CITIC Futures is a member of CITIC Group. The company was restructured from 1993 Shenzhen Nonferrous Metals Exchange, the first futures exchange in New China, and its headquarters is in Shenzhen. Address: China Merchants Bank Building, No.7088 Shennan Avenue, Futian District, Shenzhen, Guangdong Province
CITIC Group is a wholly state-owned enterprise of the central government, and the Ministry of Finance holds 100%. It is also one of the four state-owned enterprises directly managed by the State Council.
CITIC Securities Co., Ltd. is a company mainly engaged in investment banking, wealth management, asset management, financial market and other related financial services.
CITIC Securities has maintained or obtained a leading position in many business fields. Focusing on serving the real economy, the company further improves the five roles of financing arranger, wealth manager, transaction service and liquidity provider, important market investor and risk manager, and constantly reshapes and consolidates its core competitiveness.
Company * * * shares or holds 97 companies, including 6 wholly-owned subsidiaries and 0 joint venture subsidiaries. The business scope covers securities, futures, asset management, private equity fund and equity investment. Relying on the largest shareholders, such as CITIC Bank, CITIC Trust and Prudential Life Insurance, it has formed a comprehensive business model of CITIC Holdings, and together with CITIC International Financial Holdings, it provides customers with comprehensive financial services at home and abroad.
CITIC's business is mainly divided into five business segments: brokerage, investment banking, asset management, credit and self-operation. In addition, the international promotion of the company's business is also worthy of attention.
1, brokerage business
After 20 15, the activity of China stock market decreased obviously, the market transaction volume decreased, and other businesses of the company developed more rapidly, which made the income and proportion of brokerage business of the company continue to decline. Brokerage business has dropped from 20 1518.4 billion yuan to 9.5 billion yuan in 20 19, and its income has dropped from 33% in 20 15 to 17% in 20 19.
The company began to shift the focus of brokerage business to wealth management and institutional customers with higher added value. On 20 16 and 20 18, the company realized that institutional customers bought and sold more securities than individual customers. Brokerage business is greatly influenced by market environment and investor sentiment. Institutional customers have higher professional level, greater advantages in all aspects and longer investment period than individual customers. Focusing on institutional customers can help brokerage business accept the impact of market fluctuations. At the same time, with the advantage of medium and high-rate institutional customers, CITIC can still lead the market average commission rate of 3.2/ 10,000 with a commission of 49/10,000 under the background of general commission reduction in the industry.
2. Investment banking business
Investment banking has always been the dominant business of the company. 201911000 billion yuan, and CITIC's equity underwriting amount was 635.7 billion yuan, ranking first in the industry.
Investment banking is greatly influenced by regulatory policies. Since 20 16, the audit committee of China Securities Regulatory Commission has stepped up the examination of IPO reporting enterprises, and the income of investment banks in the industry has declined as a whole. CITIC's investment banking business has also decreased from 5.4 billion yuan in 20 16 to 3.6 billion yuan in 20 18. From July 20 19, science and technology innovation board enterprises began to issue and go public, and the investment banking income of the company began to pick up. 20 19' s investment banking income has exceeded 4 billion. As of May 3, 2020, the number of applicants for the company's science and technology innovation board was 1 1, second only to 12 of CITIC Construction Investment Co., Ltd., and the number of reserved projects was also in the forefront of the industry, which was enough to support the subsequent business development. The company began to pursue profit diversification in debt underwriting, focusing on innovative investments such as public offering REITs and supply chain financial asset securitization, so as to enhance its competitiveness in the asset securitization market. At the same time, it robbed many local government debt underwriting from banks, and the company's debt underwriting ability is also increasing.