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).



风神股份 持有 29.00 研报
阳光电源 持有 -- 研报
嘉事堂 买入 -- 研报
津膜科技 买入 -- 研报
复星医药 买入 -- 研报
百润股份 买入 90.75 研报
厦门钨业 中性 -- 研报
华夏幸福 持有 62.00 研报
长青集团 持有 -- 研报
华域汽车 持有 27.60 研报
广汽集团 买入 -- 研报


众业达 0.86 0.91 研报
嘉事堂 0.29 0.31 研报
津膜科技 0 0.53 研报
华夏幸福 2.20 2.12 研报
正邦科技 0.38 0.46 研报
风神股份 0.68 0.83 研报
阳光电源 0.97 0.50 研报
华域汽车 1.14 1.19 研报
百润股份 0.63 0.63 研报
厦门钨业 1.27 1.08 研报
长青集团 0.53 0.51 研报


招商地产 28 持有 减持
金地集团 25 持有 持有
浦发银行 24 持有 持有
探路者 24 持有 持有
交通银行 23 持有 持有
招商银行 22 持有 持有
保利地产 22 持有 买入
平安银行 22 持有 持有
荣盛发展 22 持有 减持
世联行 22 持有 持有
雪迪龙 22 持有 持有
兴业银行 20 持有 持有
金地集团 19 持有 持有
北京银行 19 持有 持有
中国银行 19 持有 买入
万科A 19 持有 买入
海宁皮城 19 持有 中性


生物制药 1038 100 589
电子信息 951 149 235
房地产 908 66 231
金融行业 864 44 316
商业百货 856 63 281
化工行业 533 85 133
机械行业 524 95 169
食品行业 517 36 190
农林牧渔 489 30 226
服装鞋类 436 33 132
建筑建材 429 48 102
电子器件 405 67 99
汽车制造 393 56 133
交通运输 377 54 149
煤炭行业 361 27 92
酒店旅游 340 22 152
钢铁行业 299 39 25