金融深一度 | 券商国际化发展进入“深水区”：在分化与博弈中构建全球竞争力

Core Insights - The rapid growth of international business revenue among leading securities firms has become a hot topic in the market, indicating a significant trend towards internationalization as a pathway to becoming top-tier investment banks [1][2] - In 2024, the combined revenue and net profit of 150 securities firms reached a three-year high, driven by active transformation and continuous innovation in a complex market environment [1][2] - The core strategy for the internationalization of Chinese securities firms is to "establish a foothold in Hong Kong, layout in Asia-Pacific, and radiate globally" [1] Industry Growth and Performance - The central financial work conference has emphasized the need to "cultivate first-class investment banks and investment institutions," raising the bar for the international service capabilities of Chinese securities firms [2] - Major firms like Huatai International, CITIC Securities International, and Guotai Junan Financial Holdings reported over 40% year-on-year revenue growth in 2024, showcasing strong development momentum [2] - Huatai International led the industry with a revenue of HKD 20.063 billion, a 40.61% increase year-on-year, while CITIC Securities International achieved USD 2.263 billion, up 41.2% [2] Internationalization Strategy - The international business growth is attributed to the long-term layout of Chinese securities firms and the accelerated opening of the capital market, providing broader development space [3] - As of the end of 2024, Chinese securities firms established 35 subsidiaries in Hong Kong, facilitating significant cross-border financing activities [3] - The "Cross-Border Wealth Management Connect" initiative has been effectively implemented, enhancing the ability of firms to meet diverse investor needs [3] Cross-Border Financial Services - Chinese securities firms are positioned to support domestic enterprises in their global operations, focusing on cross-border financing, mergers and acquisitions, and international partnerships [4] - Foreign investment in Chinese assets has increased, with foreign investors holding CNY 2.9 trillion in A-shares, accounting for 3.4% of the total market capitalization [4] Competitive Landscape - A differentiated competitive landscape is emerging among securities firms, with leading firms like CITIC Securities and Huatai Securities dominating international business revenue [6] - Smaller firms are struggling with continuous losses in international business, leading to asset divestitures [6] - The internationalization process is marked by a clear distinction in strategies between large and small firms, with larger firms focusing on establishing hubs in key regions [6] Talent Development - The rapid growth of international business has attracted a significant number of professionals, with firms emphasizing the importance of building a specialized and international talent pool [7] - Companies are enhancing their talent strategies through local recruitment and training programs to better understand both domestic and international markets [7] Diversification Trends - The lack of global presence will diminish the competitiveness of securities firms, with leading players leveraging capital, licenses, and technology to build competitive advantages [8] - Firms are encouraged to innovate and design products that cater to the cross-border financial needs of domestic enterprises, particularly in emerging markets [8] Future Outlook - The international business layout is becoming a crucial strategic direction for securities firms, with a focus on sustainable growth and risk management [10] - The industry is expected to enter a "deep water zone" by 2025, with a significant trend towards business diversification [8][10]