华龙证券经纪业务创新研究
ABSTRACT
For years brokerage business which is the core business of security companies in china and
the income rate always holds the first place, is the most important profit resource. However, with
the liberalization of the commission rate in 2002,the rate in security business gradually falls.
Meantime the slumping second stock market pushes more pressure on brokerage business in
recent years and the traditional brokerage is facing unprecedented difficulties.
Although securities began to seek transformation from the cancellation of commission rate,
brokerage business meets the substantial transforming opportunity until appearance of margin in
2010 and innovation trend in 2012. The credit securities transactions developed fast which bring
the increase of the income rate. The innovation business such as assets management and
investment bank also provide opportunities to brokerage business. Innovation is injecting energy
to brokerage and giving hope to the new round of development for securities.
Firstly, this paper analyzed the history situation of domestic security market and the
opportunities and challenges of brokerage, explained the necessity of innovation and
transformation.
Secondly, it analyst the development situation of innovation business in domestic securities
companies and drew a picture about innovation trend. Innovation offers opportunities and
challenges for brokerage. Securities business is transforming from only brokerage business to
comprehensive financial service provider. In future, the income rate of traditional brokerage
business will continually fall; financial products will gradually become diversified; the rate of
credit securities transactions will grow rapidly; diversified, profound and effective service is the
essential method in competition; the development of mini- business department and open account
online will effect the old market layout and regional securities companies will meet more pressure;
the innovative marketing strategy can get use to new market environment.
Lastly, based on the transformation of Hualong Securities Company, the paper analyzed and
researched its competition environment, internal resources and external surrounding with SWOT
model. On this basis, we discussed a serial of strategies and suggestions, including the emphasis
fields of brokerage, the exam about innovative business, and the brand building of treasure
management, substance and methods innovation about customer service, performance appraisal
system, risk control and Legality.
Hualong Securities Company, As a regional securities company in Gansu province, is ranked
II
中文摘要
多年来,经纪业务一直是我国证券公司的核心业务,收入占比始终居于首位,
是证券公司最重要的利润来源。但是随着2002年佣金率的相对自由化,行业佣
金率持续走低,而近几年持续低迷的二级市场更是对经纪业务“雪上加霜”,随
着竞争日趋激烈,传统经纪业务面临前所未有的巨大压力。

尽管自从实行浮动佣金后,券商就开始谋求转型,但直至2010年融资融券
推出、2012年行业创新浪潮掀起,经纪业务在创新背景下才迎来实质性的创新
转型机遇,证券公司纷纷试水创新,勇于“尝鲜”。信用交易发展迅速,占比日
渐提高,资产管理、投行等创新阵地也为经纪业务提供了创新契机。创新为证券
行业注入的新的活力,为券商的新一轮发展带来了希望。

首先,本文分析了国内证券市场的沿革和现状,对目前证券公司经纪业务中
出现的问题和面临的机遇进行了客观分析,阐明了经纪业务创新与转型的必然
性。

其次分析了国内证券公司创新业务的开展情况,并对经纪业务未来的创新趋
势进行了展望。创新为经纪业务带来的机遇与挑战并存,证券行业正从狭义的经
纪业务运营商向综合金融服务商转变。未来经纪业务中传统通道业务收入占比将
继续下滑;金融产品将不断丰富;信用交易占比将快速提髙;差异化、丰富、有
效的服务是竞争的有力手段;轻型营业部和网上开户的发展将对原有的市场格局
产生明显影响,区域型券商面临更大压力;营销策略需要进一步创新来适应新的
市场环境。

最后,本文理论联系实际,以华龙证券经纪业务转型为案例,通过分析华龙
证券的内外部环境,运用SWOT模型对华龙证券经纪业务的竞争环境、内部资源
和外部因素进行了详细的分析和研究。在此基础上,探讨了华龙证券经纪业务创
新转型的一系列策略和建议,包括公司的经纪业务侧重点的倾斜,创新业务加重
考核权重,财富管理品牌的塑造,客服内容和方式的创新等。另外,还对创新实
践的保障措施进行了讨论,包括创新转型期的绩效考核制度、人才制度、风险控
制与合规等。

华龙证券是一家区域特征较为明显的甘肃券商,行业排名居中,经纪业务一
直是公司最重要的收入来源。本文旨在研究券商创新背景下经纪业务的创新思路
和趋势,对华龙证券顺应行业发展趋势、推动经纪业务转型提出具有实际指导意
义的对策与建议。

关键词:证券公司,经纪业务,创新,转型
华龙证券经纪业务创新研究
in the middle and its brokerage business is always the most important income resource. This paper
is aimed to propose several practical strategy and suggestions to adapt to business development
and promote its transformation based on researching the new thought and trend in the innovation
background.
Keywords: Securities, Brokerage business, Innovation, Transformation