发布时间 : 星期一 文章英汉汉英互译对照研读经典40篇更新完毕开始阅读d4306322bcd126fff7050bba
being brought to our domestic market, foreign brands are making constant efforts to penetrate into the Chinese market. Under such circumstances, a question we have to answer is: How can Chinese brands give foreign brands a run for their money?
Many of our enterprises are obsessed with the idea of nudging into the international market and metropolitan areas. They are swollen-headedly stealing the limelight. We have to realize that China has become the world‘s largest market yet to be fully developed. China has a population of 1.3 billion, accounting for 20% of the world‘s population and the growth of its consumer expenditure is faster than anywhere else in the world. It is in our domestic market, particularly in our rural market of 900 million farmers that the odds are in favor of the development of our national brands. This may account for some of the well-established international brands racking their brains over China‘s rural market.
Quality is the lifeblood of a brand, and customers always prefer goods of fine quality. With product quality being wildly inconsistent, Chinese enterprises can hardly build brands in which people have faith, thus creating obstacles to the establishment of China‘s international brands. It is currently urgent for some of our national brands, those who have made up their minds to compete against foreign brands, to improve the quality of their products. Enterprises have to realize that 1% defection of a product equals 100% loss for the customer. The domination of China‘s national brands in the world can never be achieved until goods made in China are better in quality than those made abroad.
第三十八篇
When Sports Drinks Kill
For years now, we have been hearing the importance of hydration to avoid heat stroke during prolonged exercise in hot weather. Now, it turns out, too much hydration can kill you.
A study published in The New England Journal of Medicine should give people reason to rethink the wisdom of quaffing vast amount or water or sports drinks while exercising vigorously—at least if they are engaging in such endurance tests as a marathon. The study found that a marathon runner could dangerously dilute the blood with an overdose of liquids, risking a coma and even death. The problem has also been detected during long military maneuvers, extended bike rides and blistering hikes through the desert.
An article in The New York Times describes the slow and belated recognition of the problem. A South African expert who has been warning of the dangers for more than two decades said that he had not found a single case in which an athlete had died from
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dehydration in a competitive race, but that several people had sickened and died from drinking too much.
All too often, friends, coaches or emergency personnel assume that the problem is dehydration and administer yet more liquid, making the problem worse. The best treatment is a small amount of concentrated salt solution, given intravenously, to increase blood sodium concentrations. Sports drinks containing electrolytes may not help much as they are mostly liquid themselves.
In the 2006 Boston Marathon, for example, a 28-old woman found herself exhausted after running for five hours and gulping sports drinks along the way. Wrongly assuming that she was dehydrated, she chugged down a sports drink. She promptly collapsed and was later declared brain-dead. The concentration of salt in her blood was found to be lethally low.
Sports authorities have already issued warnings and tips to avoid excessive drinking. The solution is for overly eager endurance runners and hikers to forget the old mantra that they should drink—drink—drink. Too much liquid can be lethal.
---------------------------------------------------------------------------------------------------------------- 运动饮料也会致命
多少年来我们一直听人们说，热天进行长时间运动时补充水分对预防中暑多么重要。可是现在却发现，补充水分太多也会致命。
《新英格兰医学学报》发表的一份研究报告提出了一些看法，使人们重新思考激烈运动——至少在进行马拉松一类考验耐力的运动时——大量饮水或饮用运动饮料（的做法）是否明智。该研究发现，马拉松运动员饮用过多水或饮料可能会有危险，导致血液稀释，可能会引起休克甚至死亡。这一问题在长时间军事演练、长途自行车运动，和穿越沙漠的艰难跋涉中也有发现。
《纽约时报》的一篇文章讲述了发现这个问题的缓慢迟来的过程。有一位南非专家，二十多年来一直警告人们。他说他从来没有发现任何一例运动员在赛跑中因脱水而死亡，然而却发生了好几起因为饮水太多而不适乃至死亡的情况。
很多时候，朋友、教练员或者紧急情况处置人员常常想当然地认为，脱水是问题所在，往往让运动员饮用更多的水，从而使情况更糟。最好的处理办法是静脉注射少量的浓盐水，以增加血液里的钠的浓度。含有电解质的运动饮料也许没有多大的帮助，因为这些饮料本身主要是水。
例如，在2006年波士顿马拉松赛跑中，一位28岁的女运动员一路喝了许多运动饮料，跑了五小时后发现自己体力不支。她错以为自己是脱水，又咕嘟咕嘟喝了一瓶运动饮料，结果一下子倒下，后来被诊断为脑死亡。发现她是因为血液中的盐浓度太低而送了命。
体育界负责人已经就此问题发布了警告，并提示人们如何避免过分饮水。但是要解决这
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一问题，所有热心的跑步者和跋涉者都应该忘掉他们必须喝水，喝水，再喝水的老咒语。过量饮水也会致命。
第三十九篇
标准普尔与中信证券：推出全新的中国A股市场指数
在2003年12月15日，标准普尔与中信证券联合宣布推出中国A股市场指数。近期中国A股市场向合格境外机构投资者开放，在国际投资界引起了广泛的回响。中国A股市场全面对外资开放，在短期至长期而言，均将对全球的投资模式带来深远的影响。目前，重要的是为中国市场制订综合全面的基准指数。现在采用的指数并未能反映市场整体的表现，而且计算方法设有严格的限制。
标准普尔与中信证券致力创制两个指数系列。其中一个系列主要供投资组合经理采用，属于反映市场整体表现的基准指数。另一个系列的涵盖范围较为狭窄，成份股选自基准指数系列的股票群。第二个指数包括市场上市值最大和流动性最高的股票，对衍生工具市场较为有用。
讨论题目
这次会议将集中讨论关于指数规模和成份股的问题。
题目1：以交易价值计算，建议中的50股指数大约涵盖中国A股市场总市值的33%，并约占整个市场流动性的25%。
a.50股指数可否反映中国A股市场的流动性和波动性？
b.合格境外机构投资者通常倾向投资多少家股票？这个数目未来会不会增加或维持不变？
c.对于为衍生交易设计的指数，板块平衡是否重要？或应否把焦点完全集中于公司市值和流动性？
d.自由浮动在中国有多重要？
题目2：以交易总值计算，建议中的基准300股指数涵盖中国A股市场总市值的60%以上，并约占整个市场流动性的55%。
a.涵盖总市值60%和流动性超过50%的基准指数对中国市场是否具有足够的代表性？
b.300股指数是否可轻易在中国市场复制？
c.基于中国股市迅速转变的性质和较为反复不定，由300家股票组成的指数的周转率会不会过高至不可接受的水平？
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题目3：在过去两年，中国不少大型公司积极招股上市。预期在未来的十二至十八个月，首次公开招股市场将非常活跃。
a.新上市公司最早可以在甚么时候获纳入指数内？
b.应否设立公司市值条件，以限制可加入指数的新上市公司数目？（例如，新上市公司的市值须至少达到指数的10%或在指数的首五大成份股之列，或其他限制条件？）
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Standard & Poor’s and CITIC Securities: New Indices for the China A Share Market
On December 15th, 2003, Standard and Poor‘s and CITIC Securities jointly announced an index for the China A share market. The recent opening of the China A share market to Qualified Financial Institutional Investors has generated interest and excitement in the international investment community. The complete opening of the China A share market will have far reaching impact on investment patterns across the globe in both the short and long term. In the meantime, a critical need has emerged for a comprehensive benchmark for the China market. The current indices are either not representative of the entire market or have severe methodological limitations.
Standard and Poor‘s and CITIC Securities have endeavored to create two index series. One series, which will be used primarily by portfolio managers, will be a benchmark that will represent the market as a whole. The other will be narrower, with constituents drawn from the pool of stocks within the benchmark series. This second index, which consists of the largest, most liquid stocks in the market, will be more useful for the derivative market.
Topics for Discussion
This meeting will focus on issues relating to the indices‘ size and constituents.
Topic 1: A proposed 50 stock index would cover approximately 33% of the total market capitalization of the China A share universe and approximately 25% of the liquidity of the entire market in terms of value traded.
a.Is a 50 stock index representative of the liquidity and volatility of the China A share market?
b.How many stocks on average do QFIIS prefer to invest in? Is this number expected to grow in the future or remain the same?
c.Is sector balance important for an index designed for derivative trading? Or should the focus be entirely on size and liquidity?
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