对于投资银行业而言，2007年是它们亚洲业务利润最为丰厚的一年，但今年却开局不利。 

　　Investment banks have suffered a poor start to the year in Asia after their most profitable year in the region in 2007. 

　　因敢于在市场动荡情况下上市的公司数量减少，投行的股票资本市场收入大幅下降。 

　　Revenues from equity capital markets have fallen sharply as fewer companies have braved turbulent market conditions to go public. 

　　数据提供商汤姆森金融(Thomson Financial)的数据显示，今年截至上周五，在不包括日本在内的亚洲地区，瑞银(UBS)、瑞士信贷(Credit Suisse)、摩根士丹利(Morgan Stanley)和高盛(Goldman Sachs)的佣金收入分别下降了44.1%至70.9%。 

　　UBS, Credit Suisse, Morgan Stanley and Goldman Sachs saw fees fall between 44.1 per cent and 70.9 per cent in Asia excluding Japan this year up until last Friday, according to Thomson Financial, the data provider. 

　　由于许多公司推迟或取消了首次公开发行(IPO)计划，宁愿等待更好的上市时机，投行今年在亚洲面临的市况非常艰难。作为亚洲地区股市表现的衡量指标，摩根士丹利资本国际不包括日本的亚太指数(MSCI Asia Pacific ex-Japan index)今年已下跌约18%。 

　　The region has been a tough market for banks after a large number of companies postponed or cancelled initial public offerings, preferring to wait for better opportunities to sell shares. The MSCI Asia excluding Japan index, a barometer of the region’s stock markets, has fallen about 18 per cent this year. 

　　来自股票和债券资本市场的佣金收入分别下降了15.9%和52.3%。但收购活动仍在继续，亚洲并购交易佣金收入为此增长了3.6%，达到13.8亿美元。 

　　Fees earned from equity and debt capital markets fell 15.9 per cent and 52.3 per cent respectively. But continued takeover activity saw fees from Asian mergers and acquisitions increase 3.6 per cent to $1.38bn. 

　　在亚洲佣金总收入排行榜上，包括中国铁建(China Railway Construction Corp) 54.4亿美元IPO在内的几笔大交易，推动中国中信证券(Citic Securities)的排名从去年的第13位上升至第三位。 

　　China’s Citic Securities rose to third in the league table of overall fee revenues in the region, up from number 13 in 2007, thanks to several large deals including the $5.44bn IPO by China Railway Construction Corp. 

　　瑞银在排行榜上名列榜首，尽管该行今年以来的收入下降了53.3%，从去年的1.71亿美元降至8000万美元。这家瑞士银行近80%的收入来自并购交易佣金。排名第二和第三的分别是花旗集团(Citigroup)和中信证券。名列前五的还有美林(Merrill Lynch)和JP摩根(JPMorgan)。 

　　UBS topped the league table in spite of a 53.3 per cent plunge in revenues from $171m last year to $80m so far this year. The Swiss bank, which derived nearly 80 per cent of fees from M&A, is followed by Citigroup and Citic. Merrill Lynch and JPMorgan took the other top five places. 

　　中信证券收入飙升425.1%，至5590万美元。在中国铁建本月在香港和上海的IPO中，中信证券都是保荐人。 

　　Citic, which sponsored both the Hong Kong and Shanghai portions of CRCC’s IPO this month, saw revenues surge 425.1 per cent to $55.9m. 

　　行业咨询公司奥纬咨询(Oliver Wyman)的另一份报告显示，作为中国最大的券商之一，中信证券取得成功的背景是：本地公司继续主导着亚洲的承销市场，特别是首次公开发行市场。

　　The success of Citic, one of China’s largest brokerages, comes as local firms continue to dominate the underwriting market in Asia, especially in primary offerings, according to a separate report by Oliver Wyman, an industry consultant. 

　　除了香港和新加坡(国际投行在此仍然控制着市场)，其他国家的多数交易往往都由本地券商安排。奥纬咨询称，中国的三大承销商分别是中信证券、中金公司(CICC)和国泰君安(Guotai Junan)。台湾5家最大的承销商都是本地公司。 

　　Apart from Hong Kong and Singapore, where international investment banks still control the market, local brokerages tend to arrange most deals in other countries. China’s top three underwriters are Citic, CICC and Guotai Junan, said Oliver Wyman. All of the five largest players in Taiwan are local firms. 

　　在汤姆森金融排行榜的前十名中，高盛的佣金收入降幅最大，达到70.9%，从9730万美元降至2830万美元。投行业务佣金总收入较上年同期下降5.4%，从22.2亿美元降至21亿美元。