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).



百润股份 买入 -- 研报
喜临门 持有 -- 研报
国投电力 持有 10.50 研报
博彦科技 持有 42.00 研报
雪迪龙 持有 -- 研报
宇通客车 持有 -- 研报
金固股份 中性 -- 研报
中原内配 中性 -- 研报
华新水泥 持有 9.00 研报
江苏国泰 买入 -- 研报
中恒集团 中性 -- 研报


深天马A 0.21 0.19 研报
三六五网 1.31 1.72 研报
金螳螂 1.48 1.54 研报
华鲁恒升 0.50 0.46 研报
萃华珠宝 0 0 研报
安科生物 0.33 0.39 研报
喜临门 0 0.51 研报
恩华药业 0.46 0.61 研报
华能国际 0.18 0.37 研报
硅宝科技 0.52 0.60 研报
百润股份 0.63 0.63 研报


保利地产 38 持有 中性
贵州茅台 34 持有 买入
万科A 34 持有 中性
伊利股份 33 持有 买入
招商地产 33 持有 中性
中炬高新 32 持有 持有
兴业银行 32 持有 中性
招商地产 30 持有 中性
南京银行 30 持有 持有
金地集团 29 中性 减持
交通银行 28 持有 持有
罗莱家纺 28 持有 持有
洋河股份 28 持有 减持
长城汽车 27 持有 买入
荣盛发展 27 持有 中性
中信证券 26 持有 持有
东阿阿胶 26 持有 中性


房地产 953 74 454
生物制药 925 101 547
金融行业 916 44 342
电子信息 828 147 159
商业百货 669 64 266
交通运输 558 56 249
电子器件 497 77 157
化工行业 477 77 183
机械行业 402 93 156
服装鞋类 372 29 120
食品行业 366 36 111
汽车制造 336 44 113
煤炭行业 322 29 73
农林牧渔 321 33 74
建筑建材 319 47 45
酿酒行业 275 18 84
家电行业 253 22 57