Core Points of View

Since the turn of the century, with the continuously fast growth and rising income level, China capital market is starting a new historic period considering that China is experiencing a significant change in financial structure with the increasingly active financial investments that are becoming more market-oriented, and that individual's demand for financial services presents its characteristics of diversity, securitization and portfolio-managed.Meanwhile, as the major provider of financial services in capital market, securities companies in China are going through a significant period full of opportunities.Taking account of the broad space for development and the increasingly tougher competition in capital market, Chinese securities companies are facing comprehensive challenges in numerous ways such as functional position, organizational structure, profit model, risk management and control, talent structure, core competitiveness and international vision.

Four important elements are crucial for Chinese securities companies to dominate in the fierce competition forward: first, solid capital power accompanying fluent and efficient mechanism of capital formation and complementary; second, hard-to-replicate core competitiveness with its heart the HR structure where the talents have outstanding innovative ability; third, rigorous risk management and control mechanism and the ability to cope with risks efficiently; fourth, broad international vision and top-ranking international ability.Securities companies who are having the bright future in China should be the synthesis of capital, talent, institution and vision, which combined to build up the incomparable competitive power in the market.

When mapping and analyzing the future development and institutional transformation of Chinese securities companies, it is supposed to tease apart and judge the history of Chinese securities companies'development, in the light of several cases—Wanguo Securities, Junan Securities, GF Securities, Haitong Securities, Industrial Securities, China International Capital Corporation, and CITIC Securities, who are the microcosm and nodes of Chinese securities companies in the past two decades.

Taking example from and absorbing the experience and lessons of international investment banks（securities companies）in mature market is the necessary link for future development of Chinese securities companies.The hundredyear history of international investment banks'development is in fact the world history of modern finance with the basic characteristics of spectacularity, secretiveness, fluctuate and unprediction.How will Chinese securities companies find its way along the history that was intertwined with fog and sunshine?