【视频讲解】

A huge home market has not stopped the trio from fighting bloody turf wars among each other. The outcome to this battle is rapidly becoming clear. Tencent and Alibaba are surging ahead; a series of own goals has left Baidu far behind. The common jibe about Baidu among local experts is that it is becoming the Yahoo of China, a once-dominant search giant that sank owing to a lack of innovation and a series of management blunders.
国内市场如此巨大，却仍未能阻止这三巨头相互厮杀抢夺地盘。这场战斗的结果正迅速明朗。腾讯和阿里巴巴遥遥领先，百度则因自己一连串的乌龙球而远远落后。国内专家最常用来挖苦百度的一个说法就是它正在变成中国的雅虎。雅虎一度是占据市场主导地位的搜索巨头，却因缺乏创新和一系列管理失误而沉沦。

turf war n.地盘争夺战
- turf n.草皮，地盘 (territory)
- artificial turfs
outcome n.后果
surge v.剧增，涌起
- The price surged to a record high.
own goal 乌龙球
jibe n.嘲笑
- jibe v.同意 (agree)，与...一致
- The story doesn't jibe with the facts.
sink v.下沉
owing to 由于
blunder n.失误

Its revenue growth fell to 6.3% in 2016, down from 35% in 2015 and 54% in 2014. The firm gets some nine-tenths of its revenues from online ads, but this income is plunging as marketers redirect spending from search ads on Baidu to social-media networks like WeChat and mobile-commerce platforms run by Alibaba. Meanwhile, Baidu is burning cash trying to keep its various big bets on artificial intelligence (AI), online video, virtual and augmented-reality technologies, and “online to offline” (O2O) services going. One of China’s most respected business consultants is pessimistic about its future: “There is very little chance they’ll be relevant in five years.”
百度的收入增长率在2016年下降至6.3%，远低于2015年的35%和2014年的54%。公司收入约九成都来自在线广告，但由于商家把花在百度搜索广告的钱转投至微信这样的社交媒体网络以及阿里巴巴运营的移动商务平台，百度的收入大幅下滑。同时，百度还在烧钱维系它的几个大赌注：人工智能（AI）、在线视频、虚拟和增强现实技术，以及“线上到线下”（O2O）服务。中国最受尊敬的商业顾问之一对百度的未来持悲观态度：“五年以后很可能就没百度什么事了。”

plunge v.猛跌
bet n.赌注
artificial adj. 人工的，假的
- artificial diamond
virtual adj.虚拟的
augment v.增强，补充
pessimistic adj.悲观的
- optimistic adj.乐观的
relevant adj.相关的

Of the other two giants, Tencent is probably the most fearsome. It already has higher revenues and profits than Alibaba (see chart). Its value is set to climb as it ramps up advertising on WeChat (provided that does not provoke a backlash from users). Its main weapon against Alibaba is its stake in JD.com, the country’s second-biggest e-commerce firm, led by Richard Liu, one of China’s most aggressive and successful serial entrepreneurs.
至于其他两个巨头，腾讯可能最令人生畏，其收入和利润都已超过阿里巴巴（见图表）。随着腾讯不断增加微信上的广告投放（只要不引起用户的反对），其价值势必节节攀升。腾讯对付阿里巴巴的主要武器是其在京东的股份。京东是中国第二大电子商务公司，领导人刘强东是中国最富进取心也是最成功的连续创业家之一。

fearsome adj.令人生畏的
be set to 注定要
ramp up 增强 (build up, increase)
- ramp n.坡道
provoke v.激起
backlash n.强烈抵制
stake n.股份
serial adj.连续的
entrepreneur n.创业者

JD.com has adopted an expensive “asset-heavy” business model akin to Amazon’s in America. Thus far, its vast investments in warehouses, logistics and couriers have not come anywhere near toppling Alibaba. But last year the company saw its revenues rise to $37.5bn, up from $28bn the previous year. Its share of China’s business-to-consumer market rose to 25% in 2016, up from 18% at the end of 2014. If Mr Liu’s investments in infrastructure start to pay off, much of Alibaba’s future domestic growth could be at risk.
京东采取了成本很高的“重资产”商业模式，与美国的亚马逊类似。到目前为止，京东在仓储、物流和快递方面的庞大投资还远不足以掀翻阿里巴巴。但在去年，京东的收入已从前年的280亿美元升至375亿美元。它在中国B2C市场的份额在2014年底为18%，2016年攀升至25%。如果刘强东对基础设施的投资开始收效，阿里巴巴未来国内增长的大头可能面临风险。

adopt v.采取
akin to 与...相似
warehouse n.仓库
logistics n.物流
courier n.快递
topple v.推翻 (to cause something to fall)
- The earthquake toppled the buildings.
pay off 取得成功或收益
domestic adj.国内的
be at risk 处于风险阶段