中国的资本市场从设立至今近 30 年，业已成为了我国社会主义特色金融市 场的重要构成板块之一，配合着国家战略的实施，极大地帮助实体企业进行转 型升级，协助实体企业进行产业和产品结构调整。在这过程当中，中国的证券 公司经过多年的发展，规模日益壮大，其经营能力和专业金融服务能力得到了 很大的提高，但与世界顶尖的证券公司相比，我国证券公司成立和存续的时间 较短，证券行业也曾经出现过大规模的经营危机，监管部门对资本市场关于系 统性风险的承受能力持谨慎态度，鼓励证券公司进行业务创新的政策实施时间 不长，因此我国证券公司创新业务发展比较缓慢，收入占比还很低，业务结构 和业务种类不够丰富。各家证券公司在探索中前行，在发展中相互借鉴，各家 证券公司提供的产品和服务差异性不明显，可以毫无难度地相互替代，从而导 致证券行业的恶意低价竞争的情况时有发生。随着证券公司都在积极地应用互 联网技术和信息技术对自身的管理模式和业务模式进行改造，使得管理效率和 经营效率越来越高，其提供服务的质量日益提升，客户也可以越来越便利的使 用证券公司提供的平台和系统进行开户、交易、资产配置、了解资讯等操作， 而同时证券公司传统业务的收费比例却在急剧的下降。随着我国证券公司外资 持股比例限制的取消，国外优秀的证券公司也将会带着成熟的经营模式和丰富 的服务经验大举进入我国市场，国内证券公司及其营业网点的数量将越来越多， 证券市场也将越来越市场化，证券行业的竞争将会日益激烈，各项传统业务的 收费标准也将越来越低，从而压缩了证券公司利润空间，增加了证券公司的经 营难度。 中国政府通过发布各种政策法规以及采取各种积极的措施引导资本市场的 发展方向，大力鼓励发展壮大我国的资本市场。随着我国资本市场各项基础制 度和运行机制的完善，上交所科创板的推出和股票发行制度注册制探索，未来 深交所创业板注册制改革以及全国股转公司关于深化新三板改革相关政策的实 施，我国股票发行制度将会发生翻天覆地的变化，为证券公司的投资银行业务2 带来了史无前例的成长机会。股票期权、融资融券、转融通、H 股全流通改革 等措施，也为证券行业丰富了业务类型，增加了证券公司的业务收入，打开了 证券行业成长的空间。 面对竞争激烈的行业外部环境以及良好的行业发展机遇，各大证券公司都 必须制定和执行一定的发展战略，才能在激烈的行业竞争中谋取生存和发展的 空间。本文运用 PEST 分析法、波特五力模型等分析方法和工具，详细分析了海 通证券公司所处的发展环境，运用 SWOT 分析法比较了海通证券公司的内部优势 和劣势、外部的机会和威胁，得出结论认为海通证券公司应该选择 ST 战略：采 用多元化发展战略，利用公司领先于同行业的集团化和国际化等优势，积极创 设和提供差异化的创新金融产品，为客户提供差异化的专业服务，提升金融服 务水平，以获得和强化公司的竞争优势，吸引和培养一群忠实稳定的客户，从 而建立公司不可替代的核心竞争力。 关键词： 海通证券公司 发展战略 波特五力模型 PEST分析法 SWOT分析法3 Abstract China's capital market has become one of the most important components of China's socialist financial market since its establishment nearly 30 years ago, and in line with the implementation of the national strategy, it has greatly helped the real enterprises to carry out transformation and upgradation, and assisted them to carry out industrial and product restructuration. In the meantime, China’s securities companies have developed and expanded to larger scale, with their operation and professional financial services greatly improved. However, compared to the world's top securities companies, China’s securities companies have shorter time to operate and develop, and the securities industry has also experienced a large-scale operating crisis. On the other hand, authority places strict regulation on the capital to control system risks so creative methods to operate and expand the scope of business are not permitted until recent years. Therefore, China's securities companies can hardly carry out innovative business, the proportion of new business income remains low level, and their business structures and types are quite simple. In this situation, many securities companies choose to develop by replicate others, leading to results that the profitability models of different companies are similar, the products and services provided by each securities company can be replaced easily with those of other securities companies, and malicious low-cost competition sometimes happens in the industry. Nowadays, with Internet technology and information technology applied to transform models of management and operation, China’s securities companies improve efficiency and quality in both aspects so that customers can easily utilize the platforms and systems provided by securities companies to sign up financial accounts, make transactions and asset allocation, and learn about news and so on, while the proportion of fees charged by securities companies in traditional business is declining sharply. With the abolition of the limit on foreign-funded shares of securities companies in China, foreign securities companies will enter Chinese market with mature business models and rich service experience. The increasing4 number of domestic securities companies and their outlets, the market orientation, and the more and more fierce competition in securities industry will largely reduce the charging standards of the traditional business, thus compressing the profit margin and increasing the difficulty to the operation of securities companies. The Chinese government has strongly encouraged the development of capital markets by issuing various policies and regulations and taking various positive measures to guide the development of the capital market. With the improvement of the basic system and operation mechanism, China's stock market will undergo dramatic changes. For example, the introduction of SSE STAR MARKET and the registration system, the future reform of the Shenzhen SE GEM registration system and the implementation of the relevant policies of NEEQ. It has brought unprecedented growth opportunities for the investment banking business of securities companies. The reforms of stock options, margin trading, transfer and financing, and full circulation of H-shares have also enriched the business types, increased the income, and broadened the space for the growth in securities industry. In front of the competitive external environment and potential development opportunities, securities companies must formulate and implement a certain development strategy in order to seek survival and development space under the competition pressure. By using PEST analysis method, Porter’s five-forces model and other methods, the author analyzes and studies the development environment of Haitong securities company in detail, uses SWOT analysis method to figure out the internal advantages and disadvantages, external opportunities and threats of Haitong securities company, and concludes that Haitong Securities Company should choose the ST strategy, which is to adopt the diversified development strategy, to take advantages of the company's group and leading status in isnternationalized business,5 to actively create and provide differentiated innovative financial products, to provide differentiated professional services to customers, and to obtain and strengthen the company's competitive edge by improving the level of financial services. This strategy can help Haitong securities company attract and cultivate a group of loyal customers, so as to establish the company's irreplaceable core competitiveness. Keywords： Haitong securities company; Development Strategy; Porter's five-force model; PESTAnalysis; SWOTAnalysis6 目 录 第 1 章 绪论.............................................................................................1 1.1 研究背景与意义.................................................................................1 1.2 研究内容与方法.................................................................................3 1.3 文献综述与理论基础.........................................................................4 第 2 章 海通证券的现状与面临的问题................................................ 8 2.1 海通证券公司的发展现状.................................................................8 2.2 海通证券公司面临的问题...............................................................11 2.3 海通证券公司的发展问题产生的原因