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企业回归美国并非万事大吉
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企业回归美国并非万事大吉
自唐纳德·特朗普赢得去年总统大选以来，这三家公司均已宣布在美国投资。 
双语精读
Reshoring ain't reassuring
回流本土并非万事大吉
What do the following three companies have in common? Stellantis, owner of the Fiat, Jeep and Chrysler brands; Merck, which makes the world's bestselling cancer drug; and Barry Callebaut, a Swiss chocolate-maker, which is particularly proud of its ruby flavour, neither sweet nor bitter.
以下三家公司有何共同点？拥有菲亚特、吉普、克莱斯勒品牌的Stellantis汽车集团，生产全球最畅销抗癌药物的默克公司，以及瑞士巧克力制造商百乐嘉利宝，该公司引以为豪的是其研发的既不甜腻也不苦涩的红宝石巧克力。
One answer: their capital-expenditure (capex) plans. All three have announced investments in America since Donald Trump won last year's presidential election. Mr Trump is, of course, delighted by this kind of news.
一个答案：他们的资本支出计划是相同的。自唐纳德·特朗普赢得去年总统大选以来，这三家公司均已宣布在美国投资。特朗普对这类消息当然感到高兴。
The White House added the chocolate-maker to a list of more than two dozen companies that have announced investments in America since the president's return to power. "We are already seeing progress in reshoring American industry," it said.
自总统重新掌权以来，已有二十多家公司宣布在美国投资，白宫也将这家巧克力制造商加入了这份名单中。“我们已经看到美国产业回流本土正在取得进展。”白宫称。
The spending is presumably good for America. But is it good for the companies themselves? Most studies find that share prices respond positively to capex announcements, if only weakly.
这种支出想必是对美国有益，但对公司本身有益吗？大多数研究发现，股价对资本支出公告的反应是积极的，尽管这种反应可能较为微弱。
The firms showcased by the White House have a couple of extra things going for them. Moving production to America will help them escape Mr Trump's tariffs, as he himself points out.
白宫展示的这些公司还有几个额外好处。正如特朗普自己所指出的，将生产转移到美国将帮助企业避开关税。
Another potential benefit is winning the president's goodwill. Indeed, some bosses made their announcements standing alongside Mr Trump. Despite all this, shareholders appear unconvinced.
另一个潜在好处是赢得总统的好感。其实一些企业老板就是站在特朗普身旁宣布了资本支出消息。尽管如此，股东们似乎并不信服。
Of the listed companies that are featured in the White House press release, 20 have made firm capex announcements. In only 11 out of these 20 cases was the company's share price higher on the day after the announcement than on the day before. Moreover, 15 of these companies have underperformed their national equity market since Mr Trump won last year's election.
在白宫新闻稿中提及的上市公司里，已有20家公布了资本支出计划。在这20家公司中，仅有11家公司在公布资本支出计划次日的股价高于公布前一天的股价。此外，自特朗普赢得去年大选以来，其中15家公司的股票表现逊于美股平均水平。
Many of the companies have idiosyncratic problems. Barry Callebaut has been hurt by the volatile price of cocoa. Merck has encountered weak demand in China for its otherwise successful human-papillomavirus vaccine. Stellantis bade farewell to its contentious chief executive in December.
许多公司都有各自独特的问题。百乐嘉利宝受到可可价格波动的影响。默克的HPV疫苗在中国市场需求疲软，尽管该疫苗在其他地区很成功。Stellantis在12月与其颇具争议的CEO结束合作。
And the firms' plans may reflect fear more than enthusiasm. Their decision to expand operations in America so early in Mr Trump's term could suggest they were unusually exposed to his tariff plans, and the "disruptive environment" levies have created.
这三家公司的计划可能更多反映了恐惧而非热情。它们在特朗普任期之初就早早决定在美国扩大业务，这可能表明它们异常容易受到其关税计划及这些关税所创造的“破坏性环境”的影响。
Another thing all three have in common: a slump in their share price since election day of over 20%.
这三家公司还有一个共同点：自选举日以来，其股价跌幅均超过20%。
词汇预习
- particularly [高考]
美[pərˈtɪkjələrli] | 英[pəˈtɪkjələli]
adv. 特别；尤其；详细地 - release [高考]
美[rɪˈliːs] | 英[rɪˈliːs]
n. 释放；让渡；发行
vt. 释放；让与；准予发表；发射 - executive [高考]
美[ɪɡˈzekjətɪv] | 英[ɪɡˈzekjətɪv]
adj. 行政的；决策的；经营的；[计算机]执行指令
n. 行政主管；行政部门；决策者 - enthusiasm [高考]
美[ɪnˈθuːziæzəm] | 英[ɪnˈθjuːziæzəm]
n. 热情；热心；热衷的事物 - announcement [高考]
美[əˈnaʊnsmənt] | 英[əˈnaʊnsmənt]
n. 通告；宣布；声明 - election [高考]
美[ɪˈlekʃn] | 英[ɪˈlekʃn]
n. 选举；当选；选举权 - positively [高考]
美[ˈpɑzətɪvli] | 英[ˈpɒzətɪvli]
adv. 极其；绝对地；十分肯定的；坚定的 - demand [高考]
美[dɪˈmænd] | 英[dɪˈmɑːnd]
n. 要求；需求
v. 要求；查问；需要 - potential [高考]
美[pəˈtenʃl] | 英[pəˈtenʃl]
adj. 潜在的；可能的
n. 潜力；潜能
n. 电位；电势 - otherwise [高考]
美[ˈʌðərwaɪz] | 英[ˈʌðəwaɪz]
adv. 否则；不同地；在不同方面
adj. 不同的 - respond [高考]
美[rɪˈspɑːnd] | 英[rɪˈspɒnd]
v. 回答；响应；反应；反应灵敏；反响
n. [建]壁联；[宗]应唱圣歌 - expand [高考]
美[ɪkˈspænd] | 英[ɪkˈspænd]
v. 使 ... 膨胀；详述；扩张；增加；张开 - chief [高考]
美[tʃiːf] | 英[tʃiːf]
adj. 主要的；首要的
n. 首领 - alongside [高考]
美[əˌlɔːŋˈsaɪd] | 英[əˌlɒŋˈsaɪd]
adv. 在旁边
prep. 在 ... 旁边 - cocoa [高考]
美[ˈkoʊkoʊ] | 英[ˈkəʊkəʊ]
n. 可可粉；可可饮料；可可色 - if only [高考]
美[ɪf ˈoʊnli] | 英[ɪf ˈəʊnli]
要是 ... 多好； 只要； 但愿 - flavour [高考]
美[ˈfleɪvər] | 英[ˈfleɪvə(r)]
n. 味道；风味；韵味
vt. 给...加味；给...增添风趣 - farewell [高考]
美[ˌferˈwel] | 英[ˌfeəˈwel]
int. 再会；别了
n. 告别
adj. 告别的 - delighted [高考]
美[dɪˈlaɪtɪd] | 英[dɪˈlaɪtɪd]
adj. 高兴的；快乐的
v. 快乐；喜悦 - unusually [四级]
美[ʌnˈjuʒʊəlɪ] | 英[ʌnˈju:ʒuəli]
adv. 异乎寻常地；显著地；非常 - presumably [四级]
美[prɪˈzuːməbli] | 英[prɪˈzjuːməbli]
adv. 大概；据推测；可能 - presidential [四级]
美[ˌprɛzɪˈdɛnʃəl] | 英[ˌprezɪ'denʃl]
adj. 总统的；总统制的 - disruptive [四级]
美[dɪsˈrʌptɪv] | 英[dɪsˈrʌptɪv]
adj. 分裂的；破坏性的；制造混乱的 - vaccine [四级]
美[vækˈsiːn] | 英[ˈvæksiːn]
n. 疫苗 - a couple of [四级]
美[ə ˈkʌpl əv] | 英[ə ˈkʌpl ɒv]
两个, 几个 - progress in [四级]
美[ˈprɑɡˌrɛs ɪn] | 英[ˈprəuɡres in]
在 ... 方面的进步 - slump [六级]
美[slʌmp] | 英[slʌmp]
v. 大幅度下跌；猛然瘫坐；使倒下
n. 暴跌；低潮状态；(土地)下沉 - equity [六级]
美[ˈekwəti] | 英[ˈekwəti]
n. 公平；公正
n. 衡平法；权益；产权；(无固定利息的)股票 - expenditure [六级]
美[ɪkˈspendɪtʃər] | 英[ɪkˈspendɪtʃə(r)]
n. 开支；消耗 - ruby [六级]
美[ˈruːbi] | 英[ˈruːbi]
adj. 红宝石色的
n. 红宝石；红宝石色 - out of [六级]
美[aʊt ʌv] | 英[aut ɔv]
prep. 离…一段距离；从…里；离开 ...；出于 - kind of [六级]
美[kaɪnd ʌv] | 英[kaind ɔv]
adv. 有点儿 - tariff [专四]
美[ˈtærɪf] | 英[ˈtærɪf]
n. 关税；价目表
vt. 交关税 - Swiss [专八]
美[swɪs] | 英[swɪs]
adj. 瑞士的
n. 瑞士人 - standing [专八]
美[ˈstændɪŋ] | 英[ˈstændɪŋ]
n. 持续；地位
adj. 永久的；不动的；直立的；不流动的 - volatile [专八]
美[ˈvɑːlətl] | 英[ˈvɒlətaɪl]
adj. 不稳定的；反复无常的；易挥发的
n. 挥发物 - goodwill [考研]
美[ˌɡʊdˈwɪl] | 英[ˌɡʊdˈwɪl]
n. 善意；亲切；友好；商誉；信誉 - following [考研]
美[ˈfɑːloʊɪŋ] | 英[ˈfɒləʊɪŋ]
adj. 接着的；下列的
prep. 在 ... 以后
n. 追随者；下列各项
重点讲解
Reshoring ain’t reassuring
回流本土并非万事大吉
What do the following three companies have in common? Stellantis, owner of the Fiat, Jeep and Chrysler brands; Merck, which makes the world’s bestselling cancer drug; and Barry Callebaut, a Swiss chocolate-maker, which is particularly proud of its ruby flavour, neither sweet nor bitter.
以下三家公司有何共同点？拥有菲亚特、吉普、克莱斯勒品牌的Stellantis汽车集团，生产全球最畅销抗癌药物的默克公司，以及瑞士巧克力制造商百乐嘉利宝，该公司引以为豪的是其研发的既不甜腻也不苦涩的红宝石巧克力。
One answer: their capital-expenditure (capex) plans. All three have announced investments in America since Donald Trump won last year’s presidential election. Mr Trump is, of course, delighted by this kind of news.
一个答案：他们的资本支出计划是相同的。自唐纳德·特朗普赢得去年总统大选以来，这三家公司均已宣布在美国投资。特朗普对这类消息当然感到高兴。
add sth to... 把某物加入......中
【例】He added some salt to the soup.
他往汤里加了一些盐。
【辨析】add to sth 使增加；使扩大
【例】The bad weather only added to our difficulties.
恶劣的天气只是再增加了我们的困难。
The White House added the chocolate-maker to a list of more than two dozen companies that have announced investments in America since the president’s return to power. “We are already seeing progress in reshoring American industry,” it said.
自总统重新掌权以来，已有二十多家公司宣布在美国投资，白宫也将这家巧克力制造商加入了这份名单中。“我们已经看到美国产业回流本土正在取得进展。”白宫称。
add sth to... 把某物加入......中
【例】He added some salt to the soup.
他往汤里加了一些盐。
【辨析】add to sth 使增加；使扩大
【例】The bad weather only added to our difficulties.
恶劣的天气只是再增加了我们的困难。
The spending is presumably good for America. But is it good for the companies themselves? Most studies find that share prices respond positively to capex announcements, if only weakly.
这种支出想必是对美国有益，但对公司本身有益吗？大多数研究发现，股价对资本支出公告的反应是积极的，尽管这种反应可能较为微弱。
presumably adv. 想必；大概
【例】Presumably this is where the accident happened.
这大概就是事故现场。
【拓展】presume v. 假设；假定
【近义词】assume v. 假设；假定
assumed adj. 假定的；推测的
【例】The assumed benefit of the investment is to bring more jobs back to America.
投资的假定好处是可以把工作岗位带回美国。
The firms showcased by the White House have a couple of extra things going for them. Moving production to America will help them escape Mr Trump’s tariffs, as he himself points out.
白宫展示的这些公司还有几个额外好处。正如特朗普自己所指出的，将生产转移到美国将帮助企业避开关税。
showcase v. 展示（好事物）
【例】Ne Zha 2 has showcased the success of Chinese movie industry.
《哪吒2》展示了中国电影产业的辉煌成功。
【拓展】case n. 柜子；盒子
have something going for... 有优势；有好处
【例】She has talent and determination going for her, so I’m sure she’ll succeed in her career.
她具备天赋和决心这两项优势，因此我相信她在事业上会成功。
【近义词】have the advantage of... 有某种优势
Another potential benefit is winning the president’s goodwill. Indeed, some bosses made their announcements standing alongside Mr Trump. Despite all this, shareholders appear unconvinced.
另一个潜在好处是赢得总统的好感。其实一些企业老板就是站在特朗普身旁宣布了资本支出消息。尽管如此，股东们似乎并不信服。
goodwill n. 好感；善意；友好
【例】The gift is a gesture of goodwill.
这份礼物是友好的表示。
【近义词】friendliness n. 善意；友好
good faith n. 诚意；善意
【反义词】ill will 恶意；敌意
Of the listed companies that are featured in the White House press release, 20 have made firm capex announcements. In only 11 out of these 20 cases was the company’s share price higher on the day after the announcement than on the day before. Moreover, 15 of these companies have underperformed their national equity market since Mr Trump won last year’s election.
在白宫新闻稿中提及的上市公司里，已有20家公布了资本支出计划。在这20家公司中，仅有11家公司在公布资本支出计划次日的股价高于公布前一天的股价。此外，自特朗普赢得去年大选以来，其中15家公司的股票表现逊于美股平均水平。
underperform v. 表现不佳；发挥失常
【例】She is a straight-A student. But she underperformed in the test.
她是个成绩很好的学生，但这次考试发挥失常了。
【反义词】outperform v. 表现更好；发挥超常
Many of the companies have idiosyncratic problems. Barry Callebaut has been hurt by the volatile price of cocoa. Merck has encountered weak demand in China for its otherwise successful human-papillomavirus vaccine. Stellantis bade farewell to its contentious chief executive in December.
许多公司都有各自独特的问题。百乐嘉利宝受到可可价格波动的影响。默克的HPV疫苗在中国市场需求疲软，尽管该疫苗在其他地区很成功。Stellantis在12月与其颇具争议的CEO结束合作。
otherwise conj. & adv.
1.作连词：否则
【例】Eat something, otherwise you will get hungry later.
吃点东西吧，否则你等一下会饿的。
2.作副词：在其他情况下；以其他方式
【例】You know what this is about. Why pretend otherwise?
你明明知道这是怎么回事，为什么装作不知道？
contentious adj. 有争议的
【例】the contentious remake of Snow White
有争议的新版《白雪公主》
【拓展】contend v. 持某种观点
【近义词】controversial adj. 有争议的
And the firms’ plans may reflect fear more than enthusiasm. Their decision to expand operations in America so early in Mr Trump’s term could suggest they were unusually exposed to his tariff plans, and the “disruptive environment” levies have created.
这三家公司的计划可能更多反映了恐惧而非热情。它们在特朗普任期之初就早早决定在美国扩大业务，这可能表明它们异常容易受到其关税计划及这些关税所创造的“破坏性环境”的影响。
disruptive adj. 引起混乱的；破坏性的
【例】He had a disruptive influence on the rest of the class.
他对班上其他学生有破坏性影响/他让其他学生不能好好上课。
【拓展】disrupt v. 扰乱；破坏；使无法顺利进行
【例】Traffic was disrupted by floods.
交通因洪水而中断。
Another thing all three have in common: a slump in their share price since election day of over 20%.
这三家公司还有一个共同点：自选举日以来，其股价跌幅均超过20%。
disruptive adj. 引起混乱的；破坏性的
【例】He had a disruptive influence on the rest of the class.
他对班上其他学生有破坏性影响/他让其他学生不能好好上课。
【拓展】disrupt v. 扰乱；破坏；使无法顺利进行
【例】Traffic was disrupted by floods.
交通因洪水而中断。
课后练习
What do Stellantis, Merck, and Barry Callebaut have in common?
A. They are all highly profitable.
B. They all plan to invest in America.
C. They all produce affordable goods.
D. They all voted for Trump in the election.One of the benefits of the three firms' capex announcements is that ____.
A. their share prices will rise significantly in the stock market
B. they can gain more support from consumers worldwide
C. they can avoid Trump's tariffs by producing in America
D. there will be less competition for their productsHow did the capex announcements influence the 20 companies' share prices?
A. Most companies saw a significant rise in their share prices.
B. Most companies experienced no change in their share prices.
C. More than half had lower share prices the day after the announcements.
D. Most companies performed worse than others in the American stock market.The three companies' early decision to invest in America suggested that ____.
A. they were eager to support Trump's policy agenda
B. they were highly vulnerable to Trump's tariff plans
C. they aimed to expand their market shares in the US
D. they wanted to transform their business models
