随着境内资本市场的逐步开放，中国境外融资和投资需求持续增长，海外客户对境 内金融产品的需求快速提升。在金融科技快速发展、中国资产海外配置需求持续提升、 中国内地金融市场开放进程加快的背景下，中国证券公司的国际化业务发展面临不进则 退、机遇与挑战并存的局面，因此应该深刻分析自身资源禀赋，从自身实际出发制定国 际化业务的发展战略。 作为国内首批综合类证券公司，G 证券公司专注服务优质中小企业和高净值人群， 各业务种类齐全，布局全面，多项经营指标持续居于行业前列，然而 G 证券公司境外业 务板块对集团的收入和利润贡献占比低于国内其他头部券商。本文以 G 证券公司为分析 对象，通过 PEST、波特五力和 SWOT 等理论模型，分析了公司自身资源禀赋、以及中 资证券公司现阶段国际化发展面临的政治、经济、社会和技术方面的条件；并结合 G 证 券公司的实际情况分析其具备的竞争优势和劣势，面临的机遇与挑战，讨论了其香港地 区国际业务（区别于内地）竞争战略路径的选择。对于 G 证券公司，本文具体讨论 G 证券公司香港国际业务拓展的战略承诺与目标，竞争战略路径选择和具体战略选择方 案，最终得出其竞争战略主要是实施关键业务的集中差异化，包括投行、资产管理、FICC 等业务，具体聚焦在细分业务市场定位、角色定位和目标客户定位等。而为了实现国际 业务竞争战略的顺利实施，本文认为雄厚的资本金规模、高效率的组织架构、完善的人 力资源建设、良好的风控水平及有效的激励机制是稳健发展的必要保障。 关键词，证券公司；国际业务；竞争；战略II Abstract With the gradual opening of the domestic capital market, China's overseas financing and investment demand continues to grow, and overseas customers' demand for domestic financial products rapidly increases. In financial technology rapid development, China's overseas assets allocation demand continues to improve, to speed up the process of China's mainland financial markets open, under the background of the international business development of China's securities companies face not to advance is to go back, the situation of both opportunities and challenges, so should be profound analysis of their own resources endowment, from their own actual conditions, formulate the development strategy of the internationalization of business. As domestic first batch of integrated securities company, G securities company focus on service quality of small and medium-sized enterprises and high net worth population, each business type is complete, the layout is comprehensive, multiple business indicators, the continuing industry however G plate the overseas business of securities companies of the group's revenue and profit contribution ratio is lower than other domestic brokerage head. Taking G securities company as the object of analysis, this paper analyzes the resource endowment of the company itself and the political, economic, social and technical conditions faced by the internationalization development of Chinese securities companies at the present stage through theoretical models such as PEST, porter's five forces and SWOT. Combined with the actual situation of G securities company, this paper analyzes its competitive advantages and disadvantages, opportunities and challenges, and discusses the choice of strategic path for its international business in Hong Kong (different from that in mainland China). For G securities companies, this article detailed discussion G securities firm commitment and goal, the Hong Kong international business development strategy route choice of competitive strategy and specific strategic options, finally it is concluded that the main competitive strategy is the implementation of the key business focused differentiation, including business, investment banking, asset management, FICC specific focus on niche business role positioning and target market positioning, customer orientation, etc. In order to realize the smooth implementation of international business competition strategy, this paper believes that strong capital scale, efficient organizational structure, perfect human resources construction, good risk control level and effective incentive mechanism are the necessary guarantee for steady development. Keywords:Securities company；International business；Competition；StrategyIII 目 录 摘要.........................................................................................................................................I Abstract ..................................................................................................................................... II 图表清单..................................................................................................................................VI 第一章 绪论..............................................................................................................................1 1.1 研究背景与意义 ............................................................................................................. 1 1.1.1 研究背景................................................................................................................... 1 1.1.2 研究意义................................................................................................................... 2 1.2 文献综述 ......................................................................................................................... 3 1.3 研究内容与框架 ............................................................................................................. 5 1.4 研究方法与思路 ............................................................................................................. 6 第二章 G 证券公司资源能力分析..........................................................................................9 2.1 G 证券公司概况及具体业务情况 .................................................................................. 9 2.1.1 公司概况................................................................................................................... 9 2.1.2 经纪业务................................................................................................................. 10 2.1.3 投行业务................................................................................................................. 11 2.1.4 资管业务................................................................................................................. 12 2.1.5 资本中介业务......................................................................................................... 13 2.1.6 自营业务................................................................................................................. 14 2.1.7 境外业务................................................................................................................. 14 2.2 G 证券公司资源分析 .................................................................................................... 15 2.2.1 人力资源................................................................................................................. 15 2.2.2 财产资源................................................................................................................. 16 2.2.3 组织资源................................................................................................................. 17 2.2.4 品牌资源................................................................................................................. 18 2.2.5 客户资源................................................................................................................. 19 2.3 G 证券公司能力分析 .................................................................................................... 19 2.3.1 组织管理能力......................................................................................................... 19 2.3.2 投资研究能力......................................................................................................... 20IV 2.3.3 融资扩张能力......................................................................................................... 20 2.3.4 风险管理能力.........................................................................................................