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).



奥康国际 持有 -- 研报
际华集团 持有 -- 研报
九牧王 买入 -- 研报
百隆东方 持有 -- 研报
瑞贝卡 买入 -- 研报
海澜之家 持有 -- 研报
上海家化 持有 -- 研报
雅戈尔 买入 -- 研报
探路者 持有 -- 研报
朗姿股份 买入 -- 研报
森马服饰 持有 -- 研报


尔康制药 0.57 0.75 研报
彩虹精化 0.34 0.12 研报
中国石化 0.86 0.75 研报
中国石油 0.76 0.71 研报
广汇能源 0.62 0.61 研报
宝泰隆 0.73 0.20 研报
深圳燃气 0.30 0.31 研报
天富能源 0.28 0.41 研报
中海油服 0.99 1.00 研报
海油工程 0.06 0.21 研报
准油股份 0.20 0.20 研报


洋河股份 15 持有 减持
中国国旅 11 持有 买入
宋城演艺 11 持有 买入
兴业银行 10 持有 持有
海宁皮城 10 持有 持有
保利地产 9 持有 持有
农业银行 9 买入 买入
万科A 9 持有 持有
招商地产 9 持有 持有
荣盛发展 9 持有 买入
步步高 9 持有 持有
浦发银行 8 持有 持有
华夏银行 8 持有 买入
招商银行 8 持有 持有
金地集团 8 持有 买入
贵州茅台 8 持有 买入
中炬高新 8 持有 买入


房地产 1009 67 283
电子信息 760 135 159
生物制药 732 105 387
金融行业 610 44 240
商业百货 568 61 163
食品行业 443 40 170
化工行业 402 81 114
机械行业 367 91 164
电子器件 348 69 109
服装鞋类 346 32 105
交通运输 344 49 156
农林牧渔 336 30 124
酒店旅游 301 25 156
建筑建材 297 40 73
汽车制造 295 47 83
煤炭行业 291 27 69
酿酒行业 274 17 77