翻译基本功：

一、填写冠词：

Chinese Turn Bullish On Booze And Caterpillar Fungus

turn bearish on 不看好

1. 复数名词前大部分情况下不加冠词

2. of前一般加the

3. 可数单数名词前一般加a

4. 前面提到的名词必须加the

5. 表示升降 in 直接+名词 表示在什么方面

6. 职称前不加the

7. the +最高级名词

For __/__generations, __/__Chinese men looking for __a__dose of 一些vigor have sworn by 痴迷于___a_ traditional remedy疗法: fungus harvested from __/__ dead caterpillars, known in some quarters在一些地区 these days as Himalayan Viagra.

Now __/__Chinese investors are using __the__ rare fungus to try to boost something else -- their investment returns. ___The _ fungus has doubled in ___/_ price over _the___ past two years and _the___ top grade now fetchessells for=rake in 卖到 more than $11,500 __a__ pound, according to Fuzhou-based brokerage firm Industrial Securities.

With __/__Chinese stocks falling, __/__ real-estate markets flat 停滞不前=level off and _/___bank deposits offering measly微不足道 returns, Chinese investors have been looking for help in ___/_ strange places. Besides _/___ traditional medicinal products, they are plowing money into art-based stock markets, homegrown liquors, mahogany红木 furniture and jade, among ___/_other decidedly完全的 non-Western asset classes.

'On a micro level, __/__speculation has appeared,' says Long Xingchao, _/___president of __the__ information center of _the___ China Association of __/__Traditional Chinese Medicine. _The___association says __/__prices of traditional medicines, including red ginseng and false starwort, have surged since 2010, partly because of speculators. Mr. Long insists, however, that __a__price bubble isn't forming. 'There's nothing to pop,' he says.

Newfangled exchanges are sprouting across China to take __the__ advantage of __the__ excitement. Nanjing Pharmaceutical Co. set up an exchange last year for trading ___traditional medicines such as __/__deer antler. In November it extended hours so __/__investors could trade when they get home from work. 'Expanding __the__ hours gives investors more time to make ___/_ profit,' _the___ exchange said on its website.

Exchanges have popped up that allow investors to buy and sell __/__shares of __/__individual works of art. In __the__city of Tianjin last summer, __an__ unnamed seller floated about 30 million shares of __a__painting called 'Eternal Lotus Wind,' at ___an_ initial price of 1.61 yuan apiece -- about 25 cents. Within two days, investors had bid捧高 ___the_ shares up 52%, valuing _the___ painting at about $11.5 million. Then ___the_ shares began sliding; they now trade at 36% below ___the_ initial offering price.

Cui Ruzhuo, who painted 'Eternal Lotus Wind' but didn't profit from __the__ offering, says _the___art market still has legs. 'We still haven't arrived at _the___ high point,' he says.

Investors are taking to对什么产生兴趣=into __/__ drink, as well. Maotai -- the most popular variant of ___a_ homegrown liquor called baijiu, and once __a__favorite of Chairman Mao -- now sells for more than $300 a bottle, double __the__ price a year ago.

'In the past, baijiu was only for __/__consumption,' says Liu Xiaowei, __/__chairman of _the___auction拍卖 house Beijing Googut Auction Co., which held ___a_ baijiu action last month. 'But now it's also __a__ collectors' item and for investment.'

二、填写介词：

1. at 小地点

2. of+性质

__At__ the December auction, a businessman from Jiangsu province dropped $8,300 _on___ two dozen bottles of liquor _of___ uncertain vintage年份 -- their water-stained cardboard packaging suggested they were old -- almost four times the starting price _on___ the auction docket起拍价. 'If I held these __for__ a while, I could definitely make some money,' said the buyer, who didn't provide his full name.

China's banks are getting in on the action. Industrial & Commercial Bank of China Ltd., China's biggest state-owned lender _by___ assets以资产来计算, set up a fund __for__ customers to invest in high-end pu'er tea, marketing宣传，推销，营销 it __as__ a low-risk investment. China Merchants Bank Co. is planning to allow some customers to trade diamonds through its website.

Auction house Googut helped three banks set up bank-run investment funds _for___customers to invest in baijiu and other liquors. Mr. Liu, Googut's chairman, said the funds are eyeing an annual return _of___ about 20%.

The problem __for对某人而言__ Chinese investors is that returns have evaporated from more traditional markets. Real estate was once China's favorite investment, but government efforts to contain限制 price increases and keep housing affordable have led to price stagnation停涨 and even declines in some cities. China's major stock exchange in Shanghai is down almost 20% since the beginning of 2011. Bank deposit rates are lower than the pace of inflation, meaning savers effectively实际上=practically pay banks __for__ the privilege __of__handling their money.

'There really are very few investment channels,' says Ren Jun, a 30-year-old media entrepreneur __with__ investments in contemporary art, antiques, gold and silver. 'That's why I'm kind of forcing myself to be brave __in__ trying new options.'

China's central government is less than intoxicated毒害，迷惑 by the investment party. It said in November it would tighten oversight _on/off___监督 Chinese asset exchanges, warning _of___ 'serious speculation and price manipulation'=fixing among some and adding that some 'managers have run __away__ with clients' funds.'

Some of the biggest boom-and-busts have taken place __at__ art exchanges.

'Roaring Yellow River,' a traditional landscape painting by the late artist Bai Gengyan, was the first work listed last year by the Tianjin Cultural Artwork Exchange. Within two months _of___the offering, shares were trading __at__nearly $3 each, up from about 15 cents, valuing the painting__at__ about $18 million. The previous auction high for the artist's work was a bit more than $600,000.

About two months __after__ the offering, the Tianjin city government suspended trading in 'Roaring Yellow River' and another painting, and the exchange imposed limits on daily and monthly price changes. Shares of 'Roaring Yellow River' now trade _at___about 20 cents, down more than 90% __from__ their peak.

Shanghai financial-software designer Jimmy Wang sunk about $790,000 into shares of a pink diamond and a jade pendant traded on the same exchange, putting__up__作为抵押 his house as collateral to finance the investment. He says he has lost as much as 2.7 million yuan. 'So basically 总的来说I've lost my house _to___the bank and I am struggling to pay the interest,' he says.

Such hard-luck stories haven't slowed the hunt _for___ the next great investment.

Wang Jingbo, chief executive of wealth-management company Noah Holdings Ltd. in Shanghai, said late last year she was considering recommending to clients a fund that invests in high-end watches. Googut's Mr. Liu believes the next market to watch is white jade.

Mr. Ren, the media entrepreneur, says he is looking at 看好diamonds. 'While silver and gold may see fluctuations depending on international markets,' he contends, 'the price of diamonds never drops.'

中国人投资之怪现状

一代又一代想壮阳的中国男人一直迷信一种传统中药，那就是冬虫夏草。这是一种寄生在死去的毛毛虫体内的真菌，今天在某些地方被称为“喜马拉雅伟哥”。

现在，中国的投资者正试图利用这种稀有真菌来提振他们的另外一样东西：投资回报。据福州经纪商兴业证券(Industrial Securities)的数据，虫草的价格在过去两年翻了一倍，顶级虫草的价格现在达到了每磅11,500美元（约合每公斤20万元）以上。

视频：冬虫夏草能助力中国经济？

在股市下跌、房地产市场停滞、银行存款回报微不足道的情况下，中国投资者寄希望于一些特别的投资品，有“喜马拉雅伟哥”之称的冬虫夏草便是其中之一。

在中国股市下跌、房地产市场停滞、银行存款回报微不足道的情况下，中国投资者一直在一些奇怪的领域寻找帮助。除了传统中药产品之外，他们还把资金投到了艺术品份额、国产烈酒、红木家具以及玉石等产品上，所有这些都与西方的资产类别格格不入。

中国中药协会(China Association of Traditional Chinese Medicine)中药材信息中心主任龙兴超说，从微观层面看，投机已经显现。该协会说，自2010年以来，红参，太子参等中药的价格已经大幅上涨，部分原因就在于投机。但龙兴超坚持认为并未形成价格泡沫。他说，既然没有泡沫，也就不会破裂。

为利用这一热潮获利，中国各地涌现出各种花样迭出的交易所。南京医药股份有限公司(Nanjing Pharmaceutical Co.)去年设立了一个交易所交易鹿角等中药，2011年11月，交易所延长了交易时间，这样一来投资者下班回家后还能交易。该交易所在网站上说，延长交易时间让投资者“坐在家里也赚钱”。

允许投资者买卖单件艺术品份额的交易所也已经出现。去年夏季，天津一位未具名卖家发售画作《荷风千秋》的3,000万份额，首发价格是每份1.61元（约合25美分）。两天后，投资者就将其价格捧高52%，使画作的估值达到了约1,150万美元。之后，份额价格开始下跌，当前的价格比最初发行价低36%。《荷风千秋》的作者崔如琢并没有从份额发行中获利。他说，艺术品市场仍有支撑，现在还没有到达高点。

投资者还对白酒产生了兴趣。茅台酒现在每瓶价格在300美元以上，比一年前翻了一番。茅台是中国最受欢迎的白酒，曾经为毛主席所锺爱。

北京歌德拍卖有限公司(Beijing Googut Auction Co.)上个月举行过一场白酒拍卖会。该公司董事长刘晓伟说，白酒在过去仅用于消费，但现在也被藏家收藏用于投资。

在去年12月份那场拍卖会上，一位来自江苏的商人花8,300美元买了24瓶年份不明的白酒（从布满水渍的纸箱包装来看，年代应该比较久），接近拍卖起价的四倍。这位没有透露全名的买家说，如果持有一段时间，肯定能赚一笔钱。

中国的银行也开始参与其中。中国资产规模最大的国有借贷机构──中国工商银行(Industrial & Commercial Bank of China Ltd.)建立了一个让客户投资高端普洱茶的投资基金，将其作为低风险投资推向市场。招商银行(China Merchants Bank Co.)正打算开始允许一些客户在其网站上进行钻石交易。

歌德拍卖有限公司已经帮助三家银行设立了由银行运营的投资基金，让客户能够投资白酒和其他酒类。歌德公司的刘晓伟说，基金期待有20%左右的年回报率。

中国投资者面对的问题是，来自更加传统市场的回报已经消失。房地产曾是中国人最青睐的投资项目，但是政府控制房价增长、让房价保持在可承受的范围的努力导致了房价的停滞不前，甚至在一些城市有所下降。中国在上海的主要股票交易所从2011年初开始下跌了约20%。银行存款利率赶不上通货膨胀的步伐，这意味着存款人事实上在付钱让银行使用他们的钱。

投资当代艺术、古董以及黄金和白银的30岁媒体企业家任军（音）说，投资的渠道真是太少了。他说，正因为如此，我在一定程度上强迫我自己大胆尝试新的投资选择。

中国中央政府对这场投资盛宴则没那么兴奋。中国政府曾在11月表示将加强对中国资产交易的监管，提出要警惕一些人严重的投机和价格操纵行为，还说一些经理已经携客户的资金逃跑。

一些最大的起落来自艺术品交易。由已故艺术家白庚延创作的传统山水画《黄河西来决昆仑咆哮万里触龙门》（简称《黄河咆哮》）是去年由天津市文化艺术品交易所(Tianjin Cultural Artwork Exchange)上市的第一幅作品。在上市两个月的时间里，该作品份额的交易价格从每股15美分上涨到了近3美元，总价值达到约1800万美元。这位艺术家的作品此前拍卖的最高价格略高于60万美元。

在上市两个月之后，天津市政府暂停了《黄河咆哮》和另一幅作品的份额交易，交易所为每天和每月的价格波动设立了限额。现在《黄河咆哮》的份额价格约为每股20美分，与最高值相比下降了90%。

上海金融软件设计者Jimmy Wang为在同一个交易所进行交易的一颗粉色钻石和一个玉挂件的份额投入约79万美元，并以自己的房屋担保为这笔投资融资。他说自己已经损失至多270万元人民币。他说，我基本上已经把房子输给银行了，我还在为偿还利息而挣扎。

类似的倒霉故事并没有让人们放慢寻找下一个大投资项目的脚步。

上海财富管理公司诺亚财富(Noah Holdings Ltd.)总裁汪静波在去年年底说，她在考虑向客户推荐一个投资高端手表的基金。歌德公司的刘晓伟则认为，下一个值得关注的市场是白玉市场。

媒体企业家任军说，他看好钻石。他认为，黄金和白银可能会跟着国际市场波动，但是钻石的价格从来不会降。

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重点表达回顾：

1. 

Turn bullish on 看好

Turn bearish on 不看好

2. 

中国也会受其影响。

China will not be insulated.

China will not be immune to/from it.

3. 冬虫夏草，caterpillar fungus

4. 迷信，swear by

5. 居住区，the living quarter  - different quarters/sectors/sections/circles of the society

6. 停滞的市场，flat markets

7. 趋于平缓，housing prices have leveled off.

 

（数字或数量） 趋向平缓，趋于稳定; （飞机在爬升或下降后） 进入平飞;

[例句]The figures show evidence that murders in the nation's capital are beginning to level off

数据表明，该国首都谋杀案件的数量开始保持在稳定的水平。

以曲线图表示成长的态势，陡峭的上升线（steep rise)表示快速成长。成长到达高原期后，速度会变慢，曲线则从陡峭的上升逐渐趋于水平（level)，这种变化就是level off。同样地，曲线下降到谷底后转趋水平，也是level off。

8. Invest in strange places, 投资到生僻的领域

9. Homegrown liquor，国产烈酒；a homegrown liquor called Baijiu

10. Mahogany furniture，红木家具

11. Non-western asset classes，与西方的资产类别格格不入的

12. Extend hours，延长营业时间

13. Newfangled exchanges are sprouting across China to take the advantage of the excitement.

To take the advantage of the excitement，利用这一热潮

Newfangled，花样迭出的

14. Bid the price/shares up 捧高

15. The art market still has legs，还有空间

Does your company have the legs to go the distance?

16. Take to sth / be into sth，对……产生兴趣

17. lead sb on to do sth 诱使某人干某事

18. Auction house，拍卖会；hold an auction，拍卖；

19. Liquor of uncertain vintage，未知年份的

 

n.

特定年份(或地方)酿制的酒; 酿造年份; 采摘葡萄酿酒的期间(或季节); 葡萄收获期(或季节);

 

adj.

(指葡萄酒) 优质的，上等的，佳酿的; 古色古香的(指1917–1930年间制造，车型和品味受人青睐的); (过去某个时期) 典型的，优质的; (某人的) 最佳作品的;

[例句]If you can buy only one case at auction, it should be vintage port.

如果你在拍卖会上只能买一样东西，那就应该是上等的波尔图葡萄酒。

20. On the auction docket，起拍价

21. Get in on the action，行动起来

22. That’s where the government should step in / get in，发挥作用

23. The biggest state-owned lender by assets，按市值计算

24. Market capitalization，市值

25. 监管部门，regulator/watch-dog

拟人化的用法，producer / lender / polluter / regulator / trader

China is the largest trader.

26. Efforts to contain price increases, 限价

27. Lower than the pace of，赶不上……的步伐

28. Effectively / practically，实际上

29. Tighten control，加强对……的控制；tighten security，加强安保；

30. Oversight on/of 对……的监督

31. Be intoxicated by，被迷惑；

Driving under intoxication，DUI，醉酒、吸毒；

32. Price rigging，价格操纵

Match rigging/fixing，吹黑哨

Insider dealing，暗箱操作

33. Boom and bust，荣枯兴衰

34. The late artist，已过世的艺术家

35. Put up sth as collateral，以……作为抵押；

36. Lose the game to sb，比赛输给……

37. Struggle to pay the rent，连房租都付不起

38. The next market to watch，下一个值得关注的投资市场

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