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Editor's note: this year is a key year for achieving the objectives and tasks of the 14th five-year Plan.Freespinscasinonodepositbonuscodes2022It is also the first year to implement the spirit of the Central Financial work Conference. The new "National Nine articles" just promulgated by the State Council not only emphasizes that the capital market should fully reflect the political and popular nature, and protect investors more effectively, but also emphasize the main line of strong supervision, risk prevention, and promoting high-quality development.
As one of the most important subjects in the capital market, how can securities companies shoulder the mission, be the "gatekeeper", fulfill their social responsibility and practice the financial culture with Chinese characteristics? How to write the chapter of capital market development in the new era? From now on, the Securities Times Agency, in conjunction with the China Securities Industry Association, has launched a column entitled "promoting confidence and promoting the Development of the Securities Industry to implement the 'two strengths and two strictures', inviting the principal responsible persons of well-known securities firms to gather wisdom and gather strength to jointly drum up and call for the development of the capital market. Please pay attention.
Wang Sheng, Party Committee Secretary and Chairman of China Yinhe Securities
Finance is the lifeblood of the national economy and an important part of the country's core competitiveness. Financial activity means economic activity, while financial stability means economic stability. The capital market is an important part of the financial market, which plays an important role in the national financial operation. The Central Financial work Conference proposed that efforts should be made to build modern financial institutions and market systems, give better play to the hub function of capital markets, and devote more financial resources to promoting scientific and technological innovation, advanced manufacturing, green development, and small and medium-sized enterprises. We will vigorously support the implementation of the innovation-driven development strategy and the regional coordinated development strategy.
Recently, the State Council issued several opinions on strengthening supervision and preventing risks to promote the high-quality development of the capital market (hereinafter referred to as the new "National Nine articles"). The core content is to strengthen the regulatory framework, improve the quality of listed companies, protect the rights and interests of investors, and enhance the inherent stability of the capital market. Cultivating first-class investment banks can promote the capital market to better play the function of allocating resources, promote the transformation and upgrading of the real economy, and improve the international status and influence of China's financial market, which is of great significance.
China's securities institutions away from the construction
There is still a gap between the world's top investment banks.
The new "National Nine articles" points out the direction for promoting the high-quality development of securities institutions and building a world-class investment bank. First of all, promote the securities industry to return to its origin, be better and stronger, establish a correct business philosophy, and handle the relationship between functionality and profitability. Secondly, we should comprehensively strengthen supervision to ensure the smooth operation of the capital market and the healthy development of the securities industry, and strengthen the joint crackdown on securities and futures crimes. Finally, it is necessary to improve the global voice of China's securities institutions, form a modern securities industry with comprehensive strength and international influence, and provide strong support for Chinese-style modernization and the construction of a financial power. At present, there is still a big gap in these three aspects in China's securities industry.
There is a deviation in the business philosophy and the function is not fully exerted. Securities institutions are the core intermediaries of direct financing, which play a vital role in serving the real economy and residents' wealth management by meeting the investment, financing and risk management needs of enterprises and investors. Securities institutions should always be based on the main responsibility, adhere to the customer as the center, put functionality in the first place, and balance the relationship between "functionality" serving the economy and people's livelihood and performance-driven "profitability". However, at present, there are some deviations in the management concept of securities institutions in China, which is often performance-oriented in the process of development, and has obvious deficiencies in meeting the diversified asset allocation needs of customers and promoting the sustainable development of the real economy. In 2023, the income of asset management business and investment banking business in China's securities industry accounted for only 5%.Freespinscasinonodepositbonuscodes2022.5% and 13.4%, the structural imbalance of the business model is more prominent, and the quality and efficiency of serving the real economy needs to be improved.
The awareness of compliance is not strong enough, and the level of governance needs to be improved. The new "National Nine articles" promotes the strengthening of industry supervision from the aspects of issuance and listing, delisting, trading, management of listed companies, and management of securities fund operating institutions, with the aim of purifying the market ecology and promoting the high-quality development of the capital market. The realization of these goals will put forward higher requirements for the operation and management of securities companies. Securities companies need to constantly improve corporate governance and improve the awareness and ability of compliance risk control in order to better fulfill the important responsibility of the "gatekeeper" of the capital market. After years of development, China's securities industry institutions continue to optimize their internal governance and compliance management capabilities, and the level of industry supervision continues to improve, but the problem of violation of laws and regulations still exists.
Since 2024, regulatory and law enforcement "tusk with thorns", the punishment of intermediary agencies has been significantly increased, and strong regulatory signals have been released continuously. According to incomplete statistics, since the beginning of this year, nearly 40 securities companies have received fines issued by regulatory authorities, with more than 50 fines, exposing the shortcomings of some securities companies in the field of corporate governance and internal control. From the perspective of building a world-class investment bank, securities companies still need to bear in mind their responsibilities and responsibilities, stick to the bottom line, strictly exercise self-discipline, strengthen corporate governance in all directions, and enhance the awareness and ability of compliance and risk management.
The proportion of international business is low, and the international influence is insufficient. International development is an important link for investment banks to enter the stage of high-quality development. To build a first-class investment bank requires China's securities institutions to actively carry out international layout planning, build global market competitiveness, and enhance the voice of international finance. Under the background of the two-way opening of the capital market, the international business activities of China's securities industry are increasing year by year, but most securities companies mainly set up Hong Kong subsidiaries and carry out cross-border business. at the same time, limited by license, channel network and foreign exchange control and other factors, have not yet fully participated in the international competition, resulting in slow development of international business and low contribution of overseas income. In 2023, the top ten top securities companies in China achieved a total revenue of 300.2 billion yuan, of which overseas income was 30.1 billion yuan, accounting for only 10.23% of the revenue. By contrast, top international investment banks, represented by Goldman Sachs, account for more than 40 per cent of revenues and profits outside China.
展望未来，跨境金融服务大有可为，尤其是目前“一带一路”合作伙伴已经成为中国企业对外投资的重要目的地，“产业链出海”的浪潮也催生了中国企业大量跨境融资、并购重组需求。证券机构应该主动服务我国经济高水平对外开放，积极开展海外业务，提升国际影响力。
建设具有中国特色
的一流投资银行
投资者是资本市场的立市之本。保护投资者合法权益，就是保护资本市场赖以发展的根基，是践行以人民为中心发展理念的重要举措。证券机构应该从履行好资本市场看门人角色、提升客户服务质量、以党建引领加强行业文化建设等方面着手，营造良好的资本市场生态，推进资本市场高质量发展。
一是以提高上市公司质量为基础，把好资本市场入口关。资本市场作为投资者进行证券交易的场所，上市公司质量高低直接影响到投资者参与资本市场交易的信心和投资者的切身利益。证券公司在服务企业上市融资过程中，需要做好尽职调查工作，加强对上市公司研究的深度和广度，从行业发展空间、公司竞争优势、公司核心技术等方面进行综合判断，确保保荐项目具有良好的成长性和发展前景，综合运用多种手段加强企业信息披露，减少欺诈发行，优化资本市场生态。同时，加强投资者教育，保护投资者的合法权益，帮助投资者树立正确的投资观念，引导投资者进行合理预期等。
二是以客户服务为改革重点，满足投资者财富管理需求。近年来，券商财富管理业务蓬勃发展，但存在客户基础不够、金融产品体系不完整、买方投顾转型不深入等问题。未来，证券公司应该发展以客户为核心的财富管理业务。在产品端，坚持深化产品供给侧改革，进一步丰富产品货架，打造“资产适配、市场适配、客户适配”的财富管理产品体系；在客户端，拓宽线上线下渠道，推动营业网点的优化整合，注重改善客户体验，深化客户经营与服务；在服务端，充分融合财富管理上下游条线部门、分子公司，发挥协同效能，提供投融资一体的综合金融服务解决方案；在技术端，强化科技赋能，加快财富机构全业务、全流程数字化转型，探索“人工+智能”灵活配置的综合投顾模式，在线上客服、产品供给、智能交易、内容输出、精细化运营等环节构筑数字运营闭环。
三是以党建为引领加强行业文化建设，积极融入中华优秀传统文化。中华优秀传统文化是中华文明的智慧结晶和精华所在。人有人品、商有商道，不能只追求利益而见利忘义。在证券行业文化建设中，应将以义取利文化作为规范行业经营的基本原则。此外，坚持人民至上、以人民为中心是党的核心治国理念，通过发挥党的领导和现代公司治理的双重优势，能够纠正资本一味逐利的弊端。在行业文化建设中，应将党建工作融入文化建设，发挥好各级党组织的政治功能和组织力，确保党和国家方针政策、重大部署在企业落地生根，推动党的政治优势、组织优势和群众工作优势转化为企业的文化优势、创新优势和发展优势，以高质量党建推动证券行业的高质量发展。