【出版时间及名称】：2010年3月中国互联网行业研究报告
        【作者】：MIRAE ASSET
        【文件格式】：pdf
        【页数】：88
        【目录或简介】：

CONTENTS
Executive summary 2
Platforms – big hitters in the internet ‘size game’ 2
Costs, monetization and the role of payment solutions 2
B2C is the next bastion… the race is on! 2
BUY Tencent, Sohu, Sina and Alibaba.com 2
Key charts and tables 5
Our recommendations and where we differ 7
Internet sector valuations 9
Platforms – big hitters in the internet ‘size game’ 10
China demand paints a pretty picture 10
Supply side is where the bad news is at 10
Traffic, traffic, traffic – still the industry mantra 15
Distribution platforms orchestrate the internet value chain 15
Why Sina, Sohu and NetEase are not platforms 16
Costs, monetization and payment solutions 17
Virtual vs. physical goods, 2B vs. 2C 17
Tencent – dominates distribution of virtual goods to consumers 17
Baidu – best infrastructure to distribute virtual goods to businesses 17
Alibaba.com – needs to strive to be like Taobao 18
Sina, Sohu and NetEase – need to restructure to monetize 18
B2C is the next bastion… and the race is on! 19
Virtual payment for physical goods a key bottleneck 19
Third party payment key to physical goods delivery via internet 22
Deconstructing “e-commerce” – B2B, B2C and C2C 22
China B2C has succeeded in select pockets 24
B2C – how it could all pan out in China 25
Rising incomes and demand for quality could trigger a move in B2C 25
“Rakuten” vs. “Amazon”: is physical delivery needed? 26
Risk to our overweight thesis: new taxes and regulations 27
E-commerce tax and fake C2C products 27
Restrictive e-currency and third party payment license 27
Company Section:
Tencent (700 HK; BUY): King of digital consumer 28
SOHU (SOHU US, BUY): Play on advertising rebound 38
Baidu (BIDU US, HOLD): King of large enterprise 2B 45
SINA (SINA US, BUY): Fixing monetization is the right direction 56
NetEase (NTES US, HOLD): Many catalysts, many headwinds 63
Alibaba.com (1688 HK, BUY): King of small enterprise 2B 75
Analyst profile 86