国内证券公司零售业务长期依赖交易通道佣金收入，但在近年持续性的价格战影 响下，交易通道平均佣金率出现大幅下滑。历经07年、15年牛市期间的证券营业部， 分享了投资者快速增长的红利，目前在高存量基数下仍可保持一定的利润；然而对于 15年后新设立的证券营业部，则同时面临佣金率低、存量客户不足、服务同质化等发 展压力，零售业务多数处于亏损状态。H证券营业部成立于2016年底，错过15年增 量客户红利，零售业务发展面临着同样的欧亿·体育（中国）有限公司困境。在争夺存量客户的博弈下竞争力 一直处于明显劣势。为找到摆脱困境的方法，H证券营业部自2018年初开始了对零售 业务新发展模式的研究和探索。 基于零售业务，通过对H证券营业部的内、外部因素的分析，H证券营业部建立 了SWOT分析矩阵，结合零售业务发展战略目标，最终选择以全力打造买方投顾建立 差异化服务体系，探索建立高效营销模式的逆转型战略。通过研究比较了国内外主流 投资顾问商业模式后，H证券营业部设计了最适合自身的买方投顾商业模式以及各种 实施的保障制度，并根据实际工作中的经验不断优化。2018年，H证券营业部买方投 顾业务收入约占零售业务收入的6%；2019年同比增长150%，约占零售业务收入的15% 左右，进入高速增长期。同时，除直接创造收入外，约50%的新增客户开发和资产引 入与买方投顾的专业投资咨询相关，该发展模式进入正常运转期。 买方投顾商业模式是让证券公司、投资顾问和客户三方利益一致的较优选择模式， 也为国内一直处于定位尴尬状态的投资顾问提供了专业化的发展机会，让投资顾问成 为一个终身职业。买方投顾商业模式的出现，将逐步改变证券欧亿·体育（中国）有限公司零售业务的收入结 构，让其更为合理，甚至可能会颠覆欧亿·体育（中国）有限公司格局。对于存量客户资产规模较大的证券营 业部来讲，可采用该商业模式利用存量客户资产规模大的优势快速提升营业收入；对 于新设证券营业部则更为重要，利用该商业模式打造营业部特色，实现服务差异化， 错位竞争，不失为一条快速的发展道路。 关键词：证券营业部；零售业务；买方投顾商业模式；服务差异化 西南交通大学硕士研究生学位论文第II页 Abstract Theretailbusinessofdomesticsecuritiescompanieshaslongreliedoncommissi onincomefromtradingchannels,butundertheinfluenceofcontinuouspricewarsi nrecentyears,theaveragecommissionrateontradingchannelshasfallensharply.A fterabullmarketin2007and15years,thesecuritiesbusinessdepartmentenjoyedt herapidgrowthofinvestors'dividendsandcanstillmaintainacertainprofitunder highturnover;butforthenewlyestablishedsecuritiesbusinessdepartment15yearsl ater,italsofacesDuetodevelopmentpressuressuchaslowcommissionrates,insuff icientincrementalcustomers,andhomogeneousservices,mostretailbusinessesareat aloss.TheHSecuritiesBusinessDepartmentwasestablishedattheendof2016.It hasmissedthegoldendevelopmentperiodaccumulatedbycustomers.Thesameind ustrydilemmafacedbythedevelopmentofretailbusiness,competitionhasbeenata significantdisadvantageinthemarketenvironmentofstockgames.Inordertofind awayoutofthepredicament,HSecuritiesBusinessDepartmenthasstartedresearc handexplorationonnewdevelopmentmodelsofretailbusinesssinceearly2018. Basedontheretailbusiness,throughtheanalysisoftheinternalandexternalfa ctorsoftheHSecuritiesBusinessDepartment,theHSecuritiesBusinessDepartment establishedaSWOTanalysismatrix,combinedwiththestrategicobjectivesofther etailbusinessdevelopment,andultimatelychosetobuildabuyer-investmentbusiness modelwithalleffortstoestablishdifferentiatedservices.Systemandthereversetra nsformationstrategyofestablishinganefficientmarketingmodelwiththeadvantages ofthebuyer'sinvestmentadvisoryteam.Afterresearchingandcomparingthebusine ssmodelsofmainstreamdomesticandforeigninvestmentconsultants,HSecuritiesB usinessDepartmenthasdesignedthebusinessmodelandvariousimplementationguar anteesystemsthataremostsuitableforitsownbuyers,anditiscontinuouslyoptimi zedbasedonpracticalexperience.In2018,thebuyer'sinvestmentadvisoryincomea ccountedforapproximately6%oftheretailbusinessincomeoftheHSecuritiesBus inessDepartment;in2019,itincreasedby150%year-on-year,accountingforabout1 5%ofretailbusinessincome,andenteredaperiodofrapidgrowth.Atthesametim e,inadditiontodirectlygeneratingrevenue,about50%ofnewcustomerdevelopmen tandassetintroductionarerelatedtoprofessionalinvestmentconsultingbybuyer'sa dvisory,andthisdevelopmentmodelhasenteredanormaloperatingperiod. Thebuyer'sinvestmentadvisorbusinessmodelistheonlymodelthatalignsthe interestsofsecuritiescompanies,investmentadvisors,andclients.Italsoprovidespr ofessionaldevelopmentopportunitiesfordomesticinvestmentadvisorswhohavebeen awkwardlypositioned,makinginvestmentadvisorsalifelongcareer.Theemergence 西南交通大学硕士研究生学位论文第III页 ofabuyer'sinvestmentconsultantbusinessmodelwillgraduallychangetheincomes tructureoftheretailbusinessofthesecuritiesindustry,makeitmorereasonable,and mayevensubverttheindustrylandscape.Forasecuritiessalesdepartmentwithala rgeamountofexistingclientassets,thisbusinessmodelcanbeusedtotakeadvanta geofthelargesizeofexistingclientassetstoquicklyincreaseoperatingincome;it isevenmoreimportantforanewsecuritiesbusinessdepartmenttousethisbusiness modeltobuildsecuritiesbusinessItisafastdevelopmentpathtoachieveserviced ifferentiationanddislocationcompetition. Keywords:securitiesbusinessdepartment;retailbusiness;buyer'sinvestmentconsult antbusinessmodel;servicedifferentiation 西南交通大学硕士研究生学位论文第IV页 目录 第1章绪论.............................................................................................................................1 1.1研究背景.....................................................................................................................1 1.2研究目的.....................................................................................................................2 1.3研究方法及技术路线图.............................................................................................3 1.4研究内容.....................................................................................................................4 1.5创新与不足.................................................................................................................5 第2章相关理论及文献综述.................................................................................................6 2.1服务营销8P理论......................................................................................................6 2.2市场营销定义.............................................................................................................6 2.3STP战略理论..............................................................................................................7 2.4SWOT战略分析模型.................................................................................................8 2.5买方投顾发展模式说明.............................................................................................9 2.6文献综述...................................................................................................................10 第3章L证券H证券营业部零售业务发展战略制定......................................................12 3.1L证券公司及H证券营业部介绍...........................................................................12 3.2L证券H证券营业部SWOT分析..........................................................................13 3.2.1内部优势分析.................................................................................................13 3.2.2内部劣势分析.................................................................................................14 3.2.3外部机会分析.................................................................................................15 3.2.4外部威胁分析.................................................................................................16 3.2.5SWOT战略分析矩阵.....................................................................................17 3.3H证券营业部战略目标............................................................................................17 3.4H证券营业部发展战略选择....................................................................................18 3.4.1发展战略选择依据..........................................................................................18 3.4.2发展战略的选择..............................................................................................1