497.9 172.7 66.5 344.0 300.0 212.9 588.5 553.2 996.8 830.8 601.1 587.1 2,091.6 1,966.2 2,510.7 2,003.6 715.8 563.6 78.2 481.0 357.7 187.0 1,377.1 1,044.7 325.8 3,441.6 3,140.8 271.3 267.7 462.7 2012 0.1 18.4 18.3 (0.2) 30.0 27.6 (3.7) (0.5) 0.7 0.7 0.1 15.1 15.1 42.7 47.3 15.4 19.4 8.3 (30.6) 6.4 6.4 25.6 25.1 1.2 290.6 292.2 0.5 0.4 - 2011 34.1 34.1 0.2 1,513.6 1,505.1 0.3 0.3 0.1 0.1 0.1 2.1 2.2 (15.2) (13.2) 148.6 144.5 0.1 (0.1) (117.6) (117.6) 23.6 7.0 2.8 (0.1) (0.1) - 2012 7.7 293.0 242.8 276.4 5,487.3 3,994.4 159.8 9.9 (8.7) 96.3 65.2 41.7 153.1 142.1 213.3 185.1 613.9 466.3 448.1 452.2 1,360.4 1,251.6 262.0 255.1 (16.8) 64.8 78.0 35.2 666.4 564.7 299.7 2,685.2 2,439.3 68.0 70.4 104.0 2011 17.9 207.9 177.3 529.2 15,031.0 8,997.1 297.4 7.1 (22.7) 32.5 21.6 72.8 144.9 135.9 184.1 260.5 512.9 512.6 1,079.1 1,099.9 2,093.5 2,197.7 202.9 255.9 (17.7) 24.4 42.0 (124.8) 358.3 324.4 182.8 2,554.5 2,421.4 69.9 71.7 67.5 2012 7.6 76.8 62.2 72.6 1,180.5 863.8 33.7 3.6 25.2 8.0 11.2 34.0 30.6 59.5 44.5 100.8 65.3 124.9 125.6 327.0 246.2 51.9 48.3 0.7 22.3 19.7 8.4 107.0 71.1 74.8 494.9 425.0 21.7 21.7 28.6 2011 5.5 63.0 55.3 148.0 2,426.5 1,636.2 85.4 2.6 9.6 5.6 19.7 38.8 36.0 67.6 59.4 72.2 72.0 289.0 282.1 498.1 488.0 33.9 45.5 (4.2) 9.2 11.9 (30.0) 107.0 93.6 39.3 496.1 457.9 28.0 28.0 17.3 2012 99% 26% 26% 26% 22% 22% 21% 36% 0% 26% 12% 27% 22% 22% 28% 24% 16% 14% 28% 28% 24% 20% 20% 19% -4% 34% 25% 24% 16% 13% 25% 18% 17% 32% 31% 28% 2011 31% 30% 31% 28% 16% 18% 29% 37% 0% 30% 26% 27% 27% 26% 37% 23% 14% 14% 27% 26% 24% 22% 17% 18% 24% 38% 28% 24% 30% 29% 21% 19% 19% 40% 39% 26% 2012 0.1 216.2 180.6 203.8 4,306.8 3,130.6 126.1 6.3 (8.7) 71.1 57.2 30.5 119.1 111.5 153.8 140.6 513.1 401.0 323.2 326.6 1,033.4 1,005.4 210.1 206.8 (17.5) 42.5 58.3 26.8 559.4 493.6 224.9 2,190.3 2,014.3 46.3 48.7 75.4 2011 12.4 144.9 122.0 381.2 12,604.5 7,360.9 212.0 4.5 (22.7) 22.9 16.0 53.1 106.1 99.9 116.5 201.1 440.7 440.6 790.1 817.8 1,595.4 1,709.7 169.0 210.4 (13.5) 15.2 30.1 (94.8) 251.3 230.8 143.5 2,058.4 1,963.5 41.9 43.7 50.2 69 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— * 代表上市公司。

# 代表中外合资证券公司。

资料来源：证券公司财务报表 ? 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 China Securities Survey 2013 Profit and loss 利润表 RMB million 人民币(百万元) Net brokerage commission income 代理买卖证券业务净收入 Net underwriting commission income 证券承销业务净收入 Net asset managerment income 受托客户资产管理业务及基金管理费净收入 2012 10.6 10.6 28.1 23.3 9.1 9.1 11.5 11.5 7.3 7.3 51.0 46.5 455.8 14.2 6.2 861.8 13.7 40.1 40.1 4.6 4.6 95.5 95.5 9.8 9.8 0.2 0.2 62.1 62.3 86.7 86.6 84.4 84.4 2011 0.3 0.3 10.7 6.7 0.2 14.1 14.1 32.6 32.6 54.7 54.5 381.9 14.2 7.6 985.0 24.3 12.9 12.9 5.4 5.4 38.2 38.2 7.8 7.8 141.2 141.2 92.9 92.9 64.9 64.9 Investment income/ (loss) 投资收益 Fair value gain/ (loss) on trading and derivatives position 公允价值变动净损益 2012 68.3 68.3 7.5 6.5 78.8 78.8 55.3 52.2 27.7 18.6 42.8 42.2 87.7 32.2 64.5 6.9 476.9 432.8 (27.2) (27.9) 3.1 91.3 91.3 104.1 93.3 69.2 69.1 45.5 45.5 130.8 136.2 (37.0) (12.1) (22.1) 198.7 197.3 2011 (20.9) (20.9) (26.8) (25.9) (63.6) (63.6) (84.1) (79.5) (104.2) (95.2) 37.6 37.6 (308.6) (275.1) (48.8) 53.6 (473.9) (463.8) 28.3 28.3 (77.8) (77.8) (8.2) (6.5) (69.6) (68.7) 2.2 2.2 (187.2) (174.8) 75.9 76.7 (3.9) (122.8) (123.3) Net interest income/ (expenses) 利息净收入/(支出) 2012 46a Goldstate Securities (consol level) 46b Goldstate Securities (company level) 47a Great Wall Securities (consol level) 47 Great Wall Securities (company level) 48a Guangzhou Securities (consol level) 48b Guangzhou Securities (company level) 49a GuoDu Securities (consol level) 49b GuoDu Securities (company level) 50a Guolian Securities (consol level) 50b Guolian Securities (company level) 51a Guosen Securities (consol level) 51b Guosen Securities (company level) 52a Guotai Junan Securities (consol level) 52b Guotai Junan Securities (company level) 53a Guoyuan Securities (consol level)* 金元证券（合并）金元证券（母公司）长城证券（合并）长城证券（母公司）广州证券（合并）广州证券（母公司）国都证券（合并）国都证券（母公司）国联证券（合并）国联证券（母公司）国信证券（合并）国信证券（母公司）国泰君安证券（合并）国泰君安证券（母公司）国元证券（合并）* 国元证券（母公司）* 海通证券（合并）* 海通证券（母公司）* 恒泰长财证券恒泰证券（合并）恒泰证券（母公司）宏信证券红塔证券（合并）红塔证券（母公司）宏源证券（合并）* 宏源证券（母公司）* 华安证券（合并）华安证券（母公司）华创证券（合并）华创证券（母公司）华融证券（合并）华融证券（母公司）华泰证券（合并）* 华泰证券（母公司）* 华泰联合证券兴业证券（合并）* 兴业证券（母公司）* 153.0 153.0 463.7 330.6 215.8 215.8 175.1 174.5 328.7 330.3 2,563.4 2,384.2 2,434.9 2,396.8 585.7 532.5 2,274.1 2,115.7 68.6 361.2 268.6 177.1 169.9 169.9 802.8 802.8 488.5 428.8 285.3 260.7 149.8 149.8 2,694.4 2,372.0 20.7 647.4 652.8 2011 223.3 223.3 585.7 464.7 299.5 279.7 237.3 236.3 458.5 460.1 3,367.1 3,263.4 3,236.9 3,078.4 792.3 750.7 3,041.4 2,843.0 97.1 483.9 377.5 267.2 254.9 254.9 1,089.5 1,089.5 633.0 585.2 377.5 369.5 244.9 245.2 3,562.8 2,231.3 1,079.3 811.9 818.2 2012 51.3 51.3 81.0 81.0 169.2 165.0 0.1 0.1 55.6 1,470.0 1,462.3 840.1 712.9 67.9 67.9 657.5 552.0 48.8 48.8 67.6 67.6 689.1 689.1 5.2 5.2 17.4 17.4 20.8 20.8 480.5 19.4 645.5 182.2 182.2 2011 21.1 21.1 66.2 66.2 69.7 69.7 154.7 154.7 147.9 65.6 1,504.7 1,477.8 823.5 710.0 277.3 277.3 839.1 808.7 37.1 37.1 49.9 49.9 363.7 363.7 0.8 0.8 22.6 22.6 681.6 357.8 463.1 321.3 321.3 2012 171.4 177.5 368.7 409.5 554.7 554.6 68.8 63.2 85.4 40.5 993.6 696.1 2,154.0 2,116.3 274.3 281.5 2,042.5 1,966.7 245.9 244.0 40.2 (16.0) (17.6) 913.5 880.7 154.4 164.8 77.6 77.6 153.5 151.1 1,168.0 989.2 145.4 535.6 588.3 2011 66.3 66.2 113.7 175.8 93.1 90.9 230.7 223.4 68.4 63.3 (5.9) (23.5) 1,211.7 1,166.9 161.2 153.6 2,053.7 2,256.0 75.3 75.3 172.0 172.0 365.7 369.2 (9.2) 0.4 40.0 39.7 204.4 204.2 357.7 189.8 139.5 339.5 391.9 2012 57.3 41.4 102.7 59.6 (72.6) (84.6) 214.7 205.8 126.3 59.8 688.9 589.9 1,397.7 981.6 463.9 406.2 2,121.5 1,568.0 22.4 51.5 23.2 45.7 90.7 76.9 329.9 277.8 87.1 58.9 31.2 24.7 46.7 43.8 1,144.5 868.2 120.4 237.6 182.2 2011 54.6 37.4 136.8 109.4 (12.1) (19.4) 230.0 222.5 120.8 82.0 784.2 730.0 1,519.6 1,219.3 531.4 490.4 2,093.4 1,643.6 18.9 43.5 21.4 50.6 118.5 108.2 191.6 162.8 63.3 36.5 53.3 49.8 18.5 15.7 1,254.4 845.7 273.6 314.1 266.5 70 毕马威国际合作组织 53b Guoyuan Securitiesn (company level)* 54a Haitong Securities (consol level)* ? 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. 54b Haitong Securities (company level)* 55 Hengtai changcai Securities 56a Hengtai Securities (consol level) 56b Hengtai Securities (company level) 57 Hongxin Securities 58a Hongta Securities (consol level) 58b Hongta Securities (company level) 59a Hongyuan Securities (consol level)* 59b Hongyuan Securities (company level)* 60a Hua An Securities (conso level) 60b Hua An Securities (company level) 61a HuaChuang Securities Brokerage(conso level) 61b HuaChuang Securities Brokerage(company level) 62a Huarong Securities (conso level) 62b Huarong Securities (company level) 63a Huatai Securities (consol level)* 63 Huatai Securities (company level)* 64 Huatai United Securities 65a Industrial Securities (consol level)* 65b Industrial Securities (company)* ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — * Denotes listed securities companies. # Denotes Sino-foreign joint venture companies. Source: financial statements of securities companies 二零一三年中国证券业调查报告 Profit and loss 利润表 Operating income 营业收入 Operating expense 营业支出 Asset impairment charge/ (write back) 资产减值损失/ （回拨） Net profit/(loss) before ta 利润/（亏损）总额 Total tax expenses/(income) 所得税费用/(收益) Effective tax rate 实际税率 Net profit/(loss) after tax 净利润/（亏损） 2012 629.9 542.3 1,523.2 958.9 1,007.3 956.6 578.5 524.0 822.0 468.9 6,079.4 5,472.2 7,798.9 6,358.5 1,531.2 1,345.9 9,140.7 6,901.1 92.7 733.3 608.1 269.1 455.3 395.6 3,295.9 3,059.7 827.6 750.1 494.8 467.6 715.5 696.6 5,883.2 4,415.8 973.6 2,539.4 1,925.5 2011 427.3 343.6 1,392.2 838.3 394.2 365.3 846.7 817.8 872.3 625.3 6,056.3 5,827.1 7,445.2 6,044.3 1,775.1 1,778.2 9,292.7 7,338.9 117.5 689.5 559.6 319.9 555.0 514.4 2,353.7 2,248.7 630.4 566.1 475.1 463.4 518.0 518.4 6,230.3 3,853.0 1,955.6 2,315.1 1,768.6 2012 593.3 475.4 1,219.7 819.0 621.9 573.4 408.6 347.2 698.5 382.0 3,739.9 3,432.4 4,693.6 3,858.2 1,017.1 913.7 5,153.9 3,589.3 109.2 578.4 437.5 199.8 383.6 310.8 2,114.9 1,962.7 600.1 539.7 476.0 451.2 489.9 471.2 3,767.0 2,734.3 714.7 1,840.7 1,376.4 2011 462.7 359.6 1,045.6 643.4 496.1 466.3 550.1 511.8 712.5 458.3 3,732.4 3,516.9 4,039.3 3,250.8 1,078.1 1,009.3 5,125.1 3,561.2 110.7 578.2 448.4 200.9 381.7 344.3 1,474.4 1,395.7 510.7 464.6 407.1 394.2 399.9 380.7 3,791.4 2,024.4 1,484.8 1,619.9 1,261.7 2012 1.4 (0.1) (0.4) (5.5) (5.5) 1.9 2.8 0.5 11.8 5.5 82.8 82.4 1.1 1.0 841.2 804.8 0.7 0.7 165.7 165.7 0.3 0.3 (0.2) (0.1) (0.1) (0.1) (3.5) (1.0) (2.8) (2.7) (2.9) 2011 (0.9) (1.1) (1.6) (1.6) 0.9 2.0 2.1 7.6 7.6 89.3 88.5 15.6 15.5 507.6 383.5 (0.5) (0.5) (5.7) (5.7) (0.5) (0.6) 0.2 0.1 0.1 (13.1) (1.0) (11.8) (1.4) (1.3) 2012 46.0 69.3 308.6 143.9 387.7 385.1 184.4 191.3 128.0 86.4 2,397.8 2,100.6 3,348.9 2,720.3 511.6 429.7 4,109.5 3,387.5 (15.6) 159.0 173.7 69.3 94.5 107.6 1,185.3 1,100.5 231.4 213.8 19.2 16.8 225.9 225.8 2,122.8 1,695.8 251.0 747.6 574.5 2011 20.2 36.3 351.3 196.8 (99.5) (99.7) 315.9 325.3 158.9 162.3 2,363.6 2,329.9 3,667.8 3,030.3 703.6 769.4 4,300.2 3,907.5 7.3 126.0 114.4 117.7 175.2 170.9 878.9 850.8 123.3 103.2 72.6 72.9 118.7 137.1 2,451.0 1,834.7 473.9 741.8 531.7 2012 24.9 19.0 60.9 5.9 94.3 94.2 47.1 46.4 35.9 18.7 549.5 453.9 786.4 665.3 104.9 87.7 875.0 685.8 (3.6) 41.9 45.3 17.8 9.8 7.2 317.6 296.3 63.0 55.7 7.4 7.3 64.4 65.0 461.8 318.0 95.6 173.7 126.3 2011 16.6 11.9 43.8 (10.0) (32.9) (32.9) 86.0 87.2 32.3 26.5 542.0 519.1 873.9 711.6 140.9 138.0 1,018.2 856.8 2.2 33.8 31.7 26.1 35.6 34.0 233.3 226.1 34.9 27.5 22.2 22.2 30.7 33.8 630.3 442.2 153.5 195.6 115.9 2012 54% 27% 20% 4% 24% 24% 26% 24% 28% 22% 23% 22% 23% 24% 21% 20% 21% 20% 23% 26% 26% 26% 10% 7% 27% 27% 27% 26% 39% 43% 29% 29% 22% 19% 38% 23% 22% 2011 82% 33% 12% -5% 33% 33% 27% 27% 20% 16% 23% 22% 24% 23% 20% 18% 24% 22% 30% 27% 28% 22% 20% 20% 27% 27% 28% 27% 31% 30% 26% 25% 26% 24% 32% 26% 22% 2012 21.1 50.3 247.7 138.0 293.4 290.9 137.3 144.9 92.1 67.7 1,848.3 1,646.7 2,562.5 2,055.0 406.7 342.0 3,234.5 2,701.7 (12.0) 117.1 128.4 51.5 84.7 100.4 867.7 804.2 168.4 158.1 11.8 9.5 161.5 160.8 1,661.0 1,377.8 155.4 573.9 448.2 2011 3.6 24.4 307.5 206.8 (66.6) (66.8) 229.9 238.1 126.6 135.8 1,821.6 1,810.8 2,793.9 2,318.7 562.7 631.4 3,282.0 71 毕马威国际合作组织 ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。

— 5.1 92.2 82.7 91.6 139.6 136.9 645.6 624.7 88.4 75.7 50.4 50.7 88.0 103.3 1,820.7 1,392.5 320.4 546.2 415.8 * 代表上市公司。

# 代表中外合资证券公司。

Wanguo Securities (consol level) 83b Shenyin &

Wanguo Securities (company level) 84a SINOLINK Securities (consol level)* 84b SINOLINK Securities (company level)* 85a SooChow Securities (consol level) 85b SooChow Securities (company level) 86a AVIC Securities Co., Ltd (consol level) 86b AVIC Securities Co., Ltd (company level) ? 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”)相关联的独立成员所网络中的成员。版权所有，不得转载。 — * Denotes listed securities companies. # Denotes Sino-foreign joint venture companies. Source: financial statements of securities companies 二零一三年中国证券业调查报告 Profit and loss 利润表 Operating income 营业收入 Operating expense 营业支出 Asset impairment charge/ (write back) 资产减值损失/ （回拨） Net profit/(loss) before ta 利润/（亏损）总额 Total tax expenses/(income) 所得税费用/(收益) Effective tax rate 实际税率 Net profit/(loss) after tax 净利润/（亏损） 2012 489.4 421.1 83.4 1,148.2 1,076.8 856.0 787.8 1,055.8 552.1 1,200.3 1,090.8 2,427.4 2,028.1 520.4 2,711.2 2,402.3 3,012.8 2,725.1 325.0 228.9 217.3 1,459.7 1,041.7 111.6 94.7 808.6 713.2 1,048.0 693.7 46.6 4,825.4 4,011.0 1,534.3 1,464.1 1,398.3 1,255.3 497.1 475.0 2011 245.2 210.4 103.9 1,199.0 1,150.9 906.3 855.3 1,134.0 577.3 809.6 720.3 2,573.2 2,307.5 665.6 3,055.9 3,026.5 3,047.0 2,798.0 138.3 60.1 263.4 1,270.5 868.9 74.8 68.9 1,097.5 1,026.8 1,098.1 808.4 62.3 4,930.3 4,161.8 1,079.7 1,034.0 1,297.9 1,193.5 584.8 564.6 2012 458.8 394.2 81.2 1,085.2 1,025.0 620.9 565.2 899.5 530.4 1,044.9 957.7 1,818.7 1,419.6 423.4 1,624.3 1,509.0 2,353.1 2,111.1 294.6 218.9 274.4 1,254.2 911.1 104.8 89.5 790.4 687.4 862.5 516.3 64.6 2,962.2 2,239.3 1,174.6 1,108.8 1,052.1 938.0 502.9 482.0 2011 425.6 390.1 96.0 1,099.4 1,148.6 642.4 595.6 984.7 569.1 988.0 911.2 1,522.8 1,273.9 464.2 1,845.0 1,797.7 2,424.7 2,218.5 266.0 190.5 260.8 1,119.6 794.7 68.6 60.8 794.1 700.8 836.8 543.5 71.6 2,717.2 2,067.3 773.1 726.3 990.7 891.7 540.5 520.7 2012 0.5 0.5 0.1 (13.4) (13.4) 0.3 0.3 0.2 (0.2) (3.1) (3.1) 0.4 0.1 0.5 25.5 25.5 13.5 13.5 (0.4) 10.2 4.9 (0.1) 8.1 8.1 35.2 33.1 10.3 10.3 26.1 26.1 2011 0.7 0.7 0.2 4.6 4.6 0.4 0.4 0.5 0.5 4.9 4.9 (2.3) (2.4) 0.5 0.2 1.2 12.0 15.8 0.3 0.1 (3.3) (3.3) 0.1 3.9 (6.1) (6.3) (32.8) (32.9) 10.6 10.6 9.7 9.6 2012 32.6 28.5 3.5 76.2 62.4 240.2 227.7 156.2 21.1 179.6 157.2 758.4 747.1 98.0 1,081.3 887.6 671.2 624.0 29.7 10.3 (56.6) 235.5 150.1 6.8 5.0 20.7 28.0 191.6 178.4 (17.8) 1,922.8 1,810.9 376.5 371.8 345.2 314.0 38.5 37.3 2011 (177.3) (177.6) 8.8 108.3 109.9 286.9 281.6 153.1 10.1 (168.0) (187.0) 1,169.1 1,137.4 205.4 1,226.3 1,233.2 607.6 551.1 (126.6) (129.5) 3.9 166.7 79.7 9.2 10.1 335.6 356.2 272.6 265.7 (9.2) 2,300.3 2,153.2 324.2 323.5 320.4 312.0 52.1 50.8 2012 6.6 5.4 1.7 23.1 21.6 64.1

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中国证券业发展报告,中国网购调查报告2013,2013证券业薪酬排名图,2013年KPMG中国证券业调查报告

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