在泰国的一次心灵之旅
A Spiritual Journey in Thailand
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2019-12-28 09:42
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火星译客

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Thus far Thailand's stock market has been relatively resilient amid bouts of global market volatility following the United Kingdom's recent decision to leave the European Union (EU). We believe the economic impact of the so-called Brexit is likely to be relatively light for countries in Southeast Asia in general. While the British people's decision to leave the EU has sparked fears of a rise in discontent with government and policy in other countries, including Thailand, discontent can be constructive if it results in positive economic and social reforms.

近期英国决定脱离欧洲联盟后引发全球市场波动,而迄今为止泰国的股市一直相对稳健。我们认为所谓的英国脱欧对东南亚国家整体的经济影响可能相对较小。尽管英国人民决定脱离欧盟已引发市场担忧其他国家(包括泰国)的民众对其政府和政策的不满情绪上涨,但若能推动积极的经济和社会改革,不满情绪也可产生建设性的作用。

It's our view that Thailand's long-term economic and investment potential remains bright for many reasons, and once the shock of Brexit  starts to wear off, investors should recognize the unique differences among individual emerging markets. I recently had the opportunity to visit Thailand. Here, I share my on-the-ground perspective on the country.

我们认为,鉴于多种原因,泰国的长期经济和投资潜力仍一片光明,而且一旦英国脱欧带来的冲击开始消退,投资者会认清每个新兴市场之间的独特差异。最近我有幸到泰国游历,在此,我从当地的角度与大家分享这个国家的特色。

I am used to frequent traffic jams in major Asian cities, but in Thailand's largest city, the “rush hour” seems to be a 24-hour affair. I arrived in Bangkok late at night on the weekend and was immediately confronted with crowded and congested roads. After a rest, I decided to spin my own wheels via a more serene bicycle tour through parts of Bangkok and other nearby towns and cities. I've found cycling to be an ideal way to see and experience a country; it's slower than a motorcycle or car and just the right pace to see what's happening and talk to people along the route. I had once lived in Bangkok, so I had a good idea of the city's layout, but this latest trip gave me an opportunity to see how the area had changed.  

我已经习惯亚洲主要城市交通频频堵塞的情况,可在泰国最大的城市里,似乎二十四小时都是“高峰时刻”。我在周末的深夜抵达曼谷,不过还是遇到熙熙攘攘的人群和拥堵不堪的道路。休息片刻之后,我决定自己骑自行车愉快地游览曼谷的部分地区及其他临近的小镇和城市。我发现骑自行车是参观和体验一个地方最为理想的方式;虽然自行车的速度比摩托车或汽车慢,但要了解途中所发生的事以及跟所遇到的人交谈,自行车的速度刚好适宜。我曾在曼谷居住过,因此我对这个城市非常熟悉,不过近期的这次旅程倒让我有机会了解这个地区所发生的变化。

My fitness-minded colleagues and I decided to start our journey in Bangkok's Chinatown (also known as “Yaowarat”), which has encompassed the heart of the city's entrepreneurial spirit. Bangkok's Chinatown dates back to 1782, when Chinese came to settle in Thailand during the reign of King Rama I. As Bangkok became a major trading center, its Chinatown continued to thrive. On my recent visit, the area was packed with street vendors and shops offering everything under the sun, including clothing, jewelry, fruits, meat, vegetables, toys— you name it and they have it! For 50 baht (US$1.50), I purchased a silver ring in the shape of Hanuman, the mythic monkey god in the Hindu Ramayana epic. Since Thailand's population is overwhelmingly Buddhist, I didn't expect to see Hindu gods, but the idea of respect for all religions comes to the fore as we also cycled past a Muslim mosque and a Christian church.

我的同事注重健身,与我不谋而合,于是我们决定从曼谷的唐人街(也以“中国城”著称)开始我们的旅程,唐人街承载了这个城市企业家精神的精髓。曼谷的唐人街始于一七八二年,正处于国王拉玛一世的统治期间,中国人来到泰国定居。随着曼谷发展成一个主要的贸易中心,这里的唐人街也继续繁荣发展。在我本次游览中,这个地区的街道林立着摊贩和商铺,白天商品琳琅满目,包括服饰、珠宝、水果、肉类、蔬菜和玩具,凡是你说的出的,应有尽有。我用50泰铢(1.50美元)买了一个哈奴曼形状的银色戒指,哈奴曼是印度史诗《罗摩衍那》中神圣的猴王。泰国人以信奉佛教居多,因此我以为不会看到印度教神像,但当我们骑车经过伊斯/兰教清/真寺和基督教堂时才发现也有其他宗教,可见在这里所有宗教都能受到尊重和信奉。

In the various temples and monuments dedicated to Buddha, there were stuccoes of Chinese warrior gods protecting the gates in addition to statues of soldiers with Portuguese and British faces and uniforms, as well as motifs with French influence (the Fleur de Lis) and Indian influences. Having been a trading port for centuries, Thai society has been influenced by cultures far and wide. Respect is reflected in this and many other ways—respect for Buddha, respect for the king and respect for others by showing “wai,” which involves putting both palms together in front of your face. This is the common greeting instead of shaking hands.

在各种以佛像为特色的寺庙和古迹中,除体现葡萄牙和英国面貌和制服的武士雕像外,还有装饰威严的中国门神,以及彰显法国文化(香根鸢尾)和印度文化的图案。 由于泰国数世纪以来一直是贸易港口,因此各种文化已对这个国家社会产生深远的影响。泰国文化中的相互尊重体现在这个方面,也体现在很多其他方面,包括以“拜”(双手合十,置于胸前行礼)的方式表示对佛像的崇敬、对国王的崇敬和对其他事物的崇敬。泰国常见的问候方式是拜,而不是握手。

Every time I visit Thailand, the words love, respect and freedom come to mind. It is rather paradoxical that we can describe Thailand as embodying freedom when a military government is currently in place there, while at the same time there remains so much reverence and love for the king. The name “Thailand” in the Thai language is “Muang Thai,” which means free capital or free country. Thailand is also called “Land of Smiles,” and you just need to travel around the country to understand why; everywhere you go people easily break into smiles. It is also no surprise that tourists from all over the world flock to the country because of its warm people, warm weather and many cultural attractions.

每次我到泰国旅行,友爱、尊重和自由的字眼就会浮现在脑海中。我们将泰国形容为一个体现自由的国度是相当矛盾的,因为泰国目前受军政府统治,但与此同时国王却深受民众拥护和爱戴。 “泰国”这个名字在泰语中为“Muang Thai”,意寓自由的首都或自由的国度。泰国也被称为“微笑之国”,您只要在这个国家游览过就会明白是为什么;您所到之处都洋溢着人们的笑脸。来自世界各地的游客蜂拥而至,就是为了感受这里温暖的人、温和的天气和众多的文化胜地,这也不足为奇。

Inculcated in the minds of children since early age is the idea of kindness and love. This training is beautifully expressed in the custom that many Thai males undergo—becoming a monk during some period of their life after age 20. This means shaving one's head, donning yellow robes and going barefoot. The monks live in a temple together, sleep on thin cushions on the floor (one of the 227 rules for monks) and engage in the strictest of routines.

孩子们从小就被反复灌输善良与友爱的思想。这类教育在泰国的习俗中可见一斑,很多泰国男子都会在20岁后人生的某个阶段出家成为僧人。这意味着剃度、穿黄袍和赤脚行走。僧人们一起住在寺庙里,在地板薄薄的靠垫上睡觉(僧人的227条戒律之一),并且日常过着最严苛的生活。

Visiting a Temple in Thailand

The monks rise at sunrise, walking the street with brass bowls, accepting food from the people. The monks offer favor to the people who, through their gifts to the monks, can receive blessings. The monks then return to have their morning meal. After 12 noon, no more food is consumed, and the rest of the day is spent in meditation and chanting. Even Thai Buddhist men of the highest rank follow this custom, including the king. There are pictures of King Bhumibol Adulyadej as a monk, accepting food from common people and kneeling before the patriarch monk. These rituals and customs always impressed me. Many years ago, I got lost late at night wandering around Bangkok. When I wandered into a temple, a monk greeted me. Although his English was minimal and my Thai language skills were non-existent, he was able to communicate an invitation for me to stay the night in the temple. He escorted me to a clean wooden floor with a bamboo mat, where I had a very peaceful sleep in the serene atmosphere of the temple grounds.

僧人们日出而起,之后拿着铜碗在街上化斋。僧人会向其施礼的善男信女们提供帮助,这些人会因此获得祝福。之后僧人回寺庙吃早餐。中午十二点过后就不能再进食,以及剩余的时间都用来打坐和诵经。即使泰国地位最高的佛教人士(包括国王)也要遵守这个习俗。曾有国王普密蓬•阿杜德出家时的照片,显示他正在接受来自平民的食物,也有跪在僧王面前的。这些礼仪和习俗常常令我折服。很多年前,我在曼谷四处行走,深夜迷失方向。当我走进一座寺庙时,一位僧人接待了我。尽管这位僧人的英语有限而我也不懂泰语,但我能明白他是想邀请我在寺庙留宿。他领我到一处干净的木质地板前,地板上有一张竹席,在寺庙庭院祥和的氛围中,我度过了一个平静的夜晚。

Cycling around Bangkok brought back many fond memories of my time living there in the 1960s. I remember my stay in a wooden house on Soi Sawadee (Road Hello) with no need for air conditioning despite the tropical climate; the dark teakwood floor and walls had spaces between the boards to allow a breeze to come through, which would be carried up through the tall ceilings. I was quite content to lay in bed and watch the little gecko lizards walking upside down on the ceiling. They kept the place free of flies, their main diet.

骑自行车游览曼谷,让我回想起很多二十世纪六十年代时在这里居住的美好回忆。我记得当时虽然是身处热带气候,但我呆在Soi Sawadee (Road Hello)的木屋里也不需要空调;黑色柚木地板和墙板的板与板之间存在间距,清风就是透过这些空隙轻轻吹进房间,加上天花板很高,让人感到整间屋子都很凉爽。我非常舒适地躺在床上,看着从天花板爬下来的小壁虎入睡。它们专吃苍蝇,可让这个房间的人免受干扰。

Cultural and Commercial Attractions

文化与商业景点

During our present-day cycling trip, we reached the Chao Phraya River, the city's commercial heart and source of goods from “up-country” as well as from all over the world. For me, the most amazing sight was the fast, narrow and sleek boats powered by a car or truck engine mounted on the rear with a long drive which extends the propeller meters behind the boat. Probably the best demonstration of the maneuverability and power of these boats was demonstrated in a race scene down the river in the exciting Thai movie, “Tom Yum Goong.”

当日骑行期间,我们到达湄南河—该城市的商业中心以及来自“内地”和世界各地的供货渠道。我认为最奇特的是用汽车或卡车引擎提供动力的小艇,其速度快、船身狭窄又光滑,后面安装一根长轴,让螺旋桨延伸到船的后面几米处。也许这些小船的可操作性和动力只有在河上赛事中才能表现的淋漓尽致,精彩的泰国电影《冬荫功》中就有这样的场面。

Thailand's speed boats

As we traveled past a quiet park, we found a museum dedicated to King Bhumibol Adulyadej's mother, Princess Srinagarindra née Sangwan Talapat, who died in 1995. The daughter of a goldsmith, she was not of royal blood. She had traveled from Thailand to the city of Boston in the United States to study nursing, where she met her future husband, Prince Mahidol Adulyadej, who studied public health and medicine at Harvard University. As an aside, there is a “King's Square” in Boston since one of their sons (Thailand's current king), was born there.

经过一个宁静的公园时,我们发现一个专属于国王普密蓬•阿杜德的母亲诗纳卡琳•.珊婉王妃(一九九五年逝世)的博物馆。她并非皇室血统,而是一位金匠的女儿。她曾到美国的波士顿学习护理,在那里遇见了她未来的丈夫——在哈佛大学学习公共卫生与医学的玛希敦•阿杜德。顺带提一句,波士顿有一个“国王广场”,因为他们其中一个儿子(泰国当前的国王)在那里出生。

The museum had a number of very interesting exhibitions of the princess' life and work in the community. It also showed rare pictures of the royal family at various stages of their life and a number of artifacts which showed that she was a very active woman—the displays included skis, badminton racquets and porcelain figures that she delicately painted herself, as well as scenes of her helping the poor. One of the staff members at the museum gave me a book, Her Royal Highness the Princess Mother, which described her early upbringing at a time when King Rama V (1868 to 1910) had led Thai society into the modern age through his widespread reforms.

博物馆里有很多非常有趣的展览品,都与王妃的日常生活和工作有关。馆内还陈列着皇室成员在不同人生阶段的罕见照片和大量手工艺品,证明王妃是个很活跃的女人,包括滑雪板、羽毛球球拍和瓷器,瓷器上画着惟妙惟肖的王妃自画像,以及她帮助穷人的场景。博物馆一名员工给我一本名为《Her Royal Highness the Princess Mother》的书,书中描述了她在国王拉玛五世(一八六八年至一九一零年)通过全面改革引领泰国走向现代化的社会背景下的早期成长经历。

To understand the political and economic structure of Thailand, it is important to understand the trinity of the king and royal family, the Buddhist clergy and the military/bureaucracy. Each of these institutions plays a very important role in determining the destiny of the country. The king and his family exemplify the nation's noble spirit, the Buddhist clergy exemplify education, humility and wisdom, and the military and government bureaucracy represent stability and order. These three institutions are inexorably tied together and any important decisions must include them. Of course, Thailand has adopted a formal parliamentary democracy with representatives elected by the people as well as a judiciary. But any decisions by those groups are linked to the three most important institutions. Respect for the king and obedience to religious morals is taught in the schools, which are often adjuncts of temples and influenced by the clergy although officially run by the government.

要了解泰国的政治和经济结构,关键是了解国王和皇室、佛教教徒和军队/官僚主义的三位一体结构。每个体系在决定该国命运上都扮演者非常重要的角色。国王及皇室象征着国家的贵族精神,佛教教徒代表着教育、人文和智慧,而军队和政府官僚主义则代表稳定和秩序。这三个体系紧密地绑在一起,任何重要的决定都必须有其参与。当然,泰国已采用正规的议会民主制,由人民选出众议院和司法机构。但这些团体作出的任何决定都与三大最重要的机构挂钩。学校会教育学生尊重国王和服从宗教道德,虽然学校由政府官方运营,但通常附属于寺庙并受到教徒的影响。

European Kinship

与欧洲的亲密关系

The close relationship between Europe and Thailand is exemplified in the history of a German pharmaceutical company founded in 1878 by an Austrian merchant and a German pharmacist. They started a pharmacy serving the Thai royal household, receiving many royal honors as a result. Eventually they expanded the business to become distributors for a number of European firms—some of which still exist today. During World Wars I and II, the company's assets were expropriated (along with those of other German companies in Thailand) but each time, they returned to Thailand and resuscitated the business, expanding from pharmaceuticals into electricity generation, real estate and shipping. The company has been active in supporting a number of social projects, including reforestation projects sponsored by the king's daughter. It offers an example of how some foreign companies have become quite integrated into Thai society.

说到欧洲和泰国之间的亲密关系,历史上由一名奥地利商人和一名德国药剂师在一八七八年成立的德国制药公司就是一个典型的例子。他们最开始成立的是一间药房,为泰国皇室提供服务,从而获得很多皇室荣誉。随着业务的逐渐扩张,他们成为很多欧洲公司的经销商,很多公司目前还在经营。一战和二战期间,该公司(连同在泰国的其他德国公司)的资产被征收,但每次他们都重返泰国并恢复业务,从制药扩张至电力生产、房地产和航运。该公司一直积极支持大量的社会项目,包括由国王的女儿发起的森林再造项目。这是部分外国公司如何密切融入泰国社会的一个例子。

The role of the king in Thailand is much stronger than that of royalty in other parts of the world. For example, if you attend a cinema (movie theater) in Thailand, at the start of each film everyone is asked to stand while a picture and video of the king and his family is played. Also, it's not unusual to see government officials visiting the king not merely kneeling, but showing their respect by actually stretching out on the floor in a prone position. In the eyes of many, the king has earned that respect through social causes and projects that he and his family champion, including the promotion of advanced agricultural practices in the countryside.

国王在泰国的作用远大于全球其他地区的皇室的作用。例如,去泰国的电影院看电影时,每部电影开始播放时观众要起立,同时会播放国王及其家族的照片和视频。另外,政府官员拜见国王时不仅会下跪,还会真正在地上俯卧跪拜以示尊重,这是很寻常的事情。在很多人看来,国王得到这种尊重源自社会原因以及国王及其家族支持的项目,包括在农村推广先进的农业技术实践。

During our cycling tour, we saw one of the most amazing sites in Bangkok at the temple of the golden Buddha, which boasts a 900-year-old gold statue created during the Sukhothai period of Thai history. Legend has it that in order to hide the fact that the Buddha was made of solid gold from the invading Burmese, the Thais covered the entire Buddha in white plaster. Many generations later in 1955 when the statue was being moved, some of the plaster broke off, revealing the gold and creating quite a sensation. The statue is regarded as the largest golden Buddha in the world, measuring nearly 10 feet in diameter and just a couple inches shy of 13 feet tall. The entire statue weighs 5.5 tons. Can you calculate its worth in current prices? It must be quite a fortune! Interestingly, the monk who presides over the temple where the golden Buddha is located recently traveled to the United Kingdom to bless the Leicester City Football Club, which is owned by a Thai businessman. Many Thais believe that's why the team won the English Premier League title!

在我们的自行车之旅中,我们在曼谷看到的最奇妙的景点之一是黄金佛像寺庙,据说黄金佛像在泰国历史上的素可泰时期建造,已有900年历史。传说为了对入侵的缅甸人隐藏佛像由纯金制造的事实,泰国人用白色石膏将整个佛像覆盖住。如此过了很多年,一九五五年移动佛像时部分石膏脱落,露出黄金并引起巨大轰动。该佛像被认为是世界上最大的黄金佛像,直径约10英尺,只差几英寸就高达13英尺。整个佛像重达5.5吨。你能用当前的金价计算出其价值吗?肯定是一笔巨大的财富!有趣的是,主持黄金佛像所在寺庙的住持近期出访英国,为一名泰国商人拥有的莱斯特城足球俱乐部祈福。很多泰国人认为这是这支球队在英超联赛夺冠的原因!

Thailand's Golden Buddha

Market Volatility—and Opportunity in Thailand

市场波动和泰国的机会

Thailand is part of the Association of Southeast Asian Nations (ASEAN) and as such, we believe it to be well-positioned to potentially benefit not only from its underlying growth trends, but also from the fast growth seen in neighboring economies of Cambodia, Laos, Myanmar and Vietnam.

泰国是东盟成员国,因此,我们认为其不仅有可能大幅受惠于其潜在的增长趋势,还受益于柬埔寨、老挝、缅甸和越南等相邻经济体的快速发展。

Thailand's government has been pursuing pro-growth agendas, and seems committed to extensive market-friendly reforms and infrastructure investment, which we believe should be an important driver of economic performance going forward. Additionally, officials in Thailand have commented that while the impact of Brexit may shave 0.1% off 2016 gross domestic product (GDP) growth projections of 3%,1 trade talks with the EU won't likely be affected, and the country could potentially implement new trade deals with the United Kingdom as an individual nation more quickly than in the past.

泰国政府一直在贯彻有利于增长的议程,好像还致力于进行大量有利于市场的改革和基建投资,我们相信此举应会是未来经济发展的重要动力。另外,泰国官方已表示,虽然英国脱欧会导致二零一六年国内生产总值增长预测从3%下调0.1%,[1] 但与欧盟的贸易谈判不太会受到影响,而且该国可能与脱欧后的英国一国开展新的贸易协议谈判,也会比过去快很多。

Like other countries in the region, any further economic slowdown in China is definitely a risk for Thailand, especially for the export-oriented and agricultural sectors. The people in Thailand also worry about the military government as they see delays in the implementation of infrastructure projects that the prior government had committed to.

与该地区的其他国家相似,中国经济进一步放缓对泰国而言无疑是一个风险,尤其是出口型行业和农业。泰国人民还对军队掌权的政府感到担忧,因为其延迟实施前政府承诺实施的基建项目。

Although there appears to have been a general flight out of so-called “risk assets” in late June, which has impacted emerging markets in general without regard to individual country—or company—fundamentals, the Thai equity market has been rather resilient. Thailand's GDP growth has been stable, with a rise in tourism and domestic demand helping to offset the impact from a contraction in merchandise exports this year. We remain optimistic on the market's longer-term prospects and are not overly concerned about recent Brexit-tied noise.

虽然六月底时投资者纷纷逃离所谓的“风险资产”,从而影响整个新兴市场,无论是单个国家或公司的基本面,但泰国股市的抗逆性一直相对较强。泰国的国内生产总值一直稳健增长,其中旅游业和国内需求增长有助于抵销今年产品出口收缩产生的影响。我们仍对该市场的较长期前景感到乐观,而且不会过度担忧与近期英国脱欧有关的噪音。

0616_Thailand_Infra

Comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿(Franklin Templeton)的邮件中了解更多信息,请订阅“新兴市场的投资冒险”(Investment Adventures in Emerging Markets)博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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1. Source: GDP 2016 forecast: Bank of Thailand, as of June 2016. There is no assurance that any projection, forecast or estimate will be realized.

[1] 资料来源:二零一六年国内生产总值预测:泰国银行,截至二零一六年六月。不保证任何推测、估计或预测会实现。

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