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).



蓝光发展 持有 25.00 研报
北京文化 持有 -- 研报
金一文化 持有 86.40 研报
华策影视 持有 -- 研报
久远银海 持有 86.40 研报
世联行 持有 -- 研报
北京文化 持有 -- 研报
新大陆 买入 -- 研报
通化东宝 中性 -- 研报
浙报传媒 持有 -- 研报
万达院线 持有 -- 研报


泰禾集团 0 0.40 研报
安琪酵母 1.13 1.08 研报
蓝光发展 0.24 0 研报
中科创达 0 0 研报
凯龙股份 0 0 研报
华策影视 1.11 0.60 研报
金一文化 0 0 研报
久远银海 0 0 研报
北京文化 0.06 0.08 研报
新大陆 0.16 0.16 研报
通化东宝 0.24 0.21 研报


兴业银行 31 持有 持有
万科A 31 持有 买入
万华化学 29 持有 买入
浦发银行 28 持有 买入
平安银行 26 买入 买入
均胜电子 23 持有 买入
交通银行 22 持有 持有
建设银行 22 持有 持有
万科A 21 持有 买入
招商银行 21 持有 持有
宇通客车 21 持有 买入
金地集团 21 中性 减持
中国银行 21 持有 买入
贵人鸟 21 持有 中性
招商地产 21 持有 持有
荣盛发展 21 持有 买入
史丹利 21 持有 持有


电子信息 772 152 227
商业百货 694 75 245
生物制药 689 100 422
金融行业 591 47 177
房地产 562 52 151
化工行业 544 88 139
机械行业 480 94 105
汽车制造 471 60 127
农林牧渔 456 37 163
食品行业 408 42 175
酒店旅游 407 24 240
电子器件 346 77 67
交通运输 322 53 77
服装鞋类 309 33 66
建筑建材 302 49 84
农药化肥 282 26 65
仪器仪表 234 32 47