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China Securities Institutions Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

Last Update:2014-05-01

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Preface

Table of Content

The implementation of reform and opening up policy in the late 1970s began to launch the transformation shifting from planned economy to market economy in China. In the process of transformation, the increasing deepening of state-owned enterprises and the sustainable development of China economy require the adapted financial regulations, thus the capital market comes into being, becoming an important force to promote the reform of ownership and improve the methods of allocating resources. With the gradually establishment of market economy in China, the demand for market allocation of resources increases, China’s capital market grows more and more strongly. From 1993 to 1998, the foundation of China Securities Regulatory Commission marks the national capital market began to be gradually formed and develop, since the capital market had been involved into the unitedly supervision, the marekt capital pilot extending to the nationwide.

In 2007, the securities market continued to perform well. The brokerage became a main “money-spinner” for brokers. The total sume of operating revenue reahed 329.854 billion Yuan, compared with the 258.739 billion Yuan in 2006 and with a year-on-year increase of 363.8%. The year of 2008 witnessed a widespread drop in A-share market. Although the stock index fell by nearly 70%, 90% broker still maintained the profitability situation, and 107 securities corporations realized the revenue of 125.1 billion Yuan. In 2010, since the acceleration of securities market listing, the financing size for the primary market increased abruptly over than of 2009. Due to the affection of internetional complicated factors, the secondary market showed widespread shocking situation, and the total transaction revenue only grew slightly over the same period of the previous year. In addition, with the recommendation of stock index futures and financing securities, the unilateral order of A-share marekt was broken. Desipte bussiness range expanding of innovation business for China’s securities traders, the imrpovement for the securities traders’ revenue was very limited in the short term. Then all the securities trades fight for commision with price war for the whole year, which led to an overall decrease in the entire industry’s revenue level. According to initial statistics from the Securities Association of China, the industry net margin decreased by 16% in 2010. The 106 securities companies realized a total operating revenue of 192.653 billion Yuan, with a decrease of 6.2%.

In 2011, the 109 securities companies in the industry achieved the operating revenue and net margin of 135.950 billion Yuan and 39.377 billion Yuan respectively in total, with a decrease of 30% and 50%. However, there were still 90% securities traders achieveing profitability, accounting for 83% of the total numbes of securities companies. In terms of business, the revenue indicators of four main businesses for brokers were all decreasing over the same period. Among them, the net margin of brokerage was 68.887 billion Yuan, appearing a sharp decrease. Moreover, the net margin of securities underwriting and sponsor (investment banking service), as well as financial advisory service was 24.138 billion Yuan, with a year-on-year decrease of 11.36%; the net margin of client asset management business was 2.113 billion Yuan, with a year-on-year decrease of 3.2%; and the self-operated business decreased by 75.93% over the year of 2010.

Although the recession of securities transaction market didn’t directly affect the operation of China securities companies, as of the end of 2011, the total asset of 109 securities companies in the industry was 1.57 trillion Yuan; the net assets was 630.255 billion Yuan; the net capital was 463.402 billion Yuan; and the capital sum of entrusted and management fund was 281.868 billion Yuan. Compared with the data in 2010, it’s found the net assets and net capital increased by 11.07% and 7.3% respectively, and the total capital sum of entrusted and management fund obviously increase, with an increase of 50%.

Since August 2011, the supervision departments have set about to revise the “Provisions on Further Regulating Securities Business Outlets”. At present, the market generally concerns about the situation of newly established outlets and their influence on the industry in the future. Analysts consider, a massive establishment of new outlets will be beneficial for securities traders’ accelerating the development and renovation of financial products and services, and for speeding up the securities trades’ transformation from traditional channel business to wealth management business. In 2011, China’s securities supervision regulators vigorously recommended the innovation business of securities traders, but due to the non-formation of size effect, it’s predicted the actual output effect will be just gradually presented.

With the gradual strengthening of securities companies’ profitability, the operating revenue will increase steadily. The transformation of seller business to buyer business is a big trend. The investment capability is an important key to decide whether a securities company can win in the competition or not, of which includes the investment capabilities of self-operated, funds management, direct investment, PE funds, cash management, financing securities, share buyback deal transaction and other business with capital. Therefore, the securities traders not only need to unearth the full business resources, but also significantly improve their research pricing and investment capabilities.

With Forward’s long-term tracking and collecting market data of securities institutions industry, we analyzes the market environment of international and domestic securities institutions; the operational conditions of securities institutions; the sales department construction and major subdivision business of securities institutions; the investment potential of securities institutions in 20 key regions; the leading corporations’ operational conditions in securities institutions industry. Meanwhile, with comprehensive and specific first-hand market data over the past 5 years, Forward helps you to grasp the market and development trends of securities institutions industry, so as to win advantages from competition!

The most distinctive characteristics of this report is forward-looking and timeliness. Through analyzing forward-looking characteristic of abundant first-hand market data, we deeply and objectively dissect the influencing factor and competitive landscape of the development of China current securities institutions industry. Furthermore, based on future development tracks and years’ practice experience of securities institutions, we conduct analysis for the sustainable development and roads of current securities institutions industry, and prudent analysis and forecast for securities institutions’s future development trend. This report helps securities institutions and relevant risk investment institutions to precisely grasp current latest developments of the industry. Afterwards, they can make wise operating decisions and define enterprises’ development directions. Moreover, this report is the first and weighty report on analyzing the up and down stream industrial chain of securities institutions industry and analyzing its leading corporations in an all-round and systematical way.

Here, we would like to express our sincere gratitude to State Information Center, Bureau of Statistics of China, International Information Research Institute, Chinese Academy of International Trade and Economic Cooperation, Tsinghua University Library, Development Research Center of the State Council and Beijing Essence Forward Research Center, for their great support when we conduct this report!

Notice: All the market data, especially corporations' ranking data in the report, only for business reference. Please do not take the data for enterprise publicity. Thank you! Or Forward shall not take any responsibility for any consequences!

Qianzhan Business Information Co., Ltd. Industry Research Center
Research Team of Securities Institutions

Chapter 1: Development Background of China Securities Institution

1.1 Concepts Related to Securities Institution

1.1.1 Definition of Securities Institution

1.1.2 Classification of Securities Institution

1.1.3 Position and Role of Securities Institution

1.2 Development History of Securities Institution

1.2.1 Preliminary Stage of Securities Industry

1.2.2 Establishment Stage of Stock Exchange

1.2.3 Rapid Development Stage of Securities Industry

1.2.4 Intensive Outbreak of Risks and Comprehensive Treatment

1.3 Analysis of All Business China of Securities Institution

1.3.1 Overview of All Business China of Securities Operating Institution

1.3.2 Traditional Business of Securities Operating Institution

1.3.3 Innovation Business of Securities Operating Institution

1.4 Analysis of Customer Demand of Securities Operating Institution

1.4.1 Factors to Impact Brokerage Customer in Securities Companies

1.4.2 Means to Divide Market Segments of Securities Business Departments

1.5 Analysis of Markets Related to Securities Operating Institutions and Development of Industry

1.5.1 Analysis of Operating Situation of Stock Market

1.5.2 Analysis of Operating Situation of Futures Market

1.5.3 Analysis of Operating Situation of Fund Market

1.5.4 Analysis of Development Situation of Commercial Banks

1.5.5 Analysis of Development Situation of Insurance Industry

1.5.6 Analysis of Development Situation of Trust Industry

1.5.7 Analysis of Development Situation of Venture Capital Investment and Private Placement Market

Chapter 2: Analysis of Operating Environment for Securities Institution

2.1 Analysis of Supervision Environment and Policies for Securities Institution

2.1.1 Regulation on Supervision and Administration of Securities Firms

2.1.2 Regulation on Risk Management of Securities Firms

2.1.3 Trial Implementation Measures for the Customer Asset Management Business of Securities Companies

2.1.4 Guidelines for Issuing Regulations on Securities Research Report Practice (Draft for Comments)

2.1.5 Regulatory Guidelines for Securities Companies' Direct Investment Business

2.1.6 Interim Provisions on the Securities Investment Advisor Business

2.1.7 Provisions on the Investment Scope of the Proprietary Trading Business of Securities Companies and Related Issues

2.1.8 Guiding Opinions on the Fair Trading System of Securities Investment Fund Management Companies

2.1.9 Provisions on Further Regulating Securities Business Outlets

2.1.10 Rules for Setting up of Foreign-shared Securities Companies

2.1.11 Measures for the Performance Evaluation of Financial Enterprises

2.1.12 Other Laws and Regulations

2.2 Analysis of Economic Environment for Securities Institution

2.2.1 Relevancy of Industry in National Economy

(1) Cycle of Securities Market and Operation Features of Macro-economic Cycle

(2) Macro-economic Factors to Impact the Trend of Securities Market

(3) Status of Linkage between Securities Market and Macro-economy

2.2.2 Analysis of Operation of International Economic Environment

2.2.3 Analysis of Operation of National Macro-economy

2.2.4 Development Forecast for National Macro-economy

2.3 Analysis of Financial Environment for Securities Institution

2.3.1 Analysis of Industry’s Overall Financial Operation Environment

2.3.2 Analysis of Capital Flow in Domestic Securities Market

2.3.3 Analysis of Cross-border Capital Investment Securities Market

2.3.4 Analysis of Adjustment for PBoC Reserve Requirement Ratio

2.3.5 Analysis of Adjustment for PBoC Deposit and Loan Rate

2.3.6 Forecast for PBoC Monetary Policies

2.4 Analysis of Social Environment for Securities Institution

2.4.1 Size of Personnel Investable Assets

2.4.2 Analysis of Development Size of High-Net-Worth Individuals

2.4.3 Regional Distribution of High-Net-Worth Individuals

2.4.4 Analysis of Investment Preference of High-Net-Worth Individuals

2.5 Analysis of Market Environment for Securities Institution

2.5.1 Impact of Release of Financing and Bond Business

2.5.2 Analysis of New Tertiary Board Impact

2.5.3 Analysis of Size of non-lifting Impact

2.5.4 Analysis of Development Bottlenecks of Domestic Securities Market

2.5.5 Analysis of Development Trend for Domestic Securities Market

Chapter 3: Analysis of Development Path of Domestic Securities Institution

3.1 Analysis of Development Experience of Business in International Investment Bank

3.1.1 Introduction to Business Scope of International Investment Bank

3.1.2 Development History of Business in International Investment Bank

3.1.3 Development Status of Business in International Investment Bank

3.2 Analysis of Development of Foreign Asset Management Industry

3.2.1 Analysis of Development of Foreign Asset Management Product

3.2.2 Analysis of Development of Foreign Asset Management Business

3.2.3 Development Trend for Global Asset Management Industry

3.3 Analysis of Development of Foreign Securities Institution

3.3.1 Analysis of Development Path of US Securities Institution

3.3.2 Analysis of Development Path of Japan Securities Institution

3.3.3 Analysis of Development Path of South Korea Securities Institution

3.4 Analysis of Human Resource Construction of US Securities Institution

3.4.1 Analysis of Organization Structure of US Securities Trader

3.4.2 Analysis of Career of US Securities Trader

3.4.3 Analysis of Recruitment Methods of US Securities Trader

3.4.4 Personnel Attraction Strategy for US Securities Trader

3.4.5 Human Resource Structure of US Securities Trader

3.4.6 Training Ways for New Employees of US Securities Trader

3.4.7 Performance Evaluation of Staff of Securities Trader

3.4.8 Analysis of Salary System of US Securities Trader

3.4.9 Departure Ways and Causes for Staff of US Securities Trader

3.5 Research on Management Models for US Securities Broker

3.5.1 Analysis of Format Comparison among US Securities Broker

3.5.2 Analysis of Recruitment Mechanism for US Securities Broker

(1) Analysis of Recruitment Requirements for US Securities Broker

(2) Market Divisions of US Securities Brokerage

(3) Analysis of Employment Cases for US Securities Broker

1) Positioning Strategies and Marketing Models for Merrill Lynch and Edward Jones Wealth Management

2) Analysis of Employment Difference between Merrill Lynch’s Broker and Edward Jones

(4) Analysis of Broker Employment for Network Broke

(5) Broker Employment Experiential Learning for US Securities Trader

3.5.3 Analysis of Broker Training Model for US Securities Trader

(1) Overview of Broker Training Model for US Securities Trader

(2) Case Study of Broker Training for US Securities Trader

1) Morgan Stanley Smith Barney (FA)

2) Merrill Lynch (FC)

3) Investment Representatives of Edward Jones (IR)

4) Scottrade Stock Broker (Stock Broker)

(3) Training Experience Learning of US Securities Broker

3.5.4 Enlightenment of Assessment Incentive Management on US Securities Broker

3.5.5 Analysis of Experience of US Securities Marketing Models

(1) Representative Model of Merrill Lynch – FC Model

(2) Representative Model of Charles Schwab - Independent Financial Adviser

(3) Representative Model of Edward Jones – Community Model

(4) Experiential Learning of US Securities Marketing Model

3.6 Internationalization Development Experience of US Securities Institution

3.6.1 Internationalization Background of US Investment Bank

3.6.2 Internationalization Progress of Famous Investment Banks in US

(1) Internationalization Progress of Merrill Lynch

(2) Internationalization Progress of Goldman Sachs

(3) Internationalization Progress of Morgan Stanley

3.6.3 Rules and Enlightenment for Internationalization of US Investment Bank

(1) Rules and Enlightenment for Internationalized Organization Structure

(2) Rules and Enlightenment for Internationalized Regional Structure

(3) Rules and Enlightenment for Internationalized Business Structure

(4) Rules and Enlightenment for Internationalized Risk Control

3.7 Analysis of International Leading Securities Institutions’ Investment in China

3.7.1 Policy Environment for Foreign Capital Participation in Domestic Securities Trade

3.7.2 Analysis of Status of Foreign Capital Participation in Domestic Securities Trade

3.7.3 Impact of Entry of Foreign-funded Securities Institutions

Chapter 4: Analysis of Development of China Securities Institutions

4.1 Construction of Competitiveness Assessment System of Securities Institution

4.1.1 Selection Principles of Index System

4.1.2 Index System and Construction of Index System

4.1.3 Analysis of Comparison among Core Competitiveness of Enterprises

(1) Analysis of Comparison among Scale Strength

(2) Analysis of Comparison among Profit Models

(3) Analysis of Risk Management Capability

4.2 Analysis of Operation Situation of Securities Institution

4.2.1 Analysis of Income Scale of Securities Institution

4.2.2 Analysis of Asset Structure of Securities Institution

4.2.3 Analysis of Cost of Securities Institution

4.3 Analysis of Profit Model for Securities Institution

4.3.1 Definition of Profit Model of Securities Institution

4.3.2 Analysis of Profit Route of Securities Institution

4.3.3 Analysis of Profit Means of Securities Institution

4.3.4 Analysis of Business Structure of Securities Institution

4.3.5 Analysis of Cost Control of Securities Institution

4.3.6 Analysis of Management Level of Securities Institution

4.3.7 Innovative Profit Model for Securities Institution

4.4 Analysis of Marketing Model for Securities Institution

4.4.1 Factors to Impact Domestic Securities Trade’s Regional Marketing

4.4.2 Analysis of Marketing Model for Domestic Leading Securities Traders

4.4.3 Analysis of Innovative Development Model of Marketing for Securities Trader

4.5 Channel Marketing Strategies for Securities Institution

4.5.1 Major Marketing Methods for Securities Institution

4.5.2 Market Channels Construction for Securities Institution

4.5.3 Marketing Strategies and Suggestions for Securities Institution

4.6 Analysis of Competitive Landscape of Securities Institution in the Industry

4.6.1 Analysis of Concentration of Securities Institution

4.6.2 Analysis of Differentiation Competition of Securities Institution

4.6.3 Analysis of Financing Status of Securities Institution

4.6.4 Analysis of M&A and Restructuring of Securities Institution

(1) M&A and Restructuring Model for Large-scale Securities Institution

(2) M&A and Restructuring Model for Medium-scale Securities Institution

(3) M&A and Restructuring Model for Small-scale Securities Institution

4.7 Analysis of Human Resource of Securities Institution

4.7.1 Analysis of Talent Demand for Securities Institution

4.7.2 Analysis of Talent Structure of Securities Institution

4.7.3 Analysis of Talent Flow of Securities Institution

(1) Analysis of General Manager Flow in Sales Department

(2) Analysis of Researcher Flow in Securities Company

4.7.4 Analysis of Salary of Securities Institution

(1) Analysis of Salary of Staff in Investment Bank

(2) Analysis of Salary of Star Analyst

(3) Analysis of Salary of Broker

(4) Analysis of Salary of Administration Staff

4.7.5 Suggestions for Talent Management in Securities Institution

4.8 Promotion Routes for Core Competitiveness of Securities Institution

4.8.1 In Terms of Asset Size and Financing

4.8.2 In Terms of Market Advantages

4.8.3 In Terms of Profitability

4.8.4 Analysis of Risk Management

Chapter 5: Analysis of Suggestions for Sales Department in China Securities Institution

5.1 Development Status of Sales Department in China Securities Institution

5.1.1 Analysis of Sales Department Scale of Securities Institution

5.1.2 Analysis of Regional Competitive Landscape of Sales Department in Securities Institution

(1) Regional Distribution Features of Sales Department in Securities Institution

(2) Analysis of Saturation Degree of Sales Department in Securities Institution

5.2 Development Status of Sales Department in Securities Institution

5.2.1 Major Features of Sales Department in Traditional Securities Institution

5.2.2 Operating Features of Sales Department in Leading Securities Institution

(1) CICC Securities Sales Department in Beijing Road Broadway Street

(2) Guosen Securities (Shenzhen) Sales Department in Tairan 9 Road

(3) CICC Securities Sales Department in Weihai Road in Shanghai

(4) Shenyin & Wanguo Securities Sales Department in Beijing Jinsong No.9 District

(5) Guosen Securities Sales Department in Beijing East Road, Shanghai

5.3 Analysis of Establishment of Light Securities Sales Department

5.3.1 Concept Explanation of Light Securities Sales Department

5.3.2 Development Status of Light Securities Sales Department

5.3.3 Analysis of Investment Return of Light Securities Sales Department

5.3.4 Development Barriers of Light Securities Sales Department

5.4 Analysis of Establishment of New-type Securities Sales Department

5.4.1 Major Features of New-type Securities Sales Department

5.4.2 Analysis of Competitiveness of New-type Securities Sales Department

5.4.3 Impact of New-type Securities Sales Department on Industry’s Competitive Landscape

5.4.4 Problems in Establishment of New-type Securities Sales Department

(1) Barrier Establishment of New-type Securities Sales Department

(2) Standards Establishment of New-type Securities Sales Department

(3) Commission Rate Standards Establishment of New-type Securities Sales Department

5.4.5 Suggestions for Establishment of New-type Securities Sales Department

5.4.6 Suggestions for Establishment of New-type Securities Sales Department

5.5 Analysis of Development Trend for Sales Department in Securities Institution

5.5.1 Case Study of Foreign New-type Model in Sales Department

(1) Organization Structure and Overview of Sales Department of Edward Jones Company

(2) Analysis of Business Structure of Edward Jones Company

(3) Analysis of Cost of Edward Jones Company

(4) Return On Equity of Edward Jones Company

5.5.2 Analysis of Regional Expansion Trend for Sales Department

5.5.3 Analysis of Operating Trend for Securities Sales Department

Chapter 6: Analysis of Business Segments of Securities Institution in China

6.1 Competition and Cooperation Trend for Business in Securities Institution

6.1.1 Analysis of Competition of Alternative Business Enterprise

6.1.2 Analysis of Cooperation of Complementary Business Enterprise

6.1.3 Analysis of Competition among Enterprises in the Same Industry

6.1.4 Analysis of Potential Entry Enterprises

6.1.5 Buyer Bargaining Power

6.1.6 Supplier Bargaining Power

6.2 Analysis of Development of Traditional Business in Securities Institution

6.2.1 Analysis of Underwriting Business in Securities Institution

(1) Financing Demand for IPO Market

(2) Analysis of Underwriting Business Volume

(3) Profitability of Underwriting Business

(4) Competition Status of Underweighting Business

6.2.2 Analysis of Brokerage Business in Securities Institution

(1) Analysis of Operation of Brokerage Business

(2) Analysis of Competition of Brokerage Business

(3) Model Innovation of Brokerage Business

(4) Development Prospects for Brokerage Business

(5) Development Suggestions for Brokerage Business

6.2.3 Analysis of Self-operated Business in Securities Institution

(1) Overview of Self-operated Business in Securities Institution

(2) Establishment Status of Financial Investment Sub-companies of Securities Trader

(3) Analysis of Investment Benefits of Self-operated Business of Securities Trader

6.2.4 Analysis of Asset Management Business of Securities Institution

(1) Service Model for Broker Fund Management Business

(2) Development Status for Domestic Asset Management Business

1) Enterprise Annuity Business

2) Overseas Asset Management Business

3) Develop Assembled Wealth Management Business

(3) Investment Subjects of Domestic Asset Management Business

(4) Operation Status of Securities Trader’s Asset Management Business

1) Analysis of Operation of Assembled Wealth Management Business

2) Analysis of Operation of Directional Asset Management Business

3) Analysis of Operation of Special Fund Asset Management Business

(5) Analysis of Competition of Securities Trader’s Asset Management Business

(6) Analysis of Sales Channels for Securities Trader’s Asset Management Business

(7) Analysis of Differentiation Development of Securities Trader’s Asset Management Business

(8) Major Innovation Directions for Securities Trader’s Asset Management Business

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