在读昨天发布的瑞银研报过程中，发现针对行业影响那一段逻辑非常严密，在英文写作方面很有借鉴意义。今天来具体拆解一下，主打一个把一份研报用到极致：
这段就是针对茅台在其自家平台上销售飞天茅台这一举动，瑞银认为对行业存在的影响可能有哪些。本质上就三个方面：
观点1（负面影响预测）：
"We believe the short-term implications for Wuliangye and Luzhou Laojiao could be negative as potential volume growth for Feitian Moutai could squeeze demand for Normal Wuliangye and Guojiao 1573. With demand recovery for premium Baijiu products remaining uncertain, we anticipate more intense competition in the upcoming CNY festival season. "
核心论点：茅台扩量→挤压竞品需求
支撑论据：需求复苏不确定+春节竞争加剧
句子解析：主句是 We believe。believe 后面是个省略了 that 的宾语从句，再嵌套as引导的原因状语从句给出原因。紧接着的 with+独立主格结构交代背景，对该论点进一步延伸，用具体的例子来解释负面影响是什么。这种结构比直接用 because 引导的从句更显高级。
句子改写：In our view, there might be negative impacts for Wuliangye and Luzhou Laojiao in the short run since potential volume growth for Feitian Moutai could squeeze demand for Normal Wuliangye and Guojiao 1573. We expect competition to intensify in the upcoming CNY festival season given the uncertain demand recovery for premium Baijiu products.
观点2（行业现状 vs 投资人关注点对比）：
衔接过渡：行业现状（渠道健康+供应规范）
核心论点：价格稳定性是投资者关注重点
"On the other hand, we note that brands have focused more on recovering channel profitability and regulating supply towards traditional distributors (see Wuliangye annual distributor meeting takeaways). Whether the major premium Baijiu products can deliver a more steady price performance in 2026 after a ~30% fall in Feitian Moutai pricing in 2025 remains a key focus for investors, in our view."
句子解析：on the other hand 作为连接词进行转折，引出白酒行业目前应对方式：恢复渠道利润和规范传统经销模式。
不过这句只是一个过渡句，承上启下，最终引出核心观点：投资者最关心的是品牌能否稳住价格。而核心观点则是通过 whether 引导的主语从句，突出问题的复杂性。我觉得整段里面最惊艳的就是 whether 这一句，主句结构应该是… remains a key focus。这里 note 后面的 that 其实也可以省略。
句子改写：Apart from this, we note brands have focused more on recovering channel profitability and regulating supply towards traditional distributors. It remains to be seen whether the flagship premium products can maintain price stability in 2026, especially in the wake of the 30% price correction of Feitian Moutai.
注：其实我觉得用 it remains to be seen 这种改写虽然也可以，但还是不如原文的主动语态更直击核心。我观察过很多母语人士的写作，被动语态出现的频率一般都不会太高。
观点3（应对策略）：
核心论点：五粮液和老窖低度酒差异化战略
深层原因：某政策的影响持续时间不确定性+行业转型必要性
"We expect both Wuliangye and Laojiao to focus more on their low-degree liquor products, in order to differentiate from Feitian Moutai and expand their customer base, including among the young generation and female consumers. This also suggests to us the impact from the anti-alcohol drinking ban on government related entities could persist longer than the market anticipates, forcing Baijiu industry leaders to focus more on private consumption from gifting and business banquets previously."
句子解析：给出应对措施，并同时解释为什么。观点句没有使用任何从句，但是句子结构相当丰富：固定短语 expect sb to do，to do 这里又融合focus on 这个短语，然后用 in order to do 给出这么做的目的。而including 这部分则是一个后置定语，对 customer base 进行举例说明。
This 代指前面一句提到的内容，给出暗含的原因是已经到了不得不转型的时刻。这一句结构上面也相当复杂，主句结构是 this suggests to us，后面是省略了 that 的宾语从句，该从句才是深层原因：impact could persist longer than the market anticipates，而这个宾语从句里面又嵌套了一个比较状语从句：形容词的比较级+主语+谓语。From 后面一大堆是后置定语，修饰“影响”，而 forcing 这里是现在分词做结果状语，强调白酒行业的转型是被迫之下不得不面对且正在经历的结果。
句子改写：In our view, both Wuliangye and Laojiao should pivot towards their low-proof products, with the purpose of differentiating from Feitian Maotai and broadening their customer appeal, such as the young generation and female consumers. This implies influences from anti-graft policy on government related entities could remain longer than market expectations, which forces Baijiu industry leaders to concentrate more on individual consumption rather than previous gifting and business banquets.
注：我用了 which 引导的定语从句来改写 forcing 那部分，实际上不如原文逻辑更紧密。我这个是在平铺直叙一个事实，而原文则是强调政策导致的必然结果。如果是一般的雅思写作，这种改写方式还是能用的。
句子改写是我自己在原句的基础上进行的结构或者词汇改写，纯粹为了提升英文写作，水平有限，不足之处还望指点。
本文引用的研报片段仅供英语写作学习与学术交流使用，版权归原作者所有。本文不构成任何投资建议。
