Securities Exchanges in China - Industry Report.pdf
《Securities Exchanges in China - Industry Report.pdf》由会员分享,可在线阅读,更多相关《Securities Exchanges in China - Industry Report.pdf(34页珍藏版)》请在三一文库上搜索。
1、CONTENTS Error! No text of specified style in document. April 2012 | 1-800-330-3772 | IBISWorld Industry Report 6910 Securities Exchanges in China April 2012 About This Industry . 2 Industry Definition 2 Main Activities . 2 Similar Industries . 2 Additional Resources . 3 Industry Performance 4 Exe
2、cutive Summary . 4 Key External Drivers 4 Current Performance . 4 Industry Outlook 6 Industry Life Cycle . 8 Products meanwhile in 2009, growth was over 100.0%. As industry revenue is determined by stock market levels and securities trading volumes, changes in these can have a major effect on the in
3、dustrys performance. For example, in 2011, monetary policies in China were tightened to help control inflation, and there were several interest rate increases. Total security trading value shrank and industry revenue declined 16.0% for the year. But in 2009. under looser monetary and favorable stock
4、 exchange policies, Chinas stock markets grew strongly, with the Shanghai Stock Exchange (SSE) Composite Index and the Shenzhen Stock Exchange (SZSE) Component Index increasing 80.0% and 111.0%, respectively. That year, the securities trading volumes for the Shanghai and Shenzhen Exchanges increased
5、 65.4% and 103.5%, respectively, and industry revenue jumped 105.0%. With additional regulations and legislation, and further product innovation, Chinas securities markets will develop further and be less volatile in the future. Over the next five years, industry revenue is expected to grow 13.4% to
6、 total $12.5 billion in 2017. ACMR-IBISWorld does not anticipate that any new securities exchanges will enter the market; however, more products will be introduced by existing exchanges. For example, more financial derivatives, such as treasury futures, will be available to trade on financial future
7、s exchanges. Key External Drivers The key sensitivities affecting the performance of the Securities Exchanges industry include: DOMESTIC ECONOMY The development of the domestic economy is the major driving force for securities markets. Economic Indicators - Investor Confidence High investor confiden
8、ce will lead to more investment in securities and commodity exchanges. Enterprise Performance The financial performance of listed companies determines the performance of stock markets. Exchange Rates - Yuan per $US The appreciation of Chinas currency will attract more international funding, causing
9、domestic securities markets to be more dynamic. Policies/Legislation The securities market in China has limited regulations and legislations. Therefore, investor confidence fluctuates with newly enacted policies or legislation. World Economy The world economy can influence Chinas economy to a certai
10、n extent. Although China is a relatively independent economic entity, the relationship between China and other countries has become closer. Current Performance In the five years through 2012, industry revenue has been growing 16.3% annually to $6.6 billion; however, this annualized rate masks the ma
11、ssive fluctuations in revenue growth that have occurred. The majority of growth happened in 2009 and 2010, while revenue actually declined in 2008 and 2011. WWW.IBISWORLD.COM.CN Securities Exchanges in China April 2012 5 Chinas securities markets, especially stock markets, are in the early stages of
12、 their development, and product options are still limited for investors. The rapid development of the Chinese economy and the financial performance of listed companies support industry development. Before 2005, the stock market in China fluctuated significantly due to changes in investor confidence.
13、 In August 2005, shareholder structure reforms were carried out, and the Shanghai Securities Index entered a bull stage. Shareholder structure reforms have improved the investment environment of stock markets. There has been only one new entrant to this industry in recent yearsthe China Financial Fu
14、tures Exchangewhich brings the number of industry enterprises to seven. Financial performance In 2008, securities markets in China experienced falls of over 50.0% and transactions and activity shrank sharply. Total trading volume in Shanghai and Shenzhen dropped by more than 40.0% for the year. Howe
15、ver, futures trading volumes soared more than 75.0% in 2008 with large prices fluctuations in several products, especially sugar and oil. As a result, industry revenue declined by 24.7% for the year In 2009, due to the strong recovery in Chinas stock markets and increased demand for reducing pricing
16、 fluctuations, stock trading volumes in Shenzhen and Shanghai totaled $9.4 trillion, up 75.7% over 2008. Futures trading value totaled $19.1 trillion, up 80.0%. The soaring trading value was essentially supported by increased liquidity due to Chinas loose monetary policies. Also, 63 new stocks were
17、issued in Shanghai and Shenzhen, which increased fee revenue for exchanges. Stimulated by these factors, industry revenue and increased 105.0% in 2009. In 2010, stock markets in Shanghai and Shenzhen fluctuated with the Shanghai Stock Exchange (SSE) Composite Index and the Shenzen Stock Exchange (SZ
18、SE) Component Index, declining 14.3% and 9.1% respectively. Due to these fluctuating market conditions, stock trading value declined b2.7% to $8.3 trillion. However, Chinas futures market continued its rapid development with a 138.6% increase in trading value. As a result, the industry had another s
19、trong year, growing 49.1%. In 2011, monetary policies were tightenedinterest rates increased three times, the reserve requirement ratio increased six times, and further controls were implemented to limit inflation. The growth in monetary supply was the lowest since 2000. Futures market transactions
20、were further curbed by a series of measures aimed at enhancing transaction thresholds and controlling inflation. Lastly, the European debt crisis and economic slowdown caused security market fluctuations and declines. In light of the declining market, tight money supply, and enhanced transaction thr
21、eshold, total stock and futures trading value shrank 19.1% and 6.8%, respectively, and industry revenue was fell 16.0% for the year. Profitability Profit margins fluctuated significantly with movements in overall stock markets and future markets in recent years. Profitability peaked in 2007 due to m
22、ajor rises in stock prices and dropped in 2008 with revenue declines, resulting from lower security trading volumes. Profit is high at an estimated at 51.0% in 2012, up from 36.0% in 2004. WWW.IBISWORLD.COM.CN Securities Exchanges in China April 2012 6 Industry Outlook With additional regulations an
23、d legislation, and further product innovation, Chinas securities markets are forecast to develop further and be less volatile. In the five years through 2017, industry revenue is forecast to grow at an annualized rate of 13.4% to reach $12.5 billion. The global financial crisis of 2009 will continue
24、 to negatively influence Chinas economy. Prices of important industrial products, raw materials, and financial instruments will continue to fluctuate, providing opportunities for market participants in China to hedge risk or profit from speculation. At the same time, more products, especially financ
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- Securities Exchanges in China Industry Report
链接地址:https://www.31doc.com/p-3794081.html