摘要
近年来，宽松的宏观经济条件使得金融行业充分竞争，其中，证券行业竞争
亦日趋激烈，整体净佣金水平已经降至历史低位，各家证券公司传统经纪业务市
场受到饱和压力，不断挤压利润空间。在复杂多变的市场环境下，各家券商纷纷
由以基础经纪业务为主导，向更加成熟的财富管理模式转型，而作为财富管理工
具中重要组成的证券资产管理业务的发展空间也随之扩大。国民收入水平不断提
高，中高净值客户群体日益壮大，资产管理业务已不再是极少数“富人”的专属，
券商资产管理业务也已成为各家证券公司促进利润增长的重要工具。部分中小券
商也积极布局资产管理业务，期望在激烈的市场竞争中占有一席之地。各证券公
司已经开始对资产管理业务进行战略布局，旨在应对该业务多元化带来的变革。
本文以WL证券公司为研究对象，就该公司资产管理业务的竞争战略开展研究
探讨。本文运用竞争战略理论，通过查阅综述证券行业资产管理业务相关研究文
献，首先围绕WL证券公司资产管理业务的当前状况及发展中存在的主要问题进行
分析。通过PEST、五种竞争力模型等工具对WL证券公司资产管理业务所处的整体
环境进行研究，运用比较分析，对比分析了WL证券公司发展资产管理业务的资源
与能力条件。之后综合运用 SWOT分析法，总结指出 WL证券公司资产管理业务应
选择差异化竞争战略，并提出与此相应的战略重点。最后分别从人才队伍、创新
投入、营销渠道、风险防控、企业文化等方面提出了差异化竞争战略的实施保障
举措。通过本文的研究，以期一方面提升WL证券公司资产管理业务在公司利润方
面的贡献，另一方面提升其资产管理业务在证券行业中的综合竞争力；同时希望
给予其他同类型证券公司资产管理业务以借鉴和参考。
关键词：证券公司，资产管理，财富管理，竞争战略
I

Abstract
In recent years, loose macroeconomic conditions have made the financial industry
fully competitive. Among them, the competition in the securities industry is becoming
increasingly fierce. The overall net Commission level has fallen to a historical low. The
traditional brokerage market of securities companies is under saturation pressure and
constantly squeezing the profit space. In the complex and changeable market
environment, securities companies have transformed from basic brokerage business to a
more mature wealth management model, and the development space of securities asset
management business, as an important part of wealth management tools, has also
expanded. With the continuous improvement of national income and the growing group
of medium and high net worth customers, asset management business is no longer the
exclusive business of a few "rich people". Asset management business of securities
companies has also become an important tool for securities companies to promote profit
growth. Some small and medium-sized securities companies also actively layout asset
management business, hoping to occupy a place in the fierce market competition. How
to deal with the opportunities and challenges of diversification in the asset management
business of securities companies has become a matter of great concern to securities
companies.
In this thesis, the research and exploration on the competitive strategies of the
wealth management operation are conducted by taking WL Securities Company as the
research object. Through the utilization of competitive strategy theory and the referring
to research materials related to wealth management operation in security industry, the
current conditions and main problems in business of the above company are first
analyzed. Besides, the overall conditions of the wealth management operation of this
company are studied by means of PEST, five competitiveness models and other tools
and methods, and an analysis on the resources and capacity conditions to develop the
wealth management operation of this company is performed through comparison. Then
the SWOT analysis method is used comprehensively to summarize and point out that
WL Securities Company's asset management business should choose differentiated
II

competition strategy, and put forward the corresponding strategic focus. Moreover, the
supporting measures for the conduction of differential competitive strategy are proposed
in terms of talent team, innovation investment, marketing channels, risk prevention and
control, enterprise culture, etc. Through the study of this thesis, it is expected to
improve the contribution of asset management business of WL Securities Company to
corporate profits on the one hand, and enhance the comprehensive competitiveness of
asset management business in the securities industry on the other hand. At the same
time hope to give other securities companies of the same type of asset management
business for reference and reference.
Keywords:Securities Company,Asset Management,Wealth management,Competitive
Strategy
III
。。。以下略