ACCORDING TO Moonshot AI(月之暗面（中国AI公司）), a leading artificial-intelligence firm based in Beijing, “What truly matters lies beyond the reach of human sight.(真正重要的东西存在于人类视线之外。)” That is one reason why its Chinese name translates as “Dark Side of the Moon”. (Another may be the founder’s love of Pink Floyd(平克·弗洛伊德乐队).)
总部位于北京的人工智能领军企业月之暗面（Moonshot AI）有言：“真正重要的东西，存在于人类视线之外。”这也是其中文名译为“月之暗面”的原因之一。（另一个原因可能是创始人钟爱平克·弗洛伊德乐队。）
The startup, which hopes to list(上市) in Hong Kong next year, illustrates many of China’s AI strengths. Its founders are talented and dedicated. Its Kimi K3 model, which it has just upgraded, is lean(精简的、高效的) and powerful. The country is determined to make the most of(充分利用) the new technology. Its economy, like America’s, Taiwan’s and South Korea’s, lies firmly within the orbit of(在……的轨道/范围内) the global AI boom. But unlike those places, where optimism waxes and wanes, China’s stock market has been dark.(但与那些乐观情绪起伏不定的地方不同，中国股市一直黯淡无光。)
这家希望明年在香港上市的初创公司，展现了中国在人工智能领域的诸多优势。其创始人才华横溢、专注投入。公司刚刚升级的Kimi K3模型精简而强大。中国决心充分利用这项新技术。与美国、台湾和韩国一样，中国经济稳稳处于全球AI热潮的轨道之内。但与这些乐观情绪起伏不定的地方不同，中国股市一直黯淡无光。
The pessimism is plainest in tech-heavy stock-market benchmark(基准指数)s, such as the ChiNext index in Shenzhen. It has lost about 40% in four months. The bearishness(看跌情绪) has spilled over to broader indices, such as the CSI 300, which tracks large-cap(大盘股的) firms listed in Shanghai and Shenzhen (see chart 1). In October this index met the conventional definition of a bear market, having fallen by 20% from its June peak.
这种悲观情绪在以科技股为主的股市基准指数中最为明显，比如深圳的创业板指数。该指数四个月内下跌约40%。看跌情绪已蔓延至更广泛的指数，比如追踪沪深两市大盘股的沪深300指数（见图1）。10月，该指数较6月峰值下跌20%，符合熊市的传统定义。
