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  • Which came first, the rally in emerging markets, or the boom in its tech stocks?

    哪個先呢?新興市場的蓬勃,還是科技股的漲勢?

  • The tech sector has become the biggest single grouping in the EM universe this year,

    科技業已成為今年新興市場中最大的單一群體,

  • and that's for the first time since the dot-com boom.

    這是自網路泡沫化以來,科技股首次成為新興市場最大的股別

  • Cue several, as yet, unsuccessful efforts to label EM texts with a catchy equivalent to the US FANGs

    之前努力過幾次卻未成功,希望能將新興市場股貼上吸引人的標籤 — 類似於美國科技股FANG

  • Facebook, Amazon, Netflix, and Google.

    Facebook, Amazon, Netflix 和 Google

  • But equating the EM sector with hot US techs sells it short.

    但將新興市場股與美國熱門科技股相提並論太低估它了

  • Hardware, as well as internet enthusiasm, is what's driving this rally.

    科技硬體以及對網路的熱衷,是推動此次漲勢的原因

  • Emerging market equities are enjoying their best year since 2009,

    此股勢是自2009年以來最出色的表現

  • and the benchmark index is up 17%.

    且 MSCI 新興市場指數大漲17%

  • Earnings upgrades are the biggest driver, particularly in Asia,

    盈餘提高是其最大的驅動力,尤其在亞洲

  • which is 2/3 of the index and that's all of its tech stocks too.

    亞洲股在該指數(和其中所有的科技股)中的權重超過三分之二

  • Even profits of unloved Chinese groups are generally expected to rise,

    甚至是不受歡迎的中國股別,其利潤也普遍預期將會上漲

  • giving Asia EM stocks one of their best-ever runs of improving profit forecasts

    這讓亞洲新興市場股正經歷有史以來最佳的利潤預測上調

  • that's 12 months and counting.

    那是一輪12個月的漲勢,且未來可能持續攀升

  • Now that tech sector up 38% this year has led the advances.

    科技業帶動上漲,今年以來已上漲38%

  • Within that, the leaders include Tencent and Alibaba up 43% and 62%, respectively.

    其中的領頭羊包括騰訊和阿里巴巴,分別上漲43%和62%。

  • They're not the only beneficiaries. Samsung Electronics is up 35%,

    他們不是唯一的受益人,三星電子的利潤也上漲了35%

  • and it might become the world's biggest chip maker.

    並有望成為全球最大的晶片製造商

  • Taiwan Semiconductor, the world's biggest chip foundry has gained 18%.

    台積電,全球最大的晶圓代工廠,其利潤上漲18%

  • Combined, the 4 have added $325 billion in capitalization.

    綜合起來,這四家企業的市值總共增加了3250億美元

  • Tech hardware stocks are benefiting from several trends.

    科技硬體類股受惠於數項趨勢

  • One is a perennial optimism around the rising emerging market economy's disposable income,

    其一是,隨著新興經濟體的中產階層得到發展

  • as a middle class develops.

    對新興市場的可支配所得上升保持長期樂觀

  • Another, more specific theme,

    另一個更具體的主題是

  • is the rise in global demand for chips and other specialized components,

    全球對於晶片和其他專業組件的需求上升,

  • to power an increasing range of devices that we all like.

    為所有人都喜歡的設備提供越來越多的種類

  • Now after years of consolidation,

    經過多年的整併之後

  • supply, particularly of chips, is limited, and most of that sits in emerging Asia.

    供應方面的選擇有限,尤其是晶片,且其大部分來自於新興亞洲

  • There's also the looming launch of Apple's iPhone 8 models.

    還有即將推出的 iPhone 8 機型

  • Now speculation abounds as to which company has got which share of the orders.

    現在關於哪些公司贏得一部分訂單的猜測傳得沸沸揚揚

  • About 1/3 of Taiwan's tech sales are iPhone-related according to Citigroup.

    根據花旗集團的說法,台灣有三分之一科技銷售的與 iPhone 有關

  • Yet, in spite of the rally and the hype,

    然而,儘管有如此漲勢與炒作

  • EM techs are still cheaper than their US counterparts.

    新興市場科技股依舊比其美國科技股便宜

  • They're trading at 15 times earnings, compared with 18 times.

    目前新興亞洲科技股的本益比為15倍,低於美國科技股的18倍

  • Now that might spur tech-lovers,

    這可能會刺激偏好科技股的投資者

  • whether they're an internet enthusiast backing Alibaba

    無論是支持阿里巴巴的網路狂熱者

  • or fans of Samsung

    或是由三星及其零組件的愛好者

  • to push this rally further still.

    來進一步推動這輪漲勢

Which came first, the rally in emerging markets, or the boom in its tech stocks?

哪個先呢?新興市場的蓬勃,還是科技股的漲勢?

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B2 中高級 中文 英國腔 FinancialTimes 科技股 上漲 市場 亞洲 利潤

亞洲的技術熱潮 (Asia's technology boom)

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    Ann 發佈於 2021 年 01 月 14 日
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