原文选自：《经济学人》文章类型：外刊精读翻译解析讲解来源：高斋外刊双语精读原创：雒老师Joy6月24日，为期10天的第127届广交会闭幕，此次广交会首次打破时空界限，近2.6万家参展商“云上”参展。最新一期经济学人上有篇文章对本届广交会进行了报道，今天公众号“高斋外刊双语精读”带大家一起来看看下面这段报道：经济学人：广交会00:0006:15经济学人原文：Normally 200,000 buyers, hailing from just about every country, would have flocked to the Canton Fair, the world’s biggest trade show. This year, because of the pandemic, it was conducted entirely online, running for ten days and ending on June 24th. Although no substitute for meetings in the flesh, the virtual fair was testament to China’s manufacturing muscle. Some 25,000 exhibitors hosted live-streams, often from their factories, chatting to anyone interested in their products.高斋参考译文：作为全球最大贸易展会，广交会（Canton Fair）与会采购商人数通常会达到20万，他们几乎来自所有国家。今年由于疫情原因，广交会全程在线上举行，为期10天，于6月24日闭幕。这次虚拟展会虽然不能代替线下会议，但显示了中国强大的制造业实力。约有25000家参展商举办了线上直播活动，大多展商就在自己的工厂内直播，与对他们产品感兴趣的人进行交谈。段落分析：第一句用Normally引出通常情况，第二句用this year转折，说明今年不同往年。第三句说明此次展会的亮点和意义。第四句提到此次展会参展商是如何展示自己产品的，以及如何与他人进行沟通交流的。01第一句：Normally 200,000 buyers, hailing from just about every country, would have flocked to the Canton Fair, the world’s biggest trade show.作为全球最大贸易展会，广交会（Canton Fair）与会采购商人数通常会达到20万，他们几乎来自所有国家。1. 句子结构分析：这句的主干是Normally 200,000 buyers would have flocked to the Canton Fair；hailing from just about every country是现在分词修饰buyers；the world’s biggest trade show是the Canton Fair的同位语。2. buyers在这里指“采购商”，不是“买家”。比如金融时报上这句：But now most of the SME buyers and sellers started to do business throughout the world because of the internet.但由于互联网的出现，现在大部分中小企业采购商和销售商已经把生意做到世界各地。3. 固定表达：hail from是一个固定表达，意思是“出生于；来自于”，经济学人上有一篇文章讲到了中国的户口制度，在介绍北漂群体时有这么一句：They are well-educated and hail from an urban area in another part of China.hailing from just about every country意思就是“几乎来自所有国家”，其中just about表示几乎。“来自世界各地”就可以说hail from around the world。hail from除了表示sb来自某个地方，还可以表示抽象意义上的“来自”，比如经济学人这句：Today many of these disruptive innovations hail from the emerging markets.现如今，许多这样的“颠覆性创新”都来自于新兴市场。4. 固定表达：flock to这个短语很常见了，它表示“蜂拥而至；涌向”。these small business owners activate our streets, provide culturally relevant foods that tourist flock to.这些小商贩让我们的街道热闹起来，提供有地域特色的各种美食，游客蜂拥而至。5. 专有名词：the Canton Fair 广交会。广交会每年春秋两季在广州举办，是中国目前历史最长、层次最高、规模最大、商品种类最全、到会采购商最多且分布国别地区最广、成交效果最好的综合性国际贸易盛会。2020年6月15日至24日，第127届广交会在网上举办，为期10天。Canton：广州的英文名，在国外被广泛使用。《The Oxford English Dictionary》中Canton是这样解释的：The name of the city in southern China。6. 同义表达：Normally 200,000 buyers, hailing from just about every country, would have flocked to the Canton Fair中normally也可以说usually。7. 句子改写：这句也可以说展会吸引多少采购商参加，比如可以借鉴abcnews报道：The twice-a-year fair usually draws more than 180,000 foreign buyers and 25,000 Chinese vendors to the southern city of Guangzhou.twice-a-year表示“一年两次的”；draws也可以说attracts。所以Normally 200,000 buyers, hailing from just about every country, would have flocked to the Canton Fair可以改为：The Canton Fair usually draws/attracts 200,000 buyers, hailing from just about every country.02第二句：This year, because of the pandemic, it was conducted entirely online, running for ten days and ending on June 24th.今年由于疫情原因，广交会全程在线上举行，为期10天，于6月24日闭幕。1. 句子结构分析：这句主干是it was conducted entirely online；because of the pandemic是原因状语；running for ten days and ending on June 24th是现在分词作伴随状语。2. 同义词替换：because of the pandemic可以换为due to the pandemic，还可以用amidthe pandemic。cnbc报道2020东京奥运会推迟时就有这么一句：Tokyo 2020 Olympics are postponed amid coronavirus pandemic.3. 同义表达：it was conducted entirely online 完全以网络形式举办广交会。将广交会搬到网上，abcnews用了一个很形象的词move，它在报道中标题是这么说的：China moves vast trade fair online.move ...online意思就是“把……搬到网上；在网上进行……”，比如金融时报这句：But move the social network online, and larger networks do nothing for our happiness.然而，把社交网络搬到网上，朋友更多了对幸福感却毫无帮助。被动就是... was moved to online，比如msn报道：As a major global trade event so far this year, the 10-day fair, deemed as an important barometer of China's foreign trade, was moved online for the first time in Guangzhou, capital of Guangdong, due to the COVID-19 epidemic.barometer这个词就是我们平时所说的“晴雨表”，deemed as an important barometer of China's foreign trade意思就是“被视为中国外贸的‘晴雨表’”。it was conducted entirely online也可以用主动形式opened online，比如abcnews中所说：The world's biggest sales event, the Canton Trade Fair, opened online this week to avoid the coronavirus pandemic.其中The world's biggest sales event也可以说the world’s biggest trade show/event。 4. 固定搭配：run for+时间段，表示“持续；延续”之意，相当于last for，举个金融时报的例子：The trial, which resumes today, is scheduled to run for five weeks.庭审今日将继续进行，预定将持续5周时间。be scheduled to do表示“预计；计划”，如果是“预计/计划在某一时间”就是be scheduled for+时间，比如路透社报道2020东京奥运会原日程是这么说的：This would mean the Games, scheduled for July 24-Aug. 9, are likely to be held in the summer of 2021.5. ending on June 24th：具体在哪一天介词是on。具体在哪个月或某月的某个时间段介词是in，如：在八月 in August，在八月中旬 in mid-August。03第三句：Although no substitute for meetings in the flesh, the virtual fair was testament to China’s manufacturing muscle.这次虚拟展会虽然不能代替线下会议，但显示了中国强大的制造业实力。1. Although后面省去了it was，即the virtual fair was，因为主语相同。2. 固定表达：no substitute for是一个固定表达，意思是“无法替代；取代不了”。经济学人在介绍苹果的研发计划时有这么一句：They may prove a hit, but would be no substitute for the iPhone.它们或许能大获成功，但还不能取代iPhone。Many parents fret that online learning is a poor substitute for classroom instruction.许多家长担心在线学习效果不好，不能代替课堂教学。3. meetings in the flesh：在这里表示“线下会议；面对面会议”。也可以说meetings in person，face-to-face meetings，physical meetings。in the flesh的本意是“本人；亲身”，比如金融时报上这句：I think it was very helpful for us that the Chinese got to meet in the flesh somebodywith this kind of expertise.我认为，让中国企业亲眼见见有这种专业经验的人士，对我们很有帮助。4. the virtual fair：虚拟展会。这里的virtual实际上就是“线上”的意思，也就是online的意思，我们说第39届香港电影金像奖就采取了网上颁奖的形式，其中网上颁奖典礼就用了virtual ceremony这个表达，比如screendaily报道：Better Days’ sweeps Hong Kong Film Awards in the virtual ceremony.5. 固定表达：be testament to是一个固定表达，意思是“是……的证据；证明了……；说明了……”，比如经济学人上这句：It is testament to how much of Earth’s surface is sea意思就是“它证明了地球表面有多少是海洋”。也可以写作a testament to，表示“证明了；说明了”，比如经济学人这句：The mall has come to life, a testament to the rise of the middle class.这座购物中心的建成，证明了中产阶级的崛起。6. 熟词偏义：muscle这个词最常见的含义是“肌肉”，如考研英语完形填空中这句：Most importantly, it constantly modifies and enhances the games you play to build on the strengths you are developing--much like a(n) effective exercise routine requires you to increase resistance and vary your muscle use.在今天这里表示“力量；实力”，China’s manufacturing muscle即“中国制造业实力”，来看经济学人报道：In his book “The Great Convergence”, Richard Baldwin argues that the resulting blend of Western industrial know-how and Asian manufacturing muscle fuelled the hyper-globalisation of supply chains.从这个图片中，我们可以学到一个固定句型the resulting blend of ... and ... fuelled ...，表示“……和……的融合/……和……共同推动了/助长了……”。04第四句：Some 25,000 exhibitors hosted live-streams, often from their factories, chatting to anyone interested in their products.约有25000家参展商举办了线上直播活动，大多展商就在自己的工厂内直播，与对他们产品感兴趣的人进行交谈。1. 句子结构分析：这句话的主干是Some 25,000 exhibitors hosted live-streams；often from their factories是补充说明成分；chatting to anyone interested in their products是现在分词作hosted live-streams的伴随状语，其中interested in their products是过去分词作anyone的后置定语。2. 同义表达：live-streams：表示“直播”，这是名词形式，“对……进行直播”可以说be live-streamed，be streamed live，stream，be broadcast live。比如《华尔街日报》这句：That day, the menswear show had been streamed live on the site and on Prada's official YouTube channel.那天的男装秀在该网站以及普拉达官方YouTube频道上进行了直播。我们常说的“主播”可以说streamer。3. Often在这里相当于mostly，大多数的意思，今天这里指“大多展商”。注意介词from，表示在……地方做的直播。如《华尔街日报》例句：Spanish state TV was broadcasting live from the scene.西班牙国家电视台在灾区做现场直播。4. chat to sb表示“与某人交谈/聊天”，注意它和chat with的区别。一般chat to更多是一方在对另一方说话，比如这里的live-streams，既然是直播，我们都知道肯定是直播的人在屏幕一边说话；chat with则是双向的。5. interested in their products对他们产品感兴趣：这个是商务英语用语，如If you are interested in our products, please contact us at any time.今天就分享这么多！希望大家喜欢，多点赞多分享！更多外刊精读可移步公号：高斋外刊双语精读。推荐阅读：

10.29｜经济学人阅读｜财经专栏 The generation game经济学人The Economist是一份英国的英文新闻周报，分八个版本于每周五向全球发行，编辑部位于伦敦，创办于1843年9月。经济学人是一本综合性新闻评论刊物，有商业、国家和地区、经济和金融、科学和技术五大类。其中文章文风紧凑且严谨，对语言精准运用，展现出一种克制的风趣幽默，常运用双关语调侃。经济学人对于英语考试的重要性不言而喻，其文章常常出现在雅思托福、SAT、GRE、GMAT、考研英语、四六级、MTI和CATTI的阅读理解真题中。今天羚羊君（公众：aa-acad）给大家分享的是经济学人2020年10月24日期刊中财经专栏的第一篇：The generation game。这篇文章主要讲述了千禧一代占资本市场的份额、他们的投资方式以及他们对于金融业的影响。作者认为千禧一代将会占据越来越重要的位置，最终改变资产管理的运作方式。想要阅读往期内容，可以在公众号右下角点击"更多资讯-长文阅读"进入专栏。01The generation game千禧一代的资本博弈THINK OF A millennial investor, and you might picture someone like Vincent Iantomasi, one of a legion of amateur traders dishing out investment advice on TikTok, a social-media app. With “Blueberry Faygo” by Lil Mosey, an 18-year-old rapper, playing softly in the background, Mr Iantomasi tells investors looking for racy returns to pile into SPXL, a leveraged exchange-traded fund. Or you might think of users of “r/wallstreetbets”, a forum on Reddit, another social-media site, who post “loss porn”: screenshots of their accounts on Robinhood, an investing app, after betting their life savings on short-dated derivative shares in Tesla, an electric-car maker.当说到千禧年的投资者时，你可能会想到像Vincent Iantomasi这样的人，他来自于一群业余投资者，这些投资者在社交媒体应用TikTok上提出投资建议。
Iantomasi与18岁的说唱歌手Lil Mosey创作的“ Blueberry Faygo”在视频中作为背景音乐播放，同时lantomasi告诉投资者，寻求高回报的投资者会蜂拥而至去购买可在交易所买卖的基金SPXL。 又或者，你可能会想到“ r / wallstreetbets”的用户，这是另一个社交媒体reddit上的一个论坛，用户们在论坛上po出"看小片后的损失：他们在投资应用Robinhood上的帐户截图。这是在他们堵上全部身家，投资于特斯拉的短期股份后的投资截图。02Young investors have become infamous during the pandemic. As markets have rocketed, budding punters have engaged in a frenzy of day-trading on their phones. Look past the notoriety, though, and a profound shift in the ownership of investment assets looms. Millennials, typically defined as those born between 1981 and 1996, still hold a tiny share of total wealth (see chart). In America they own $9.1trn in assets, just 7% of the total, well below the 26% held by baby-boomers when they were of a similar age. But savings and inheritance windfalls mean that millennials’ share will rise rapidly. And shifts in technology and pension policies will allow them to exert more control over their assets than their parents did. The implications for investment firms and markets are already becoming apparent.在疫情期间，年轻的投资者声名狼藉。 随着市场的迅猛发展，刚开始的投资者在他们的手机上疯狂地进行一日交易。 虽然这些投资者臭名昭著，投资资产所有权的重大转变迫在眉睫。 千禧一代（通常定义为1981年至1996年之间出生的人）仍然只占总财富的一小部分（参见图表）。 在美国，他们拥有9.1trn的资产，仅占总数的7％，远低于相似年龄的婴儿潮一代持有的26％。 但是储蓄和遗产的意外收获意味着千禧一代的资产占比将迅速增加。 随着技术和养老金政策的变化，他们将比父母拥有更多的资产控制权。这对投资公司和市场的影响已经变得显而易见了。03The young acquire wealth by inheriting or earning it. Already more than a third of America’s labour force is millennial and they have been the largest cohort since 2016 (even though some are still in education). Bank of America Merrill Lynch reckons that, worldwide, their earning power will rise by nearly three-quarters in 2015-30 as more start work and others gain seniority.年轻人通过继承遗产或赚取钱财来获得财富。自2016年以来，美国已经有超过三分之一的劳动力是千禧一代，并且是自2016年以来劳动力中人数最多的群体（即使其中一些还在读书）。 美银美林（Bank of America Merrill Lynch）估计：从全球来看，随着更多千禧一代开始工作和他们资历上升，他们的收入能力将在2015-30年度增长近四分之三。04Inheritance flows are set to speed up. The population structure in most rich countries bulges outwards for the baby-boomer generation and then again for their children, many of whom are millennials. Every five years $1.3trn in investible assets, or 5% of the stock, passes down the generations in America. The pace of the wealth transfer will probably double by 2036-40 as boomers die. According to Cerulli Associates, a research firm, millennials will inherit $22trn by 2042.通过继承而获得财富的速度也在加快。大多数富裕国家的人口结构在婴儿潮一代向外膨胀，然后向其子女膨胀，其子女中许多属于千禧一代。 每五年，1.3trn美元的可投资资产（即股票的5％）在美国世代相传。 随着婴儿潮一代死亡，财富转移的速度到2036-40年可能会翻倍。 根据研究公司Cerulli Associates的说法，到2042年，千禧一代将继承22trn的收益。05It is a mistake to assume that millennials will invest as their parents did. Two forces will lead them to seek more control over their assets: changes to pensions, and advances in technology. Consider pensions first. In the 1970s most schemes were “defined-benefit” (DB). Beneficiaries were paid a fixed income based on their final salary and had no say in how their pots were invested. Then in 1978 the Revenue Act created the 401(k) plan in America—a “defined-contribution” scheme where savers have more control over where their cash goes. Assets held in such pensions have exceeded those in DB schemes since 1995. Where investment firms used to compete to win the mandate for a company’s pension pot, today they are likely to be one of many managers that staff can choose from.千禧一代不会像父母那一代那样投资。两股力量将导致他们寻求对其资产的更多控制：养老金变更和技术进步。 首先考虑养老金。 在1970年代，大多数计划是“确定受益”的（DB）。 受益人根据其最终薪水获得固定收入，并且对如何投资他们的储蓄没有发言权。后来，在1978年，《收入法》在美国创建了401（k）计划，这个计划是一个“定额供款”计划。在此计划下，储户可以对其现金去向进行更多控制。自1995年以来，投入此类养老金中的资产已超过DB计划中的资产。在过去，投资公司通过竞争去赢得公司的养老金储蓄，而如今，投资公司很可能成为公司员工可以选择的众多资产管理者之一。06Even as they gain more control over workplace pensions, millennials are using technology to invest in shares and bonds directly. When most boomers began saving a handful of investment firms loomed large, offering high-fee mutual funds. But electronic trading makes it much easier and cheaper to buy and sell directly. The cost of investing $100 on a stock exchange has fallen from $6 in 1975 to less than a thousandth of a penny today. In 2019 the four big retail-trading platforms—Charles Schwab, E*Trade, Fidelity and TDAmeritrade—cut commissions to zero as Robinhood, a pioneer of the zero-commission model, gained popularity. A generation reared on smartphones is as likely to trust an app as a well-heeled broker.即使他们获得了对工作场所养老金的更多控制权，千禧一代仍在应用技术直接投资于股票和债券。 当大多数的婴儿潮一代开始储蓄时，少数投资公司占据着江山，这些公司提供着高费用的共同基金。然而电子交易使直接买卖变得更加容易和低成本。在证券交易所投资100美元的成本已从1975年的6美元降至如今的不到1美分的千分之一。在2019年，四大零售交易平台 （Charles Schwab，E * Trade，Fidelity和TDAmeritrade）将佣金减至零，这是由于零佣金模式的先驱Robinhood很受人们欢迎。 伴随着智能手机成长的一代人犹如经验丰富的投资经纪人一样信任应用程序。07Fintech firms are working to capitalise on the coming windfall. Robinhood may have attracted the headlines, but millennials are just as keen to use other digital services. One example is “robo-advisers”, which automatically allocate invested assets across low-cost index funds based on age and risk-preferences for a low fee. According to BlackRock, an asset manager, four in five millennials who are aware of these advisers are keen to use them. As much cash—perhaps $40bn combined—is parked in Betterment and Wealthfront, two robo-advisory startups, as in Robinhood. Though Betterment has some older clients, the average customer is 35, says Jon Stein, its founder. Robinhood does not disclose the amount of cash held on its platform, but JMPSecurities, a research firm, estimates that the average account holds $1,000-5,000. This would put total assets across its 13m accounts at $13bn-65bn.金融科技公司正在努力利用即将到来的意外财富。
Robinhood可能已成为头条，但千禧一代也热衷于使用其他数字服务。其中一个例子是“机器人顾问”，它可以根据年龄和风险偏好以低廉的费用自动将投资资产分配给低成本指数基金。据资产管理公司贝莱德（BlackRock）称，知道"机器人顾问"的千禧一代中有五分之四有很强的意图使用这项服务。像Robinhood一样，两家机器人咨询初创公司Betterment和Wealthfront存有尽可能多的现金（可能合计400亿美元）。 该公司的创始人乔恩·斯坦（Jon Stein）说，尽管Betterment有一些老客户，但平均服务的客户量为35个。
Robinhood并未透露其平台上持有的现金量，但是研究公司JMPSecurities估计，平均每个帐户上有1,000-5,000美元。 这将使其1300万个账户的总资产达到130亿至650亿美元。08Some incumbents are trying to catch up. In 2019 Morgan Stanley bought Solium, which manages vesting stock options for tech workers, in the hope that they will one day be rich clients. Others are gloomier. Most wealth managers surveyed by Accenture, a consultancy, expect to lose a third of their customers’ wealth at the point of succession. When the reaper comes for their clients, their business will go with them.一些老牌企业正在努力追赶。摩根士丹利（Morgan Stanley）在2019年收购了Solium，该公司为科技工作者管理既有的股票期权并希望他们有一天能成为富裕的客户。其他企业则显得更加沮丧。咨询公司埃森哲（Accenture）预计在其他公司接任时，埃森哲会失去其客户财富的三分之一。当"收割者"为客户服务时，他们的生意就会随之而来。09What goals will millennials pursue? Some 87% of them believe corporate success should be measured by more than financial performance, according to Deloitte, another consultancy. They also seem to act on that impulse. Morgan Stanley finds that the under-35s are twice as likely as others to sell a holding if they consider a company’s behaviour to be environmentally or socially unsustainable. Of course, millennials may become more hard-nosed as children and mortgages come along. Then again, having lived through two economic crises in a decade or so, they may want to shake up shareholder capitalism. The butt of jokes in 2020, millennial investors will eventually change how asset management works—and perhaps the economy, too.千禧一代将追求什么目标？ 另一家咨询公司德勤（Deloitte）表示，其中约有87％的千禧一代认为，企业的成功不仅仅取决于财务业绩。 他们似乎也以此为动力。 摩根士丹利（Morgan Stanley）发现，如果35岁以下的人认为公司的行为在环境或社会上是不可持续的，他们出售该公司股份的可能性是其他人的两倍。 当然，随着孩子和抵押贷款的到来，千禧一代可能变得更古板。值得一再强调的是，他们在十年左右的期间经历了两次经济危机，因此，他们可能想要动摇股东资本主义。随着魔幻的2020年笑料频出，千禧一代的投资者最终将改变资产管理的运作方式，甚至可能改变经济。经济学人一般目录大纲：The world this week：简单梳理本周的时事Leaders：社论，对本周热点事件进行评论Briefing：简报，对一个特定热点话题深度讨论Letter：读者来信，对往期文章的评论Sections：各大洲及中美英三国的本周热点事件报道Business：商业新闻Finances and economics：财经新闻Science and technology：科技新闻Books and arts：文化书籍，书评和文化现象讨论Economic and financial indicators：商业及财经指数Buttonwood：金融专栏Schumpeter：商业专栏Bartleby：职场专栏Bagehot：英国专栏Charlemagne：欧洲专栏Lexington：美国专栏Banyan：亚洲专栏