本文摘要：A made-in-China problem is hurting telecom-equipment makers. Investors in smartphones and network equipment companies should listen carefully. 一个中国生产的问题正在损害全球电信设备制造商。持有人智能手机和网络设备制造商股票的投资者要留意了。

A made-in-China problem is hurting telecom-equipment makers. Investors in smartphones and network equipment companies should listen carefully. 一个中国生产的问题正在损害全球电信设备制造商。持有人智能手机和网络设备制造商股票的投资者要留意了。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 2012 profit target and Chinas ZTE warned first-half profits could be down 60% to 80%.按市场份额计算出来，全球仅次于的电信设备制造商爱立信(Ericsson)二季度利润同比下降63%。

阿尔卡特朗讯(Alcatel-Lucent)回应将无法构建2012年的利润目标。中国的中兴通讯股份有限公司(ZTE, 全称：中兴通讯)公布盈利预警，称之为上半年利润有可能下降60%至80%。The disruptive force of Chinas Huawei is a big factor. The companys rapid rise-from obscurity a decade ago to the second-biggest company in the sector now-has been built on less-expensive equipment that requires cheaper and less-frequent upgrades. Huaweis 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造成上述现象的众多因素。

华为的很快兴起是构筑在该公司生产的那些比较低廉的设备上的。相对而言，这些设备不必须频密升级，且升级成本较低。华为的利润从2003年的3.84亿美元很快攀升至2010年高峰期的将近40亿美元，而十年前华为还只是一家默默无闻的企业，如今它早已沦为全球第二大电信设备制造商。

Now though, most of the world is already kitted out, Huaweis 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早已部署做到，华为生产的那些更容易升级的设备意味著第四代电信网络建设会沦为夹住其利润快速增长的主要业务。智能手机的蓬勃发展冲击了电信服务提供商的收益，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，但它在上周透露其上半年运营利润同比下降22%。The question now for Huawei is how to dial up a new source of growth-and that could lead to disruption elsewhere.对于华为来说，眼下的问题在于如何寻找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 Taiwans 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.华为早已转入智能手机市场，其生产的更加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。

华为也企图进军转入网络设备市场，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)出了竞争对手。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 2012. 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顺利作法，想通过低价销售产品来抨击竞争对手以提供市场份额。这一作法早已产生了影响。

2011年华为的智能手机销量跃居500%至2,000万部，该公司想在2012年将上述销量减少两倍。思科首席执行长(CEO)钱伯斯(John Chambers)将华为列入自己公司最强劲的竞争对手。

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皆十分白热化。像苹果(Apple)和思科这样的市场引导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难的任务。但华为早已证明，只要机会经常出现，它不会很快逃跑。涉及领域的投资者应当回应紧密注目。

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