【雅思精读】华为处处受限,小米或成最大赢家

　　【雅思精读】华为处处受限,小米或成最大赢家，*注：本文选自11月5日《经济学人》。A Chinese smartphone-maker shrugs off feelings of inferiority，这家智能手机制造商终于摆脱了自卑感。

　　1.LEI JUN, The founder and boss of Xiaomi, a Chinese smartphone-maker, has long had something of an inferiority complex. For a decade Xiaomi has played second fiddle to Huawei, a rival Chinese producer of handsets. In a recent live-streamed address watched more than 30m times, Mr Lei admitted that his firm is not yet “in the same league” as Huawei. The audience, comprising mainly “Mi fans” (as devotees of Xiaomi products are known), booed thedispiriting assessment. That prompted Mr Lei to change tack, quickly adding that “you will find lots of things we do well”.

　　中国智能手机制造商小米的创始人兼老板雷军，长期以来一直有一种自卑情结。10年来，小米一直屈居华为之后。在最近一次观看量超过3000万次的直播讲话中，雷军承认，他的公司还没能做到和华为“相媲美。“观众主要是“米粉（小米爱好者），”他们对这一让人沮丧的声明发出了嘘声，这促使雷军改变了策略，他迅速补充说：“你们知道，我们会做得更好。”

　　2.Investors are not complaining. Xiaomi’s share price has doubled since June. Its value surged to $80bn on November 5th. The main explanation is the flagging performance of none other than Huawei, which has been cut off from a critical resource—mobile chips—after export restrictions imposed by America came into effect on September 15th. The regulations prohibit chip manufacturers whose products contain American technology, including suppliers outside America, from selling to Huawei. The chokehold is likely to depress Huawei’s sales for the foreseeable future.

　　投资者对此并没有怨言。自6月以来，小米股价翻了一番，如今小米市值飙升至800亿美元。主要原因是华为业绩萎靡不振，在9月15日美国的出口限制令生效后，华为的移动芯片业务被切断了，这是华为的主要业务。美国出口限制令禁止包含美国技术的芯片制造商向华为出售产品。在可预见的未来，这种牵制可能会抑制华为的销售。

　　3.Xiaomi is better insulated from the geopolitical storm. Unlike Huawei, which sells telecoms gear to foreign network operators, Xiaomi runs only a consumer operation. It is thus less likely to stoke foreign ire. Big chipmakers like Taiwan Semiconductor Manufacturing Company, for instance, continue to supply Xiaomi even as they are forced to cut ties with Huawei.

　　小米避开了地缘政治的影响。与向外国网络运营商销售电信设备的华为不同，小米只经营消费者业务。因此，小米不太可能激起外国的愤怒。例如，台湾半导体制造有限公司等大型芯片制造商在被迫切断与华为的联系之际，仍继续为小米供货。

　　4.New data from Canalys, a research firm, suggest that Xiaomi is cashing in on Huawei’s troubles. In the third quarter Xiaomi shipped 47m smartphones worldwide, up by 45% year on year. Huawei hawked more handsets, 52m units, but that is down by 23% from a year ago and the next quarter will almost certainly be even weaker. Xiaomi could soon overtake Huawei to become the world’s second-biggest smartphone vendor—behind only Samsung, which shifted 80m units in the quarter. Xiaomi is the undisputed winner from Huawei’s woes. Compared with the same period last year, third-quarter shipments from Samsung and Apple, which dispatched43m handsets, barely budged. This suggests that consumers regard Xiaomi smartphones as a suitable substitute for Huawei’s products.

　　研究公司Canalys的新数据显示，小米正在从华为的困境中获利。今年第三季度，小米在全球的智能手机出货量为4700万部，同比增长45%。华为销售了5200万部，但比去年同期下降了23%，而且几乎可以肯定的是，下个季度华为销售会更加疲软。小米可能很快就会超越华为，成为仅次于三星的全球第二大智能手机供应商。三星在本季度售出了8000万台智能手机。小米成为华为困境中无可争议的赢家。与去年同期相比，三星和苹果第三季度出货量几乎没有变化，共售出4300万部手机。这表明消费者认为小米智能手机是华为产品的最佳替代品。

　　5.Like its Chinese rival, Xiaomi tries to cater to every customer. Wealthier folk favour the flagship “Mi” phones. “Redmi” phones are aimed at the mass market (similar to Huawei’s “Honor” series). This explains Xiaomi’s popularity in both developed and developing countries. It is the leading smartphone supplier in markets as diverse as India and Spain. Apple’s priceyproducts have less appeal in poorer countries.

　　和华为一样，小米尽力满足每一位顾客的需要。手头宽裕一些的人更青睐旗舰系列小米手机。红米瞄准的是大众市场，就像华为的荣耀系列一样。这也是为什么小米在发达国家和发展中国家一样受欢迎。小米是印度和西班牙等多样化市场的最大智能手机供应商。苹果的高价手机在不发达国家吸引力不大。

　　6.The question is how long Xiaomi can sustain its fortuitous ascent. A new administration in America may lift restrictions against Huawei, enabling it to buy chips from global suppliers once again. If that happens, Xiaomi could be squeezed. To avoid this fate it talks of building on an “ecosystem” designed to keep customers interested. In addition to smartphones, which account for three-fifths of revenues, the company sells a range of smart devices, from light bulbs to electric scooters. It also offers fintech services like micro-lending. Xiaomi’s sense of inferiority could be a thing of the past.

　　问题是，小米这种偶然的上升势头能维持多久。美国的新一届政府可能会取消对华为的限制，使其能够再次从全球供应商那里购买芯片。要是这样，小米的市场会被挤压。为了避免这种情况发生，小米计划建立一个“生态系统”来维持客户粘性。除了占公司营收五分之三的智能手机外，小米还销售灯泡，电动摩托车等一系列智能设备，还提供小额贷款等金融科技服务。小米的自卑感可能已经成为过去。