"国际化是建设国际一流投行蓝图指引的方向。"中信建投证券党委委员、执委会委员、中信建投国际董事长蒋月勤表示，在金融强国建设与高 水平对外开放背景下，国际化已成为中资券商的"必答题"。 蒋月勤。资料图 证监会《关于加快推进建设一流投资银行和投资机构的意见》确立"到2035年形成2至3家具备国际竞争力与市场引领力的投资银行"的目标。头 部中资券商国际化收入占比20%以上，而高盛、摩根士丹利等国际领先投行达30%～40%，表明国际化是达成"一流"目标的必然路径。 中信建投国际完成了多个标志性项目：2024年作为独家保荐人助力"老铺黄金"在港上市；作为唯一中资保荐人助力"地平线"完成科技行业最大 规模港股IPO；2025年助力宁德时代登陆港交所，从申报至上市仅用98天，刷新纪录；还完成了中兴通讯35.84亿元人民币的零息可转债发行， 是过去四年首单人民币计价的港股可转债。 蒋月勤提出，国际化发展需紧扣"价值投行""新质投行""数智投行"趋势。要打造"价值投行"，将金融的功能性与盈利性统一起来，特别是在企 业出海浪潮中，要用国际化的视野构建更广泛的"朋友圈"和"生态圈"；加快建设"新质投行"，从传统通道式服务向全生命周 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第七篇，敬请垂注！ 当下，中资券商国际化步伐正不断加快。作为国际化布局较早的中资券商，中信证券在国际资本市场的地位愈 发突出。 中信证券执行委员、中信证券国际董事长李春波向证券时报记者表示，新征程对金融工作提出新要求，投行应 进一步优化全球金融服务，讲好中国故事、展现中国机遇。中信证券将依托中国香港的全球金融中心独特地 位，以及中信证券国际的全球业务平台，搭建起连通世界与中国的桥梁，引入更多国际资本活水。 独特的境内外协同机制 近年来，依托开放包容的政策环境，中信证券坚持推进国际化战略，不断增强差异化的国际竞争力。2024 年，国际业务营业收入贡献占比提升至17. ...

12月8日，招商证券发布公告称，同意其全资子公司招商证券国际有限公司（下称"招证国际"）向旗下全资子公司分次增资不超过90亿港元，首期将向招商 证券（香港）有限公司增资不超过40亿港元，后续将根据实际情况决定对其全资子公司分次增资并办理增资相关事宜。 招证国际作为招商证券拓展国际业务的主要平台，在香港、英国、韩国等地均设有分支机构，业务覆盖证券及期货合约经纪、上市保荐、财务顾问、企业融 资、投资管理、资产管理、市场研究等业务。2025年上半年，公司实现营业收入4.77亿元，净利润1.28亿元。 资料来源：招商证券2025年半年度报告 业绩报告显示，截至6月末，招证国际资产管理规模增至173.11亿港元，较去年末大幅上升62.91%，反映其资产配置实力不断增强；托管客户资产规模达 2469.23亿港元，较去年末增长14.52%；港股交易量同比实现大幅增长。 招证国际上半年业绩全面增长 进一步观察主要券商境外子公司的盈利表现可见，多数机构在报告期内实现显著增长。其中国信香港、广发控股香港、中信建投国际、中金国际净利润增速 均超过160%，反映在港股市场活跃、跨境投融资需求提升的背景下，相关业务拓展取得积极成效。 ...

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 "国际化是建设国际一流投行蓝图指引的方向。"12月5日至6日，在南方财经论坛2025年会证券业分论坛 上，中信建投证券党委委员、执委会委员、中信建投国际董事长蒋月勤以《潮涌东方，四海扬帆——中 信建投证券国际化的思考与实践》为题，分享了中资券商出海的战略思考与实践路径。 他指出，在金融强国建设与高水平对外开放的时代命题下，国际化已成为中资券商的"必答题"。 他回顾，美国投行的国际化浪潮始于20世纪60-70年代，其动力源于内部竞争加剧与外部全球化机遇的 双重驱动。当时，美国本土佣金自由化迫使券商寻求新收入来源，而布雷顿森林体系瓦解后蓬勃发展的 跨国贸易与投资，则创造了巨大的跨境金融服务需求。 在策略上，国际投行普遍经历了从"客户跟随"到"本土化深耕"的演进。初期，它们将本土优势业务（如 高盛的商业票据、摩根士丹利的欧洲美元债）复制到海外，服务本国客户的跨境需求；中后期，则通过 并购本土机构、本地招聘和本土化管理等方式深度融入，完成从"走进"到"融入"的跨越。其组织模式也 灵活多样，涵盖自建、并购、合资等，因时因地制宜。 反观当下中国，蒋月勤指出，中资券 ...

近日，华泰证券公告称，间接全资子公司华泰国际财务有限公司根据中期票据计划发行了四笔合计2.3亿 美元的中期票据，并由全资子公司华泰国际提供担保。 这是中资券商为海外子公司融资提供担保的最新一例。今年以来，中资券商对海外子公司的资本支持力度显著 提升，具体方式包括但不限于增资、为债券融资/银行信贷提供增信担保等。 受访人士向证券时报·券商中国记者指出，这主要是受跨境投行、财富管理业务扩张需求驱动，其中场外衍生 品业务因利润率高、提升ROE效果显著，成为资本补充的首要驱动力。 然而，券商海外子公司补充资本并不易。面对融资难融资贵问题，南开大学金融发展研究院院长田利辉认为， 当前需监管政策、母公司统筹和子公司转型三管并举，破解跨境资本流动与业务协同梗阻，夯实中资券商国际 化根基。 中资券商年内频频"输血"子公司 据惠誉评级亚太区非银行金融机构评级董事张榕容向记者介绍，当前中资券商海外补充资本的常见路径包括： 直接股东增资；发行永续债/次级债工具；资本性贷款与股东支持安排。 据证券时报·券商中国记者梳理上市券商公告，年内东兴证券、山西证券、中银证券、东吴证券、华安证券、 广发证券都（拟）对香港子公司进行增资，增资金额 ...

中资券商年内频频"输血"子公司 据惠誉评级亚太区非银行金融机构评级董事张榕容向记者介绍，当前中资券商海外补充资本的常见路径包括： 直接股东增资；发行永续债/次级债工具；资本性贷款与股东支持安排。 据券商中国记者梳理上市券商公告，年内东兴证券、山西证券、中银证券、东吴证券、华安证券、广发证券都 （拟）对香港子公司进行增资，增资金额最高达21.37亿港元，至少也有3亿港元。 | | | 2025年增资香港子公司的券商 | | | --- | --- | --- | --- | | 公司名称 | 增资对象 | 增资最大限额 | 增资目的 | | 东兴证券 | 东兴证券(香港) | 3亿港元 | 增强资本实力，提升市场竞争力 | | 山西证券 | 山证国际 | 10亿港元 | 充实资本实力,降低融资成本 | | 中银证券 | 中银国际 | 14亿元人民币 | 满足投资业务发展需要,优化业务布局 | | 东吴证券 | 东吴证券(香港) | 20亿港元 | 业务发展需要 | | 华安证券 | 华安证券(香港) | 5亿港元 | | | 广发证券 | 广发证券(香港) | 21.37亿港元 | 增强资本实力 | | | | ...

Core Viewpoint - The article emphasizes the transformation of Chinese securities firms into "financial navigators" as they expand internationally, contributing significantly to the global capital market and enhancing their competitiveness and market leadership by 2035 [1][2]. International Business Development - Chinese securities firms are entering a harvest phase in their international business, with significant profit contributions from their international subsidiaries, such as CICC (46%), Huatai Securities (43%), and CITIC Securities (18%) in 2024 [2]. - The revenue from international subsidiaries of Huatai Securities and CITIC Securities exceeded 15 billion yuan, while CICC approached 10 billion yuan [2]. - The internationalization of Chinese securities firms has evolved through four stages: initial exploration, differentiated competition, gradual business enrichment, and enhanced comprehensive financial service capabilities [2]. Growth Strategies - The international expansion strategies of large securities firms often involve external mergers and acquisitions to quickly gain market share, while smaller firms focus on deepening their presence in the Hong Kong market [3]. - The total asset scale of international subsidiaries of leading firms has shown consistent growth, with CITIC Securities International's total assets reaching 50.6 billion USD in 2024, a 46% increase from the beginning of the year [3]. Revenue Diversification - The article predicts that international business will be a key driver for revenue diversification among securities firms, particularly in comprehensive financial services related to investment and cross-border operations [4]. Market Opportunities - The demand for overseas investment and financing from Chinese enterprises is a significant driver for the development of international business among securities firms [5]. - In 2023, China's non-financial direct investment abroad reached approximately 917 billion yuan, a 16.7% increase year-on-year [5]. Globalization Trends - The internationalization of Chinese securities firms is characterized by a focus on developed markets and regions with strong economic ties to China, particularly in Europe and countries involved in the Belt and Road Initiative [6]. - Southeast Asia has become a key area for overseas expansion, with firms like Galaxy Securities targeting local acquisitions to establish their international business [7]. Risk Management and Adaptation - The article highlights the importance of balancing short-term gains with long-term risks in the internationalization process, particularly in managing credit risks associated with high-yield investments [9][10]. - A clear path for international business development is essential, with a focus on local adaptation and the establishment of a management system that balances local team flexibility with centralized control [8][9].

Core Viewpoint - The announcement by Huatai Securities highlights the increasing trend of Chinese securities firms providing capital support to their overseas subsidiaries, driven by the demand for cross-border investment banking and wealth management services [2][4][8] Group 1: Capital Support Trends - Huatai International Finance Co., a wholly-owned subsidiary, issued a total of $230 million in medium-term notes, backed by Huatai International [2] - Chinese securities firms have significantly increased their capital support for overseas subsidiaries this year, utilizing methods such as capital increases and guarantees for bond financing and bank loans [2][4] - Notable firms like Dongxing Securities, Shanxi Securities, and others have announced capital increases for their Hong Kong subsidiaries, with amounts reaching up to 2.137 billion HKD [4][5] Group 2: Business Expansion Drivers - The demand for capital is primarily driven by the expansion of cross-border businesses and high capital-consuming operations, particularly in the OTC derivatives sector [7][8] - OTC derivatives are highlighted as a key profit source for international investment banks, necessitating sufficient capital to cover risk exposures [7] - The increasing demand for cross-border asset management and the trend of Chinese companies listing in Hong Kong are contributing to the growth of investment opportunities for Chinese securities firms [8] Group 3: Challenges in Capital Supplementation - Despite the push for capital supplementation, challenges remain, including restrictions on cross-border capital injection and difficulties in overseas financing [9][10] - The current foreign exchange management system presents obstacles for Chinese securities firms in conducting cross-border transactions, leading to liquidity risks [10] - Experts suggest a multi-faceted approach involving regulatory policy optimization, group coordination, and subsidiary transformation to address these challenges [10][11]

Core Viewpoint - The Hong Kong stock market has seen a surge in equity financing this year, providing significant business opportunities for Chinese securities firms, which are actively expanding their presence and capabilities in the region [1][2]. Group 1: Market Performance - As of October 15, the Hang Seng Index has increased by 29.17% year-to-date, indicating a positive market trend [2]. - The total amount of equity financing in the Hong Kong primary market reached HKD 414.8 billion in the first three quarters, representing a year-on-year growth of 253.3% [2]. Group 2: Performance of Chinese Securities Firms - In the IPO underwriting rankings, CICC Hong Kong led with an underwriting amount of HKD 34.03 billion and 32 deals, followed by CITIC Securities (Hong Kong) with HKD 25.67 billion and 28 deals [2]. - For refinancing underwriting, CICC Hong Kong also topped the list with HKD 22.67 billion from 11 deals, while CITIC Securities (Hong Kong) followed with HKD 19.54 billion from 18 deals [2]. Group 3: Strategic Opportunities - The active equity financing in the Hong Kong market presents multi-dimensional benefits and strategic opportunities for Chinese securities firms, enhancing their revenue and international competitiveness [3]. - The internationalization strategy of Chinese securities firms is increasingly focused on the Hong Kong market, which is seen as a critical step in their global expansion [3]. Group 4: Regulatory Developments - Guolian Minsheng announced that its subsidiary, Guolian Securities International, received a trading license from the Hong Kong SFC, marking a significant milestone in its business expansion [4]. - Huazhang Securities also obtained a license for institutional financing advice, further indicating the trend of Chinese firms enhancing their regulatory capabilities in Hong Kong [4]. Group 5: Future Outlook - Many securities firms plan to deepen their presence in Hong Kong to enhance their international business competitiveness, with strategies focusing on cross-border financial services and innovative product offerings [5]. - Firms like China Merchants Securities and CITIC Jianye are looking to leverage Hong Kong's advantages to expand their service offerings across Asia and globally [5].

Core Viewpoint - Southwest Securities' subsidiary, Xizheng International Securities, will be delisted due to failure to meet resumption guidelines by the deadline, reflecting ongoing challenges faced by Chinese securities firms in international markets [1][4][7]. Group 1: Company Performance and Impact - Xizheng International Securities has a small operational scale, with total assets of only 0.83 million yuan, accounting for just 0.09% of Southwest Securities' total assets as of June 30, 2025 [3][7]. - The revenue for Xizheng International Securities in the first half of 2025 was only 103,000 yuan, representing a mere 0.07% of the parent company's revenue [3][7]. - Southwest Securities reported strong growth in the first half of 2025, achieving revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [7]. Group 2: Challenges and Historical Context - Xizheng International Securities has faced continuous losses, with a total accumulated loss exceeding 1 billion HKD over the past decade, and only achieving profitability in 2015 and 2017 [6]. - The company has been under regulatory scrutiny, with the Hong Kong Stock Exchange previously indicating that it failed to maintain sufficient operational levels, leading to a suspension of trading since March 2024 [4][5]. - Efforts to salvage the company included a failed agreement to transfer shares and perpetual securities, which was ultimately unsuccessful due to the buyer's failure to provide funds [5][6]. Group 3: Industry Trends and Future Directions - The delisting of Xizheng International Securities highlights the broader challenges faced by Chinese securities firms in their internationalization efforts, including significant gaps in asset scale compared to leading global investment banks [7]. - There is a growing interest among Chinese securities firms in virtual asset trading, with firms like Guotai Junan International obtaining licenses to operate in this area, indicating a potential shift in focus for future cross-border business [8]. - Southwest Securities is preparing for a transformation in its cross-border business strategy, aiming to leverage its existing platforms for wealth management and investment banking services [8].