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).



明泰铝业 持有 22.00 研报
山东黄金 持有 50.00 研报
驰宏锌锗 持有 10.00 研报
南山铝业 持有 5.00 研报
云海金属 持有 25.00 研报
*ST新集 减持 -- 研报
中煤能源 买入 -- 研报
潞安环能 持有 -- 研报
平煤股份 减持 -- 研报
陕西煤业 持有 -- 研报
昊华能源 减持 -- 研报


云海金属 0.17 0.22 研报
明泰铝业 0.82 0.56 研报
南山铝业 0.57 0.55 研报
山东黄金 1.37 1.75 研报
驰宏锌锗 0.46 0.30 研报
安源煤业 0.76 0.78 研报
*ST煤气 0.56 -0.13 研报
平庄能源 0.73 0.69 研报
*ST山煤 1.38 1.26 研报
郑州煤电 0.19 0.22 研报
*ST神火 0.96 0.64 研报


万科A 42 中性 买入
伊利股份 37 持有 持有
保利地产 32 持有 持有
中炬高新 28 持有 买入
高能环境 28 持有 持有
万科A 27 中性 买入
江淮汽车 27 持有 持有
贵州茅台 26 持有 持有
南京银行 26 持有 买入
泸州老窖 26 持有 买入
双汇发展 26 持有 持有
聚光科技 26 持有 买入
五粮液 25 持有 买入
欧菲光 25 持有 持有
碧水源 25 持有 持有
中金环境 25 持有 持有
招商银行 24 持有 买入


电子信息 1074 176 437
房地产 921 77 255
化工行业 751 96 218
生物制药 732 95 438
商业百货 723 68 311
机械行业 713 111 196
建筑建材 637 64 337
交通运输 635 62 178
农林牧渔 612 40 285
食品行业 601 38 277
煤炭行业 596 30 120
金融行业 592 37 223
服装鞋类 560 44 259
电子器件 553 95 174
环保行业 510 25 156
酒店旅游 485 30 284
电力行业 482 40 155