挖掘秘鲁及智利的投资机会
Mining for Opportunities in Peru and Chile
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2019-12-29 12:15
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火星译客

This post is also available in: Chinese (Simplified), French, Spanish

这篇文章也有中文(简体)、法文、西班牙文版

Landscape in Peru

Earlier this year, my colleagues and I visited the Latin American countries of Peru and Chile in search of investment opportunities. Mining is an important industry in both countries, with gold, silver, copper and zinc among the key metals and minerals extracted.

为寻找投资机会,今年早些时候,我和我的同事游历了拉丁美洲国家秘鲁和智利。采矿业是这两个国家的重要行业,采掘金、银、铜及锌等重要金属及矿物。

Setting up a visit to a mine high in the mountains of Peru was one of the most difficult arrangements our team has had to make! Negotiations with the company were lengthy, and we were close to giving up. Then a couple of days prior to our planned visit, the company asked us for proof of life insurance and a medical exam, which for older folks like me included an electrocardiogram. We almost gave up at that point, but with determination I ended up on my Lima hotel bed attended by a doctor who stuck suction cup wires on my body for the required electrocardiogram. It was an experience I certainly won't forget, particularly when she discovered her equipment wasn't working properly. But she passed me anyway, figuring that I would be able to stand the high altitude!

启程参观秘鲁矿山山顶是我们的团队不得不作出的最为困难的安排之一。与公司协商的过程很漫长,我们差点放弃了。然后在我们的原定旅程之前的数天,公司要求我们出示人身保险及体检证明,其中像我这样的老年人还包括心电图检查。那时我们几乎要放弃了,但我决定终结这个念头,躺在利马酒店的床上,接受医生检查,她往我身上插上带吸杯的线,以完成所需的心电图检查。这个经历我确实永生难忘,尤其是当她发现她的设备没有正常运转之时。但不管怎样她让我通过了检查,认为我能够站在高海拔处。

I could understand the company's concerns about having visitors in a dangerous mining site. In any case, we were on our way after I passed the exam.

我能够理解公司对让访客处于危险矿场的担忧。无论怎样,我通过检查后,我们就开始启程了。

On the Road to Ilo, Peru

The terrain at the airport in the coastal city where we landed and all the way to the mine could have been used as a set location for a movie about the moon or a Star Wars feature. No vegetation and just light-brown, hilly, rocky ground. The two-lane highway was excellent, winding around the mountains as we climbed. On the way, we occasionally saw small concrete-block homes with corrugated metal roofs. It took one and a half hours to drive from the Pacific coast all the way up to the mine at 3,400 meters above sea level.

我们降落的机场所在的沿海城市和去往矿场一路上的地形可用作与月亮有关的电影或具有《星球大战》特色/电影的场地。全程无植被覆盖,到处一片浅褐色,丘陵地貌,地表坚硬。双车道高速公路极为理想,一路绕着蜿蜒盘旋的山脉行驶。路上,我们偶尔会看到带着波纹状金属屋顶的小型水泥房屋。从太平洋海岸驶至海拔3,400米的矿场,全程花费一个半小时。

Once we arrived at the summit, we found what could be described as a little town in the middle of nowhere, with some 20,000 residents including 1,500 miners, 500 contractors, their support staff and families. Amenities included a church, a golf course carved from the dry land but with a few green patches, a soccer (football) field, hospital, bank branches, schools, etc.

我们到达山顶后发现,这里除了一个可称为小镇的地方之外一片荒芜,小镇大约有20,000居民,其中包括1,500名矿工,500名承包商,以及支援他们的员工及家属。便利设施有一座教堂、一个从附有斑驳绿草的旱地上凿出的高尔夫球场、一个足球场、医院、银行分行、学校等等。

The whole visit was an exciting and interesting experience for all of us. We were impressed by the high caliber of people working at the mine. They all seemed to be very motivated and proud of their work, talking constantly of important KPIs (key performance indicators), such as production growth and cost per unit. It was quite remarkable to us that the company could retain and develop talent in such an inhospitable and isolated environment. It was also interesting to see the level of detail in operational and safety processes.

整个旅程对于我们所有人而言都是一次让人兴奋且有趣的经历。矿场上工作的人员技术高超,给我们留下了深刻的印象。他们不时地谈及重要的关键绩效指标,例如产量增长和每单位成本,看起来都非常积极,并为他们的工作感到自豪。公司能够在如此荒芜和与世隔绝的环境下留住并发展人才,着实令我们惊叹。参观营运及安全程序的细节过程也颇为有趣。

Truck used for mining operations in Peru

The enormous US$4.5 million trucks they were using at the mine were able to haul 400 tons of material in one go. I learned that each tire on those trucks cost US$50,000! Because of their size, the trucks can't be driven up the mountain, so they are disassembled and shipped to the mine site where they are then reassembled. It takes them two to three months to assemble one truck. Although powered by an enormous diesel engine, they are technically electric vehicles because the diesel engine generates electricity, and it is that electricity that powers the wheels.

他们在矿场所用的大型卡车价值高达450万美元,能够一次性拖动400吨的材料。我得知这些卡车的每条轮胎竟价值50,000美元!由于体型巨大,这些卡车无法开上山,所以它们被拆解,运至矿场,然后在那重新组装。他们需耗费两至三个月的时间组装一辆卡车。尽管由大型柴油机提供动力,但是它们从技术上来讲属于电力机器,因为柴油机产生电,而恰是电为车轮提供动力。

Donning hard hats and safety vests, we visited the actual open pit mine site, the most impressive part of the visit. The pit was almost three kilometers in diameter and one kilometer deep. The mine design is actually quite technical in nature, taking into account hauling roads, bench angles and heights, and ditches. They had electronic slope monitoring stations across the pit to make sure there were no unwanted movements that could compromise the stability of any of its walls. We were very lucky, because when we reached the top viewing point we got to see them dynamiting a section of the pit. At another part of the site there was a great deal of equipment, including an ore concentrator and a solvent-extraction electrowinning process to purify the ore for final smelting.

戴上安全帽并穿上安全背心后,我们参观了真实的露天矿井矿场,这是参观过程中最让人印象深刻的环节。矿井直径接近三千米,而深度接近一千米。该矿的设计实际上非常具有技术性,考虑到了运料路、台阶坡度及高度、以及排水沟。他们拥有电子斜坡监测器,监测矿井的站点,确保不会发生不必要的变动从而危害其任何矿面的稳定性。到达山顶视察点时,我们非常幸运地看到他们正在炸毁矿井的一个断面。矿场的另一矿带上有大量设备,包括为提纯矿石作最后一步精炼所用的矿用浓缩器以及溶剂萃取电解工艺。

Peru_Mine

Copper analysts have expressed concern about demand in view of the slowdown in China's economy, which has impacted the commodity's price. Currently, China is the largest consumer of copper, accounting for 45% of global demand.1 Copper is a key component for the housing industry, and despite China's slowing economic growth, overall consumption of copper has been increasing in China as well as in the United States, Japan and Europe—a trend that is expected to continue.2 While there had been a reduction in production at high-cost mines, more efficient new mines were now coming into the market, which was putting a lid on prices not only for copper but for other natural resources including molybdenum, silver, zinc and gold. Despite these declines, mining companies continued to expand production either because they had already started creating a new mine and had spent so much money it did not make sense not to complete the facility, or they expected prices would eventually recover, thereby justifying the investment. The investment amounts are so large and the time required to start a new mine is normally five or more years, so it's necessary for companies in this industry to think long term. Of course, there is still near-term concern about weak prices.

由于中国经济放缓影响了商品价格,铜分析师表示对铜需求感到担忧。中国目前为最大的铜消费国,占全球需求的45%。[1] 铜为房屋建筑业重要的材料,尽管中国经济增长放缓,但是中国、美国、日本以及欧洲对铜的消耗整体增加—该趋势预期将会延续。[2] 尽管高成本矿的产量减少,但是市场上涌现出更具效率的新矿,从而不仅令铜,还令其他自然资源(包括钼、银、锌及金)的价格受压。尽管价格下跌,但是采矿公司继续增产,要么因为他们已经动工开发了一个新矿,而已经投入那么多的资金,要是不完成施工会说不通,要么因为他们预期价格最终会恢复,因此证明投资是值得的。投资金额如此庞大,且开发新矿所需时间通常为五年或更长,因此该行业的公司有必要从长期角度思考。当然,对价格疲弱的担忧短期内依然存在。

The largest use for copper is in construction, and it is also used in consumer products, including automobiles, appliances and electronics, and plays a key role in information and communications technologies. Some executives at the mine we visited were optimistic that there would be strong economic recovery in the United States and Europe, and estimated demand growth in China would be about 3% in 2016.3 They expected that copper used in automobile manufacturing and electric grids would increase the demand for copper cables, offsetting the weak housing market demands. A scarcity of scrap copper was another factor they saw limiting the supply and potentially boosting prices. Also, with copper prices low, the incentive for mining companies around the world to start new mines has declined, which will also eventually impact supply. Nevertheless, the copper company's profits were under pressure in view of the low mineral prices.

对铜的使用最多的是建筑业,其也被用于消费产品中,包括汽车、家电及电子产品,并在信息和通迅技术中扮演重要角色。我们参观的矿上的部分行政人员对于美国及欧洲强劲的经济复苏持乐观态度,并预期中国二零一六年的需求增长将达约3%。[3]  他们预期汽车制造及电网所用的铜将增加铜线电缆的需求,可抵销房屋建筑业市场的疲弱需求。废铜的匮乏是他们看到的限制供应并可能推高价格的另一个因素。此外,由于铜的价格低,全球的采矿公司开发新矿的动力减退,也将令供应最终受到影响。然而,在矿产品价格低下的情况下,铜业公司的盈利受压。

Copper production in Peru

The environmental impact of the mine was a topic of intense discussion in the country and among the mine executives. Any expansion was subject to environmental impact assessment studies and had to be approved by the Peruvian Ministry of Energy and Mining, and consultants were hired to study surface and underground water resources. We learned that Peru's Agency for Environmental Assessment and Enforcement seemed diligent in inspecting the mines, citing infractions and levying fines for environmental transgressions. There have been cases in other countries where acid spills resulted in companies paying out tens of millions dollars in compensation to victims, along with other remedial actions. Accidents, and subsequent litigation, is clearly a risk in the mining industry.

采矿对环境造成的影响是秘鲁国内以及矿业行政人员之间的热门讨论话题。任何扩张计划必须要对环境影响进行评估分析以及获得秘鲁能源与矿业部批准后,方可开展,并须委聘顾问分析地表及地底的水资源。我们得知,秘鲁的环境评估及执行机构对视察矿场、传讯违规行为以及对破坏环境的行为处以罚款方面不遗余力。在其他国家,酸化物溢出导致公司支付上千万美元作为对受害者的赔偿金以及其他补救行为的费用。事故及其后的诉讼显然是采矿行业的一个风险。

Peru is generally a good jurisdiction for mining but politics have created some heightened uncertainty, with social unrest and protests halting some mining projects. However, the managers we talked to prior to Peru's presidential election felt the government could be incentivized to approve projects in order to improve employment numbers in view of recessionary forces. While we were in Peru, the government announced that it would be dropping corporate tax rates from the current 30% to 26% by 2019. Since then, the victory of Pedro Pablo Kuczynski, who takes office in July, is viewed as supportive for the industry going forward, as he has pledged pro-business policies and efforts to attract wider foreign investment.

秘鲁对采矿行业来说,整体上是一个理想的司法管辖区,但是政治因素带来一些明显的不明朗因素,社会动荡和抗/议导致一些采矿项目中止。然而,在秘鲁总统大选前,与我们交谈的负责人认为,政府可能会积极地批准项目,以在衰退压力下提高就业率。我们在秘鲁时,政府宣布二零一九年前企业税率从目前的30%降至26%。此后,新总统佩德罗•巴勃罗•库琴斯基(Pedro Pablo Kuczynski)将于七月上台,由于他承诺实施亲商政策并致力于吸引更多外资,他的竞选胜利被认为为矿业日后发展提供支持。

After winding our way down the mountain back to the airport in town, we took off for Chile just as the sun was setting. I felt a hint of nostalgia for the isolated place with such hardworking, friendly people who were trying their best to supply the world with copper and other minerals in such a beautifully desolate place.

我们沿着山脉下山,返回小镇上的机场,太阳正好下山时,我们起飞飞往智利。这片与世隔绝的土地上,孕育着如此辛勤工作且热情友好的人们,他们尽心尽力地在这片风光旖旎的荒芜之地上为全球供应铜和其他矿物,想到这些,我感觉一丝丝眷恋。

Chile's Salty Landscape

智利盐海风光

We arrived in Calama, Chile, one of the driest cities in the world with average annual rainfall of about 5 mm (0.20 inches). The Salar de Atacama, the largest salt flat in Chile, was our destination. The landscape was strewn with jagged mountains that took unusual forms, some looking to my imagination like animals or people. The area is a tourist destination, with people visiting to see the moon-like landscape as well as the salt flat. There are also active volcanoes and hot geysers in the region and the site of copper and lithium mining operations.

我们抵达世界上最干旱的城市之一智利卡拉马,其年均降雨量约5毫米(0.20英寸)。我们的目的地是智利最大的盐湖阿塔卡马盐湖(Salar de Atacama)。放眼望去,群山遍布,崎岖不平,有些在我看来就像动物或人一样。这片区域是旅游胜地,人们前往参观月球般的景色及盐湖。该地区还有活跃的火山以及高温间歇泉,而铜及锂的开采作业矿场也位于此处。

Salt flats in Chile

As we drove to our hotel, every house seemed to be sheltering and bowing low in line with the barren landscape; it almost seemed like they were hiding from the intense sun. It was dark out by the time we finally arrived at our small hotel, a rustic affair with stone floors and walkways, dry wood walls and motel-type cabins. I finally flopped into bed at midnight, and the next morning was on my way to see the salt flats and mining operations in the area.

在我们驶往旅馆的路上,荒凉的土地上坐落着许多房屋,似乎都在寻求庇护,并低着头,看起来就像在为躲避热情的太阳而藏匿起来。天完全黑时,我们终于到达了小旅馆,这是一个拥有石头地板及走道、干木墙面以及汽车旅馆样的小房间的淳朴之地。午夜时分,我终于倒在床上大睡,第二天清早观看该地区的盐湖及采矿作业。

The Salar de Atacama (or “salt lake”) is 3,000 square kilometers of flat land with a mix of brilliant white, brown and gray salt. It's surrounded by mountains, the Andes being on the eastern side. The site contains the purest source of lithium in the world and is estimated to have nearly a third of the world's lithium reserves. Some have called this ancient lake “the Saudi Arabia of Lithium.”

阿塔卡马盐湖(或“盐湖”)的平地面积达3,000平方千米,参杂着雪白、棕色及灰色的盐巴。周围群山环抱,而东边坐落着安第斯山脉。该地蕴含世界上最纯净的锂源,据估计储藏着全球接近三分之一的锂储备。有人称呼这个古老的湖泊为“锂矿界的沙特阿拉伯”。

We visited a mining operation there with modern, well-designed offices and comfortable facilities, including rooms for visitors to stay. A company representative who had flown in from Santiago explained the entire operation to us, and particularly the safety procedures. Donning hard hats and safety vests, we headed out to the salt flats. We observed how the company formed small dirt borders to enclose part of the flats so that the brine pumped from below the surface could be dried in the sun in hundreds of such ponds. As it evaporates, it turns into shades of light blue and green, making the fields resemble a giant artist's pastel palette. Potassium compounds are produced, along with a viscous liquid, lithium chloride. This is taken by tanker to a plant near the coast where it is turned into finely powdered lithium carbonate and hydroxide, which are then shipped around the world.

我们参观了采矿作业场,那里拥有现代化及精心设计的办公室以及舒适的设施,包括参观者逗留室。一位从圣地亚哥飞回来的公司代表向我们介绍了整个作业过程,尤其是安全程序。戴上安全帽并穿上安全背心后,我们前往盐湖。我们看到了该公司是如何将部分沼地用泥土围起来而形成矮小的分界,在此类成百上千的盐田中,从地底下泵出来的盐水能够在太阳底下被晒干。随着盐水被蒸干,盐田被浅蓝及浅绿覆盖着,整片盐野像极了艺术家的柔彩调色盘。钾化合物,连同含有氯化锂的粘稠液体便由此生产出来。该化合物由油轮装运至毗邻海岸的一个工厂,并在那被转化为细粉状的碳酸锂及氢氧化物,随后被船运至全球各地。

These days, it would not be a stretch to say lithium is a hot product. Amid a surge in demand for lithium rechargeable batteries, companies have been scrambling for supplies. Although lithium accounts for only about 5% of the materials in some batteries, it is a vital component. Worldwide demand appears set to surge because of the growing use of lithium in not only for batteries in electric vehicles and other consumer goods like mobile phones and laptops, but also for its potential in electricity storage for use by electric utilities. Some electric utility companies have been installing large battery packs to provide short bursts of electricity at peak demand times. One firm is planning to have enough lithium-ion batteries to equal the output of an entire coal-fired power station.

这些日子以来,毫不夸张地讲,锂是热门产品。在可充电式锂电池需求剧增的情况下,多家公司持续抢夺供应份额。尽管锂大约只占部分电池材料的5%,但是其为重要的组成成分。越来越多的锂不仅用于电动车及其他消费产品(如手机及笔记本),也可能用于电力公司所用的储电设备,因此全球需求开始剧增。部分电力公司已持续安装大电池组,以在高峰用电期短暂供电。一家公司正计划用上足够的锂电子电池,以平衡完全燃煤发电厂的输出。

Digging into the history of the company we visited, I realized that there was much more than I ever imagined related to those salt flats and wars were fought over them. I had heard reference to “sodium nitrate,” “caliche,” “saltpeter,” “nitrate of soda” and a number of other names only to find out that they were all the same—a white solid that is water soluble. It is used in several chemical reactions to produce fertilizers, explosives, fireworks, glass, pottery, food preservatives and solid rocket propellant, and the type found in Chile's Atacama desert is rather unique. The sodium nitrate is bound in mineral deposits (called caliche ore) and for about 100 years, the Atacama desert was almost the exclusive source for the entire world. During the late 1800s, sodium nitrate was used for fertilizer and for the manufacture of gunpowder, but in the early 1900s German chemists found a way to produce ammonia from the air and convert it into synthetic saltpeter, which could be used to produce gunpowder. There are other uses for sodium nitrate as a food additive to preserve meats, for heat transfer in solar power plants, waste water treatment and even in mouthwash.

翻开我们参观的公司的历史,我发现有很多与这些盐湖以及在这些盐湖上发生的战争有关的故事是我始料未及的。我听过“硝酸钠”、“生硝”、“硝酸钾”、“智利硝”以及大量其他名称的引用,但发现它们都只是一堆纯白并可溶于水的物质而已。其被用于多个化学反应中,以生成化肥、炸药、烟花、玻璃、陶器、食品防腐剂以及固体火箭推进剂,而在智利阿塔卡马沙漠发现的种类则是相当独特的。硝酸钠蕴藏于矿床(称钙积矿)中,具有约100年的历史,阿塔卡马沙漠几乎是全球唯一的硝酸钠来源。十九世纪末,硝酸钠被用于化肥及火药的制造,然而,二十世纪早期,德国化学家发现了一种从空气中生成氨并将其转化为合成硝酸钾的方法,其可被用于生产火药。硝酸钠的其他用途除食品添加剂外,还有肉类的保鲜、太阳能发电厂的传热、污水的处理,甚至漱口水。

It's interesting to see how over the years the varying and newly discovered use for the salar's minerals have continued to yield new benefits.

看到数年以来对盐湖矿物的不同及新创的用途已持续产生新收益,我们感到很兴奋。

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.

欲以邮箱收取富兰克林邓普顿投资的更多评述,请订阅新兴市场的投资冒险博客。

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

要了解及时的投资消息,您可以关注我们的推特@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: International Copper Study Group, 2015/2016 forecast. There is no assurance that any estimate, projection or forecast will be realized.

[1] 资料来源:国际铜业研究小组, 2015/2016年预测。不保证任何估计、推测或预测会实现。

2. There is no assurance that any estimate, projection or forecast will be realized.

[2] 不保证任何估计、推测或预测会实现。

3. There is no assurance that any estimate, projection or forecast will be realized.

[3] 不保证任何估计、推测或预测会实现。

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