Core Insights - The report titled "Securities Companies' International Development Practice Report and Typical Case Compilation (2025)" highlights the achievements of Chinese securities firms in internationalization and showcases the industry's efforts in opening up to enhance competitiveness in global investment banking and financial services [1] Group 1: Internationalization of Chinese Securities Firms - Chinese securities firms have accelerated their internationalization, with overseas asset scale steadily increasing and international business contributing more to parent company profits [2][3] - The overall pattern of internationalization includes a focus on Hong Kong as a hub to expand into emerging markets, leveraging investment banking and brokerage services to build a comprehensive financial service system [2] - Leading firms are capitalizing on their full-license advantages and scale effects, while smaller firms are achieving breakthroughs through differentiated strategies [2] Group 2: Overseas Subsidiaries and Business Growth - Currently, there are 38 overseas first-level subsidiaries established by domestic securities firms, which have been increasing their total and net assets [3] - International business has become a new growth engine for securities firms, with those having a higher degree of internationalization seeing around 25% of their revenue coming from international operations [3] - Vertical integration management has become mainstream, with many firms establishing comprehensive management mechanisms for their overseas subsidiaries [3] Group 3: Equity Financing and Market Stability - Securities firms are focusing on strategic emerging industries and key sectors, assisting numerous companies in overseas listings [3] - In 2024, Chinese securities firms helped 64 companies list on the Hong Kong Stock Exchange, raising HKD 86.4 billion, and from January to September 2025, they assisted 65 companies, raising HKD 187.4 billion [3] - The industry is also attracting long-term foreign investments, enhancing market stability [3] Group 4: Development of Foreign Securities Firms in China - Foreign securities firms have evolved from joint ventures to controlling stakes and now to wholly-owned entities, with 16 foreign firms currently operating in China [4] - These firms are diversifying their services from traditional trading and underwriting to investment consulting and asset management, addressing the financing needs of the real economy and wealth management for residents [4] - Leading foreign firms leverage their full-license and global network advantages to provide a wide range of services, including investment banking and wealth management [4] Group 5: Case Studies and Future Outlook - The report includes case studies from eight Chinese firms and two foreign firms, showcasing their contributions to facilitating outbound investments, capital market connectivity, and cross-border risk management [5] - The China Securities Association aims to continue promoting policies to enhance the securities industry's role in supporting national strategies and high-quality economic development [5]

据中国证券业协会10月30日发布的消息，中证协组织编写了《证券公司国际化发展实践报告及典型案例 汇编（2025）》（下称"报告"），于2025金融街论坛年会期间发布。报告分析总结了中资证券公司国际 化和外资证券公司在华展业实践情况，提出面临的问题挑战和下一步展望。同时，在案例征集基础上， 遴选并展示广发证券、国泰海通证券、华泰证券、招商证券、中国银河证券、中金公司、中信建投证 券、中信证券等8家中资机构和摩根大通证券、野村东方国际证券等2家外资机构在助力中资企业出海、 服务资本市场互联互通、引入海外资金、满足居民资产配置需求、跨境风险管理、双向交流合作等方面 的典型实践案例，旨在通过交流借鉴、经验共享，推动证券行业更好地服务国家对外开放战略和实体经 济高质量发展。 ...