中国证券行业经过近三十年的成长与发展，经历了行业起步初期的业务探索，《证券法》颁布后的行业规范及兼并整合，以及以新老国九条出台为标志的资本市场改革发展，国内证券公司实现了业务范围及业务结构逐步拓展与成熟，资产及营收规模大幅提升。特别是国内大型证券公司纷纷登陆资本市场，得以进一步做大自身资产规模。在国内证券公司实现快速成长的同时，我们也同样看到了挑战。特别是随着中国经济进入新周期，以及以互联网为代表的业务模式创新在国内的兴起，证券公司传统牌照类业务如以收取交易佣金为主的经纪业务，以上市保荐承销为主的投行业务都面临着同质化竞争的挑战。在此背景下，本文研究了国内证券公司目前业务模式发展的现状，并在经纪业务、投行业务、自营业务、资管业务、信用业务等国内证券公司主要业务板块，分析整理了境内外同行一些创新发展的成功模式，以求通过借鉴分析成功的发展案例，为国内证券公司找到一些在新阶段转型升级可行的发展路径并提出相关建议。综上，本文得出以下结论：一是国内证券公司处于战略发展期，需要积极探索各类业务模式的转型升级以获得进一步发展；二是国内证券公司需转变组织模式，充分利用证券公司平台资源，打通部门间的协同合作，以便更好地满足各类客户日益复杂的金融产品需求；三是积极拥抱互联网等模式创新，通过线上线下的渠道结合，更好地为客户提供服务；四是积极利用金融科技工具，提升运营及客户服务效率；五是充分利用客户金融数据积累，延伸拓展产品服务。本文同时结合案例及结论分析，为证券公司未来的业务模式转型升级提出了几点对策建议：一是优化组织方式，进一步打通证券公司各部门协同，以客户为中心发展大经纪、大投行、大投管等业务；二是增强平台化思维，发挥证券公司综合金融资源优势，通过与外部资源的合作挖掘新的利润增长点；三是积极利用金融科技；四是对于目前发展规模较小的证券公司，进行差异化业务布局，发挥自身业务特色及优势。

After nearly thirty years of growth and development, the domestic securities companies have gradually expanded with larger business scope and revenue scale. However, we also face the challenges of the reality, with the Chinese economy stepping into the new cycle, as well as the Internet representing the innovation of the business model. The traditional license business of domestic securities companies are meeting the obstacles of homogenization of intense competition and lower rates, such as the transaction commission to the main brokerage business, and underwriting in the issuance of securities. The paper aims to shed light on the domestic securities companies from practical way by studying the current development of the securities companies, analyzing successful cases from domestic and abroad in different business sectors, such as brokerage, investment banking, self-business, business management, credit business and so on.This paper obtains following results: Firstly, the domestic securities companies need to actively explore the different opportunities under various types of business model to develop during this critical time of change. Secondly, the domestic securities companies need to make full use of resources of firm and co-operate with internal departments to meet the needs of customers. Thirdly, the companies can serve customers better though internet and other business model innovation, along with the combination of online and offline channel. Next, active usage of fin-tech can enhance the efficiency of operation and customer service. Finally, the companies delicate to expand service by making full use of accumulated financial data. This paper also provides references and experiences for securities industries in the time of transformation and upgrading. Firstly, they should optimize organization by cooperating among various departments and developing synthetical brokerage service, synthetical investment banking business and synthetical investment management business. Secondly, they need to enhance thinking of platform and utilization of recourses to make profits. Thirdly, they should make full use of fin-tech. Last but not least, small securities companies need differentiate business layout according to their own advantages to develop in the future.