白酒是中国传统酒类之一，在上世纪70年代美国总统尼克松访华后始入西方世界。随着世界文化深度交流与融合，白酒已进入海外市场，成为中华文化的象征，中国白酒行业亦在此形势下加快海外布局，持续推广中国酒文化。此时，对白酒行业进行总体评估成为制定投资决策必不可少的任务。瑞银证券有限责任公司编制的中国白酒行业报告着眼全球酒业市场，对中国白酒行业发展现状进行了全面分析，成为投资者做出决策的有益参考。为使其更好服务于中国投资者，翻译则成为不可避免的环节。

本次翻译实践报告以《瑞银—中国白酒行业：重新评级后会有上行空间吗？》为案本，运用CEA框架对翻译实践过程中发现的问题进行归纳分类，并从中总结经验。研究发现：由于翻译实践素材的特殊性，此次翻译实践中的难题可归为专业知识查找、文本解析与表达、表述方式调整三大类别，上述难题在译稿的修订过程中，以具体问题具体分析为原则，以符合目的语习惯的表达方式重述了原文内容；在实践报告撰写过程中，以CEA框架为依据，将翻译实践的重难点分为理解、表达以及变通三类，对比译文初稿与终稿，阐述修订原因，回顾译文终稿形成过程。

本实践报告回顾了笔者翻译白酒行业报告的实践历程，剖析翻译过程中出现的问题，涉及白酒行业知识与经济贸易知识，将为行业报告的翻译提供镜鉴，同时为酒业翻译与经贸翻译提供参考。

Chinese baijiu has entered the western market since Nixon’s visit to China in 1970s. In recent years, with the deep exchange and integration of world cultures, Chinese baijiu has entered the overseas market and became a symbol of Chinese culture. Under this situation, Chinese Baijiu sector has also accelerated its overseas layout and continuously promoted Chinese culture. At this time, the overall evaluation of baijiu sector has become an indispensable task when making investment decisions. The report on Chinese baijiu sector compiled by UBS Securities Co., Ltd. focused on the global baijiu market, comprehensively analyzed the current development of China baijiu sector, and became a useful reference for investors. In order to serve Chinese investors well, report’s translation became an inevitable task.

Based on the report China Baijiu Sector UBS Evidence Lab inside: is there upside after the re-rating?, this translation practice report concluded translation problems and classified them with CEA framework, hence summed up experience from it. It is found that, due to the characteristics of ST, the problems in this translation practice can be classified into three categories: searching professional knowledge, analyzing the ST, and adjusting the expression mode. In the revision of TT, based on the principle of concrete analysis of specific problems, the contents in ST were restated according to the similar expression in target languages. In the process of writing this translation report, based on the CEA framework, the key issues and difficulties in translation practice were divided into three categories: comprehension, expression and adaptation. By comparing the draft and the final work, the translation concepts were explained and TT were analyzed.

The translation report reviewed the translation process of Chinese baijiu sector report, and analyzed the difficulties which are related to the domain knowledge of baijiu and information about economy and trade. Thus, the translation report may provide reference for the translation of sector report, and has a reference value for alcohol translation as well as economic and trade translation.