本文摘要：We believe the multiple on shares of Apple will rise over the next two years as investors slowly appreciate the sustainability and profitability [of the] services business.我们坚信，随着投资者渐渐认识到苹果服务业务的可持续性和盈利能力，苹果股票估值倍数在接下来两年不会有下降。

We believe the multiple on shares of Apple will rise over the next two years as investors slowly appreciate the sustainability and profitability [of the] services business.我们坚信，随着投资者渐渐认识到苹果服务业务的可持续性和盈利能力，苹果股票估值倍数在接下来两年不会有下降。In Tuesday’s call with analysts, Mr Maestri tried to emphasise the predictability of the services business.在周二与分析师的电话会议中，马埃斯特里企图特别强调苹果服务业务的可预见性。Over time [customers] tend to spend more and more on our services, he said. 随着时间推移，（用户）不会在我们的服务上花费更加多的钱，他说道，Customers are very engaged with our products, they are very loyal.用户对我们的产品兴趣相当大，他们十分忠心。

App Store revenues were up in the strong double digits, boosted by in-app payments from games such as Pokémon Go, while music revenues grew by 22 per cent thanks to the growing popularity of its subscription service, which now has 17m subscribers. 在《口袋妖怪Go》(Pokémon Go)等游戏的应用于内出售服务的提振下，苹果应用于商店的收益构建了强大的两位数快速增长，而Apple Music的收益因其订阅者服务日益加剧的人气而快速增长22%，目前该服务有数1700万订户。Apple Pay, commission for which is also included in the services line, saw a 500 per cent year-on-year increase in transactions in the quarter ending in September.Apple Pay的佣金也包括在苹果服务业务中，其交易量在9月完结的第四财季同比下降500%。

One digital service that does not yet make much of a contribution is television. 一项还并未带给多大贡献的数字服务是电视。In the past few years, Apple is said to have discussed potential TV services with content and cable companies but so far has not come up with an alternative to the standard cable or satellite bundle. 过去几年，据信苹果曾与一些内容企业和有线电视公司辩论过有可能的电视服务，但目前为止苹果还并未发售一款能替代标准的有线电视或者卫星电视的产品。Instead, the latest version of its Apple TV box focuses on standalone apps, such as HBO Now, to which customers can subscribe without a cable contract.忽略，最新版的Apple TV盒子着重于独立国家应用于，比如HBO Now，客户可以在不签定有线电视合约的情况下订阅者这些服务。

Apple has not released sales figures for its TV set-top box but it does not yet appear to have made a meaningful contribution to the business. 苹果未发布其电视机顶盒的销售数据，但看上去这款产品还并未给其业务做出有意义的贡献。Apple TV is grouped alongside iPods, Beats headphones and Apple Watch in the Other Products division, where sales saw a 22 per cent decline in the last quarter.Apple TV与iPod、Beats耳机和Apple Watch一起，被归属于其他产品界别，这个组别的销售在第四财季上升了22%。Pressed by analysts on his vision for TV, Tim Cook, Apple’s chief executive, said it remained an area of intense interest. 在分析师的质问下，苹果首席执行官蒂姆.库克(Tim Cook)描写了他对电视业务的未来发展，他回应电视业务仍然是一个苹果有反感兴趣的领域。After a few standalone videos related to Apple Music, Apple now has exclusive shows in development such as Planet of the Apps, a reality TV show for software developers, and Carpool Karaoke, a spin-off of CBS’s The Late Late Show with James Corden. 在制作了一些与Apple Music涉及的独立国家视频以后，苹果现在正在研发一些独家节目，比如软件开发者真人秀《应用于星球》(Planet of the Apps)，以及哥伦比亚广播公司(CBS)《詹姆斯.科登深夜秀》(The Late Late Show with James Corden)的派生节目《拼车卡拉OK》(Carpool Karaoke)。

Mr Cook suggested that these were just the start.库克回应这些只是开始。Earlier this year, Apple executives considered acquiring Time Warner, the FT reported in May. 据英国《金融时报》5月报导，今年早些时候，苹果高层曾考虑到并购时代华纳(Time Warner)。

Following ATT’s planned $85.4bn takeover of that media group, Mr Cook did not rule out a deal that might transform Apple’s content business, just as the iPod and iTunes transformed the company 15 years ago.在ATT计划以854亿美元并购这家媒体集团后，库克没回避展开一笔有可能使苹果内容业务再次发生变革的交易的有可能，就像iPod和iTunes在15年前转变了苹果那样。We are open to acquisitions of any size that are of strategic value where we can deliver better products to our customers and innovate more, he said. 只要不具备战略价值，让我们能为客户带给更佳的产品，有更加多的创意，我们对任何规模的并购交易都所持对外开放态度，他说道，We look at a whole variety of companies...We are definitely open [to doing deals] and we definitely look.我们注意各种各样的公司……（对于交易）我们意味著抱着对外开放态度，而且我们显然在注意。

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