PDF《金宇Yu JIN》

3 互联网板块投资逻辑-合久必分 成长 周期 结构 需求 创新

4 中国互联网行业趋势 产业板块的变化 网民结构的变化 渗透率的增加

59 80

94 111

137 210

298 384

457 16% 34% 23% 29% 11% 9% 7% 6% 5%

0 80

160 240

320 400

480 2002200320042005200620072008

20092010 0% 20% 40% 60% 80% 100% Internet penetration Internet users population mn 17.3%16.6%17.2% 28.6% 35.6%32.9% 28.4% 54.3%51.3%53.2%54.4%54.9% 38.1% 31.5% 28.6% 29.8% 17.6%19.7%18.8%18.7%18.6% 20.5%17.6% 21.5% 23.4% 10.5%10.2%10.7%10.3% 9.3% 12.8%15.3%17.0%18.4% 17.6%18.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2002 2003 200........