2001年年关临近,一篇题为《冬虫夏草》的万言书,被悄无声息地发送到多家券商高层经理的电子邮箱,然后又被一再转发,所到之处引起一片哗然.这一切,作者杨松并不知晓.但很快,他先是意外地接到大鹏证券副总裁赖机灵的电话,后又得到银河证券副“,”Chinese securities companies used to view technologicalimprovement as an utmost important way to win customers. As a result, advancements in IT often accompanied greater investments in technological infrastructure of securities companies.The end of 2001 witnessed the great slide in China shares markets with the revenue from brokerage business decreasing at 40% across the whole sector. Lay-offs occurred and bankruptcy was rumored to be imminent. Yang Song, General Manager of Stock Management Department of MF Securities in China, wrote an article in which he tried to find out why Chinese securities companies were so fragile. It seemed that the core competitiveness based on technological advancements that these companies had built up over last decade was impotent and pale.The article spread over Internet and invoked large-scale discussions. The same question received different answers. However, one point was very clear: Chinese securities companies misunderstood the constituents of core competitiveness. The importance of technological factors had been so amplified that what was the real business for securities companies had been largely ignored.So it is the very time for securities company to rethink what is the real business for them.