中国证券业调查报告（中英文版，232页）

行业报告下载 2020年09月15日 06:54 管理员

2019年，全行业132家证券公司合计实现营业收入3,600亿元，同比增长37%；实现税后净利润人民币1,195亿元，同比增长92%（见图表1）。行业净利润的大幅增长得益于2019年经营环境的整体优化，2019年券商各业务条线迎来全面增长。2019年股债市场反弹驱动券商自营业务业绩显著提升，同时受科创板开市叠加债券市场融资规模增加的影响，投行业务净收入增长；此外，2019年 A股沪深两市交易活跃度较2018年改善，沪深两市全年股票总成交额为人民币 127万亿元，同比2018年大幅增长41%（见图表2）。行业经纪平均佣金率万分之2.88，整体延续下滑趋势、但降幅较小，在交易量显著提升、平均佣金率小幅下降的综合影响下，2019年经纪业务净收入整体上行。

From 2016 to 2019, the operating income of the top 10 securities companies as a proportion of the industry’s total operating income increased from 40 percent to 44 percent, before slightly decreasing to 42 percent in 2019 (Chart 4). This decrease in 2019 was mainly due to small and medium-sized securities companies rebounding higher in 2019 on the background of market recovery and policy reforms. Nonetheless, the top 10 securities companies’ operating income as a proportion of the industry total remained firmly above 40 percent over the past three years indicates that the large securities companies continue to maintain strong market position. With deepening capital market reforms and the CSRC move to develop mega-sized securities companies, this proportion may increase in the long run.