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中国证券公司的数量由2004 年的134家下降到2008 年的107 家，通过证券公司的托管、收购使排名靠前的证券公司市场份额出现跨跃式增长。行业内证券公司的规模已经开始拉开差距，但是市场竞争仍然十分激烈，行业内占主导地位的券商并未形成。
中国证券公司的赢利主要依赖于证券经纪业务和自营的证券投资业务。而经纪业务和自营业务都依赖于股市的好坏，这也是中国券商的局限性。而对于赢利比较稳定的投行业务及资产管理业务，外资券商相对于国内券商来说，具有明显的优势。
图：经纪业务前十位券商所占市场份额
数据整理：水清木华研究中心
截止到2008年8月，国内合资券商有7家：分别是中金公司、高盛高华、瑞银证券、中银国际、华欧国际、海际大和、瑞信方正证券。其中经营情况较好的是中金、瑞银和高盛高华，在2007年A股IPO项目中，这三家所占的份额就达到41.6%。
图：2007年A股IPO项目中合资券商所占份额
数据整理：水清木华研究中心
经营较好的这三家合资公司都属于一方掌握控制权的情况，比如中金中的中资方，瑞银和高盛高华中的外资方。而对于其他中外双方在管理上没有明确的主导方的合资公司，赢利情况并不理想。2007年还出现合资券商长江巴黎百富勤合资双方分手的情况。
本报告依据证监会、证券行业协会、证券公司年报等权威数据以及案例进行研究，对中国证券行业兼并重组的现状、政策环境、并购案例及重点证券公司进行了分析，并指出了中国证券行业兼并重组的趋势及其中的风险。
China Securities Companies' number declined to 107 in 2008 from 134 in 2004. Meanwhile market share of top securities companies had realized leaping growth through entrusting and acquisitions. There has been a large scale gap among companies; however, the market competition is still intense and the king has not emerged yet.
China securities companies mainly gain profit from brokerage service and self-operations, which both simply depend on the performance of stock market, but for the services such as investment banking and asset management, foreign competitors have obvious advantages.
Market Share Distribution of Top 10 Securities Companies by Brokerage Service
Source: ResearchInChina
By Aug 2008, China has seven joint venture brokers as follows: CICC, Goldman Sachs Gao Hua, UBS, BOC, CESL, Daiwa SMBC-SSC Securities and CS Founder Securities. Among which, CICC, Goldman Sachs Gao Hua and UBS together shared 41.6% of IPO projects in China stock market.
Market Share Distribution of Joint Venture Securities Companies
by IPO Projects in China Stock Market, 2007
Source: ResearchInChina
Moreover, the control power of the top three is held by one party, for example, CICC is controlled by China side but UBS and Goldman Sachs Gao Hua are controlled by foreign side. As for others without clear dominators, they had a less profitability.
Based on authoritative statistics of CSRC and China Securities Industry Association, this report analyses the status quo of china securities industry merger and acquisitions, as well as the political environment, M&A cases and key companies, and also points out the M&A trends and risks.
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