三星Galaxy S5还行不行

    投资界普遍看好三星（Samsung）在西班牙巴塞罗那举行的世界移动通信大会上发布的最新款旗舰智能手机Galaxy 5。三星的股价随后在去年下跌13％的基础上出现了小幅上扬。鉴于三星的市值目前约为1820亿美元，哪怕是小幅上涨也非同小可。

    即将于4月份上市的Galaxy S5没有什么重大突破。它的摄像头从1300万像素提高到了1600万像素；电池续航时间据称将延长20％。GalaxyS5和苹果（Apple）去年9月开始发售的旗舰机型一样，也将配备指纹传感器。另外，Galaxy S5的5.1英寸主动矩阵有机发光二极管——简称 AMOLED——显示器被评定为全高清。此外，这款设备具有皮革般的触感，可能会赢得商务人士的欢心。Galaxy S5还有内置的心率监测仪。不过，最引人注目的一点或许是，这款手机据称能防尘防水，在浅水里泡30分钟也安然无恙。世界各地“手滑”的人们估计会喜欢这个改进。

    除了防水性外，Galaxy S5的大部分改进都不是质的改变，而且都在意料之中。不过，在智能手机高端市场的争夺战中，推动手机销量的不再是某一个“杀手级”功能，而是卓越的用户体验。举例来说，Galaxy S5配置有指纹传感器这一点会让那些对苹果iPhone不感冒的买家松一口气；但这项功能不会导致那些对自己手机满意的用户倒戈。

    这一点对三星来说有利有弊。一方面，它意味着西方国家成熟的智能手机市场已经发展到了一个节点，那就是，手机厂商的命运不会被单一的某一个功能所左右。在一个竞争企业共用供应商的市场中，这是件好事。而另一方面，它意味着三星肩上扛着很重的担子，需要将从塑料外壳到屏幕再到软件的所有元素以一种卓尔不群、受人青睐的方式组合在一起。

    而新兴市场则是令一番景象，特别是在中国。三星是中国市场的老大，而苹果认为自己可以在中国市场找到增长。三星在中国市场面临的挑战者包括联想（Lenovo）、华为（Huawei）、中兴（ZTE）和小米（Xiaomi）。而它的压力主要来自盈利困难：低价手机开始充斥市场，迫使高端机型加入价格战。而中国经济前景走弱更是雪上加霜，减少了愿意升级到高端机型的买家数量。事实上，三星在中国市场的增长主要是低端机型，但三星高大上的品牌形象也是它在中国成功的原因之一。

    三星在上一款旗舰机型——Galaxy S4上花了大把的营销和广告费用。【据估计，2012年三星支付的营销和广告费用是苹果的四倍、微软（Microsoft）的两倍。】当时，三星曾被批过度宣传炒作。这一次，对于Galaxy S5，三星或许只需要维持形象，在低端市场恶战的同时，稳住高端产品的地位。(财富中文网)

    译者：项航

    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.