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).



金龙汽车 买入 18.00 研报
中国平安 买入 54.00 研报
海信科龙 买入 10.30 研报
海通证券 买入 13.01 研报
四方股份 中性 21.00 研报
安徽合力 买入 15.54 研报
亚宝药业 中性 -- 研报
南京银行 买入 10.42 研报
云南白药 买入 70.00 研报
金隅股份 买入 8.16 研报
三维工程 中性 18.00 研报


宋城演艺 0.71 0.52 研报
中国平安 2.55 2.59 研报
保税科技 0.62 0.67 研报
金龙汽车 0.59 0.60 研报
天马精化 0.80 0.71 研报
隆基股份 0.85 0.44 研报
海通证券 0.44 0.36 研报
重庆燃气 0 0 研报
华懋科技 0 0 研报
节能风电 0 0 研报
福斯特 0 0 研报


万科A 37 持有 持有
保利地产 36 持有 中性
招商地产 36 持有 持有
贵州茅台 34 持有 中性
伊利股份 34 持有 持有
兴业银行 34 持有 持有
荣盛发展 32 持有 买入
南京银行 31 持有 买入
万科A 29 持有 持有
招商地产 29 持有 持有
金地集团 29 中性 减持
中炬高新 29 持有 中性
保利地产 27 持有 中性
交通银行 27 持有 减持
长城汽车 27 持有 中性
建设银行 27 持有 持有
探路者 27 持有 买入


生物制药 962 105 502
金融行业 885 44 270
电子信息 879 147 185
房地产 877 72 368
商业百货 671 62 249
电子器件 537 83 152
化工行业 458 77 168
交通运输 446 57 194
食品行业 433 36 137
机械行业 423 96 159
服装鞋类 390 31 127
建筑建材 341 46 58
煤炭行业 340 29 84
汽车制造 331 50 115
农林牧渔 285 33 71
家电行业 279 22 65
酿酒行业 272 18 70