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).



健盛集团 中性 -- 研报
百洋股份 持有 22.10 研报
中国建筑 持有 15.82 研报
华新水泥 持有 14.70 研报
国机汽车 持有 14.60 研报
中泰化学 持有 17.24 研报
三环集团 买入 -- 研报
山鹰纸业 持有 4.50 研报
耐威科技 买入 -- 研报
欣旺达 持有 15.30 研报
康尼机电 持有 -- 研报


健盛集团 0 0 研报
百洋股份 0 1.02 研报
中国建筑 0.38 0.51 研报
华新水泥 1.69 0.61 研报
国机汽车 0.64 0.89 研报
中泰化学 0.55 0.41 研报
三环集团 0 0 研报
山鹰纸业 0.30 0 研报
耐威科技 0 0 研报
欣旺达 0.51 0.40 研报
西王食品 1.02 0.72 研报


中兴通讯 32 持有 持有
万科A 30 持有 买入
国轩高科 30 持有 持有
先导智能 30 持有 持有
保利地产 29 持有 买入
高能环境 28 持有 持有
碧水源 28 持有 中性
贵州茅台 25 持有 持有
中兴通讯 24 持有 持有
恒瑞医药 24 持有 持有
华夏幸福 24 持有 买入
山西汾酒 24 持有 持有
华泰证券 24 持有 持有
五粮液 24 持有 持有
隆平高科 24 持有 持有
招商银行 23 持有 持有
清新环境 23 持有 中性


电子信息 915 128 253
机械行业 668 100 190
金融行业 617 39 260
化工行业 599 72 165
房地产 598 68 118
食品行业 542 40 212
煤炭行业 538 31 109
生物制药 537 79 220
建筑建材 514 57 248
酿酒行业 475 18 127
交通运输 462 56 129
电子器件 420 78 85
环保行业 417 27 101
酒店旅游 417 28 202
汽车制造 416 57 94
农林牧渔 413 38 128
服装鞋类 389 36 161