Great changes have taken place in China's capital market in the past decade. The implementation of the new securities law, the introduction of the registration system and the continuous progress of financial technology provide historical opportunities for the transformation and development of China's securities industry.
In the past ten years, China's securities industry has closely focused on the important mission of the capital market to serve the real economy, comprehensively enhanced the core competence of investment banks, accelerated the transformation and upgrading of wealth management business, persisted in being specialized, strong, excellent and refined, and made good progress in high-quality development.
Wind data shows that from the end of 20 12 to the end of August 2022, a total of 2,527 companies successfully landed in the A-share market. Among them, the number of newly listed companies reached a historical peak in 202 1 year, with 524.
In addition, it is worth mentioning that in the past ten years, the securities industry has helped all kinds of enterprises to complete more than 14 trillion yuan of equity financing and nearly 105 trillion yuan of bond financing.
Reform and expansion of multi-level capital market
Capital market plays a central role in China's modern economic system. After the 18th National Congress of the Communist Party of China, the construction of multi-level capital market in China has been accelerated. At present, China's capital market has formed a multi-level capital market system such as main board, science and technology innovation board, growth enterprise market, North Stock Exchange, New Third Board and regional equity market. The functions of each sector and market are clearly defined and progressively misplaced, supporting the innovative development of different growth stages and different types of enterprises.
The construction of multi-level capital market can not be separated from the full support of the securities industry. In the past ten years, the securities industry has actively integrated into the overall situation of economic and social development, and its ability to serve the real economy and national strategy has been continuously enhanced. Wind data shows that from the end of 20 12 to the end of August 2022, a total of 2,527 companies successfully landed in the A-share market. Among them, the number of newly listed companies reached a historical peak in 202 1 year, with 524. By the end of August this year, there were 254 new listed companies.
In the past ten years, the securities industry has helped all kinds of enterprises to complete equity financing 14 trillion yuan and bond financing nearly 105 trillion yuan, and a number of new blue-chip companies with large market capitalization, such as contemporary Anpu Technology Co., Ltd. and Haitian Ye Wei, have emerged. Their leap-forward development is inseparable from the help of the capital market; Successful landing in the capital market is inseparable from the help of brokerage investment banks in improving their internal governance and implementing the shareholding system reform.
It is worth mentioning that under the background of the comprehensive deepening reform of the capital market, the financial service scheme provided by the securities industry has been more perfect in the past decade. In addition to the traditional financing tools, the securities industry has also introduced new living water to the real economy by creating ABS, REITs, risk management and other tools. According to Wind statistics, in the past decade, the issuance scale of asset-backed securities in Shanghai and Shenzhen stock markets exceeded 6 trillion yuan.
Accelerate the integration of finance and technology
Before 20 12, the securities industry showed obvious characteristics of relying on the weather to eat. For example, in 2006 and 2007, the performance of the whole industry in the big bull market increased greatly; However, after entering the bear market in 2008, the overall profitability of the industry fell sharply, and many brokers even suffered losses.
One of the important reasons is that in the past profit model, brokerage business has become the most important source of income for brokers. However, in the fierce competition, the falling commission rate and the rigid expenditure cost are superimposed, which makes the brokers bear the market and exposes the fragility of the profit model.
After 20 12, the capital market transformed into the securities industry, which brought a series of policy dividends. The rapid development of financial technology has provided a powerful boost for the transformation of securities firms' wealth management.
Liu, deputy secretary of the Party Committee of changjiang securities, pointed out in an interview with the reporter of National Business Daily that in the past decade, the transformation from brokerage business to wealth management was an inevitable choice to meet the needs of customer upgrading, regulatory policy guidance and self-development. With the rapid development of China's economy and society, the middle-income groups are constantly expanding, and the net value of superimposed products has landed. The preservation and appreciation of assets has gradually become the mainstream investment pursuit, which has spawned diversified financial needs beyond traditional transactions, and wealth management institutions have ushered in broad development space and historic development opportunities. The guidance of regulatory policies is helpful for securities firms to enrich financial product lines, optimize investor structure, enhance market stability and provide a solid institutional foundation for wealth management transformation. At the same time, the traditional channel business of brokers is fiercely competitive, and the development of non-channel business is gradually mature, forcing brokers to accelerate the transformation of wealth management.
Liu pointed out that in the past ten years, in terms of wealth management transformation, changjiang securities has adhered to the development strategy of serving customers' wealth growth and industry value growth, firmly focused on customers, optimized the development direction of investment experience, shifted from seller's sales to buyer's perspective, built an all-round financial product line, exerted the strong advantages of investment and research, improved asset allocation ability, fully met customers' diversified investment needs, and helped customers enjoy the wealth distribution dividend brought about by economic growth. At the same time, strengthen technology empowerment, build a fully functional wealth management platform, integrate internal and external resources, build an open and win-win ecosystem, meet customers' comprehensive financial needs in one stop, and improve the availability and convenience of financial services.
It is worth mentioning that in the process of wealth management transformation, one of the most obvious features is the deep integration of finance and technology in the past decade, and the continuous innovation of new business models has greatly enhanced the breadth and depth of serving residents' wealth management needs.
According to the data of China Securities Association, in 20021year, the investment in information technology in the securities industry reached 33.82 billion yuan, with a compound annual growth rate of 22% in the past three years. Nowadays, investors can easily obtain investment-related information and services through the brokerage APP. According to the statistics of Deng Zhong Company, as of August, 2022, the number of investors reached 208 million, and the ending balance of customer transaction settlement funds exceeded 2 trillion yuan.
In February, 2020, seven brokers, including Guotai Junan and Galaxy Securities, were qualified to carry out fund investment business, and their wealth management business was transformed into deep water area. The transformation from traditional securities firms to wealth management business model has brought the interests of securities firms and investors closer together and brought new profit growth points to the industry. Relevant data show that by the end of 20021,24 pilot institutions in the industry had officially participated in the exhibition, serving about 3.67 million customers and serving assets of about 98 billion yuan; The investment business scale of Huatai Securities, Guolian Securities and Guotai Junan Fund exceeds10 billion yuan.
The total assets of the securities industry exceed 10 trillion.
In the past ten years, the reform and innovation of institutional mechanisms have promoted the leap-forward development of the capital market and reshaped the pattern of the securities industry.
On the one hand, while promoting direct investment and serving the real economy, the securities industry has also become bigger and stronger through capital markets, mergers and acquisitions. With the support of supervision. In the second half of 20 14, China Securities Regulatory Commission explicitly encouraged qualified securities companies to go public in IPO, canceled additional prudential requirements and simplified relevant procedures. From 20 15 to 202 1, * * * 22 brokers successfully landed in the capital market. In addition, CICC, Galaxy Securities, etc. All listed on A+H, and Huatai Securities issued GDR on the Shanghai Stock Exchange on 20 19, becoming the first A+H+G listed company. The securities industry has laid a solid foundation for the next internationalization by landing in overseas capital markets.
In the past ten years, M&A has also become an important way to support the securities industry to become bigger and stronger. 20 15, Shen Yin wanguo's acquisition of Hongyuan securities, 20 17, CICC's acquisition of China investment securities, 20 18, and citic securities' acquisition of Guangzhou securities have all become benchmark events for industry integration in the past decade.
According to the data of China Securities Association, by the end of 20021,the total assets of the securities industry had reached 10.59 trillion yuan, with a compound annual growth rate of 21%; The net assets are 2.57 trillion yuan, with a compound annual growth rate of 10%. In 20021year, the operating income of the securities industry was 5024 1 100 million yuan, with a compound annual growth rate of 10/4%; Net profit1911.1900 million yuan, 10 compound annual growth rate 17%. At present, China's securities industry has initially formed a new pattern in which the head brokers have strong comprehensive strength and some regional brokers compete differently in sub-sectors.
It is worth mentioning that from 2065438 to April 2008, the CSRC raised the upper limit of foreign shareholding ratio to 51%; From April 1 day, 2020, the restrictions on the ratio of foreign shares of brokers and funds will be officially lifted. Judging from the trend in recent years, more and more foreign investment banks have followed the trend of capital market opening and increased their market layout in China, which has also led to many new competitors in the industry.
In this regard, Ran Yun, chairman of Guo Jin Securities, said that with the acceleration of China's financial development, the speed of foreign securities firms entering China has gradually accelerated, but it is relatively small in terms of business volume. Foreign investment banks pay more attention to global coordination, will lay out China for a long time, and will seek breakthroughs in wealth management, cross-border investment banks, derivatives and other professional fields. However, judging from the competition pattern, it is difficult for foreign brokers to shake the position of domestic head brokers in the short term. Competing with foreign capital on the same stage will accelerate the continuous integration and concentration of China securities firms, and the competitiveness of head securities firms will continue to increase.
The industry actively fulfills its social responsibilities.
Song Qing, the president of China Securities Industry Association, once said that serving the national strategy in high-quality development is the only way for the development and progress of industry organizations, and it is also the social responsibility that industry organizations should bear.
In the past ten years, as an important participant, promoter and beneficiary of the socialist market economy, the ability and willingness of the securities industry to fulfill its social responsibilities have also been significantly improved.
20 16 China securities association launched a company-county pairing assistance initiative. More than 0/000 brokers in the industry/KLOC-actively practice the mission of stimulating economic vitality and cultivating innovative kinetic energy through pairing assistance, setting up public welfare funds, helping enterprises in poor areas to go public and financing, and innovating financial products, and have made outstanding contributions to winning the battle against poverty and building a well-off society in an all-round way. When poverty alleviation is followed by rural revitalization, the securities industry continues to respond positively and continue to work hard to consolidate the achievements of poverty alleviation, promote rural revitalization, and promote prosperity and development. The data shows that as of 20021,6 1 securities companies have participated in the rural revitalization public welfare action plan, and promised to invest 340 million yuan to help 323 poverty-stricken counties.
At the same time, the overall promotion of cultural construction in the securities industry has played a positive role in enhancing the overall image of the industry and promoting the brand building of the industry.
He said: 10 years ago, the securities industry gradually established a culture of compliance and integrity. Since 20 19, the securities industry has accelerated the construction of a "compliance, integrity, professionalism and stability" industry culture, organically integrating cultural construction with the company's development strategy, corporate governance, business development and social responsibility, and providing value orientation and spiritual support for the long-term stable and healthy development of the capital market. In the future, the securities industry will always take the initiative to serve the national strategy and regional economy, assume social responsibilities in supporting scientific and technological innovation and industrial upgrading, helping carbon neutral at the peak of carbon dioxide emissions, supporting rural revitalization, serving small and medium-sized enterprises and developing inclusive finance, give full play to its professional advantages, and show the feelings of finance for the people.