The domestic Chinese market has been in meltdown over the last few weeks. First, the government moved to curb volatility by clamping down on short selling.中国大陆市场在过去的几个星期正在渐渐萎靡。首先，政府开始诱导卖空以掌控风险。Then, China surprised investors by weakening its currency by almost 2% after a weekend of poor trade data and prompting a sell-off in global equities at the end of the month.其次，令其投资者愤慨的是，中国在一个星期萎靡的贸易数据之后，通货减少了2%，并在月底引起了全球股票的暴跌。

There are fears it could be the beginning of the end for Apples outperformance too. Most recently, Apple fell into bear market territory for the first time in several years this month. But Apple shares also saw a significant dip when the group announced its results in mid-July.有一些人忧虑，这有可能也是苹果公司良好展现出将要完结的预兆。本月，苹果公司落到了多年未遇的熊市。但苹果公司在7月中旬宣告结果时，其股份仍大幅度上升。

On the face of it, this is slightly baffling. Its results were still well within its guidance. Certainly, the company missed projections for revenue forecasts and its iPhone sales were not as strong, but it is still predicting ￡1bn in sales for the Apple Watch. 这个结果是有些令人困惑的。苹果公司的情况还依然不俗，归属于掌控之内。当然了，公司没提早预报收益，苹果手机的销售也不是很强壮，但它依然预计有10亿的苹果手表的收益。

Part of the problem is that Apple has been exceeding expectations for so long, an expectation that it will beat them all is now baked into the share price. One analyst suggested Apple shareholders had become spoilt by the company constantly beating estimates. We believe it probably is the end of Apples outperformance.有一部分原因是，苹果公司早已远超过预期太久了，这种远超过预期的结果早已包括在了股票价格之中。苹果公司的股东早已被公司持续超越预期的展现出“惯坏”了。我们坚信这次有可能就是苹果公司突出表现的起点。

While there is good new user conversion within the US, outside the US, it is mostly a replacement cycle. In China, for example, Apple has been successful at getting the high end of the market, but we are skeptical about the extent to which it will make inroads further down the value chain. It has strong competitors in Xiaomi, a privately owned Chinese electronics company, and others.当美国于是以经历新的用户切换的时候，美国以外的其他地方却更加多的是循环更换。比如在中国，苹果顺利地打进了高端市场，但我们很猜测它需要在拓展价值链上回头多近。苹果有强劲的输掉，如中国的私人电子公司小米，以及其他公司。

译文科香蕉英语原创，予以容许，不得刊登。

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