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