2. A 细节题。根据文章第一段第二句，“从大公司收购到普通人购买房屋等各种事情都变得更加困难”，答案显而易见。B选项的错误原因在于文章第二段和最后一段指出，世界各个股票市场的下跌幅度和损失是不同的。C选项的错误原因在于在昨日股票大幅下跌之前，投资者们并没有意识到风险的严重性，这在第二段中有所反映。D选项的错误原因在于文章最后一段指出，亚洲股市也开始下滑。

3. C 细节题。根据文章第五段倒数第三句，“在昨日收盘前一小时左右的时间里，华尔街的各种主要指数在一天的狂跌之后又上涨了约三分之一的幅度”，所以在最后一两个小时内进行买卖的投资者有可能会获利。

4. D 推理题。根据文章第四段第一、二句话谈到借钱不顺利，银行不愿意贷款等情况，因此导致了克莱斯勒收购案进展受到了一定的阻碍。这一消息影响到了公司的股价，紧接着第三句话就谈到了戴姆勒-克莱斯勒股票价格的下跌。可见两者之间是有因果联系的。A选项的错误原因在于该交易目前还在进行中，并没有失败。B选项的错误原因在于文中并没有指出两个收购案性质完全相同。C选项的错误原因在于该表述没有正确地传达比尔·格罗斯的意思。

5. B 情感态度题。作者的态度可以通过材料的选择和措辞来判断。纵观全文，作者基本上都在描述事实和引用各种数据、言论，并没有发表自己的看法。可见，作者对于股市现状的态度是非常客观的。





参考译文


华尔街以及世界许多地区的股票价格昨日都经历了大幅下跌。急剧下跌的主要原因在于公众对美国经济发展速度放慢的忧虑，以及恶化的信贷状况，因而导致从大公司收购到普通人购买房屋等各种事情都变得更加困难。几个主要的股市指标——包括道·琼斯工业平均价格指数和标准普尔500种股份指数——都下挫了两个百分点以上。

自二月底上海投资危机导致全球股市下跌以来，这是华尔街经历过的一天内最大幅度的下跌，而现在正是纽约证券交易所五年来交易规模最大的时候。欧洲股市也遭遇了相当规模的损失，而许多发展中国家股市的损失则更为严重。穆迪经济网首席经济学家马克·赞第说，股市震荡的预警早已出现。直到不久前，许多投资者仍然对风险视若无睹。

最近几周股市一直跌宕起伏。亚洲许多公司持续的高盈利报告和经济的迅速发展推动了油价的进一步上涨。但与此同时，已有各种信号显示出美国经济的疲软、很多房屋购买者面临的新的信贷困难以及许多公司举债经营或者拥有不良的信用记录。

股市大跌的前一日，从戴姆勒-克莱斯勒购买克莱斯勒企业债的这家私有证券公司声称，尽管现在从信贷市场借钱的进程不像原计划那么顺利，但其仍将与这家汽车制造公司完成这笔交易。许多银行都不愿意发放贷款，就像他们也不愿意为一桩涉及英国医药经销连锁商联合博姿公司的交易放款一样。戴姆勒-克莱斯勒的股票价格下跌4.11美元，收盘为88.91美元。“这是一种恐慌，但不是对于经济衰退的恐慌。”太平洋投资管理公司（即Pimco公司，一家大型债券管理公司）首席投资官比尔·格罗斯说道，“恐慌来源于人们质疑谁会愿意为这个先前宣称的私募基金交易提供2000亿美元的资产外带。”

昨日，道·琼斯工业指数狂泻311.50点，收盘于13,473.57点，下跌了2.3%，而标准普尔下跌了35.43点，收盘于1,482.66点，跌幅为2.3%。纳斯达克综合指数下跌了48.83点，收盘于2,599.34点，跌幅为1.8%。标准普尔全年仍上升了4.5个百分点，道·琼斯工业指数则高出8.1个百分点。但是自从上周创造新纪录以后，标准普尔下降了4.5个百分点。在昨日收盘前一小时左右的时间里，华尔街的各种主要指数在一天的狂跌之后又上涨了约三分之一的幅度。西班牙、法国、德国的股市损失超过了两个百分点，而英国、阿根廷、墨西哥和巴西的股市则下降了三个百分点以上。亚洲市场昨日并没有经历严重的下跌，在最差交易开始前就已收盘，但周五开盘时急剧下滑。





Unit 7


High-frequency trading firms—the lightning-quick, computerized companies that have risen in the last decade to dominate the nation’s stock market—are now struggling to hold onto their gains.

Profits from high-speed trading in American stocks are on track to be, at most, $1.25 billion this year, down 35 percent from last year and 74 percent lower than the peak of about $4.9 billion in 2009, according to estimates from the brokerage firm Rosenblatt Securities. By comparison, Wells Fargo and JPMorgan Chase each earned more in the last quarter than the high-speed trading industry will earn this year.

While no official data is kept on employment at the high-speed firms, interviews with more than a dozen industry participants suggest that firms large and small have been cutting staff, and in some cases have shut down. The firms also are accounting for a declining percentage of a shrinking pool of stock trading, from 61 percent three years ago to 51 percent now, according to the Tabb Group, a data firm.

It is a swift reversal for trading firms that have often looked to other investors like profit machines, thanks to high-powered software and superfast data connections that can take advantage of small changes in the price of a stock.

High-speed trading is far from disappearing from the market, but the struggles facing these firms have been greeted with enthusiasm by some traditional traders and investors who have viewed the firms as formidable adversaries, or worse, market manipulators that create sudden spikes and drops in share prices. Peter Costa, a longtime trader on the floor of the New York Stock Exchange, said the fading presence of the firms could “restore some order to stock markets.”

Regulators are still grappling with whether the rise of high-speed firms has been a net benefit or loss for investors, so it is hard to pinpoint what effect the decline of these firms will have on the markets. Many market experts have argued that the technical glitches that have recently hit the market have been a result of a broader trend of the market splintering into dozens of automated trading services and a lack of human oversight.

注（1）：本文选自The New York Times；

注（2）：本文习题命题模仿对象为2010年真题Text 1。



1. It is indicated in Paragraphs 1 and 2 that ______.

A) high-frequency trading firms are still dominating the nation’s stock market

B) high-frequency firms have lost a lot of money

C) the profits from high-speed trading are declining compared to last year

D) by comparison, high-speed trading companies make more money than others

2. The decline of high-frequency trading firms is characterized by ______.

A) struggling to make profits

B) the shrink of stock trading market

C) the reduction of profits and employee numbers

D) the domination of the nation’s stock market

3. The phrase “a swift reversal”（Line 1, Paragraph 4） most probably refers to ______.

A) possession of high-powered software and superfast data connections

B) new investors like profit machines

C) taking in charge of the price of a stock

D) that trading firms are not making huge profits as before

4. Which of the following would Peter Costa most probably agree on？

A) High-speed trading firms should better disappear from the market.

B) Some traditional traders and investors are afraid of that disappearance.

C) Some traditional traders and investors are formidable adversaries.

D) High-speed trading firms would face the struggle with enthusiasm.

5. What can be learned about the high-speed firms according to the last paragraph?

A) Regulators think the prospect of these firms is promising.

B) There is no assertion about the influence of these firms.

C) The technical glitches are caused by these firms.

D) These firms have splintered into dozens of automated trading services.





篇章剖析


本文主要讲述了高频交易公司开始走下坡路的态势。第一段简单介绍了高频交易公司的性质及颓势；第二、三段引用数据具体例证交易公司利润的下滑及裁员、倒闭等情况；第四、五段介绍了高频交易公司走下坡路对其他投资者来说是好事；最后一段则指出调控者对高频交易公司带来的影响并不确定，专家指出了市场出现问题的原因。





词汇注释


brokerage /ˈbrəʊkərɪdʒ/ n. 代理公司；代理人；经纪人；佣金；回扣

reversal /rɪˈvɜːsl/ n. 逆转

formidable /ˈfɔːmɪdəbl/ adj. 强大的；可怕的

adversary /ˈædvəsəri/ n. 对手；敌手

manipulator /məˈnɪpjʊleɪtə(r)/ n. 操作者；操纵器

spike /spaɪk/ n. （价格、数量的）突然上升；长钉，道钉；钉鞋

grapple /ˈɡræpl/ v. 努力解决；抓住；与…格斗

pinpoint /ˈpɪnpɔɪnt/ v. 确定；准确描述

glitch /glɪtʃ/ n. 小问题；小故障；失灵

splinter /ˈsplɪntə(r)/ v. 分裂；裂成碎片

oversight /ˈəʊvəsaɪt/ n. 监督，照管；疏忽





难句突破


It is a swift reversal for trading firms that have often looked to other investors like profit machines, thanks to high-powered software and superfast data connections that can take advantage of small changes in the price of a stock.

主体句式：It is a swift reversal for trading firms..., thanks to...

结构分析：该句结构较复杂，修饰成分较多，容易引起混淆。主句中的that定语从句用来修饰trading firms，分句中的that定语从句修饰high-powered software and superfast data connections。而整个分句作主句的原因状语，可理解为“由于…；幸亏…”。

句子译文：由于高性能的软件和速度超快的数据连接可以利用股票价格上的微妙变化，交易公司不再是其他投资者眼中的赚钱机器，这是一个极大的转变。





题目分析


1. C 细节题。第一、二段指出高频交易公司由鼎盛开始走下坡路，并且利润值也在下降。A、D两项与文意不符，故排除。高频交易公司虽然利润下降，但并未亏损很多，B项也不正确。只有C选项说法正确。

2. C 细节题。题目要求找出高频交易公司开始衰退的标志。文章二、三段讲述了高频交易公司从利润到员工数量都在下降的趋势，故C项正确。A项中努力获利与原文努力守住盈利之势不符。高频公司衰退是股票交易市场紧缩的原因，后者并非前者的特点，逻辑有误。D项与原文中的下滑趋势不符。

3. D 语义题。由第四段可知，由于高性能的软件和速度超快的数据连接可以有效地利用股票价格上的微妙变化，因此高频交易公司不再是其他投资者眼中的赚钱机器，这是一个极大的转变。这种转变就是上文提到的高频交易公司不再像原来一样可以赚得巨额利润，只有D项符合题意。

4. A 情感态度题。第五段指出，皮特·科斯塔是纽约证券交易市场交易所的一名老交易人，他说，这些公司的衰退可以“使股票市场恢复些秩序”。可见皮特·科斯塔和上文中传统交易人和投资者的看法一致，都不喜欢高频交易公司。B、C、D项均与文意不符，只有A项正确。

5. B 语义题。最后一段讲述了调控者的不确定态度及市场专家的猜测。A选项明显错误。C、D选项逻辑上和原文不符。只有B项说法正确。





参考译文


高频交易公司，指最近十年涌现出的高速、智能化的公司，曾主导着国家的股票市场。而现在它们却奋力挣扎着守住盈利之势。

根据代理公司罗森布拉特证券的估计，今年从美国股票高频交易中获得的利润最多将达到12.5亿美元，与去年相比下降了35%，与2009年的巅峰值49亿美元相比下降了74%。相比之下，富国银行和摩根大通各自在过去的一个季度都比高频交易产业今年一年将要赚的多。

虽然没有官方资料显示高频交易公司的员工雇佣情况，但对超过12个行业雇员的采访显示，大小型公司都在裁员，而且有一些已经关门停业了。数据公司塔布集团调查称，这些公司也是日益减少的股票交易从三年前的61%萎缩到现在51%的原因所在。

由于高性能的软件和速度超快的数据连接可以利用股票价格上的微妙变化，交易公司不再是其他投资者眼中的赚钱机器，这是一个极大的转变。

高频交易还远远不会从市场上消失，但是一些传统的交易人和投资者正在以极大的“热情”看待交易公司面临的挣扎。在这些传统的交易人和投资者眼中，这些交易公司都是极强大的对手，更甚者，是可以使股价激增或剧降的市场操纵者。皮特·科斯塔是纽约证券交易所的一名老交易人，他说，这些公司的衰退可以“使股票市场恢复些秩序”。

调控者还在努力搞清楚高频公司的兴盛到底会给投资者带来净利润还是净损失，因此还无法确定这些公司的衰退会给市场带来什么影响。许多市场专家认为，近来冲击市场的技术问题是市场已经更加明显地分裂为几十个自动交易业务并缺乏人力监管的结果。





Unit 8


Rich immigrants in Asia’s financial capitals generally have life pretty easy. But this summer, those in Hong Kong and Singapore are starting to sweat. The problem? Sizzling real-estate markets that make even bankers blink, and international schools packed like the Tokyo subway at rush hour. One-bedroom flats in Hong Kong’s most fashionable buildings now go for $5,000 per month. Office rents in Singapore have shot up 105 percent in the past year—the fastest appreciation rate in the world. For workers with kids, the picture is particularly bleak. Incoming students at international schools now land not in classes but on long waiting lists—unless their parents jump the queue by purchasing debentures that have sold for as much as $120,000 in Hong Kong.

Asia’s dueling financial hubs invest a lot of capital—real and emotional—in what’s often cast as a zero-sum contest for the affection of foreign companies. Yet both cities have done so well wooing them of late that the major threat facing each isn’t the other, but bottlenecks in the foreign infrastructure common to both. High-end housing costs are pushing past records set before the 1997-98 Asian financial crisis, prompting Singapore’s founding father, Lee Kuan Yew, to lament, “We must check this hike in rents or we will lose our competitiveness.”

Talent is getting tougher to find as both economies near full employment. Office rents are driving even the richest investment banks to seek cheaper alternatives to prime downtown addresses. And as both cities increase their populations by luring hundreds of thousands of additional outsiders over the coming decade, locals are getting squeezed. “There may be a political cost if Singaporeans feel priced out by foreigners,” warns Charles Chong, head of a parliamentary committee on national development in Singapore.

Both cities are, in a sense, victims of their success. Each ranks among the most efficient spots on the planet to register new businesses. They boast world-class banking, accounting and legal services, undergirded by respect for contracts and commercial codes not found in the rest of Asia. In a region awash in cash from record trade surpluses, Chinese expansion and a flood of new stock listings, the cities have posted incredible GDP growth numbers of late—6.8 percent and 7.9 percent for Hong Kong and Singapore, respectively, last year.

Given that local fertility rates are falling, both hubs hope to continue to fuel that boom via immigration. Singapore’s Minister for National Development Mah Bow Tan expects the city-state’s population to hit 6.5 million by 2027, up 2 million from today—which implies a yearly influx of 100, 000 foreigners over the next two decades. Hong Kong Chief Executive Donald Tsang has said he envisions his city’s population eventually surpassing 10 million—a 30 percent increase from today’s total—thanks to “an injection of new blood from all nationalities.” As the hubs grow more receptive to outsiders, new factors are ensuring that immigrants arrive in large numbers. Whereas globalization was once confined to big multinationals, today’s expatriates work disproportionately for smaller-and medium-size companies. Nor are they predominantly European or North America anymore; China, India and South Korea are just three of the many countries now sending professionals abroad.

注（1）：本文选自Newsweek；

注（2）：本文习题命题模仿对象：第1题模仿2014年真题Text 2第4题，第2题模仿2015年真题Text 3第1题，第3题模仿2008年真题Text 2第3题，第4题模仿2010年真题Text 2第2题，第5题模仿2006年真题Text 3第5题。



1. Foreigners in Hong Kong begin to sweat because _______.

A) the real-estate market is cooling down

B) they cannot afford children’s tuition fee at international schools

C) the city is over-populated

D) the hiking rents are making life tougher

2. We can learn from the second paragraph that ______.

A) Hong Kong and Singapore consider each other as competitors

B) both two cities should not attract any more foreigners because there will not be enough land to hold them

C) the “bottlenecks” refer to the fact that the infrastructures of the two cities are not pleasant enough to woo foreign companies

D) Lee Kuan Yew’s comment shows that he’s pessimistic about Singapore’s future development

3. According to the text, local people in the two cities _______.

A) do not welcome overseas talents

B) are facing worse living conditions

C) are unsatisfied with the government

D) are in full employment

4. Which of the following is NOT the reason of the region’s abundance of capital?

A) Efficiency of business registration.

B) China’s development.

C) Booming stock market.

D) Benefit from trade.

5. We can draw a conclusion from the last paragraph that _______.

A) the conflict between population and rent in the two cities might be more serious since both cities plan to enlarge their citizen number

B) the population increase plan of the two cities can hardly be fulfilled as the higher living expense damages their attractiveness

C) the definition of globalization has been changed mainly because most local people refuse to work in multinational companies

D) the influx of foreigners can damage local economy because they will compete for the limited resources with locals





篇章剖析


本文是一篇说明文，介绍了中国香港和新加坡这两个欣欣向荣的亚洲金融中心地价和房租飞涨的情况及其具体原因。文章第一段介绍了中国香港和新加坡令人咋舌的高房租给人们的工作和生活带来的困难；第二、三段进一步阐发问题的所在及其严重性；第四、五段则分析了造成这种局面的根本原因在于两座城市的成功。





词汇注释


sizzle /ˈsɪzl/ vi. 咝咝地响，烧灼

blink /blɪŋk/ v. 眨眼

pack /pæk/ vi. 挤，群集

bleak /bliːk/ adj. 荒凉的，凄凉的

debenture /dɪˈbentʃə(r)/ n. 债券

duel /djʊəl/ v. 决斗，双方抗争

hub /hʌb/ n. 中心

woo /wuː/ v. 追求，争取…支持

bottleneck /ˈbɒtlnek/ n. 瓶颈

lament /ləˈment/ vi. 悔恨，悲叹

lure /ljʊə/ v. 引诱

squeeze /skwiːz/ v. 压榨，挤，挤榨

boast /bəʊst/ v. 自夸，以有…而自豪

undergird /ˈʌndəˈɡəːd/ v. 加强，巩固…的底部

awash /əˈwɒʃ/ adj. 被浪冲打的

fertility /fəˈtɪləti/ n. 人口出生

influx /ˈɪnflʌks/ n. 流入；汇集

envision /ɪnˈvɪʒn/ vt. 想象；预见；展望