苹果公司的强大势头是否快到终点

 　　The domestic Chinese market has been in meltdown over the last few weeks. First, the government moved to curb¹ volatility² by clamping down on short selling.

　　中国大陆市场在过去的几个星期正在逐渐萎靡。首先，政府开始抑制卖空以控制风险。

　　Then, China surprised investors³ by weakening its currency by almost 2% after a weekend of poor trade data and prompting a sell-off in global equities⁴ at the end of the month.

　　其次，令投资者震惊的是，中国在一个星期萎靡的贸易数据之后，通货降低了2%，并在月底引发了全球股票的下跌。

　　There are fears it could be the beginning of the end for Apple's outperformance too. Most recently, Apple fell into bear market territory for the first time in several years this month. But Apple shares also saw a significant dip when the group announced its results in mid-July.

　　有一些人担忧，这可能也是苹果公司优越表现即将结束的预兆。本月，苹果公司落入了多年未遇的熊市。但苹果公司在7月中旬宣布结果时，其股份仍大幅下降。

　　On the face of it, this is slightly baffling. Its results were still well within its guidance. Certainly, the company missed projections⁵ for revenue forecasts and its iPhone sales were not as strong, but it is still predicting ￡1bn in sales for the Apple Watch.

　　这个结果是有些令人困惑的。苹果公司的情况还仍然不错，属于控制之内。当然了，公司没有提前预报收入，苹果手机的销售也不是很强健，但它仍然预计有10亿的苹果手表的收入。

　　苹果公司的强大势头是否快到终点.png

　　Part of the problem is that Apple has been exceeding expectations for so long, an expectation that it will beat them all is now baked into the share price. One analyst⁶ suggested Apple shareholders⁷ had become 'spoilt' by the company constantly beating estimates. We believe it probably is the end of Apple's outperformance.

　　有一部分原因是，苹果公司已经超出预期太久了，这种超出预期的结果已经包含在了股票价格之中。苹果公司的股东已经被公司持续打破预期的表现“惯坏”了。我们相信这次可能就是苹果公司突出表现的终点。

　　While there is good new user conversion⁸ within the US, outside the US, it is mostly a replacement⁹ cycle. In China, for example, Apple has been successful at getting the high end of the market, but we are skeptical¹⁰ about the extent to which it will make inroads further down the value chain. It has strong competitors in Xiaomi, a privately¹¹ owned Chinese electronics company, and others.

　　当美国正经历新用户转换的时候，美国以外的其他地方却更多的是循环替换。比如在中国，苹果成功地打入了高端市场，但我们很怀疑它能够在开拓价值链上走多远。苹果有强大的对手，如中国的私人电子公司小米，以及其他公司。

1 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

2 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

5 projections   

预测( projection的名词复数 )； 投影； 投掷； 突起物

参考例句：

• Their sales projections are a total thumbsuck. 他们的销售量预测纯属估计。
• The council has revised its projections of funding requirements upwards. 地方议会调高了对资金需求的预测。

6 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

7 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

8 conversion   

n.转化，转换，转变

参考例句：

• He underwent quite a conversion.他彻底变了。
• Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。

9 replacement   

n.取代，替换，交换；替代品，代用品

参考例句：

• We are hard put to find a replacement for our assistant.我们很难找到一个人来代替我们的助手。
• They put all the students through the replacement examination.他们让所有的学生参加分班考试。

10 skeptical   

adj.怀疑的，多疑的

参考例句：

• Others here are more skeptical about the chances for justice being done.这里的其他人更为怀疑正义能否得到伸张。
• Her look was skeptical and resigned.她的表情是将信将疑而又无可奈何。

11 privately   

adv.以私人的身份，悄悄地，私下地

参考例句：

• Some ministers admit privately that unemployment could continue to rise.一些部长私下承认失业率可能继续升高。
• The man privately admits that his motive is profits.那人私下承认他的动机是为了牟利。