“Two events overnight suggest that smartphone pricing in China’s high-end market could come under some pressure,” writes UBS’ Steve Milunovich in a note to clients Tuesday.
本周二，瑞银集团（UBS）的史蒂夫o米卢诺维奇在致客户的报告中写道：“昨晚的两个事件表明，在中国的高端市场上，智能手机定价可能将承受一定的压力。”
I quote:
原文引用如下：
o First, Samsung’s pre-announced results indicate share loss in China, contributing to a sequential double-digit ASP [average selling price] decline on more mid/low end devices and aggressive pricing.
o 首先，三星（Samsung）事先公布的结果显示，它在中国的市场份额缩水，从而导致更多中低端设备的平均售价出现了两位数的下滑以及更为激进的定价。
o Second, as reported by Bloomberg … China’s State-owned Assets Supervision and Administration Council (SASAC) may be ordering telcos to reduce their sales and marketing costs by 40 billion Yuan [$6.4 billion] or about 20%, out of which handset subsidies likely amount to more than one-third.
o 其次，据彭博社（Bloomberg）报道，中国国务院国有资产监督管理委员会（国资委）可能要求电信公司削减销售和营销成本约20％，即400亿人民币（约合64亿美元），而其中很可能三分之一以上是用于补贴手机产品。
Nicolas Gaudois, UBS’ man in Hong Kong, says Samsung is cutting prices to put the squeeze on China’s homegrown Android smartphone makers, hoping to win back some of that share loss. He’s concerned that Samsung’s 15-20% share may not be big enough to drive the market.
瑞银驻香港员工尼古拉斯o高铎伊斯表示，三星正在通过降价向中国本土的Android智能手机厂商施压，以期夺回部分丢失的市场份额。高铎伊斯担心，三星15-20％的份额可能不足以推动市场。
Meanwhile, a 33% cut in Chinese carrier subsidies would slow sales across the high end market, which is where Samsung does some of its Chinese business and where Apple does all of its.
同时，中国电信运营商补贴削减33％可能将导致整个高端市场的销售放缓。高端市场是三星在中国的收入来源之一，更是苹果（Apple）在中国的唯一收入来源。
UBS estimates the high-end (+$500 w/VAT ) represents roughly 20% of Chinese smartphone sales, of which Apple had a 33% share in 2013.
瑞银预计，高端手机（含税价超过500美元）市场在中国智能手机销售总额中占比约20％。2013年，苹果公司在中国高端手机市场上的份额为33％。
“The good news for Apple,” writes Milunovich, “is that demand for the iPhone 6 should likely be stellar, offsetting slow market growth with share gains.”
米卢诺维奇写道：“对苹果而言，好消息是，市场对iPhone 6的需求可能很旺盛。因此，它市场份额的增长有望抵消整个市场增长放缓的影响。”