VFS probably enjoys operating margins of 20%, reckons Kathleen Gailliot, an analyst at Natixis, a French bank.

法国外贸银行的分析师凯特琳·加耶里奥估算，VFS很可能享有20%的毛利率。

Last month, the French bank Natixis noted in its research that most of the wealth has gone to a few billionaires.

上个月，法国外贸银行在其研究中指出，大部分财富都流向了少数亿万富翁。

If pre-pandemic patterns reassert themselves, China's travel spending could increase by $160bn this year, according to Natixis, a bank.

如果大流行前的模式再次出现， 据银行 Natixis 称，中国今年的旅游支出可能会增加 1600 亿美元。

Silk flows In India and South-East Asia, " you've still got urbanisation happening, and capital follows those trends, " says Raghu Narain of Natixis, an investment bank.

丝绸流动 在印度和东南亚，“城市化仍在发生，资本也追随这些趋势，”投资银行 Natixis 的拉古·纳拉因 (Raghu Narain) 说。

In a report released on February 14th Natixis estimated that the gap was almost $68bn in 2020 (roughly 0.5% of China's gdp), despite the sharp drop in travel.

Natixis 在 2 月 14 日发布的一份报告中估计，尽管旅游人数急剧下降，但 2020 年的缺口将接近 680 亿美元（约占中国 GDP 的 0.5%）。

Natixis, an investment bank, expects semiconductor demand to remain subdued until at least next summer; rate-setters at the Federal Reserve, and China's public-health bosses, may remain cautious for even longer.

投资银行 Natixis 预计， 至少在明年夏天之前， 半导体需求将保持低迷；美联储的利率制定者和中国的公共卫生负责人可能会在更长时间内保持谨慎。