蘋果公司的強大勢頭是否快到終點
The domestic Chinese market has been in meltdown over the last few weeks. First, the government moved to curb volatility by clamping down on short selling.
中國大陸市場在過去的幾個星期正在逐漸萎靡。首先，政府開始抑制賣空以控制風險。
Then, China surprised investors by weakening its currency by almost 2% after a weekend of poor trade data and prompting a sell-off in global equities at the end of the month.
其次，令投資者震驚的是，中國在一個星期萎靡的貿易數據之後，通貨降低了2%，並在月底引發了全球股票的下跌。
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.
有一些人擔憂，這可能也是蘋果公司優越表現即將結束的預兆。本月，蘋果公司落入了多年未遇的熊市。但蘋果公司在7月中旬宣佈結果時，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 projections for revenue forecasts and its iPhone sales were not as strong, but it is still predicting ￡1bn in sales for the Apple Watch.
這個結果是有些令人困惑的。蘋果公司的情況還仍然不錯，屬於控制之內。當然了，公司沒有提前預報收入，蘋果手機的銷售也不是很強健，但它仍然預計有10億的蘋果手錶的收入。
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 analyst suggested Apple shareholders 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，蘋果公司已經超出預期太久了，這種超出預期的結果已經包含在了股票價格之中。蘋果公司的股東已經被公司持續打破預期的表現“慣壞”了。我們相信這次可能就是蘋果公司突出表現的終點。
While there is good new user conversion within the US, outside the US, it is mostly a replacement cycle. In China, for example, Apple has been successful at getting the high end of the market, but we are skeptical about the extent to which it will make inroads further down the value chain. It has strong competitors in Xiaomi, a privately owned Chinese electronics company, and others.
當美國正經歷新用戶轉換的時候，美國以外的其他地方卻更多的是循環替換。比如在中國，蘋果成功地打入了高端市場，但我們很懷疑它能夠在開拓價值鏈上走多遠。蘋果有強大的對手，如中國的私人電子公司小米，以及其他公司。
譯文屬原創，未經允許，不得轉載。
