(本文选自《经济学人》20201107期)
背景介绍：
作为中国智能手机市场的两大品牌，华为和小米一直处于你追我赶的激烈竞争中。无论从成立时间、业务范围，还是经营规模和品牌效应来看，小米都在竞争中处于下风。但随着美国全面封锁华为全球芯片采购，小米似乎迎来了机遇。
Xiaomi takes advantage of Huawei’s woes
华为的困境成就了小米
A Chinese smartphone-maker shrugs off feelings of inferiority
这家中国智能手机制造商终将摆脱自卑感
Lei Jun, The founder and boss of Xiaomi, a Chinese smartphone-maker, has long had something of an
inferiority
complex. For a decade Xiaomi has played second
fiddle
to Huawei, a rival Chinese producer of
handsets
.
作为中国智能手机制造商小米集团的创始人兼老板，雷军长期以来一直心存自卑。十年来，小米一直在与华为（中国另一家手机制造商）的竞争中处于下风。
In a recent live-streamed address watched more than 30m times, Mr Lei admitted that his firm is not yet “in the same league” as Huawei. The audience, comprising mainly “Mi fans” (as devotees of Xiaomi products are known), booed the dispiriting assessment. That prompted Mr Lei to change tack, quickly adding that “you will find lots of things we do well”.
在最近一次观看量超过3000万次的现场直播中，雷军坦言，小米还没能达到与华为相提并论的层次。对于这一令人丧气的自我评价，现场（观众多为“米粉”—— 即小米产品发烧友）一片嘘声。面对现场观众的反应，雷军随即话锋一转：“你们将会看到越来越棒的小米产品。”
Investors are not complaining. Xiaomi’s share price has doubled since June. Its value surged to $80bn on November 5th. The main explanation is the flagging performance of none other than Huawei, which has been cut off from a critical resource—mobile chips—after export restrictions imposed by America came into effect on September 15th.
投资者毫无怨言。自今年6月以来，小米的股价已经翻了一番。截至11月6日，小米市值已飙升至800亿美元。但最主要的原因是华为表现不佳，自9月15日美国出口禁令生效以来，对华为来说最为关键的移动芯片资源被切断。
The regulations prohibit chip manufacturers whose products contain American technology, including suppliers outside America, from selling to Huawei, which is accused of acting on behalf of the Communist Party. The
chokehold
is likely to depress Huawei’s sales for the foreseeable future.
美国出口禁令限制使用美国技术的芯片制造商（包括美国以外的芯片供应商）向华为提供芯片。在可预见的未来，这种扼喉行为可能会对华为的销售业务造成打击。
Xiaomi is better
insulated
from the geopolitical storm. Unlike Huawei, which sells telecoms gear to foreign network operators, Xiaomi runs only a consumer operation. It is thus less likely to stoke foreign ire. Big chipmakers like Taiwan Semiconductor Manufacturing Company, for instance, continue to supply Xiaomi even as they are forced to cut ties with Huawei.
小米则从这场地缘政治风波中全身而退。不同于向外国网络运营商销售电信设备的华为，小米专注于消费者业务。因此，小米不太会受到外国的嫉怒。例如，在台积电等大型芯片制造商被迫向华为断供之际，它们仍在为小米供货。
New data from Canalys, a research firm, suggest that Xiaomi is cashing in on Huawei’s troubles. In the third quarter Xiaomi shipped 47m smartphones worldwide, up by 45% year on year. Huawei hawked more handsets, 52m units, but that is down by 23% from a year ago and the next quarter will almost certainly be even weaker.
据研究公司 Canalys 最新的数据显示，就在华为陷入困境之际，小米正在节节高升。在今年第三季度，小米智能手机全球出货量达4700万部，同比增长45%。华为虽然有着更大的出货量（5200万部），但同比去年下降了23%，并且几乎可以肯定的是，下个季度的出货量将进一步下降。
Xiaomi could soon overtake Huawei to become the world’s second-biggest smartphone vendor—behind only Samsung, which shifted 80m units in the quarter. Xiaomi is the undisputed winner from Huawei’s woes.
小米或将很快超越华为，成为仅次于三星（第三季度智能手机出货量达8000万部）的全球第二大智能手机供应商。在华为面临困境之际，小米是无可争议的赢家。
Compared with the same period last year, third-quarter shipments from Samsung and Apple, which dispatched 43m handsets, barely budged. This suggests that consumers regard Xiaomi smartphones as a suitable substitute for Huawei’s products.
与去年同期相比，三星和苹果的智能手机出货量（苹果为4300万部）几乎没什么变化。这意味着，小米手机成为了消费者眼中华为手机的最佳替代品。
Like its Chinese rival, Xiaomi tries to cater to every customer. Wealthier folk favour the flagship “Mi” phones. “Redmi” phones are aimed at the mass market (similar to Huawei’s “Honor” series). This explains Xiaomi’s popularity in both developed and developing countries. It is the leading smartphone supplier in markets as diverse as India and Spain. Apple’s pricey products have less appeal in poorer countries.
与其在中国的竞争对手一样，小米试图满足每一位顾客的需求。富裕的人们更青睐于“小米”系列旗舰机型。“红米”（类似于华为的荣耀系列）则瞄准了大众市场。这也解释了小米为何能够同时在发达国家和发展中国家都有市场。在印度和西班牙等多样化市场，小米取得了手机市场的领先地位。价格高昂的苹果手机在欠发达国家没有太大的市场。
The question is how long Xiaomi can sustain its
fortuitous
ascent. A new administration in America may lift restrictions against Huawei, enabling it to buy chips from global suppliers once again. If that happens, Xiaomi could be squeezed.
但问题在于，小米这种极具偶然性的发展优势能够维持多长时间。美国新一届政府或将取消华为禁令，从而使华为能够继续从全球供应商那里采购芯片。如果情况属实，小米的市场又将被夺走。
To avoid this fate it talks of building on an “ecosystem” designed to keep customers interested. In addition to smartphones, which account for three-fifths of revenues, the company sells a range of smart devices, from light bulbs to electric scooters. It also offers fintech services like micro-lending. Xiaomi’s sense of inferiority could be a thing of the past.
为了防止这种情况的发生，小米想要构建一个“生态系统”，以留住客户。除了占公司营收五分之三的智能手机业务外，小米还销售从灯泡到电动摩托车等一系列智能设备。此外，小米还提供小额贷款等金融科技服务。如此一来，雷军的自卑感或将成为过去式。
(红色标注词为重难点词汇)
本文翻译：Vinnie
校核：Vinnie
编辑：Vinnie
成立于2010年的小米不论从哪个方面来看，都在与华为的竞争中处于劣势。随着美国对华为的封锁，小米迎来了一个绝佳的发展机遇。但面对这一极具偶然性的发展机遇，小米更应该思考的是，在美国解除禁令后，如何能够继续留住顾客。
inferiority
[ɪnˌfɪriˈɔːrəti] n. 自卑；下属；次等
