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).



应流股份 买入 -- 研报
浦发银行 买入 -- 研报
凤凰传媒 买入 16.91 研报
中南传媒 买入 29.30 研报
东方明珠 买入 45.12 研报
歌华有线 中性 20.38 研报
掌趣科技 中性 13.08 研报
华录百纳 中性 25.00 研报
光线传媒 卖出 17.50 研报
华策影视 中性 27.95 研报
乐视网 买入 65.43 研报


南京新百 0.63 0.51 研报
海宁皮城 0.99 1.18 研报
天虹商场 0.85 0.76 研报
苏宁云商 0.70 0.56 研报
广百股份 0.74 0.72 研报
中央商场 0.91 1.04 研报
友阿股份 0.84 0.86 研报
中百集团 0.43 0.38 研报
红旗连锁 0 0.87 研报
农产品 0.45 0.27 研报
永辉超市 0.62 0.64 研报


碧水源 30 持有 持有
江淮汽车 29 持有 买入
中炬高新 26 持有 持有
五粮液 25 持有 买入
江淮汽车 23 持有 买入
保利地产 23 持有 持有
金地集团 23 持有 持有
万科A 23 持有 持有
泸州老窖 23 持有 买入
机器人 23 持有 持有
五粮液 22 持有 买入
贵州茅台 22 持有 买入
兴业银行 22 持有 买入
张裕A 21 持有 持有
步步高 21 持有 持有
宋城演艺 21 持有 持有
腾邦国际 21 买入 持有


电子信息 1169 168 462
商业百货 744 71 275
房地产 724 66 193
生物制药 614 108 309
化工行业 578 81 194
食品行业 542 36 280
机械行业 535 98 179
电子器件 501 88 123
汽车制造 499 54 134
酒店旅游 492 30 323
交通运输 491 61 235
金融行业 482 45 180
农林牧渔 471 37 178
服装鞋类 404 39 124
农药化肥 344 28 109
酿酒行业 341 18 137
建筑建材 307 49 116