一、外刊原文及翻译
原文 1：摩根大通的新举措
JPMorgan Chase is building out a new team inside its investment bank to help companies raise private capital as an alternative to going public, a sign that America’s biggest bank thinks the private markets will remain dominant even with some mega IPOs expected later this year.
翻译：
摩根大通正在其投资银行内部组建一个新团队，以帮助公司筹集私募资金，作为替代上市的一种选择。这表明，即使预计今年晚些时候会有一些大型首次公开募股（IPO），这家美国最大的银行仍认为私募市场将保持主导地位。
原文 2：公开市场的变化
The public stock markets just aren’t what they used to be. There has been a general decline of initial public offerings while more companies are opting to raise money from big investors and remain private companies.
翻译：
公开股票市场已今非昔比。首次公开募股的数量普遍下降，而越来越多的公司选择从大型投资者那里筹集资金，并保持私营状态。
原文 3：私募股权公司的策略
Private-equity firms have also been holding on to their portfolio companies for longer, often transferring them into new “secondary” funds instead of selling to another firm.
翻译：
私募股权公司也延长了对其投资组合公司的持有时间，通常将这些公司转移到新的“二级”基金中，而不是出售给另一家公司。
原文 4：市场趋势的转变
This move has gained momentum since late last year, driven by a more cautious view of the AI build-out and anticipated fiscal stimulus from President Trump’s tax overhaul.
翻译：
自去年年底以来，这一趋势愈发明显，这源于对人工智能发展的更谨慎态度，以及对特朗普总统税制改革带来的财政刺激的预期。
原文 5：市场策略师的看法
“It’s been this rotation out of anything growth and tech related, into all of the other relative laggards,” said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions. “The market is pretty much sold on this idea of stronger growth, at least in the first half of 2026.”
翻译：
“市场已经从与增长和科技相关的领域转向了其他相对落后的领域，”Natixis投资管理解决方案公司的投资组合策略师加勒特·梅尔森（Garrett Melson）表示。“市场几乎完全接受了这一观点，即至少在2026年上半年，经济增长将更为强劲。”
原文 6：小盘股的表现
Melson said that, while the recent small-cap outperformance is notable, its durability depends on the Federal Reserve’s interest-rate policy and stable economic growth.
翻译：
梅尔森表示，尽管近期小盘股表现优异，但其持续性取决于美联储的利率政策和稳定的经济增长。
原文 7：小盘股指数的记录
Growing optimism about the economy lifted shares of smaller companies to a fresh record Friday. The Russell 2000 index of small-cap companies eked out a 0.1% gain to beat out the S&P 500 for an 11th consecutive session—its longest streak of outperformance since 2008, according to Dow Jones Market Data.
翻译：
周五，对经济日益增长的乐观情绪推动小公司股价创下新高。根据道琼斯市场数据，罗素2000小盘股指数微涨0.1%，连续第11个交易日跑赢标准普尔500指数，这是自2008年以来该指数表现最优的最长连胜纪录。
原文 8：小盘股的强劲开局
Now off to its strongest start to a year since 2021, the small-cap index has gained 7.9% this year, dwarfing the sub-2% gains seen in the S&P 500 and Nasdaq.
翻译：
小盘股指数今年开局强劲，为2021年以来最佳，今年以来已上涨7.9%，远超标准普尔500指数和纳斯达克指数不到2%的涨幅。
原文 9：市场轮动交易的加速
The moves mark the acceleration of what Wall Street calls the “rotation trade.” Buoyed by robust GDP growth and strong corporate earnings, investors have been shifting from megacap tech stocks in favor of stocks poised to benefit from an economic re-acceleration, such as industrials, energy companies and small-caps.
翻译：
这些举动标志着华尔街所谓的“轮动交易”正在加速。受强劲的GDP增长和强劲的企业盈利支撑，投资者正从大型科技股转向有望从经济重新加速中受益的股票，如工业股、能源股和小盘股。
原文 10：美联储政策的影响
The Fed is widely expected to stand pat at its January meeting, and traders have scaled back bets on interest-rate cuts this year. This might hurt smaller companies, which tend to issue more variable-rate debt to fund their businesses.
翻译：
市场普遍预期美联储将在1月会议上按兵不动，交易员已减少对今年降息的押注。这可能会对小公司造成伤害，因为这些公司倾向于发行更多可变利率债务来为其业务融资。
原文 11：经济数据的积极信号
Sluggish labor market aside, recent economic data and this week’s bank earnings have reassured some investors that the economy is on firm footing, with healthy credit conditions and low risk of a near-term recession.
翻译：
尽管劳动力市场疲软，但近期经济数据和本周银行盈利情况让一些投资者确信，经济基础稳固，信贷状况良好，近期衰退风险较低。
原文 12：企业盈利预期
Meanwhile, analysts expect companies in the S&P 500 to report a 8.2% year-over-year earnings growth rate for the fourth quarter, which would be the 10th quarter of consecutive growth for the index, according to FactSet.
翻译：
与此同时，根据FactSet的数据，分析师预计标准普尔500指数成分股公司第四季度盈利同比增长8.2%，这将是该指数连续第10个季度实现增长。
原文 13：股市的波动
On Friday, stocks swung between gains and losses before settling lower. The S&P 500 and the tech-heavy Nasdaq both fell less than 0.1%. The Dow Jones Industrial Average lost 83 points, or 0.2%.
翻译：
周五，股市在涨跌之间波动，最终收低。标准普尔500指数和以科技股为主的纳斯达克指数均下跌不到0.1%。道琼斯工业平均指数下跌83点，跌幅0.2%。
原文 14：周度市场表现
On a weekly basis, all three indexes closed in the red after a week packed with geopolitical and policy developments, including the renewed tensions with Iran and President Trump’s push to take control of Greenland.
翻译：
在一周内，受地缘政治和政策发展（包括与伊朗的紧张关系加剧以及特朗普总统推动控制格陵兰岛）的影响，三大指数周度均收跌。
原文 15：国债收益率的变动
Treasury yields climbed Friday after Trump suggested that he might want to keep National Economic Council Director Kevin Hassett, a front-runner for Federal Reserve chair, in his current job.
翻译：
周五，国债收益率攀升，此前特朗普暗示，他可能希望让国家经济委员会主任凯文·哈塞特（Kevin Hassett）继续留任，哈塞特是美联储主席的热门人选。
原文 16：摩根大通的新团队
The new team inside JPMorgan, called Private Capital Advisory and Solutions, will be a hybrid group offering mergers-and-acquisitions advice while working alongside the capital-markets division.
翻译：
摩根大通内部的新团队名为“私募资本咨询与解决方案”，将是一个混合团队，提供并购咨询，同时与资本市场部门合作。
原文 17：新团队的职责
Executives said the team plans to connect investors with companies that are looking to raise private capital. And bankers will advise clients on raising early-stage equity, preferred stock and convertible bonds.
翻译：
高管们表示，该团队计划将投资者与寻求筹集私募资金的公司联系起来。银行家们将就筹集早期股权、优先股和可转换债券等问题为客户提供建议。
原文 18：私募市场的吸引力
While the bank might not earn hefty fees from helping private companies, it gives them a relationship ahead of a potential sale or eventual IPO, where the payouts can be substantial.
翻译：
尽管帮助私营公司可能不会为银行带来丰厚费用，但这为银行在潜在出售或最终上市前建立了关系，而上市时的回报可能相当可观。
原文 19：大型私募交易案例
Some of the biggest and most valuable companies in the U.S. are private. The biggest stock sale in 2025 was a $40 billion offering by OpenAI that was available to only the investors handpicked by the company’s executive team, including Sam Altman himself.
翻译：
美国一些最大、最有价值的公司是私营公司。2025年最大的一笔股票出售是OpenAI的400亿美元发行，只有该公司执行团队精心挑选的投资者才能参与，包括山姆·奥尔特曼（Sam Altman）本人。
原文 20：对公开市场的呼吁
The expansion of private markets has led to some calls to reinvigorate public markets, including from the chairman of the Securities and Exchange Commission, Paul Atkins. Market watchers warn that the growth in private markets means that only those with wealth and access will benefit.
翻译：
私募市场的扩张引发了一些对重振公开市场的呼吁，包括来自证券交易委员会主席保罗·阿特金斯（Paul Atkins）的呼吁。市场观察人士警告称，私募市场的增长意味着只有那些拥有财富和渠道的人才能受益。
原文 21：摩根大通首席执行官的批评
JPMorgan Chief Executive Jamie Dimon also has been a critic of the growth in private markets over the years. He has blamed regulators for making it too costly for companies to go public, proxy advisers for making it difficult to manage those companies and investors for focusing too much on short-term financial results.
翻译：
多年来，摩根大通首席执行官杰米·戴蒙（Jamie Dimon）也一直批评私募市场的增长。他指责监管机构让公司上市成本过高，指责代理顾问让管理这些公司变得困难，还指责投资者过于关注短期财务业绩。
原文 22：戴蒙的质疑
“This trend is serious,” Dimon wrote in a letter to shareholders in 2024. “We really need to consider: Is this the outcome we want?”
翻译：
“这一趋势很严重，”戴蒙在2024年给股东的信中写道。“我们真的需要思考：这是我们想要的结果吗？”
二、重点词汇讲解
- private capital
- 词性
： 名词短语 - 释义
： 私募资金 - 例句
： Many companies are turning to private capital to avoid the scrutiny of public markets. - 考研用法
： 在金融和投资领域常见。 - initial public offering (IPO)
- 词性
： 名词短语 - 释义
： 首次公开募股 - 例句
： The company announced plans for an IPO next year. - 考研用法
： 在金融市场和企业融资中频繁使用。 - portfolio
- 词性：
名词 - 释义：
投资组合 - 例句：
The investor manages a diverse portfolio of stocks and bonds. - 考研用法：
在投资管理和金融分析中常见。 - outperformance
- 词性：
名词 - 释义：
表现优于 - 例句：
The stock has shown significant outperformance compared to its peers. - 考研用法：
在市场分析和投资评估中常见。 - rotation trade
- 词性：
名词短语 - 释义：
轮动交易 - 例句：
The rotation trade from tech to industrials has gained momentum. - 考研用法：
在市场趋势分析中常见。 - mergers and acquisitions
- 词性：
名词短语 - 释义：
并购 - 例句：
The company is active in mergers and acquisitions to expand its market share. - 考研用法：
在企业战略和金融领域常见。 - convertible bonds
- 词性：
名词短语 - 释义：
可转换债券 - 例句：
The company issued convertible bonds to raise capital for expansion. - 考研用法：
在金融市场和投资中常见。 - reinvigorate
- 词性：
动词 - 释义：
重振 - 例句：
The government is taking steps to reinvigorate the economy. - 考研用法：
在经济和政策讨论中常见。 - scrutiny
- 词性：
名词 - 释义：
审查 - 例句：
The company’s financial practices are under scrutiny by regulators. - 考研用法：
在法律和金融监管中常见。 - momentum
- 词性：
名词 - 释义：
势头 - 例句：
The market has gained momentum in recent weeks. - 考研用法：
在市场分析和趋势讨论中常见。
