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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。
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Theobserved strain is 10~2 times as local point strain at the same observed stress.This indicates that macroscopical symmetrical rock is quasi-brittle materialwith microcosmic heterogeneousness and its macroscopical mechanicalbehavior is the results of reciprocity and magnification between microcosmiccharacteristic, not simple sum.(4) The degree of irregularity of strain increases with the number of cycle.But degree of irregularity of transverse strain fluctuates larger at the samecycle. Moreover degree of irregularity of transverse strain is larger than that ofaxial strain. This shows that deformation and failure of rock is process ofevolvement of small crack. Small crack evolves from even and out-of-orderstatus to heterogeneous and ordinal status.(5) Ultrasonic speed decreases with the number of cycle. The decreasecourse is such: Firstly, ultrasonic speed fluctuates in a steady scope in somecycles; And then ultrasonic speed quickly decreases to a certain more smallvalue; Afterwards in succedent cycles, ultrasonic speed fluctuates about thevalue. That is to say, ultrasonic speed fluctuates and decreases at intervals ofcycles. In deformation process of rock, quantitative change and qualitativechange of its small crack evolvement carry through crosswise.(6) Strength and modulus of rock decrease with exponential function asscale of specimens increases.
同一表观应力下,局部点应变与表观应变相差可达2个数量级,表明宏观上均匀的岩石是具有细观特征的准脆性材料,其宏观力学行为是细观特征相互作用、放大的综合结果,而不是简单的叠加;(4)岩样轴向应变不均匀程度和横向应变不均匀程度随循环次数的增加渐进增大,但是在同一个循环内,横向应变离散系数随应力的变化波动较大,且同一循环级别下,横向应变不均匀程度大于轴向应变不均匀程度,表明岩石内部微裂纹的演化是岩石变形破坏的本质特征,这一演化表现为微裂纹从均匀无序分布逐渐向非均匀有序发展;(5)随循环次数的增加,所有岩样内部超声波速会出现衰减,衰减过程表现为在某几次循环内超声波速在某一相对范围内波动,然后急剧减小到某一较小值,在随后的循环内,超声波速又会保持在这一较小值附近波动,即超声波速表现为波动和急剧减小间隔形式衰减,表明从宏观看来平稳的岩石变形过程,内部结构演化过程(微裂纹发展及其相互作用)却表现为均匀量变和突发质变不断交叉进行的现象;(6)岩石强度和弹性模量随尺度增大呈指数函数规律减小。
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The first chapter emphasizes on the background and process of urban community autonomy, the process is divided into three stages: the rise of community building, the reform of the management system and the autonomy practice of resident to introducing the community development in our country. The second chapter introduces the present condition of the community autonomy in changshou road. Including the organizational relation, the rule of the circulating and the development of NGOs. The third chapter deeply analyzes the problems to hider the development of community autonomy in the present stage in changshou road. The fourth Chapter gives some advice about the community autonomy to realize the real autonomy in our grass- roots society.
论文的引言部分对选题的缘起、目的、意义以及研究方法作了简要说明,同时也界定了文中涉及的一些重要的研究概念;正文的第一章主要是介绍我国城市社区转型的背景和进程,分社区建设的兴起、管理体制的改革、居委会自治实践三个阶段介绍了我国社区发展的主要历程;第二章主要是介绍了上海长寿路街道社区自治在组织体制,运行规则和民间组织发展等方面的发展现状;第三章作者对街道社区自治现阶段存在一些问题进行了深刻剖析;第四章是在分析问题的基础上对城市社区自治发展提出了一些可行的改进意见,希望能帮助我们的基层社会尽快实现真正的自治。
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Main body singleness of sponsor. 9. Running a school with limited independence power.On the basis of the comparison of successful experiences of running agricultural education in developed counties, such as USA, Japan and France, this paper put forward following viewpoints: In order to visualize the strategic status of HAE, necessary protectionism must be offered through lawmaking and hortative policies, peasantry-undergraduates facing agricultural production must be cultured in the process of expanding and developing HAE. The opportunities of developing higher agricultural vocational and technical education must be grasped in the process of realizing the transit from elite-education to popularization-education. Existent and developmental room of HAE must be unceasingly widened basing upon the road of distinctiveness, integration and internationalization. The relationship of elite-education and popularization-education must be rightly dealt with and the niches of agricultural colleges must be made clear.
文章在比较美国、日本、法国等国家发展高等农业教育的成功做法和经验的基础上,提出了要通过立法或制定鼓励政策来彰显高等农业教育的战略地位,为高等农业教育的发展提供必要的政策性保护;要在大力扩张高等农业教育的过程中培养面向农业生产一线的农民身份的大学生;要在实现农科精英教育向大众化教育转轨的过程中抓住发展高等农业职业技术教育的机遇;要通过立足走特色化、综合化和国际化的道路来不断拓展高等农业教育的生存和发展空间;要正确处理精英教育与大众化教育的关系,明确各类农业高校的生态位等发展高等农业教育的观点和思路。
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In order to Shanghai Hongqiao solid waste incineration process, the bag filter dust removal efficiency of 99.5%; to "dry except acid than acid + wet" treatment process, hydrogen chloride removal on the rate of 99% of the sulfur oxidation material could be removed in 95% of hydrogen fluoride could be removed in 90%; for the treatment of heavy metals in the main to take "effective capture" and "low control" measures, and adsorption using activated carbon, activated carbon for mercury, cadmium, removal of heavy metals such as lead up to 90%.
在以上海江桥生活垃圾焚烧过程中,布袋除尘器除尘效率可达99.5%以上;采取"干式除酸+湿法除酸"处理工艺,对氯化氢的去除效率可达99%、对硫氧化物的去除效率可达95%、对氟化氢的去除效率可达90%;对于重金属的处理主要采取"高效捕集"和"低温控制"措施,并用活性炭进行吸附,活性炭对汞、镉、铅等重金属的去除率可达90%以上。
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In general, through the hydrothermal fluid geochemical study of the Carlin-type gold deposits in the area, the author believes that some progresses have been achieved.(1) Various types of CO〓-rich inclusions have been discovered and the immiscibility process of the hydrothermal fluids was believed to have been involved in the Carlin-type gold mineralization in the area;(2) It is further proved that the organic matters involved the process of the mineralization;(3) the over-pressure basin fluids is proved to have been existed and played important role in the large scale Carlin-type gold mineralization.
在前人研究的基础上,本次对该区卡林型金矿成矿流体地球化学的研究,作者认为在以下方面取得一定进展:(1)发现了该区卡林型金矿富含CO〓相包裹体,并且种类众多,提出了卡林型金矿的成矿作用,经历了流体不混溶的过程;(2)进一步证实了有机质参与卡林型金矿的成矿过程;(3)证实了盆地超压流体的存在,并提出了卡林型金矿的大规模成矿作用是"盆地超压流体—矿源岩—盆地伸展"耦合的观点。
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This article mainly explains the safety principium of infectant factors in waste water vented by the paper making industry in China. Through the study on the experiment in open country and indoors with soil pole, indicating that it is a complicated process of biochemical degradation to form a layer, which has a biochemical capability to process COD degradation in polluted water from paper making industry.
综述我国造纸业污水中的污染因子危及地下水水质安全的机理,通过对野外试验和室内土柱试验的过程及结果进行分析研究,表明在包气带中形成一个以生物化学作用为主的生化层在造纸污水中COD降解是一个复杂的生物化学降解过程;生化层在天然状态下形成,由生物氧化带和生物氧化还原带形成,其形成过程具有明显的阶段性;只有当生物氧化还原带形成后,生化层才发育成熟,具备对COD降解的生化能力;生化层空间分布,仅局限在污水池、渠底部包气带中有垂向渗流的部分。
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The abstract result contains several concrete results in the literature and can also be used to deal with some new cases for resonant differential equations.In the introduction, we briefly introduce the development process of the variational methods. In Chapter 2, we list some basic knowledges refering to the variational methods, including the Sobobev space,—△ operator, the weak solution and the minimizing sequence methods and some minimax theorems. In Chapter 3, we introduce the research process of Hamiltonian system of second order and the semilinear elliptic problems, using the methods introduced previously. In Chapter 4, we prove the main theorem of the thesis, and apply it to the problems in the previous Chapter, and can also be applied to some new resonant cases.
在前言中,简要介绍了变分法的产生、发展过程,在第二章中我们介绍了有关变分法的一些基本知识,包括Sobolev空间,—△算子,弱解,极小化序列方法和一些极小极大定理,在第三章中我们介绍了非线性项有界或满足次线性条件,以及它满足推广的Ahmad-Lazer-Paul条件时,二阶Hamiltonian系统和半线性椭圆问题的研究历程,最后在第四章中我们证明了本论文的主要定理,并把它应用到第三章的问题中,使得前面的几种共振的情形都可以统一到这个抽象的结果中。
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Under circumstances of late development of modernization, the mobilization of policy process in China may lead to widening gaps between special cases and the general circumstances. Therefore, the author points out, very often pharisaism will result in the process of institutionalization because of existing differences in location as well as in potential interest in various regions.
在后发现代化背景下,中国的动员型政策过程拉大了"典型"与"一般"之间的距离,不同空间区位的差异以及潜在的利益格局使得制度化过程常常伴随着形式主义的现象。
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Through the experiments on hydration of AH in the following sulphate(Li_2SO_4、MgSO_4 、 Al_2(SO_4)_3 、MnSO_4 、CuSO_4 、CoSO4 、CdSO_4 、ZnSO_4 、NiSO_4 、FeSO_4), dissoluble sulfate hydrate origining from hydration process of AH affects it's hydrous rate, hydrous rate of AH does not connect with Z/R of cation in stimulation, theory that Z/R affect hydrous rate of AH does not exist. Third, hydration of AH in dissoluble sulfate complies with dissolve-nucleate -grow theory, concentration of Ca~2+ from dissolving of CaSO_4 is higher than one of CaSO_4·2H_2O, calcium sulphate dihydrite gets a motivity of crystallization. dissoluble sulfate takes the following function: double-salt or dissoluble sulfate hydrate from hydration of AH in it becomes heterogeneous particle and a kind of nucleation catalyzer, and reduces surface barrier when DH becomes crystal because the crystal of DH precedently appears in uneven place. Results indicate hydration of AH does not conform with double-salt theory, but it conform with this mechanism: dissolve-nucleate-grow, formation of DH is an uneven nucleation and crystalizaion process.
通过对CaSO_4在Na_2SO_4 、K_2SO_4 、Rb_2SO_4 、Cs_2SO_4 、(NH_4)_2SO_4溶液中水化过程,以及CaSO_4·2H_2O、CaSO_4与以上硫酸盐反应速度、产物的研究,说明复盐理论不正确;CaSO_4在(Li_2SO_4、MgSO_4 、 Al_2(SO_4)_3 、MnSO_4 、CuSO_4 、CoSO_4 、CdSO_4 、ZnSO_4 、NiSO_4 、FeSO_4)溶液中水化,水化过程中硫酸盐水合物的析晶影响着无水硫酸钙水化,与激发剂阳离子Z/R值大小无关,阳离子的Z/R参数影响水化率的规律并不存在; 3、无水硫酸钙在可溶性硫酸盐中的水化按照溶解-成核-生长理论进行,CaSO_4达到溶解平衡时Ca~2+的浓度大于CaSO_4·2H_2O溶解平衡的Ca~2+的浓度,CaSO_4·2H_2O获得结晶的驱动力,可溶性硫酸盐起到形成晶核的作用:水化过程与CaSO_4生成复盐或析出水合物所形成的细小物相,作为异质微粒使母相中存在不均匀性,这些不均匀性有效地降低成核时的表面能位垒,使CaSO_4·2H_2O晶核优先地在这些具不均匀性的地方形成,因此这些物质起成核催化剂作用。
- 推荐网络例句
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I didn't watch TV last night, because it .
昨晚我没有看电视,因为电视机坏了。
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Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.
今年以来,在北京的很多小区里,电梯液晶电视被撤了下来。
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I'm running my simile to an extreme.
我比喻得过头了。