单位代码： 10293 密级： 公开
专业学位硕士论文
论文题目： DF 证券财富管理业务的转型升级研究
学 号 1319115906
姓 名 张浩浩
导 师 杨小军
专业学位类别 工商管理硕士
类申请型 非全日制
专业（领域）申请 工商管理
论文提交日期2022 年 6 月Research on Transformation and Upgrading of
Wealth Management Business of DF Securities
Thesis Submitted to Nanjing University of Posts and
Telecommunications for the Degree of
Master of Business Administration
By
Zhang Haohao
Supervisor: Prof. Yang Xiaojun
June 2022南京邮电大学学位论文原创性声明
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研究生学号：1319115906 研究生签名： 日期：2022.6.25
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研究生签名： 导师签名： 日期：2022.6.25摘要
经过多年的改革与发展，中国经济社会已进入高质量增长时代，证券行业的市场化程度
日益增强，资产管理新时代已然来临。一方面，我国财富总量和可投资金融资产的规模不断
增长，高净值人群和居民理财需求日益扩大，财富管理市场规模也与日俱增，给证券公司提
供了更多的机会。另一方面，证券公司传统的盈利及运作模式已不能适应市场发展的需要，
而国内高净值群体持续增长的个性化资产管理需求和激烈的市场竞争，也给证券公司带来转
型的压力，迫使券商纷纷探寻财富管理业务转型提升之道，而头部券商明显更占优势。自 2015
年起，DF 证券进行改革，通过调整组织架构，变更管理模式，财富管理业务总部取代了经纪
业务部，自此拉开了财富管理转型的序幕。
本文以颇具特色、转型发展起步较早的DF 证券财富管理业务作为研究对象，通过剖析
DF 证券财富管理发展的现状、所处的宏观环境、行业环境，对比优秀的财富管理机构成功的
经验，发现DF 证券公司财富管理业务转型过程中存在的问题，包括客户基础薄弱且细分不
科学、产品同质化且配置能力差、投顾储备不足且培训考核机制不健全、综合服务能力不足、
合规风控体系不完善等，运用多种理论和方法，结合其财富管理转型升级目标对方案进行设
计。最后总结了前文的主要研究结论，并提出了未来的研究展望。
通过本文对DF 证券公司财富管理业务转型升级发展的较深入研究，以期尽快解决 DF 证
券财富管理业务发展的一些现实问题，从而形成一个具备国际核心竞争力优势的大型综合金
融财富管理服务品牌，同时，对于推动国内的其他证券公司的财富管理业务转型发展也有着
一定的参考意义。
关键词：DF证券，财富管理业务，转型升级
I ABSTRACT
After years of reform and development, China;s economy and society have entered an era of
high-quality growth, the marketization of the securities industry is increasing, and a new era of asset
management has come.On the one hand, China;s total wealth and the scale of investable financial
assets in China are growing, the financial needs of high net worth individuals and residents are
expanding, and the scale of the wealth management market is also increasing, providing more
opportunities for securities companies.Securities companies, on the other hand, the traditional profit
and operation mode has failed to meet the needs of the market development, and domestic high net
worth group growing personalized asset management demand and fierce market competition, also
bring pressure to the transformation of securities companies, forcing brokers to explore the way of
wealth management business transformation, and head brokerage obviously more dominant.Since
2015, DF Securities has been reformed, by adjusting the organizational structure and changing the
management mode, and the wealth management business headquarters has replaced the brokerage
business department, which has since started the wealth management transformation.
This paper takes DF Securities wealth management business, which started earlier in
transformation and development, as the research object, By analyzing the current development
situation, the macro environment and the industry environment of DF Securities itself and the
wealth management industry, Comparing the successful experiences of excellent wealth
management institutions, Found the problems existing in the wealth management business
development of DF Securities Company, Including weak customer base and unscientific subdivision,
product homogeneity and poor allocation ability, insufficient investment consulting reserves and
imperfect training and assessment mechanism, insufficient comprehensive service ability, imperfect
compliance risk control system, etc., Using various theories and methods, The scheme is designed
in combination with its wealth management transformation and upgrading objectives.Finally, the
main research conclusions are summarized, and the future research prospects are proposed.
Through this paper to DF securities company wealth management business transformation and
upgrading development of in-depth study, in order to solve some practical problems in the
development of DF securities wealth management business as soon as possible, so as to form a have
international core competitiveness advantage of large comprehensive financial wealth management
II