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哈尔滨做人流大概多少钱南岗区儿童医院有哪些专家As Marissa Mayer an-nounced the .8bn acquisition of Yahoo’s operating business by Verizon, the US telecoms company, she gave a eulogy to the company she has headed for four years. Yahoo “humanised and popularised the web, email [and] search”, she said.在宣布Verizon以48亿美元收购雅虎(Yahoo)运营业务的消息时,玛丽萨#8226;迈耶(Marissa Mayer)为她领导了4年的这家企业大唱了一番赞歌。她说,雅虎“令万维网、电子邮件和搜索变得人性化并流行起来”。It was a backhanded compliment, given that less “universally well-liked companies” have overtaken the enterprise with the exclamation mark in two decades, including Alphabet, Facebook and Amazon. Ms Mayer identified the problem: Yahoo started as a link directory compiled by its founders and remained all too human.考虑到20年来众多不那么“广受欢迎的公司”超越了这家带着惊叹号的企业——包括Alphabet、Facebook和亚马逊(Amazon)——迈耶的赞歌听上去像是带挖苦意味的恭维话。她点出了问题:雅虎成立之初是由其创始人编纂的网站链接目录,它一直带有太过人性化的特点。Yahoo’s valuation grew to 8bn in spring 2000 because of investors’ faith that human curation could beat search engines — people browsing on slow dial-up lines needed a human interface. But technology triumphed over humanity. The internet was more powerful than they imagined and all that was left for Yahoo was likeability.2000年春季,雅虎的估值曾增至1280亿美元,原因是投资者坚信人力信息筛选会打败搜索引擎——那些通过缓慢的拨号线路上网浏览的人们需要一个人性的界面。然而技术胜过了人力。互联网比他们想象得更强大。如今,雅虎剩下的只有魅力了。One example of how far things have come since Yahoo was founded in 1995 is Elon Musk’s “Master Plan, Part Deux” for Tesla, published last week. The electric car company’s founder envisages vehicles that will not only drive themselves but will also form part of an automated fleet in their down time. “Enable your car to make money for you when you aren’t using it,” he concludes.要说明自雅虎1995年成立以来情况已发生多大变化,有一个例子就是埃隆#8226;马斯克(Elon Musk)最近发表的特斯拉(Tesla)《总规划,第二部分》(Master Plan, Part Deux)。这位电动汽车公司创始人构想的车辆不仅会自动驾驶,还会在“空闲”时成为自动化车队的一部分。马斯克得出的结论是:“让你的汽车在你不用它的时候为你赚钱。”Mr Musk’s vision, two decades after Yahoo’s directory seemed a better bet than Google, is still improbable but it is no longer inconceivable. The internet has turned out to be not merely a bunch of computers strung together across a network but much, much more. It has been constantly upgraded by mobile broadband, global positioning technology, smartphones, cloud computing and artificial intelligence.在雅虎的目录貌似比谷歌(Google)更值得投资的20年后,马斯克的愿景仍不太可能实现,但不再不可想象了。事实明,互联网不仅仅是通过网络连接到一起的大量计算机,它的范畴要大得多。移动宽带、全球定位技术、智能手机、云计算和人工智能都在不断升级互联网。The group of innovations bundled together and labelled as “the internet” proved to be a general purpose technology similar to the steam engine and electrification. It has had a deep, disruptive effect on many industries and is likely to keep doing so for some time to come.被贴上“互联网”标签并打包在一起的一系列创新,已被明是一种类似蒸汽机和电气化技术的通用技术。它对许多产业都有深刻的、颠覆性的影响,并可能在今后一段时期内保持这种状态。Yahoo’s problem was that it was on the wrong side of the human-technology divide from inception and never found a way back. The closest it came was in the mid-2000s, when Terry Semel, one of its parade of chief executives, acquired Inktomi, AltaVista and Overture in a failed attempt to compete with Google’s algorithms.雅虎的问题在于,在人力与技术的隔阂中,它从一开始就站在了错误的一边,而且从未找到回头路。最接近的一次是在本世纪头10年的中期。当时,走马灯般上任的雅虎首席执行官之一特里#8226;塞梅尔(Terry Semel)收购了Inktomi、AltaVista和Overture,试图与谷歌的算法竞争,却没有成功。Ms Mayer’s appointment was another attempt to cross the chasm, since she came from Google. In practice, the best she could do was to trim some of Yahoo’s inefficiencies and adapt its ragbag of products, from Yahoo Mail to mobile to entertainment and news.对迈耶的任命则是又一次跨越这一鸿沟的企图,因为她来自谷歌。现实而言,她可以采取的最佳措施是砍掉雅虎部分低效率业务,并调整其从雅虎邮箱(Yahoo Mail)和移动务到和新闻的大杂烩般的各种产品。The voracious maw of technology is apparent in this deal. Verizon has now acquired Yahoo and AOL, two of the internet’s original big names. They are joining a utility that increasingly sells broadband data connections. Yahoo was the internet equivalent of a phone book and is becoming part of a phone company refitted for the internet.在这笔最新交易中,科技的巨大胃口表现得十分明显。Verizon如今已收购了雅虎和美国在线(AOL),后两者都是互联网初期的知名品牌。它们加入的这家公用事业公司在宽带数据连接领域的销售额日益升高。雅虎原来像是电话簿的互联网版本,如今它正成为已向互联网转型的一家电话公司的一部分。The story of technology dominating humanity and taking most of the reward is common across the internet. Facebook’s content is largely provided by users yet the value accrues to the company and its network — it has a market capitalisation of about 8bn, which equates to the price of 72 Yahoos. Amazon cuts prices by squeezing suppliers, including publishers, and is worth the same as Facebook.在互联网上,技术主导人力并获得绝大部分回报的故事十分常见。Facebook的内容基本上由用户提供,然而这些内容的价值归于该公司及其网络——该公司市值约为3480亿美元,相当于72个雅虎。而亚马逊则通过挤压供应商(包括出版商)压低价格,它的市值与Facebook相仿。But technology has an Achilles heel. Although each new wave creates and captures huge profits in the early stages, when it is new and wondrous (consider the 19th century railway booms), it eventually becomes routine. Telephones were once incredible machines but today voice calls on fixed lines are at best a commodity in a world where mobile streaming is free.不过,科技也存在致命的弱点。每一波新技术潮在早期阶段都是崭新而神奇的(想一想19世纪的铁路大发展吧),会创造并获取巨额利润,但最终会变得普普通通。电话曾是令人难以置信的机器,然而在如今这个移动视频流播免费的世界,通过固定线路传输的语音通话往好里说也只是一种日用品。Nicholas Carr, the technology writer, says the shift from personal computers to cloud computing is akin to the late 19th century switch from electricity being generated locally to being delivered across power grids. The data centres built by Verizon, Facebook, Amazon and others are far more powerful than what preceded them. They also turn on-demand computing and access to data into a utility.科技作家尼古拉斯#8226;卡尔(Nicholas Carr)表示,从个人电脑向云计算的转型,类似于19世纪晚期从本地发电向电网输电的转型。Verizon、Facebook、亚马逊及其他企业打造的数据中心,比之前的数据中心强大得多。它们也把按需计算和按需数据访问变成了一项公用事业。There is a hint of this in the Verizon-Yahoo deal. Although a combined Yahoo and AOL, which includes 25 brands such as the Huffington Post and TechCrunch, is likely to contribute only about 5 per cent of the merged entity’s revenues, it could provide growth. Verizon’s core telecoms business is large and generates a lot of cash but its revenues have fallen this year.在Verizon收购雅虎的交易中,也显示了这一转型的迹象。雅虎加上美国在线——旗下拥有《赫芬顿邮报》(Huffington Post)和TechCrunch等25个品牌——所贡献的营收可能只占合并后实体的5%,但它们有望带来增长。Verizon的核心电信业务规模庞大,产生大量现金,然而今年其营收有所下滑。Other internet and communications companies have also bolstered their revenues with media content fashioned by humans. Comcast, the US cable company that competes with Verizon, took full ownership of the film, TV and music group NUniversal in 2013. 其他互联网和通信公司也通过人力制作的媒体内容提升了营收。2013年,Verizon的竞争对手、美国有线电视公司康卡斯特(Comcast)全资收购了电影、电视和音乐集团N环球(N Universal)。而Netflix一直在投入巨资制作原创剧集和纪录片。 /201608/457854哈尔滨什么医院做人流最好 Incisive Chinese companies have long been sinking their teeth into their western rivals. Now the country has developed its answer to the “Fangs” phenomenon, one of the remaining crown jewels of the west. 雄心勃勃的中国企业早已将尖牙深深地嵌入西方竞争对手的身体。如今,中国已经找到了对付西方王冠上仅剩的宝石之一“FANG”的办法。“FANG”指Facebook、亚马逊(Amazon)、Netflix与谷歌(Google)四家互联网公司(尴尬的是,谷歌已改名为Alphabet)。 The internet-focused quartet of Facebook, Amazon, Netflix and Google (now renamed Alphabet, awkwardly) saw their share prices surge more than 70 per cent, on average, last year, even as the wider US stock market fell. 去年,虽然美国股市普遍呈现跌势,但FANG的股价平均大涨逾70%。 Now China is responding with its very own quartet of Bants — Baidu, Alibaba, Netease and Tencent. 如今,中国正以自己的四巨头“BANT”——百度(Baidu)、阿里巴巴(Alibaba)、网易(Netease)与腾讯(Tencent)——予以回应。 Since 2013, emerging market equity funds have quadrupled their exposure to China’s new Gang of Four to more than 4 per cent, equivalent to bn, according to data from Copley Fund Research, which tracks 121 EM equity funds with combined assets of 5bn. 根据Copley Fund Research公司的数据,自2013年以来,新兴市场股票型基金对中国新“四巨头”的敞口已经翻了两番,配置比例超过4%,相当于110亿美元。Copley跟踪资产规模合计为2350亿美元的121只新兴市场股票型基金。 Tencent has led the way, with its weighting in the average EM fund rising fourfold to more than 2 per cent since 2011, but Alibaba has shown explosive growth of late, as the first chart shows. 如下面的图一所示,腾讯一路领先,自2011年以来,该公司在新兴市场股票基金中的平均配置权重上涨3倍,超过了2%,但阿里巴巴最近呈现爆炸式增长。 “You can draw parallels to the Fang stocks in the US being, as they are, a mixture of internet search, social networks and ecommerce companies. These four stocks are starting to dominate things in the internet space in emerging markets,” says Steven Holden, founder of Copley. Copley创始人史蒂文霍尔登(Steven Holden)说:“这四家公司包含了互联网搜索、社交网络及电子商务,所以你可以将它们与美国的FANG相比。这四家公司正开始主导新兴市场的互联网空间。” Gary Greenberg, head of emerging markets at Hermes Investment Management, who has a weighting of 10.8 per cent to the Bants in his Global EM fund, adds: “We think there is growth here that can continue, cash flow generation that is remarkable relative to Chinese old economy industries, along with some real innovation and disruption. Hermes Investment Management新兴市场主管加里格林伯格(Gary Greenberg)补充道:“我们认为,这四家公司的增长可以持续,产生现金流的能力相对中国旧的经济产业很突出,还有一些真正的创新和颠覆。”格林伯格在自己的全球新兴市场基金中对BANT的配置权重为10.8%。 “Their underlying economy is growing, especially the consumer service sector, disclosure is steadily improving and scepticism among the international community is high [preventing valuations from rising too far],” Mr Greenberg says. “它们所处的整体经济正在增长,尤其是消费务业,信息披露也在不断改善,而国际社会的疑虑较高(使得估值没有过度攀高),”格林伯格说。 The rise of the Bants has helped drive a dramatic reshaping of EM equity portfolios since 2012. Allocations to technology stocks in general have risen sharply, hitting a record 20.6 per cent in March, according to Copley, while holdings of energy and materials stocks have slumped in line with plunging commodity prices, as the second chart shows. 自2012年以来,BANT的崛起推动了新兴市场股票投资组合的剧烈重组。Copley的数据显示,科技股的配置比例总体上大幅上升,3月触及创纪录的20.6%,而对能源、材料类股的配置则伴随大宗商品价格的暴跌而锐减(如下面的图二所示)。 Within the internet subsector, which constitutes 6 per cent of the typical EM fund, however, the Chinese heavyweights appear to be elbowing aside their competition. 互联网类股在新兴市场基金配置中平均占比6%,而中国的重量级公司似乎正在挤掉自己的竞争对手。 Chinese companies now account for 83 per cent of EM equity funds’ internet holdings, with Russia and South Korea accounting for a further 10 per cent between them. 目前,中国企业占新兴市场股票基金互联网资产的83%,俄罗斯与韩国加起来占10%。 However, the latter are on the slide, with the rise of Bants largely supplanting ownership of more established internet names such as Naver, South Korea’s biggest internet portal operator, and Mail.ru, the internet group controlled by Russian billionaire Alisher Usmanov, Mr Holden says. (For those who get hot under the collar about South Korea being classed as an emerging market, equity investors are largely guided by the MSCI EM index, which includes the likes of South Korea, Taiwan and Singapore.) 然而,霍尔登表示,俄罗斯与韩国的占比还在下降,因为BANT的崛起很大程度上取代了历史更悠久的互联网公司的份额,例如韩国最大的互联网门户网站运营商Naver,以及俄罗斯亿万富翁阿利舍尔乌斯马诺夫(Alisher Usmanov)控制的互联网集团Mail.ru。(有人会对将韩国归为新兴市场感到不满,但股票投资机构大都根据MSCI明晟新兴市场指数进行投资,该指数纳入了韩国、台湾和新加坡)。 “What is becoming clear is the emergence of a ‘big four’ [which] are starting to dominate the sector,” says Mr Holden, with 79 per cent of EM funds holding at least one of the Bants. 霍尔登表示,“越来越清楚的是‘四大’的崛起,它们正开始主导这一行业”, 79%的新兴市场基金持有BANT中至少一家的股票。 Funds managed by Oppenheimer, William Blair, Calamos, Columbia and Delaware as well as Hermes, each have an exposure of at least 8 per cent to the Bants, while Edinburgh-based Baillie Gifford leads the way with weightings of 13.3 per cent and 12.8 per cent respectively in its EM Leading Companies and EM Growth funds respectively. 奥本海默(Oppenheimer)、威廉布莱尔(William Blair)、Calamos、哥伦比亚(Columbia)、特拉华(Delaware)及Hermes等公司管理的基金,每只都对BANT至少有8%的敞口,而总部位于爱丁堡的Baillie Gifford公司处于领先,其“新兴市场领先企业基金”(EM Leading Companies)和“新兴市场成长基金”(EM Growth)的BANT权重分别为13.3%和12.8%。 Richard Sneller, head of emerging market equities at Baillie Gifford, told EM Squared this year that “in many emerging markets the speed with which young consumers are adapting to technological change, in areas such as ecommerce and online shopping, is much faster than in the US. Baillie Gifford新兴市场股票主管理查德斯内勒(Richard Sneller)今年对英国《金融时报》“直击新兴市场”栏目(EM Squared)表示,“在电子商务和在线购物等领域,许多新兴市场的年轻消费者适应技术变革的速度比美国要快得多。” “Trends that we hoped would emerge 15-20 years ago have come to generate significant cash flows.” “我们在15至20年前希望出现的趋势,已开始产生大量的现金流。” The surge in demand for the Bants was in part a response to MSCI’s decision to include some companies listed outside the emerging markets in its flagship EM index. BANT受到热捧,部分是因为MSCI明晟决定将一些在新兴市场以外上市的公司纳入其旗舰新兴市场指数。 The move, the first stage of which came into effect in November 2015, brought New York-listed Baidu, Netease and Alibaba into the index for the first time, a move that appears to have particularly boosted the latter. 2015年11月,该决定的第一阶段已生效。在纽约上市的百度、网易和阿里巴巴首次被纳入MSCI明晟新兴市场指数,这似乎尤其增加了阿里巴巴的热度。 “Alibaba has captured the largest number of new investors over the last six months. A net 15 per cent of funds opened new positions including TT International, Schroders and Lazard among others,” says Mr Holden, who calculates that the funds in his database have invested a net 0m in Alibaba in the past half year. “在过去6个月里,阿里巴巴俘获的新投资者数量最多。净15%的基金建立了对它的新头寸,其中包括TT International、施罗德(Schroders)和瑞德(Lazard)等机构,”霍尔登说。据他计算,他数据库中的基金在过去半年里对阿里巴巴的投资净额达到8.4亿美元。 Mutual funds’ holdings of the Bants could rise to higher levels still, with the index weighting of Alibaba, Baidu and Netease due to rise further in May, when MSCI implements the second and final stage of its plan to fully incorporate such stocks in its EM index. 今年5月,当MSCI明晟执行其计划的第二个、也是最后一个阶段,把这类股票完全纳入其新兴市场指数中时,阿里巴巴、百度和网易的指数权重将进一步加大,所以共同基金对BANT的持股量可能会上升至更高水平。 Mr Greenberg argues that valuations “are not unreasonable” with Tencent trading on 25 times one-year forward earnings, Alibaba at 23 times and Baidu 21 times [he does not hold Netease] “given that their earnings are expected to grow by 25-30 per cent per annum”. 格林伯格指出,“鉴于这些公司的盈利年增速预计可达25%至30%”,它们的估值“并非不合理”,腾讯一年期预期市盈率为25倍,阿里巴巴为23倍,而百度为21倍(他不持有网易股票)。 “These are good businesses at reasonable prices, especially since smartphone usage is increasing and penetration for commerce, advertising and services online is also growing rapidly, providing opportunities for monetisation of the user base,” he adds. “这些都是价格合理的好公司,尤其是,智能手机的使用在普及,对商业、广告和线上务的渗透也迅速扩大,提供了利用用户群体赚钱的机遇,”他接着说。 Mr Holden sees other reasons to expect their weighting to rise still further. More than 20 per cent of funds still do not have any exposure to any of these four stocks, with some high-profile managers, such as Aberdeen and First State, eschewing Chinese internet stocks entirely, Mr Holden says. 霍尔登则看到了这些公司的权重预计会进一步提高的其他原因。霍尔登说,逾20%的基金仍没有配置这四只股票中的任何一只,有些名声显赫的基金公司,比如安本(Aberdeen)和首域投资(First State),完全不碰中国互联网企业的股票。 Moreover, the funds in his database are still, in aggregate, underweight both Tencent and Alibaba compared with their index weighting. 另外,总体而言,他的数据库里的基金对腾讯和阿里巴巴的配置比例仍低于这两家公司的指数权重。 “In the face of impressive price action in Tencent, Baidu and Alibaba from the lows of early February, EM funds may find it more difficult to avoid these stocks going forwards,” he says. “面对腾讯、百度和阿里巴巴股价较2月初低位的大幅上扬,新兴市场基金或许会发现,未来更难避开这些股票,”他说。 /201604/438814哈尔滨市红十字中心医院引产多少钱

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延寿县治疗不孕不育多少钱The aptly-named SkunkLock is an ingenious bicycle lock that blasts would-be thieves with a disgusting cocktails of chemicals that most of the time causes them to vomit uncontrollably.臭锁是一种有创意的自行车锁,恰如其名,它会向想要偷车的贼喷一种令人恶心的气体,大多数时候会让他们控制不住地呕吐。When San Francisco-based Daniel Idzkowski learned that over 1.5 million bikes are being stolen across the ed States, every year, he decided it was up to him to come up with a more efficient means of theft prevention. 当美国旧金山人丹尼尔-伊兹柯夫斯基了解到每年美国有150万辆自行车被偷走之后,他决定想出更有效的防贼方法。After six months of work, he came up with the SkunkLock, a hollow steel U-lock system which houses presurized noxious chemical deterrent that’s even detectable through some of the most advanced gas masks. 经过六个月的辛苦努力,他做出了臭锁,这种空心钢U型锁中存有加压的有毒化学物质,即便某些最先进的防毒面具也无法抵抗它的威力。The proprietary formula, known as D_1, was developed by Idzkowski and his partner Yves Perrenoud, and is perfectly legal.这种名为D_1的专利配方由丹尼尔与他的合伙人伊夫斯-佩勒努共同研发,并且它符合美国法律规定。The SkunkLock is made out of hardened medium-carbon steel that exceeds 450 brinell, and is painted in black and white stripes reminiscent of a skunk. 臭锁由硬化中碳钢制作而成,其硬度超出450布氏硬度,臭锁的黑白花纹会让人联想到臭鼬。They hope that the pattern and SkunLock logo will scare away thieves, but if they insist on cutting through it, they will be in for a nasty surprise. 他们希望这种花纹和臭锁的商标能够吓走偷车贼,但如果偷车贼坚持要剪断车锁,那么他们就会收到难闻的惊喜。The smell is apparently so bad that it will stun perpetrators and cause them to either run in disgust or vomit almost instantly. 车锁里面化学物质的味道如此难闻,它会把偷车贼臭晕,并让他们恶心地逃走或者立即呕吐。And if they somehow find away to avoid the smell, it will certainly catch the attention of passers-by and increase the chances of preventing the theft.即便偷车贼不知怎的找到了避开难闻气味的方法,这种臭味也会引起路人的注意,增加偷车贼偷车的难度。No lock can guarantee someone will not go the extra mile to steal your bike or motorcycle, especially if it’s expensive and worth the risk, the SkunkLock team claims. 制作臭锁的团队表示:没有锁能够保自行车和托车不会被偷走,当车子非常昂贵且值得冒险的时候尤为如此。However, the SkunkLock does provide you the best chance of deterring theft by being the least attractive lock to compromise on your block. 然而,安装了臭锁,你的车就成为街区中贼最不愿去偷的车,是防止车辆被盗的最好办法。Thieves will generally take a slightly less profitable bike if the risk is significantly less. 通常情况下,如果风险能大幅降低,偷车贼就会去偷盗一辆获利略微减少的自行车。If a thief compromises the SkunkLock, not only are they exposing themselves to noxious chemicals, someone nearby may be asking what that smell is.如果偷车贼决定对付臭锁,那么他们不仅要闻有毒化学物质的气味,还必须接受路人的盘问。In case you’re afraid the SkunkLock might malfunction and accidentally release the gas in your face, its creators assure us that the only way to puncture the hollow chamber inside is by attempting to cut through it. 为免你担心臭锁失灵并意外将臭气喷到你的脸上,其创造者们向我们保只有剪断车锁,里面的臭气才会跑出来。And just so you never have to do that yourself, they are issuing a standard unique code for each unit sold that can be used to request additional keys in case you misplace the original. 为了防止你不得不因为丢失车钥匙而自己剪断臭锁,他们还会给每把锁配备唯一识别码,你可以借此找他们要备用钥匙。The company even offers an overnight key shipping option.该公司甚至提供隔夜邮寄务。Bike thieves will be relieved to hear that they won’t need to worry about the SkunkLock about another year. 偷车贼们听说这种臭锁不会很快面市的消息后,肯定都松了一口气。Their goal is ,000, of which they’ve only managed to raise ,598, with a month left to go. 最近丹尼尔和伊夫斯正在Indiegogo上众筹,他们的目标是两万美元,但他们现在只筹集到了5598美元,筹集时间只剩一个月了。If the campaign is successful, they estimate SkunkLock will be available in June 2017.如果众筹成功的话,他们估计臭锁将在2017年6月面市。 /201610/474602 哈尔滨做宫颈糜烂利普刀手术多少钱哈尔滨卵巢囊肿手术多少钱



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