非银｜国际化业务：基本面政策面协同发力，走向多元化加速发展新阶段

Industry Overview - The internationalization of Chinese securities firms is driven by the need for China's economy to integrate globally and to enhance the competitiveness and international influence of the securities industry [1] - The international business of Chinese securities firms is entering a new phase of diversified and accelerated development, supported by China's economic scale and the "Belt and Road" initiative [2] - Representative firms such as CITIC Securities, Huatai Securities, CICC, and Guotai Junan have seen significant contributions from their international businesses, with revenue shares of 20 2%, 37 2%, 25 7%, and 8 2% respectively in the first half of 2024 [3] - Policy support for the internationalization of securities firms is strong, with key areas including cross-border investment banking, Belt and Road regional expansion, and overseas capital expansion [3] Historical Development of International Investment Banks in Hong Kong - The development of Hong Kong's capital market can be divided into four stages: early foreign entry through mergers and acquisitions (1960s-1970s), market liberalization and light-asset business development (1980s-1990s), the rise of US investment banks during the red-chip listing wave (1990s-2005), and the expansion into wealth management and investment services (2005-2020) [4][5] - Foreign institutions initially entered Hong Kong through mergers and acquisitions, with light-asset models dominating in the 1980s and 1990s [4][5] - US investment banks gained a competitive edge during the red-chip listing boom, leveraging strong balance sheets and professional client services [5] - The rise of internet companies and high-net-worth individuals' offshore asset allocation opened new opportunities for foreign and Chinese securities firms in Hong Kong [5] Future Prospects and Challenges - Chinese securities firms face challenges such as regulatory constraints, difficulties in overseas capital raising, and the need to enhance service capabilities in mature markets like Hong Kong [6] - Opportunities lie in improving cross-border regulatory coordination, advancing institutional reforms, and leveraging the "Belt and Road" initiative to expand into emerging markets [6][7] - The development of high-quality RMB-denominated financial assets and the enhancement of offshore market vitality are critical for Chinese securities firms to strengthen their competitiveness in wealth management and asset management [6] - Accelerating the layout in emerging markets and improving service chains to meet the needs of Chinese enterprises going global are key strategies for future growth [7]