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).



万科A 买入 -- 研报
蓝光发展 买入 -- 研报
广东明珠 买入 -- 研报
首开股份 买入 -- 研报
华夏幸福 买入 -- 研报
北京城建 买入 -- 研报
格力地产 买入 -- 研报
大名城 买入 -- 研报
保利地产 买入 -- 研报
南国置业 买入 -- 研报
世联行 买入 -- 研报


聚龙股份 0.78 0.76 研报
京蓝科技 0.16 0.08 研报
碧水源 1.30 1.11 研报
索菱股份 0 0 研报
中牧股份 0.95 0.69 研报
尚荣医疗 0.71 0.44 研报
腾达建设 0.07 0.04 研报
开尔新材 0.59 0.33 研报
光大证券 0.59 0.44 研报
海通证券 0.44 0.36 研报
方正证券 0.10 0.09 研报


万科A 32 持有 买入
沧州明珠 30 持有 买入
保利地产 28 持有 买入
泸州老窖 28 持有 持有
双汇发展 28 持有 持有
伊利股份 26 持有 持有
美的集团 25 持有 持有
五粮液 25 持有 持有
国轩高科 25 持有 买入
洋河股份 25 持有 持有
江淮汽车 24 持有 持有
贵州茅台 24 持有 持有
泸州老窖 23 持有 持有
双汇发展 23 持有 持有
世联行 23 持有 买入
南都电源 23 持有 持有
宋城演艺 23 持有 持有


电子信息 1535 192 507
化工行业 845 99 290
农林牧渔 824 37 338
机械行业 781 112 246
电子器件 713 100 205
交通运输 700 65 201
生物制药 688 96 300
房地产 686 72 183
食品行业 647 41 279
商业百货 617 67 283
建筑建材 558 63 313
金融行业 538 34 238
煤炭行业 536 30 118
服装鞋类 527 42 227
酒店旅游 509 30 334
汽车制造 507 63 134
酿酒行业 475 21 147