我国期货市场产生于 20 世纪 90 年代初，当时国家经过几十年的改革开放， 国内生产力得到了空前的解放，大宗农产品由紧缺到局部剩余，市场经济的初步 兴起，持续发展的势头锐不可当，孕育了期货市场诞生的基本条件。但中国的期 货市场是在市场条件、法律条件和社会条件准备很不充分的前提下，自生自长的 市场经济的早产儿。期货市场的“套期保值、发现价格”的社会功能被严重异化， 之后就开始了十多年的“治理整顿”。随着我国改革开放的深入，十三五计划的 推行，在新的经济形势下，期货公司面临着全新的挑战，单一的经纪业务模式使 得期货公司陷于低价手续费的恶性竞争中，同质化竞争加剧，如何在市场上立于 不败之地，成为了各大期货公司的首要任务。 本文以 ZD 期货公司实施的公司战略为研究目标，运用 MBA 所学习的战略管 理理论、价值链理论及其他相关理论，并结合 ZD 期货自身的实际情况和特点， 找出 ZD 期货发展中存在的问题和障碍。通过研究，提出 ZD 期货的战略在实施过 程的问题及具体战略落地实施的建议。 希望通过本文对 ZD 期货战略实施的研究，梳理出期货公司战略实施的过程 中，实施差异化竞争策略，通过整合核心资源，聚焦集成服务能力建设，优化公 司内部制度及组织结构，使资产、财富、风险管理等业务增加 ZD 期货核心竞争 能力，推出以产业链等更多个性化的服务和产品，在新一轮的竞争中占有一席之 地。本文通过实际案例的研究，发现期货公司战略实施可能存在的问题及相应的 改善依据，帮助欧亿·体育（中国）有限公司的其他公司提供参考思路。 关 键 词，期货公司，战略，转型升级，发展创新 论文类型，应用研究浙江工业大学硕士学位论文 ZD 期货公司战略研究 II ZD FUTURES STRATEGY RESEARCH ABSTRACT Futures market in China in the early 1990 s, when the country after decades of reform and opening up, domestic productivity obtained the unprecedented liberation, agricultural commodities from shortage to the partial residual and the initial rise of the market economy, sustainable development momentum is inevitable, the basic conditions of the birth of the futures market. However, China's futures market is a premature birth of its own growing market economy on the premise that market conditions, legal conditions and social conditions are not sufficiently prepared. The social function of hedging and discovering price in futures market was dissimilated seriously, and then the governance and rectification began for more than ten years. Along with the deepening of reform and opening up, the implementation of the much starker choices-and graver consequences-in planning, under the new economic situation, the futures company faces new challenges, a single business model makes between futures and futures companies in the futures brokerage commission on vicious competition, homogenized competition intensifies, how in an impregnable position in the market, has become the major futures company's top priority. This paper takes the company strategy implemented by ZD Futures Company as the research goal, uses the strategic management theory, value chain theory and other related theories learned by MBA, and combines the actual situation and characteristics of ZD futures to find out the problems in the development of ZD futures. Through research, the ZD futures strategy is proposed in the implementation process and the implementation of specific strategies. I hoped that through the study of the implementation of the ZD futures strategy in this article, the process of implementing the strategy of futures companies will be sorted out, and differentiated competition strategies will be implemented. By integrating core resources, focusing on integrated service capacity building, and optimizing the internal system and organizational structure of the company, Make assets, wealth, risk management and other businesses increase the core浙江工业大学硕士学位论文 ZD 期货公司战略研究 III competitiveness of ZD futures, launch more personalized services and products such as industrial chains, and occupy a place in the new round of competition.Through the study of actual cases, this paper finds out the possible problems of futures company strategy implementation and the corresponding improvement basis, and helps other companies in the industry to provide reference ideas. KEYWORDS: The futures company；Strategic；Transformation and upgrading； Development innovation TYPE OFTHESIS:Application Research浙江工业大学硕士学位论文 ZD 期货公司战略研究 IV 目 录 1 绪论..........................................................................................................1 1.1 研究背景...........................................................................................................1 1.2 研究的意义........................................................................................................2 1.3 研究内容及研究方法........................................................................................3 1.3.1 研究内容...............................................................................................3 1.3.2 研究方法..............................................................................................3 1.4 论文的结构和安排............................................................................................4 1.5 本文的创新........................................................................................................5 2 相关文献综述.........................................................................................6 2.1 国外相关研究综述............................................................................................6 2.2 国内相关研究综述............................................................................................7 2.3 战略理论及分析工具........................................................................................9 2.3.1 战略理论...............................................................................................9 2.3.2 波士顿矩阵.........................................................................................11 2.3.3 产业链理论........................................................................................12 3 ZD 期货的内外部环境分析..................................................................14 3.1 ZD 期货的外部环境分析................................................................................14 3.1.1 公司简介.............................................................................................14 3.1.2 宏观环境分析.....................................................................................18 3.1.3 欧亿·体育（中国）有限公司环境分析....................................................................................20 3.2 ZD 期货的内部环境分析................................................................................24 3.2.1 资本实力和法人治理........................................................................24 3.2.2 经营绩效和竞争力.............................................................................24 3.2.3 传统与创新业务格局........................................................................26 3.3 SWOT 分析........................................................................................................27 3.3.1 优势....................................................................................................24 3.3.2 劣势.....................................................................................................24 3.3.3 机会....................................................................................................33 3.3.4 威胁....................................................................................................34 3.4 ZD 期货战略分析结论....................................................................................35 4 ZD 期货的发展战略分析......................................................................36 4.1 ZD 期货公司的使命与愿景............................................................................36浙江工业大学硕士学位论文 ZD 期货公司战略研究 V 4.1.1 ZD 期货使命.......................................................................................36 4.1.2 ZD 期货愿景.......................................................................................36 4.1.3 战略定位........................................