????投資界普遍看好三星（Samsung）在西班牙巴塞羅那舉行的世界移動通信大會上發布的最新款旗艦智能手機Galaxy 5。三星的股價隨后在去年下跌13％的基礎上出現了小幅上揚。鑒于三星的市值目前約為1820億美元，哪怕是小幅上漲也非同小可。

????即將于4月份上市的Galaxy S5沒有什么重大突破。它的攝像頭從1300萬像素提高到了1600萬像素；電池續航時間據稱將延長20％。GalaxyS5和蘋果（Apple）去年9月開始發售的旗艦機型一樣，也將配備指紋傳感器。另外，Galaxy S5的5.1英寸主動矩陣有機發光二極管——簡稱 AMOLED——顯示器被評定為全高清。此外，這款設備具有皮革般的觸感，可能會贏得商務人士的歡心。Galaxy S5還有內置的心率監測儀。不過，最引人注目的一點或許是，這款手機據稱能防塵防水，在淺水里泡30分鐘也安然無恙。世界各地“手滑”的人們估計會喜歡這個改進。

????除了防水性外，Galaxy S5的大部分改進都不是質的改變，而且都在意料之中。不過，在智能手機高端市場的爭奪戰中，推動手機銷量的不再是某一個“殺手級”功能，而是卓越的用戶體驗。舉例來說，Galaxy S5配置有指紋傳感器這一點會讓那些對蘋果iPhone不感冒的買家松一口氣；但這項功能不會導致那些對自己手機滿意的用戶倒戈。

????這一點對三星來說有利有弊。一方面，它意味著西方國家成熟的智能手機市場已經發展到了一個節點，那就是，手機廠商的命運不會被單一的某一個功能所左右。在一個競爭企業共用供應商的市場中，這是件好事。而另一方面，它意味著三星肩上扛著很重的擔子，需要將從塑料外殼到屏幕再到軟件的所有元素以一種卓爾不群、受人青睞的方式組合在一起。

????而新興市場則是令一番景象，特別是在中國。三星是中國市場的老大，而蘋果認為自己可以在中國市場找到增長。三星在中國市場面臨的挑戰者包括聯想（Lenovo）、華為（Huawei）、中興（ZTE）和小米（Xiaomi）。而它的壓力主要來自盈利困難：低價手機開始充斥市場，迫使高端機型加入價格戰。而中國經濟前景走弱更是雪上加霜，減少了愿意升級到高端機型的買家數量。事實上，三星在中國市場的增長主要是低端機型，但三星高大上的品牌形象也是它在中國成功的原因之一。

????三星在上一款旗艦機型——Galaxy S4上花了大把的營銷和廣告費用。【據估計，2012年三星支付的營銷和廣告費用是蘋果的四倍、微軟（Microsoft）的兩倍。】當時，三星曾被批過度宣傳炒作。這一次，對于Galaxy S5，三星或許只需要維持形象，在低端市場惡戰的同時，穩住高端產品的地位。(財富中文網)

????譯者：項航

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????Investors are bullish on Samsung after the Korean giant unveiled its latest flagship smartphone, the Galaxy S5, at Mobile World Congress in Barcelona this week. Shares for the company were up slightly after a 13% drop over the last year -- a big deal when the company's market cap hovers around $182 billion.

????The device, which will be available in April, isn't a huge step forward. Its camera has grown from 13 megapixels to 16; its battery is promised to last 20% longer. It will have a fingerprint sensor like Apple's (AAPL) flagship model, which went on sale in September. Its 5.1-inch active-matrix organic light-emitting diode -- AMOLED for short -- display is rated for full high definition. It has a leather-like feel, which business customers may enjoy. It has a built-in heart rate monitor. And, perhaps most notably, it is said to withstand dust and 30 minutes in shallow water, a welcome improvement for slippery-fingered humans everywhere.

????Water resistance aside, much of these updates are incremental and expected. This is the nature of the war waged at the premium end of the smartphone market: It's no longer a single "killer" feature that moves units, but rather a superior experience. That the Galaxy S5 has a fingerprint sensor, for example, is a matter of relief to buyers who do not prefer Apple's iPhone; the feature won't encourage people to switch who are otherwise happy with their device.

????The dynamic is a blessing and a curse for Samsung. On one hand, it means the mature smartphone market in Western markets has evolved to the point where a single feature won't shift fortunes -- good news in a market in which competing companies share suppliers. On the other, it means that the company is burdened to tie those components -- from the plastic shell to the screen to the software -- together in a way that is distinctive and preferred.

????The dynamic in emerging markets is different -- particularly in China, where Samsung leads the pack and Apple believes it can find growth. There, Samsung's challengers include Lenovo, Huawei, ZTE, and Xiaomi. The biggest pressure is economic: Low-priced phones have begun to flood the market, pressuring high-end models to join the race to the bottom. A soft economic outlook for the country complicates things, reducing the number of buyers willing to upgrade to a premium device. Indeed, most of Samsung's growth in China has been with low-end devices -- but the aspirational aura around Samsung's brand is attributed to some of that success.

????Samsung spent considerable sums of money on marketing and advertising on behalf of its previous flagship smartphone, the Galaxy S4. (According to some estimates, it spent four times more than Apple and two times more than Microsoft (MSFT) in 2012.) At the time, the company was criticized for drumming up too much hype. This time, with the Galaxy S5, it may need only to ride that goodwill and keep the top end of its portfolio stable as it wages a far more vicious battle below.