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).



长高集团 中性 -- 研报
中电环保 持有 -- 研报
银河磁体 持有 -- 研报
利源精制 买入 -- 研报
湖南海利 买入 -- 研报
春兴精工 持有 -- 研报
奥维通信 中性 -- 研报
皖通科技 中性 -- 研报
海默科技 买入 -- 研报
博瑞传播 买入 -- 研报
广电网络 买入 20.38 研报


好想你 1.59 0.81 研报
洽洽食品 0.86 0.83 研报
秀强股份 1.11 0.84 研报
佰利联 4.05 0.92 研报
科大讯飞 0.60 0.56 研报
新开普 1.01 0.69 研报
今世缘 0 0 研报
信立泰 1.28 1.33 研报
日发精机 1.04 0.94 研报
当升科技 0.25 0.07 研报
国轩高科 0.35 0.21 研报


双汇发展 26 持有 持有
中炬高新 25 持有 买入
美的集团 25 持有 买入
保利地产 24 持有 买入
兴业银行 24 中性 卖出
泸州老窖 24 持有 持有
沧州明珠 24 持有 持有
南京银行 23 持有 卖出
万科A 23 持有 减持
洋河股份 23 持有 持有
东江环保 23 持有 持有
网宿科技 23 持有 买入
伊利股份 22 持有 买入
五粮液 22 持有 买入
南都电源 22 持有 持有
碧水源 22 持有 持有
中青旅 21 持有 持有


电子信息 1499 189 566
化工行业 892 93 275
房地产 791 73 231
机械行业 787 118 236
金融行业 706 38 314
商业百货 693 70 300
交通运输 675 69 164
生物制药 669 99 279
电子器件 662 102 193
农林牧渔 657 39 275
食品行业 599 43 247
酒店旅游 586 30 383
建筑建材 567 62 260
服装鞋类 531 44 198
汽车制造 422 59 111
煤炭行业 411 32 71
环保行业 366 26 118