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For, firstly, this activity is the best (since not only is reason the best thing in us ,but the objects of reason are the best of knowable objects); and ,secondly, it is the most continuous, since we can contemplate truth more continuously than we can do anything .and we think happiness has pleasure mingled with it, but the activity of philosophic wisdom is admittedly the pleasantest of virtuous activities; at all events the pursuit of it is thought to offer pleasures marvelous for their purity and their enduringness, and it is to be expected that those who know will pass their time more pleasantly than those who inquire.

我们觉得有乐趣的幸福与它混在一起，但哲学智慧活动是公认的最舒适的良性活动，在所有事件它被认为是追求快乐为他们提供纯度和enduringness奇妙，这是可以预料，那些谁知道会通过更多的时间比谁愉快地询问。

Annie after his solo album will be busy with the issue. May 1992, the first personal Annie LP album,"Diva" officially issued the same year was the famous "Rolling Stone" magazine as the best female singer, and by relying on the "Diva" by the Grammy for best long music video awards. March 1995, Annie's second album "Medusa" issue, the same year with "No More" I Love You's The 38th Grammy Award for best pop female artist. In 1999, Annie Lennox and Dave Stewart again Eurythmics as a member of the band at the Brit Awards ceremony, and was awarded the Lifetime Achievement Award in recognition of their many years of the British music of the tremendous contributions made.

之后Annie便忙于自己独奏专辑的发行。1992年5月，Annie第一张个人LP唱片《Diva》正式发行，同年被著名的《滚石》杂志评为最佳女歌手，并凭借《Diva》获格莱美最佳长篇音乐录影带奖。1995年3月，Annie的第二张唱片《Medusa》发行，同年凭借《No More I Love You's》获第38届格莱美最佳流行女歌手奖。1999年，Annie Lennox和Dave Stewart再次以Eurythmics乐队成员的身份出席了全英音乐奖颁奖典礼，并被授予了终身成就奖，以表彰他们多年来对英国音乐所做出的巨大贡献。

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

We introduce convex,and in particular semidefinite,optimization methods,duality and complexity theory to shed new light to this relation for the single stock problem, given moments of the prices of the underlying assets,we show that we can find best possible bounds on option prices with general payoff funcations efficiently,either algorithmically(solving a semidefinite optimization problem)or in closed form, conversely,given observable option prices,we provide best possible bounds on moments of the prices of the underlying assets,as well as on the prices of the other options on the same asset by sovling linear optimization problems for options that are affected by multiple stocks either directly(the payoff of the option depends on multiple stocks)or indirectly(we have information on correlations between stock prices),we find on-optimal bounds using convex optimization methods,however,we show that it is NP-hard to find best possible bounds in multiple dimensions,we extend our results to incorporate transactions costs,this paper,in theory and practice can provide a reference to researchers and designers about Chinese financial derivative products,the full text is divided into six chapters as follows: ChapterⅠ:Papers on the background and significance of the subjects on a number of option pricing models as well as their advantages and shortcomings of the model and describes the status of research and writing papers and the main contents of the basic idea.

相应地，给定期权价格，也能够出标的资产瞬时价格的最有可能的最好的界。还有通过解决一个线性最优化问题，根据同一标的资产的其他期权的价格来找到这个期权的界值，对于期权受到多种股票价格直接影响(期权的收益依赖于多种股票)或者间接影响(我们有股票之间联系的有用信息)，如果使用凸规划方法我们就会发现没有最优的界，也能够证明对于多维情形确实是很难找到最优的最有可能的界值，最后将这一结论推广到考虑交易成本的情况。本文在理论和实践上给我国金融衍生产品研究者和设计者提供一定的参考。全文共分为六章，具体安排如下：第一章：阐述论文的选题背景和意义，介绍期权定价的一些模型以及这些模型的优点与缺点，并介绍国内外研究的现状以及论文的写作基本思路与主要内容。

For those who are looking for some way to improve their English Speaking, we are glad to present ourselves as the best Training Center in Qingdao for Training English Speaking, we have a lot of experience in assassinating students to be fluent in Speaking English, no matter what level you are, we will test your level and come out with a best study plan for you, make your dream be true.

对那些寻找提高英文口语学习方法的学员，我们非常高兴的向您介绍我门自己–青岛最好的口语培训中心，我们对口语教学有着非常多的经验，有能力让您能够非常流利的表达自己，无论您是什么样的水平，我们会根据您的水平做评估，然后为您制定一个完美的学习计划，让您能够实现您的梦想。

Ultimatebet.com , I emceed poker tournaments that raised almost $10 million for charity, we donated hundreds of thousands of dollars of our own money to charity, my wife and I raised two fine boys almost into adulthood, I launched a clothing line and a publishing company (Phil's House Publishing), we launched a cell phone game (PHTH Phil Hellmuth's Texas Hold'em) that has 1.3 million users in the USA alone, we just launched another cell phone game on IPHONE and other smart phones in over 180 cell phone systems across the world, I bought a piece of 15 different companies including the amazing online device reputation security company "Iovation" and the industry leading "Card Player Magazine,""Milwaukee's Best" beer here put a picture of me and one of my lines on 12 million beer cans, I am the star of the WSOP video game across all systems, I sold nearly $1 million dollars worth of my four-and-a-half hour long poker course online at philssecrets.com, I sold tons of my "Phil Hellmuth's Million Dollar Secrets" videos, I sold 50,000 copies of my second book "Bad Beats and Lucky Draws," Phil's House Publishing put out its first book "Deal Me In"(a few months ago and sold 15,000 copies already), I put my poker column into over 50 newspapers, I wrote a series of columns for "USA Today"(7 million readers) and "USA Today Online"(7 million readers), in some ways I helped grow the sport of poker, we put together a great team of people to run my life and companies from a COO and a personal assistant to a full time maid and a bill payer, and I wrote a New York Times Best Selling book "Play Poker like the Pros."

我帮助建立了www.Ultimatebet.com网站。我主办的扑克锦标赛筹集了将近100万美元的善款。我自己捐献了数万美元给慈善机构。我的妻子和我一起将两个孩子养育成人。我投资了一个服装生产线和一家出版公司（Phil's House Publishing）。我们推出了一个手机扑克游戏（PHTH Phil Hellmuth's Texas Hold'em），这个游戏在美国就有1千2百万玩家。我们刚刚又在Iphone和超过180个智能手机系统上推出了另一个手机游戏。我入股了15个不同的公司，包括著名的在线设备安全公司&Iovation&和业界领先的&Card Player&杂志。&Milwaukee' Best&啤酒把我的照片和我的服装产品印制到他们一千二百万个啤酒罐上。我是跨平台WSOP视频游戏中的明星角色。我的网站philssecrets.com售出了将近1百万美元的在线扑克教程（4个半小时长）。我卖出了无数&Phil Hellmuth百万美元的秘密&视频教程。我的第二本书&Bad Beats and Lucky Draws&卖出了50，000本。&Phil's House Publishing&出版了它的第一本书&Deal Me In&（几个月来已经卖出了1，5000本）。我的扑克专栏在50家不同的报纸上刊登。我为&USA Today&和在线版&USA Today Online&写一个系列专栏（有700万读者）。在某种程度上，我帮助了扑克运动的普及。我组建了一个优秀的团队来运营我的生活和公司，从全职保姆和账房到公司COO和私人助理。我的书&Play Poker like the pros&是纽约时代周刊上的畅销书。

Whereas at level 7 the "best" boots would be crafted and the "best" gloves will be quested for (best meaning better stats for that level/race/class).

在第七级，&最好&的靴子会是手工自制。&最好&的手套会是任务得到。最好的意思是好一些的属性给那个等级/种族/职业

In this series Chadwick defeated Eviscerate 4-0. Eviscerate is playing a combat swords spec which is far from the best mage killing spec available. One thing you will notice in these videos is that a lot of these players do not respec for specific duels, yet Ming respecced to a Preparation build to give him the best shot against his opponents. I think it is respectable that players like Unsouled, Inactive, and Eviscerate stuck to their builds in this video when they knew from the start their specific setup wasn't the best for their opponents. This fight of Chadwick vs Eviscerate perfectly demonstrates how absolutely required Preparation is against 41 point Frost Mages; moreover, it perhaps also serves as a testament to the superiority of daggers against these types of mages where you only get a few seconds on the target at a time. The faster you are able to unload your energy bar the better. Eviscerate played well against Chadwick from what I saw, but he simply was unable to overcome the kiting abilities of Frost Mages at this point in time.

大意：这个系列中Chadwick把Eviscerate打了个4：0，Eviscerate是一个战斗剑贼的天赋，远远不是对付法师最好最有效的天赋，在影片中有件事情你必须注意到，许多的玩家对于特别的绝斗并不关心，然而Ming做好了准备这样给他在面对对手时有了最好的炮弹，我知道象Unsouled， Inactive，Eviscerate这样在影片中坚持他们的天赋的人是崇高的，当他们从开始就知道他们特别的装备用来对付他们的对手并不是最好的， Chadwick vs Eviscerate的战斗完美的演示了对面41点冰法的时候需要做大量的准备工作，此外，这可能也证明了匕首在对于这类型的法师，当你只能一个时间接近目标几秒的时候，你能量用的越快越好，Eviscerate在对抗Chadwick中就我所见打的很好，但是他不能在这点上及时的克服冰法的风筝能力

Each month, from the best breast enhancement cycle between sections 11, 12, 13 days, three days the best time for breast enhancement, section 18, 19, 20, 21, 22, 23, 24 seven-day period for the times better, because in this 10-day in the Sun and moon chest well-shaped ovarian hormone is 24 hours equal amounts secretion is excited breasts fat thickening of volume hoarding the best time.

从月经来的第11、12、13天，这三天为丰胸最佳时期，第18、19、20、21、22、23、24七天为次佳的时期，因为在这10天中影响胸部丰满的卵巢动情激素是24小时等量分泌的，也正是激发乳房脂肪囤积積增厚的最佳时机。

Martin's awards include: the NAACP Theatre award for Best Sound Director for The Phantom of the Opera; LA Drama Critics' Circle award for Best Sound Design for Sunset Boulevard; the Jessie Richardson Theatre award for Outstanding Design Team Achievement for Show Boat.

马丁获得的奖项有：因为《歌剧院幽灵》获得美国有色人种协进会最佳音响奖；因为《日落大道》获得舞台评论奖的最佳音响设计奖；因为《演艺船》而获得杰西·理查森戏剧奖的杰出设计团队成就奖。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。