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).



玉龙股份 持有 -- 研报
包钢股份 持有 -- 研报
银邦股份 持有 -- 研报
国瓷材料 持有 -- 研报
钢研高纳 持有 -- 研报
久立特材 持有 -- 研报
三钢闽光 持有 -- 研报
豫金刚石 持有 -- 研报
宁波华翔 持有 -- 研报
杉杉股份 买入 -- 研报
新宙邦 持有 -- 研报


首钢股份 0.12 -0.02 研报
国祯环保 0 0 研报
明泰铝业 0.82 0.56 研报
杉杉股份 0.40 0.42 研报
宁波华翔 0.78 0.55 研报
新宙邦 1.08 0.80 研报
同力水泥 0.42 0.57 研报
人民网 0 0.67 研报
国海证券 0.30 0.19 研报
宏源证券 0.71 0.51 研报
方正证券 0.10 0.09 研报


招商地产 42 持有 买入
保利地产 39 持有 持有
民生银行 37 持有 买入
贵州茅台 37 持有 买入
金地集团 35 持有 持有
南京银行 35 持有 买入
荣盛发展 35 持有 减持
长城汽车 34 持有 持有
万科A 34 持有 持有
首开股份 32 持有 买入
伊利股份 32 持有 买入
兴业银行 32 持有 持有
世联行 32 持有 持有
华夏银行 31 持有 持有
中信银行 30 持有 买入
招商地产 30 持有 买入
招商银行 29 持有 买入


金融行业 1020 44 284
房地产 937 63 272
电子信息 923 153 222
生物制药 712 100 392
化工行业 588 85 177
商业百货 554 59 217
汽车制造 510 57 158
食品行业 479 36 173
电子器件 456 76 121
建筑建材 443 46 139
机械行业 416 91 190
交通运输 389 53 181
酿酒行业 367 19 110
服装鞋类 359 31 148
家电行业 339 24 113
酒店旅游 331 23 158
农林牧渔 310 32 107