在证券欧亿·体育（中国）有限公司中，经纪业务是所有业务中最为基础，最为重要的业务，一直 以来都是证券公司的主要收入来源。从 90年代起中国证券欧亿·体育（中国）有限公司开展至今，由 于制度原因造成通道和资源的稀缺性，证券公司的经纪业务曾经获得了丰厚的 利润。然而近十年以来，由于金融市场大环境发生了改变，经纪业务的竞争日 渐激烈，佣金业务的收入每况愈下，特别是像九州证券这样的中小型券商，在 和大型券商的竞争中，在品牌效应、资金实力、用户数量等多方面都处于劣势 地位。如何与大型券商进行竞争，在市场国际化的大背景下，在互联网金融飞 速发展的过程中，在改革开放不断深入的环境里，经纪业务转型显得尤为重 要。 本文正是在这样的大背景下，把九州证券作为中小型券商的一个代表进行 研究。论文首先对国内外经纪业务现状进行了分析，重点介绍了美国的经纪业 务转型模式及其借鉴意义；然后剖析了九州证券经纪业务的现状，并与其它证 券公司进行了对比分析，提出了九州证券经纪业务所面临的问题，客户数量增 长较慢、经纪业务模式缺乏对大规模市场变动的适应性，另外面临着恶性竞争 加剧、新型经纪业务占比较低、人才匮乏等不利因素等，接着根据公司内部和 公司外部两个角度对问题成因进行了分析，对九州证券的经纪业务转型必要性 进行了分析；最后结合 SWOT分析总结出九州证券经纪业务转型的方向，采 用业务聚焦策略，注重差异化，服务型，围绕“以客户为导向”原则进行流程 优化，大力发展财富管理业务，扩大广义经纪业务收入，建设成为具有鲜明特 色的服务型证券公司，并给了出具体的转型建议。 在经纪业务的竞争越发激烈的现状下，由于九州证券与大型券商相比存在 实力上的明显不对称，同质化竞争就是死路一条，九州证券应发挥船小好调头 的优势，及时调整经营和管理模式，借鉴外国经纪业务成功转型的经验，提升 资源配置的效率，通过差异化的竞争建立自己在细分市场上的优势，提高客户 的粘性，重视客户的价值，走出适合自己的转型道路。 关键词，转型策略，经纪业务，差异化，业务聚焦IV Research on Transforming Strategy of Brokerage Business of JiuZhou Securities Company Abstract In the securities industry, brokerage business is the most basic and important business of all businesses, and has always been the main source of income for securities companies. Since the 1990s, China's securities industry has been developing. Due to the scarcity of channels and resources caused by institutional reasons, the brokerage business of securities companies has made great profits. However, in the past ten years, due to the change of the financial market environment, the competition of brokerage business has become increasingly fierce, and the revenue of commission business has deteriorated. Especially, small and medium-sized securities firms such as Jiuzhou Securities are at a disadvantage in terms of brand effect, capital strength, number of users, etc. in the competition with large securities firms. How to compete with large securities firms, in the context of market internationalization, in the process of rapid development of Internet finance, in the environment of deepening reform and opening up, the transformation of brokerage business is particularly important. It is against this background that this paper studies Jiuzhou Securities as a representative of small and medium-sized securities firms. Firstly, the paper analyses the current situation of domestic and foreign brokerage business, mainly introduces the transformation model of American brokerage business and its significance for reference; secondly, it analyses the current situation of Jiuzhou securities brokerage business and compares it with other securities companies, and puts forward the problems faced by Jiuzhou securities brokerage business: the slow growth of customers and the lack of brokerage business model for large-scale markets. Firstly, the adaptability of market changes is faced with the unfavorable factors such as fierce competition, low proportion of new brokerage business and lack of talents. Secondly, the causes of the problems are analyzed from both internal and external perspectives, and the necessity of the transformation of Jiuzhou securities brokerage business is analyzed. Finally, the direction of the transformation of Jiuzhou securities brokerage business is summarized by SWOT analysis. With business focus strategy, focusing on differentiation, service-oriented, process optimization around theV customer-oriented principle, vigorously develop wealth management business, expand brokerage business income in a broad sense, build into a service-oriented securities company with distinct characteristics, and give specific transformation proposals. Under the current situation of more and more fierce competition in brokerage business, because of the obvious asymmetry of strength between Jiuzhou Securities and large-scale securities firms, homogenization competition is a dead end. Jiuzhou Securities should give full play to the advantages of small boats to turn around, timely adjust its management and management mode, learn from the successful transformation experience of foreign brokerage business, improve the efficiency of resource allocation, and through differentiated competition. Establish their own advantages in the market segmentation, improve customer stickiness, attach importance to the value of customers, out of their own transformation path. Key words: brokerage business, transformation strategy, differentiation, Business focusVI 目录 中文摘要............................................................................................... III Abstract ................................................................................................. IV 第一章 绪论........................................................................................... 1 1.1 选题的背景和意义 ........................................................................................ 1 1.1.1 选题的背景 ..................................................................................... 1 1.1.2 选题的意义 ..................................................................................... 2 1.2 研究的内容与思路......................................................................................... 2 1.3 研究方法 ........................................................................................................ 3 1.3.1 文献研究法 ..................................................................................... 3 1.3.2 数据统计法 ..................................................................................... 4 1.3.3 SWOT 分析方法 .............................................................................. 4 第二章 相关理论基础与实践启示........................................................ 5 2.1 经纪业务相关概念......................................................................................... 5 2.1.1 经纪业务 ......................................................................................... 5 2.1.2 C 型营业部 ...................................................................................... 5 2.1.3 投资顾问业务 ................................................................................. 5 2.1.4 量化交易平台 ................................................................................. 6 2.2 相关理论综述................................................................................................. 6 2.2.1 经纪业务转型文献综述 ................................................................. 6 2.2.2 差异化营销理论 ............................................................................. 8 2.2.3 4C 营销策略 .................................................................................... 9 2.2.4 金融业务创新理论 ......................................................................... 9 2.3 国内外证券经纪业务的实践....................................................................... 10 2.3.1 国内证券经纪业务发展总体情况 ............................................... 10VII 2.3.2 国外证券经纪业务模式和借鉴意义 ........................................... 13 2.3.3 中国证券经纪业务总体情况和竞争格局 ................................... 16 第三章 九州证券经纪业务现状及问题分析....................................... 19 3.1 九州证券公司介绍................................................................................