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).



双汇发展 买入 -- 研报
海螺水泥 买入 27.72 研报
平高电气 持有 -- 研报
紫金矿业 中性 3.30 研报
江西铜业 卖出 11.50 研报
太阳能 买入 -- 研报
天津港 中性 -- 研报
中青旅 持有 -- 研报
黄山旅游 持有 -- 研报
三特索道 持有 -- 研报
新华联 持有 -- 研报


双汇发展 1.68 3.11 研报
海螺水泥 2.35 1.21 研报
平高电气 0.06 0.18 研报
太阳能 0.64 0.12 研报
天津港 0.49 0.56 研报
中青旅 0.72 0.79 研报
黄山旅游 0.60 0.62 研报
三特索道 0.34 0.44 研报
新华联 0 0.41 研报
中原内配 1.47 1.51 研报
三花智控 1.30 0.72 研报


恒瑞医药 31 持有 买入
万科A 31 中性 买入
宋城演艺 30 持有 买入
保利地产 29 持有 买入
华东医药 29 持有 持有
华夏幸福 28 持有 买入
宋城演艺 27 持有 买入
当升科技 27 持有 持有
华东医药 26 持有 持有
招商银行 26 买入 买入
当升科技 25 持有 持有
贵州茅台 25 持有 买入
亿纬锂能 25 持有 持有
亿纬锂能 24 持有 持有
南京银行 24 持有 持有
中国国旅 23 持有 中性
高能环境 23 持有 持有


电子信息 987 145 253
房地产 842 77 211
生物制药 815 97 366
机械行业 772 114 233
化工行业 708 89 210
建筑建材 646 67 362
金融行业 645 34 261
电子器件 575 94 118
商业百货 531 60 205
交通运输 514 62 154
服装鞋类 509 42 204
酒店旅游 487 32 241
煤炭行业 478 32 77
食品行业 444 41 216
环保行业 432 26 108
汽车制造 423 59 116
农林牧渔 391 40 117