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A made-in-China problem is hurting telecom-equipment makers. Investors in smartphones and network equipment companies should listen carefully.
一个中国制造的问题正在伤害全球电信设备制造商。持有智能手机和网络设备制造商股票的投资者要注意了。
Ericsson, the biggest telecom-equipment maker by market share, saw second-quarter profits fall 63% from a year earlier. Alcatel-Lucent said it will miss its 2023 profit target and China's ZTE warned first-half profits could be down 60% to 80%.
按市场份额计算，全球最大的电信设备制造商爱立信(Ericsson)二季度利润同比下滑63%。阿尔卡特朗讯(Alcatel-Lucent)表示将无法实现2023年的利润目标。中国的中兴通讯股份有限公司(ZTE, 简称：中兴通讯)发布盈利预警，称上半年利润可能下滑60%至80%。
The disruptive force of China's Huawei is a big factor. The company's rapid rise岸from obscurity a decade ago to the second-biggest company in the sector now岸has been built on less-expensive equipment that requires cheaper and less-frequent upgrades. Huawei's profits soared to almost $4 billion at their peak in 2010 from $384 million in 2003.
中国华为技术有限公司(Huawei)产生的破坏性力量是导致上述现象的一大因素。华为的迅速崛起是构筑在该公司生产的那些相对便宜的设备上的。相对而言，这些设备不需要频繁升级，且升级成本较低。华为的利润从2003年的3.84亿美元迅速飙升至2010年高峰期的近40亿美元，而十年前华为还只是一家默默无闻的企业，如今它已经成为全球第二大电信设备制造商。
Now though, most of the world is already kitted out, Huawei's own easy-to-upgrade equipment means the build-out of fourth-generation telecom networks will not be a major profit driver. The rise of smartphones has hit revenue for service providers, equipment vendors' main customers. Huawei is a private company but disclosed last week that first-half operating profits were down 22% from a year earlier.
不过现在，由于世界上大多数地区所需的电信设备已经部署到位，华为制造的那些易于升级的设备意味着第四代电信网络建设不会成为拉动其利润增长的主要业务。智能手机的兴起冲击了电信服务提供商的收入，而电信服务提供商又正好是设备制造商的主要客户。华为是一家非上市企业，但它在上周披露其上半年运营利润同比下滑22%。
The question now for Huawei is how to dial up a new source of growth岸and that could lead to disruption elsewhere.
对于华为来说，眼下的问题在于如何找到一个新的业务增长点，而这有可能在其它领域产生破坏性影响。
Huawei has already moved into smartphones, with cheaper handsets that put pressure on companies like Taiwan's HTC. It is also trying to shift into network equipment, competing with Cisco Systems and Hewlett-Packard to sell routers and other hardware, as well as services, to governments and businesses.
华为已经进入智能手机市场，其生产的更为廉价的智能手机给台湾的宏达国际电子股份有限公司(HTC)等企业造成了压力。华为也试图转战进入网络设备市场，向政府和企业出售路由器和其它硬件及服务，这使它与思科系统(Cisco Systems)以及惠普公司(Hewlett-Packard)成了竞争对手。
Following the playbook that worked in telecom equipment, the Chinese company is aiming to gain market share by undercutting competitors on price. It has already made ripples. Its smartphone sales in 2011 jumped 500% to 20 million, and the company is aiming to triple that total in 2023. Cisco CEO John Chambers pointed to Huawei as its toughest competitor.
华为正在效法它在电信设备市场的成功做法，打算通过低价销售产品来打压竞争对手以获取市场份额。这一做法已经产生了影响。2011年华为的智能手机销量跃升500%至2,000万部，该公司打算在2023年将上述销量增加两倍。思科首席执行长(CEO)钱伯斯(John Chambers)将华为列为自己公司最强大的竞争对手。
Both the smartphones and network sectors are fiercely contested. Leaders like Apple and Cisco boast an edge in technology and brand recognition, and have bundles of cash. Taking a bite out of their market share will be a formidable task. But Huawei has shown it picks up quickly when opportunity calls; investors in adjacent sectors should pay close attention.
智能手机和网络设备市场的竞争均非常激烈。像苹果(Apple)和思科这样的市场引领企业在技术和品牌知名度上占有优势，且现金储备殷实。从他们手中抢占市场份额是一项艰巨的任务。但华为已经证明，只要机会出现，它会迅速抓祝相关领域的投资者应该对此密切关注。
A made-in-China problem is hurting telecom-equipment makers. Investors in smartphones and network equipment companies should listen carefully.
一个中国制造的问题正在伤害全球电信设备制造商。持有智能手机和网络设备制造商股票的投资者要注意了。
Ericsson, the biggest telecom-equipment maker by market share, saw second-quarter profits fall 63% from a year earlier. Alcatel-Lucent said it will miss its 2023 profit target and China's ZTE warned first-half profits could be down 60% to 80%.
按市场份额计算，全球最大的电信设备制造商爱立信(Ericsson)二季度利润同比下滑63%。阿尔卡特朗讯(Alcatel-Lucent)表示将无法实现2023年的利润目标。中国的中兴通讯股份有限公司(ZTE, 简称：中兴通讯)发布盈利预警，称上半年利润可能下滑60%至80%。
The disruptive force of China's Huawei is a big factor. The company's rapid rise岸from obscurity a decade ago to the second-biggest company in the sector now岸has been built on less-expensive equipment that requires cheaper and less-frequent upgrades. Huawei's profits soared to almost $4 billion at their peak in 2010 from $384 million in 2003.
中国华为技术有限公司(Huawei)产生的破坏性力量是导致上述现象的一大因素。华为的迅速崛起是构筑在该公司生产的那些相对便宜的设备上的。相对而言，这些设备不需要频繁升级，且升级成本较低。华为的利润从2003年的3.84亿美元迅速飙升至2010年高峰期的近40亿美元，而十年前华为还只是一家默默无闻的企业，如今它已经成为全球第二大电信设备制造商。
Now though, most of the world is already kitted out, Huawei's own easy-to-upgrade equipment means the build-out of fourth-generation telecom networks will not be a major profit driver. The rise of smartphones has hit revenue for service providers, equipment vendors' main customers. Huawei is a private company but disclosed last week that first-half operating profits were down 22% from a year earlier.
不过现在，由于世界上大多数地区所需的电信设备已经部署到位，华为制造的那些易于升级的设备意味着第四代电信网络建设不会成为拉动其利润增长的主要业务。智能手机的兴起冲击了电信服务提供商的收入，而电信服务提供商又正好是设备制造商的主要客户。华为是一家非上市企业，但它在上周披露其上半年运营利润同比下滑22%。
The question now for Huawei is how to dial up a new source of growth岸and that could lead to disruption elsewhere.
对于华为来说，眼下的问题在于如何找到一个新的业务增长点，而这有可能在其它领域产生破坏性影响。
Huawei has already moved into smartphones, with cheaper handsets that put pressure on companies like Taiwan's HTC. It is also trying to shift into network equipment, competing with Cisco Systems and Hewlett-Packard to sell routers and other hardware, as well as services, to governments and businesses.
华为已经进入智能手机市场，其生产的更为廉价的智能手机给台湾的宏达国际电子股份有限公司(HTC)等企业造成了压力。华为也试图转战进入网络设备市场，向政府和企业出售路由器和其它硬件及服务，这使它与思科系统(Cisco Systems)以及惠普公司(Hewlett-Packard)成了竞争对手。
Following the playbook that worked in telecom equipment, the Chinese company is aiming to gain market share by undercutting competitors on price. It has already made ripples. Its smartphone sales in 2011 jumped 500% to 20 million, and the company is aiming to triple that total in 2023. Cisco CEO John Chambers pointed to Huawei as its toughest competitor.
华为正在效法它在电信设备市场的成功做法，打算通过低价销售产品来打压竞争对手以获取市场份额。这一做法已经产生了影响。2011年华为的智能手机销量跃升500%至2,000万部，该公司打算在2023年将上述销量增加两倍。思科首席执行长(CEO)钱伯斯(John Chambers)将华为列为自己公司最强大的竞争对手。
Both the smartphones and network sectors are fiercely contested. Leaders like Apple and Cisco boast an edge in technology and brand recognition, and have bundles of cash. Taking a bite out of their market share will be a formidable task. But Huawei has shown it picks up quickly when opportunity calls; investors in adjacent sectors should pay close attention.
智能手机和网络设备市场的竞争均非常激烈。像苹果(Apple)和思科这样的市场引领企业在技术和品牌知名度上占有优势，且现金储备殷实。从他们手中抢占市场份额是一项艰巨的任务。但华为已经证明，只要机会出现，它会迅速抓祝相关领域的投资者应该对此密切关注。
