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).



丽江旅游 买入 -- 研报
贵人鸟 持有 -- 研报
大唐电信 持有 -- 研报
海格通信 持有 -- 研报
烽火通信 持有 -- 研报
航天信息 中性 -- 研报
同方股份 中性 -- 研报
恒宝股份 中性 -- 研报
同方国芯 中性 -- 研报
中信银行 中性 -- 研报
工商银行 中性 -- 研报


罗莱家纺 2.51 2.90 研报
富安娜 1.49 1.73 研报
嘉欣丝绸 0.62 0.61 研报
探路者 0.41 0.53 研报
浔兴股份 0.45 0.38 研报
鲁泰A 0.92 0.78 研报
七匹狼 1.38 1.28 研报
奥康国际 0 1.38 研报
卡奴迪路 1.25 1.60 研报
江苏旷达 0.59 0.48 研报
九牧王 0.88 1.16 研报


招商银行 33 持有 中性
招商地产 32 持有 买入
浦发银行 31 持有 中性
兴业银行 31 持有 中性
中炬高新 30 持有 买入
探路者 30 持有 中性
交通银行 29 持有 中性
平安银行 29 持有 中性
荣盛发展 29 持有 买入
金地集团 28 持有 买入
泸州老窖 27 持有 买入
世联行 27 持有 买入
保利地产 26 持有 中性
万科A 26 持有 买入
海宁皮城 26 持有 持有
首开股份 25 持有 买入
金地集团 25 持有 买入


电子信息 989 150 223
金融行业 948 43 292
房地产 901 69 261
商业百货 828 67 287
生物制药 651 100 301
化工行业 556 83 134
机械行业 507 100 136
交通运输 463 53 139
建筑建材 458 47 123
食品行业 432 38 195
农林牧渔 405 34 145
钢铁行业 389 41 35
煤炭行业 387 28 101
汽车制造 385 56 111
电子器件 378 63 65
服装鞋类 361 34 82
酒店旅游 347 23 174