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).



盐湖股份 买入 -- 研报
金正大 持有 -- 研报
先河环保 持有 -- 研报
金桥信息 持有 -- 研报
飞利信 持有 -- 研报
迪威视讯 持有 -- 研报
华平股份 持有 -- 研报
立思辰 持有 -- 研报
真视通 持有 -- 研报
太极股份 持有 -- 研报
盈峰环境 持有 25.00 研报


盐湖股份 2.00 1.64 研报
康尼机电 0 0 研报
鼎汉技术 0.82 0.40 研报
永贵电器 0 0.84 研报
金正大 0.63 0.80 研报
先河环保 0.41 0.33 研报
盈峰环境 0.11 0.25 研报
金桥信息 0 0 研报
飞利信 0.52 0.68 研报
迪威视讯 1.19 0.21 研报
搜于特 1.06 1.01 研报


万科A 35 中性 卖出
保利地产 32 持有 持有
金地集团 30 中性 卖出
古井贡酒 30 持有 买入
泸州老窖 28 持有 买入
沧州明珠 28 持有 持有
万科A 26 中性 卖出
贵州茅台 25 持有 买入
伊利股份 25 持有 中性
兴业银行 25 持有 卖出
双汇发展 25 持有 中性
南京银行 24 持有 卖出
华兰生物 24 持有 持有
赣锋锂业 24 持有 买入
保利地产 23 持有 持有
五粮液 23 持有 持有
国轩高科 23 持有 持有


电子信息 1052 179 381
房地产 631 69 148
电子器件 577 93 159
农林牧渔 549 36 229
金融行业 532 39 235
生物制药 509 88 304
机械行业 507 103 162
化工行业 492 83 155
交通运输 455 57 123
食品行业 404 37 164
商业百货 401 58 183
酒店旅游 366 30 226
汽车制造 352 59 116
服装鞋类 346 41 144
建筑建材 336 67 136
酿酒行业 287 19 94
环保行业 282 26 88