I 摘要 一直以来，我国证券经纪业务的主要盈利模式主要依靠向客户提供通道进行 交易，但随着我国资本市场制度的不断完善和经济形势的变化，证券经纪业务的 外部环境和内部资源都有了非常大的转变。与此同时，原来的经纪业务经营战略 已经不能满足目前证券公司的发展需求，这就迫使证券公司开始探索新的经纪业 务经营战略，以求控制和改善经纪业务收入逐渐下降的局面。 H证券公司是一家地处西南地区的区域性中小型上市证券公司，业务规模市 场份额较低，传统经纪业务收入比重较大且不断萎缩，且同时面临客户结构亟待 优化、产品建设体系不够完善、客户服务体系较为单一、线上线下融合程度不足 等问题。本文通过搜集H证券公司及证券行业的大量数据，并进行深入挖掘分 析，对H证券公司经纪业务发展现状进行分析，总结研究经纪业务发展现状存在 的问题，并结合公司客户问卷调查、访谈等研究方法，运用问题导向的方式找出 现行经纪业务发展的转型方向和转型路径。 鉴于H证券公司的客户结构和业务结构，H证券公司经纪业务的生存和发展 必须以零售客户为重，以客户需求为导向。H证券公司经纪业务转型的核心并非 放弃以通道业务为主的传统经纪业务，而是在不摒弃现有业务模式的基础上，从 旧有“以通道为中心”的单一通道类服务，到“以产品为中心”的产品销售类服 务，发展至“以客户需求为中心”的满足客户多元化财富管理需求的综合性服务， 通过向客户提供覆盖其不同生命周期阶段、不同需求的综合性服务，创造新的收 入增长点，以弥补佣金率下行带来的影响，是经纪业务结构不断优化的过程。 摘要 II 本文在总结回顾相关理论研究的基础上，运用PEST分析法从政策、经济、 社会、技术等四个方面分析H证券公司经纪业务向财富管理转型面临的外部宏观 环境，并通过SWOT分析法对H证券公司经纪业务向财富管理转型的内、外部竞 争态势进行深入分析，提出转型战略组合选择建议。通过借鉴成熟海外市场，例 如美国、日本证券行业财富管理模式，有针对性地提出H证券公司经纪业务向财 富管理转型的机会及方向。最后，本文结合H证券公司实际情况，提出经纪业务 向财富管理转型的对策及保障措施建议。 本文以问题为导向出发，通过对现有问题的研究，分析现行经纪业务发展的 转型方向和转型路径。H证券公司应从打造一站式线上业务办理平台、完善产品 建设体系、完善客户细分体系、完善客户服务体系、强化线上线下联动机制等各 个方面解决H证券公司经纪业务发展现状中普遍存在的问题，并减少H证券公 司佣金费率下滑带来的影响，进一步实现经纪业务向财富管理转型。同时，转型 还需人才、系统、考核和公司品牌价值提升作为保障。 本文对H证券公司经纪业务的生存与发展具有一定的现实意义，对业内其他 证券公司经纪业务转型同样具有参考价值。 关键词：H证券公司；经纪业务；转型；财富管理 论文类型：应用研究 Abstract III Abstract For a long time, the main profit model of China's securities brokerage business mainly relies on providing customers with access to trade. However, with the continuous improvement of China's capital market system and the change of the economic situation, the external environment and internal resources of securities brokerage business have undergone great changes. At the same time, the original brokerage business operation strategy has been unable to meet the current development needs of securities companies, which forces securities companies to start to explore new brokerage business operation strategy, in order to control and improve the situation of declining brokerage business income. H securities company is located in the southwest regional small and medium-sized listed securities company, the business scale of market share is low, the traditional big brokerage business income proportion and shrinking, and face the customer structure to be optimized at the same time, the system of the product construction is not perfect enough, the customer service system is relatively single, online problems such as insufficient degree of fusion. In this paper, through a large number of data collecting H securities companies and securities industry, and dig deep analysis, H securities brokerage business development present situation analysis, summarizes the problems existing in the current situation of the development of the brokerage business, combined with the company's customer questionnaires, interviews and other research methods, Abstract IV using the problem oriented way to find out the current transformation of brokerage business development direction and the transition path. In view of the customer structure and business structure of H Securities Company, the survival and development of the brokerage business of H Securities Company must give priority to retail customers and be customer-oriented. H Securities Company at the core of the securities brokerage business transformation is not to abandon the traditional brokerage business is given priority to with channel business but in don't slam the door, on the basis of the existing business model, from the old "channel" for the center of a single channel class service, to the "products" for the center with product sales service, to "take the customer demand as the center" to meet customer diversification of wealth management needs of comprehensive services, by offering customers covering the different life cycle stages and the different needs of comprehensive services, create new revenue opportunities, to make up for the rate of commission downward on the impact of brokerage business structure is continuously optimized process. In this paper, based on the summary of the review of relevant theories, using PEST analysis method from the policy, economy, society and technology analysis of four aspects, such as H securities brokerage business to the external macro environment facing the wealth management transformation, and through the SWOT analysis of H securities brokerage business to the wealth management transformation of analyzing the internal and external competition, transformation strategy combination selection Suggestions are put forward. By referring to the wealth management models of mature overseas markets, such as the United States and Japan, this paper puts forward the Abstract V opportunities and directions for H Securities Company to transform its brokerage business to wealth management. Finally, combining with the actual situation of H Securities Company, this paper proposes countermeasures and safeguard measures for the transformation of brokerage business to wealth management. Based on the research of existing problems, this paper analyzes the transformation direction and path of current brokerage business development. H securities companies should build a one-stop online business platform, improving the product construction system, improve the customer segmentation system, perfect customer service system, many aspects, such as strengthening online linkage mechanism to solve H is common in the current situation of the development of the securities brokerage business problems, and to reduce the effects of H securities commission rate decline, further realize the brokerage business to the wealth management transformation. At the same time, the transformation also requires the guarantee of talents, systems, assessment and the enhancement of the company's brand value. This paper has certain practical significance for the survival and development of the brokerage business of H securities company, and also has reference value for the transformation of brokerage business of other securities companies in the industry. Key words: H Securities Company; Brokerage business; Transformation; Wealth managementThesis type: Applied Research 目录 VI 目录 第一章 绪论 ················ 1 第一节 研究背景及意义 ············ 1 一、研究背景··· 1 二、研究意义··· 4 第二节 相关文献综述 ··············· 5 一、国外研究综述 ·············· 5 二、国内研究综述 ·············· 7 第三节 研究思路与方法 ············ 8 一、研究思路··· 8 二、研究方法··· 9 第二章 相关概念及理论基础 ············ 11 第一节 相关概念··· 11 一、证券经纪业务 ············· 11 二、证券经纪业务收入 ······· 11 三、财富管理业务 ············· 12 第二节 相关理论··· 13 一、生命周期假说 ············· 13 二、投资组合理论 ············· 14 三、客户细分理论 ··