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).



益丰药房 买入 -- 研报
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柳州医药 买入 -- 研报
华海药业 买入 -- 研报
一心堂 买入 -- 研报
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华东医药 买入 -- 研报
国药一致 买入 -- 研报
浦东金桥 买入 21.20 研报
杭萧钢构 买入 14.64 研报


应流股份 0 0 研报
华建集团 0.20 0 研报
金贵银业 0 0 研报
顺鑫农业 0.83 0.56 研报
汇川技术 1.88 1.07 研报
尤夫股份 0.43 0.26 研报
新希望 1.27 1.27 研报
海大集团 0.62 0.64 研报
金新农 0.75 0.58 研报
禾丰牧业 0 0 研报
大北农 1.23 0.96 研报


贵州茅台 34 持有 买入
保利地产 32 持有 持有
万科A 28 持有 持有
兴业银行 27 持有 持有
五粮液 27 持有 持有
国轩高科 27 持有 持有
贵州茅台 26 持有 买入
金地集团 26 中性 持有
隆基股份 26 持有 买入
海天味业 26 持有 持有
赣锋锂业 26 持有 买入
保利地产 25 持有 持有
伊利股份 25 持有 买入
中国平安 25 持有 中性
沧州明珠 25 持有 持有
黄山旅游 24 买入 持有
江淮汽车 24 持有 中性


电子信息 1308 186 406
房地产 879 73 197
农林牧渔 842 41 345
电子器件 818 94 199
化工行业 746 100 210
生物制药 714 104 339
金融行业 709 37 265
机械行业 672 116 228
煤炭行业 585 32 156
食品行业 578 45 249
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建筑建材 548 71 250
酒店旅游 522 31 323
汽车制造 472 59 120
商业百货 460 62 205
酿酒行业 427 22 128
服装鞋类 407 42 159