China’s Economy:Internet Thinking Explored from An Economics Perspective

类别:宏观经济 机构:中国光大证券(香港)有限公司 研究员:光大证券(香港)研究所 日期:2014-04-14

If we are to remove the buzzwords in China, “Internet thinking” mustbe on the list. This is largely to do with the success of Xiaomi mobilephones which Ju Lei, founder of Xiaomi, has boldly attributed toInternet thinking. After Xiaomi, the public has become very interestedin Internet thinking and hopes to use it to revolutionize other sectorsand replicate Xiaomi’s success. However, what exactly is Internetthinking? So far there does not seem to have a definitive answer.

    Many simply dismiss it as a publicity gimmick or Xiaomi marketinghype.

    We believe the confusion is caused by the absence of a cleardefinition of the Internet thinking concept itself. This is exactly whatthe author is trying to explain from an economics perspective.

    In the author’s mind, Internet thinking does exist. Once the Internet isbeing used in businesses, traditional marketing models andphilosophies are revolutionized. Strictly speaking, the so-calledInternet thinking is a business model emerging from a vastcustomer base which has experienced tremendous baseexpansion and cost reduction enabled by the Internet. Theguiding principle of Internet thinking is this: “Ordinary people isking, user experience is priority, and scale is key”. Next, we shallengage the supply and demand analytical tools in economics toelaborate.

    Any given type of goods (service may also be defined as goods),may be rated differently by different users. Customers who are reallyin need of the goods will be willing to pay higher price while thosewith weak desire will only be willing to pay lower price. Therefore, asthe price of a product (or service) increases, the number ofcustomers willing to pay for it will decrease. If we translate this in agraph with price and quantity as the two axis, we will have adownward sloping demand curve that we are all familiar with. On theother hand, companies usually face increasing marginal cost. Thelarger the output, the higher the selling price required to make up forthe higher cost. Graphically, this is an upward sloping supply curve.

    The intersection of the demand and supply curves represents theactual transaction quantity and price.

    Under traditional production technologies, marginal costs ofproduction rise rapidly. This is because companies have limitedcapacities. When utilization closes to the maximum capacity,machine impairment and labour cost will drastically increase. Thismay also be a result of the companies’ limited marketing capacity sothat it needs to bear higher cost to promote the goods to morepeople. No matter what the reasons are, the endgame is that thecompanies can only serve so many customers. If we represent thisgraphically, we will have a rather steep supply curve. Theintersection of this supply and demand curves will not be too faraway from the origin. Let’s call this the “near end” of the demandcurve (Figure 1).



京运通 买入 -- 研报
天顺风能 买入 -- 研报
大连电瓷 买入 -- 研报
北京科锐 买入 -- 研报
科陆电子 买入 -- 研报
中航光电 买入 30.00 研报
恒宝股份 持有 -- 研报
晶方科技 持有 -- 研报
天喻信息 买入 -- 研报
华天科技 持有 -- 研报
尔康制药 买入 -- 研报


航空动力 0.29 0.28 研报
四川九洲 0.26 0.17 研报
中航电子 0.45 0.38 研报
川大智胜 0.74 0.63 研报
四创电子 0.48 0.46 研报
国睿科技 0.49 0.75 研报
中信海直 0.27 0.29 研报
威海广泰 0.47 0.31 研报
哈飞股份 0.37 0.37 研报
海特高新 0.24 0.26 研报
东风汽车 0.28 0.10 研报


南京银行 39 持有 买入
民生银行 37 持有 买入
兴业银行 36 持有 持有
招商地产 36 持有 中性
保利地产 35 持有 中性
金地集团 34 持有 中性
民生银行 33 持有 买入
万科A 33 持有 中性
华夏银行 32 持有 持有
贵州茅台 32 持有 持有
南京银行 31 持有 买入
中信银行 31 持有 买入
荣盛发展 31 持有 中性
交通银行 29 持有 减持
保利地产 28 持有 中性
贵州茅台 28 持有 持有
伊利股份 28 持有 持有


金融行业 1160 44 351
房地产 1079 64 410
生物制药 1025 100 539
电子信息 1024 147 235
化工行业 610 86 209
商业百货 601 55 293
电子器件 563 76 169
农林牧渔 557 34 185
食品行业 521 36 170
机械行业 489 95 225
汽车制造 471 56 173
交通运输 462 50 208
建筑建材 425 42 136
煤炭行业 421 28 109
酒店旅游 418 23 229
家电行业 358 24 105
服装鞋类 341 32 121