国泰海通｜非银：赋能金融强国，券商国际业务迎新篇——券商国际业务系列专题之一

Core Viewpoint - The internationalization of securities firms is a proactive choice for their own business development and is essential for building a world-class investment bank, with international business expected to become a significant driver of future performance growth for leading firms [1][4]. Group 1: International Business Contribution - The profit contribution from international subsidiaries of 18 sample securities firms increased from 0.7% in 2018 to 8.2% in the first half of 2025, with contributions from CITIC Securities, CICC, and Huatai Securities reaching 20%, 55%, and 14% respectively, indicating that international business is a major driver of profit growth for leading firms [1]. - There is a noticeable trend of increased capital investment in international subsidiaries by Chinese securities firms since 2025, with firms like GF Securities and Huatai Securities planning to enhance their international business capital strength [1][2]. Group 2: Strategic Importance of Internationalization - Under the strategy of becoming a financial powerhouse, the internationalization of securities firms is seen as an inevitable path, similar to how global leaders like Goldman Sachs and Morgan Stanley transitioned from local to international firms post-1970 [2]. - The internationalization of securities firms is crucial for establishing a world-class investment bank, as it enables firms to have capital allocation and asset pricing power in the international market, supporting high-level openness and national rise [2]. Group 3: Growth Areas in International Business - The demand for cross-border wealth management among Chinese residents is growing, presenting an opportunity for securities firms to provide global asset allocation services, which could become a new growth engine for international business [3]. - With the promotion of the "Belt and Road" initiative and the globalization of Chinese enterprises, there is an increasing frequency of overseas financing and cross-border mergers and acquisitions, enhancing the relevance of investment banking services [3]. - The significant interest in overseas bond markets due to the "asset shortage" in China's fixed income market has led some securities firms to explore cross-border asset allocation as an important transformation direction [3]. Group 4: Future Outlook - The international business of leading securities firms is expected to steadily increase its profit contribution, driven by the rising demand for overseas expansion from domestic enterprises and the growing cross-border investment needs of domestic investors [3].