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1、融券业务的开展思路中信证券股份有限公司20152015年2015年年5年555月月目录传统融资融券－－一个不稳定的业务模式未来的增量－－融券业务开展融券业务的一些想法我们还能做多大两市融资融券余额(亿元)25,00020,00015,00010,0005,000011100111100111100111100111100113333333333333333333333333333333-------------------------------35791135791135791135791135791130000100000100000100000100000100------------
2、-------------------00000111111222222333333444444551111111111111111111111111111111以史为鉴－－照镜子台湾信用交易的组织结构与运行方式（（双轨制（双轨制）4以史为鉴－－照镜子日本信用交易的组织结构与运行方式（（专业化模式（专业化模式）5我们的发展阶段参考－－日本普通交易融资融券融资融券占比市场交易量交易额（10交易量交易额（10交易量占交易额占（亿股）亿日元）（亿股）亿股）比（%）比（%）20023,778333,47176454,81820.216.420035,751435,4371,19568,54220
3、.815.720047,015627,6431,462102,41120.816.3200510,483901,0252,345153,78022.417.120069,3811,252,5281,783183,3651914.6200710,5851,410,3061,824182,77717.213200810,4221,080,9431,711136,51816.412.6200910,538693,9162,153116,68920.416.820109,586660,7331,74894,93018.214.420119,803632,0161,71186,84017.513.76
4、数据来源：东京证券交易所FactBook2012我们的发展阶段参考－－台湾台湾市场融资融券交易量占比情况单位：十占总成交值比总成交值(A)融资交易（B)融券交易(C)融资融券交易额亿新台币(B+C)/2A199110328.394491.67499.784991.4525.77%19926287.023504.44279.483783.9231.97%19939301.447438.61603.178041.7843.70%199419476.6213441.931149.6114591.5437.46%199510305.208193.871013.219207.0844.69%1996
5、13142.4811003.45821.5311814.9845.01%199737763.4328498.253084.1431582.4041.88%199829799.3223844.473325.1327169.6045.64%199929521.1124070.221940.6926010.9644.20%200030816.7123012.932175.6625188.5940.93%200118421.3212394.371694.4914088.8638.29%200221981.6313653.541404.9915058.5334.35%200320512.2011712
6、.781110.3612823.1331.30%200424177.8012889.131107.4713996.6028.95%200519073.878957.16974.389931.5526.07%200624205.3410764.32959.4411723.7624.23%200733527.4715334.02962.3416296.3624.32%200826666.179887.101104.2410991.3220.61%200930118.7512687.901193.6913881.6023.05%201028890.3411149.731034.2112183.94
7、21.10%201126996.178839.931266.1010106.0318.72%201220789.636507.131088.477595.6018.27%7沪深股市融资融券交易占成交额比例已经接近404040％两市融资净买入额(亿元)两市融资买入额占A股成交额比例(%)2542032020220151202010-805-1800-280-380两市融资净买入额两市融资买入额占A股成交额比例8
