With the stock at such lofty valuations, any threat to Baidu‘s rapid growth has to be taken seriously.
在股票处于如此之高的估值的情况下，对百度迅速增长形成威胁的任何事情都必须加以认真对待。
Baidu shares have tripled from their December low and now trade at more than 50 times expected earnings. Bullish analysts say this is justified, as they expect Baidu‘s profit to grow more than 40% each year for the next three years.
目前百度股价较去年12月的低点涨了两倍，预期市盈率有50多倍。看涨百度股票的分析师说，这是合理的，因为他们预计在未来的3年中，百度的利润将以每年逾40%的速度增长。
Certainly Baidu has been able to achieve that growth in the past, thanks to its commanding lead in a young Internet search market. China‘s Internet population continues to grow at a fast clip, but the battle for eyeballs is heating up.
当然，由于百度在一个年轻的互联网搜索市场上的领军地位，一直以来它都能实现这样的增长。中国互联网用户仍在继续快速增长，不过吸引公众眼球的大战正开始火爆起来。
Baidu‘s biggest threat is Google, which has increased its share of the Chinese search market from 2% in 2003 to 29% at the end of June, according to research firm Analysys.
百度最大的威胁来自谷歌(Google)。据研究公司易观国际(Analysys)的数据显示，谷歌在中国搜索市场的占有率从2003年的2%上升到今年6月底的29%。
At the end of March, Google began offering free music downloads in China, encroaching on what has historically been a major traffic driver for Baidu. In the first month after the service was launched, there were 2.2 million searches for music on Google‘s Chinese site, according to estimates by iResearch.
3月底，谷歌开始在中国提供免费音乐下载，逐渐“侵占”这项历来都是百度量主要推动力的业务。据艾瑞咨询(iResearch)的估计数字，这项服务推出后的第一个月，谷歌中国网站上音乐搜索达220万条。
Google is also eyeing the mobile Internet market in China and has secured an exclusive partnership with the largest mobile carrier, China Mobile.
谷歌还开始瞄准中国的移动互联网市场，并与中国最大的移动运营商中国移动确立了独家合作关系。
More competition is due from Alibaba Group‘s Taobao.com, an online retailer and auction site, like Amazon.com and eBay rolled into one.
预计百度还将面临来自阿里巴巴集团(Alibaba Group)旗下淘宝网(Taobao.com)更大的竞争。淘宝网是一个在线零售商和拍卖网站，类似亚马逊(Amazon.com)和eBay二合一的产物。http://ks.exam8.com
The site, which analysts expect to account for as much as 2% of China‘s total retail sales this year, threatens to lure advertising dollars away from Baidu‘s search site.
分析师们预计，今年淘宝网的零售额将占中国总零售额的至多2%。该网站有可能会抢走百度搜索网站的部分广告收入。
Baidu‘s advantage is its large user base. With 61% of the search market, it has ample data to tailor advertising and search results to Chinese users. But at present valuations, any slip will prove costly.
百度的优势是其庞大的用户基础。百度在中国搜索市场的占有率有61%，在这种情况下，它有充足的数据能够提供针对中国用户的广告和搜索结果。不过以目前的估值，事实可能会证明，任何失误都会带来惨重损失。
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