-I- 中文摘要 随着中国证券行业的发展，监管不断鼓励创新，为证券公司创新业务开展带 来了机会。同时，证券行业进入头部效应时代，证券公司强者恒强的地位不断巩 固，对于中小证券公司而言，面临着竞争与威胁。证券行业未来竞争格局的变化 迫使其尽快转型，尤其是要打破同质化的竞争局面，形成差异化经营策略。 本文以H证券公司为研究对象。介绍了经营策略的相关概念，经营策略是为 经营战略服务的。运用PEST、SWOT分析方法结合公司自身实际情况和内、外部 环境变化对H证券公司进行全面分析，寻找公司经营过程中存在的问题“盈利能 力下降，业务优势不突出，业务模式较为传统”等。公司外部环境存在政策方面 对创新的鼓励、资产管理市场空间的扩大、市场对创新业务和多元化产品的需求， 为证券公司的发展提供了机遇。但是公司内部出现了盈利能力下降、竞争优势不 足的现象，主要原因是公司差异化意识不足、产品缺乏创新以及营销手段较为传 统等。接下来在制定差异化经营策略的过程中通过对欧美投资银行业五种差异化 模式进行了借鉴。 经过综合分析制定适合公司发展的、可行性的差异化经营策略。从产品差异 化、服务差异化、营销手段差异化三个维度制定的经营策略。公司通过资产管理 和财富管理业务的多元化和创新来实现差异化；在营销差异化方面进行细分市场 的选择和目标市场定位，避开竞争激烈的市场，选择有区位优势和专业领域优势 的市场实现差异化营销策略；在服务方面借助金融科技的发展，进行金融科技布 局以及“线上+线下”一体化的服务平台，为客户提供差异化服务。为了保障差异 化经营策略的有效实施，采取了资金、人力资源、风险管理方面的保障措施。 关键词：H证券公司；差异化；经营策略 黑龙江大学硕士学位论文 -II- Abstract With the development of China's securities industry, regulatory innovation, the Securities Industry into the head effect of the era, the securities firm's position is constantly consolidated. For Small and medium-sized securities companies, the change of future competition pattern forces them to transform as soon as possible. In particular, to break the homogeneity of the competition model, combined with their own advantages to form a differentiated business model. This paper takes H securities company as the research object. This paper introduces the related concepts of business strategy, which serves for business strategy. By using pest and SWOT analysis methods, combined with the company's own actual situation and changes in internal and external environment, this paper makes a comprehensive analysis of H securities company, looking for the problems existing in the company's operation process, such as "declining profitability, less prominent business advantages, more traditional business model", etc. In the external environment of the company, there are policy incentives for innovation, the expansion of asset management market space, and the market demand for innovative business and diversified products, which provide opportunities for the development of securities companies. However, there is a decline in profitability and lack of competitive advantage within the company. Next, through the introduction and analysis of the five differentiation modes of European and American investment banking industry, it provides a reference for the formulation of H company's differentiated business strategy. After a comprehensive analysis, to develop suitable for the development of the company, the feasibility of differentiated business strategy. From the product, service, marketing three dimensions to develop differentiated business strategy. The company realizes differentiation through diversification and innovation of asset management and wealth management business; In the aspect of marketing differentiation, we should choose the market segment and target market, avoid the competitive market, and choose the market with location advantage and professional field advantage to realize the differentiated marketing strategy; In terms of service, with the development of financial technology, we will carry out financial technology layout and "Online + offline" integrated service platform to provide differentiated services for customers. In order to ensure the effective implementation of the differentiated business strategy, we take the safeguard measures of capital, human resources and risk management. Key Words: H Securities Company; Differentiation; Management strategy 目录 -III- 目录 中文摘要 ........................................................................................................................... I Abstract ............................................................................................................................. II 绪论 .................................................................................................................................. 1 一、研究的背景 ...................................................................................................... 1 二、研究的目的和意义 .......................................................................................... 2 （一）研究目的 .............................................................................................. 2 （二）研究意义 .............................................................................................. 2 三、国内外研究现状 .............................................................................................. 3 （一）国外研究现状 ...................................................................................... 3 （二）国内研究现状 ...................................................................................... 4 （三）国内外研究现状评述 .......................................................................... 5 四、研究内容与方法 .............................................................................................. 6 （一）本文的研究内容 .................................................................................. 6 （二）本文的研究方法 .................................................................................. 7 第一章 相关概念与理论基础 ........................................................................................ 9 第一节 差异化经营策略的内涵 ............................................................................. 9 一、差异化经营策略的含义 .......................................................................... 9 二、差异化经营策略的表现 .......................................................................... 9 第二节 相关理论工具 ............................................................................................. 9 一、PEST分析法 ............................................................................................ 9 二、SWOT分析法 ........................................................................................ 10 本章小结 ................................................................................................................ 10 第二章 H证券公司经营现状及存在的问题 .............................................................. 11 第一节 H证券公司介绍及经营现状 .................................................................... 11 一、H证券公司介绍 ..................................................................................... 11 黑龙江大学硕士学位论文 -IV- 二、H证券公司经营现状 ............................................................................ 12 第二节 H证券公司经营存在的问题 ................................................................... 13 一、盈利能力下降 ........................................................................................ 13 二、资产管理业务优势不足 ........................................................................ 14 三、投资银行业务薄弱 ................................................................................ 15 四、业务模式传统 ........................................................................................ 16 第三节 H证券公司经营问题的成因分析 ........................................................... 17 一、差异化认识不足 .................................................................................... 17 二、产品和业务模式缺乏创新 .................................................................... 18 三、营销手段