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With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part of China.

在黄金投资火热的背后,是大部分新入市投资者盲目的热情,由于对黄金投资缺乏了解,很多投资者入市即被套,而且很多黄金交易品种具备保证金放大效应,和在股市投资相比,投资者炒作保证金放大品种进行投资,往往需要面对高额风险,这种风险可以使投资者在股市中一年时间遭受的损失在一天内就提现出来,现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场,其中国际黄金现货市场由于存在高度放大机制,如果投资者选择具备高度放大的保证金交易商,经常会出现一天内就会血本无归的情况,当然,这是极端的情况,黄金市场中,风险最小的是实物黄金,例如黄金纪念金银币、实物金条、金砖,实物黄金投资在中东部地区大中城市比较流行。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part of China.

在黄金投资火热的背后,是大部分新入市投资者盲目的热情,由于对黄金投资缺乏了解,很多投资者入市即被套,而且很多黄金交易品种具备保证金放大效应,和在股市投资相比,投资者炒作保证金放大品种进行投资,往往需要面对高额风险,这种风险可以使投资者在股市中一时间遭受的损失在一天内就提现出来,现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场,其中国际黄金现货市场由于存在高度放大机制,如果投资者选择具备高度放大的保证金交易商,经常会出现一天内就会血本无归的情况,当然,这是极端的情况,黄金市场中,风险最小的是实物黄金,例如黄金纪念金银币、实物金条、金砖,实物黄金投资在中东部地区大中城市比较流行。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part ofChina.

在黄金投资火热的背后,是大部分新入市投资者盲目的热情,由于对黄金投资缺乏了解,很多投资者入市即被套,而且很多黄金交易品种具备保证金放大效应,和在股市投资相比,投资者炒作保证金放大品种进行投资,往往需要面对高额风险,这种风险可以使投资者在股市中一年时间遭受的损失在一天内就提现出来,现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场,其中国际黄金现货市场由于存在高度放大机制,如果投资者选择具备高度放大的保证金交易商,经常会出现一天内就会血本无归的情况,当然,这是极端的情况,黄金市场中,风险最小的是实物黄金,例如黄金纪念金银币、实物金条、金砖,实物黄金投资在中东部地区大中城市比较流行。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系统分析论文的选题背景,全面掌握了相关的文献,为深入研究本问题奠定了坚实的基础;第二章从我国股票市场自身角度出发,深入研究我国股票市场的波动特性;第三章从马科维茨资产组合理论出发,对资本资产定价模型和套利定价理论进行系统比较分析,深入探讨了国际股票市场关联的理论,随后着重定量研究了我国新兴股票市场与周边市场的关联性;本章使用市场相关参数、平稳性检验、协整检验、Granger因果检验等计量方法测度了我国股票市场波动及与周边市场的关联程度;第四章基于我国股票市场波动及与周边市场的关联影响,从我国股票市场目前发展状况出发,阐述了我国股票市场国际化的必然性,并为我国股票市场的风险规避提出了相应的政策建议。

For the residential market, select the overall quality of high brand, market and competitive advantages of real estate; affordable housing market in spite of low income, but low-risk, major support by the government, you can choose to intervene;商用房office market and the market , basic over-supply, and market volatility, and need to be treated with caution; land bank credit institutions, in strict accordance with the provisions of the ratio of the central bank issued, and we should focus on support for business space, from merit-based election, the closure operation, the whole track, strengthen monitoring, careful operation, agencies involved in land reserve land planning, acquisition, demolition, sorting, and development and the entire process of auction, the auction to ensure that the priority for return of funds to repay bank loans; second-hand housing market, relatively mature areas of concern; actively involved in national and regional development and construction projects, the focus of the market.

对于住宅市场,选择的整体素质较高的品牌,市场和竞争优势的房地产;负担得起的住房市场,尽管收入低,但低风险的,主要由政府支持,您可以选择进行干预;商用房办公室市场和市场的基本供应过剩,而市场的波动,需要谨慎对待;土地银行信贷机构,严格按照规定的比例,中央银行发行,我们应把重点放在支持商业空间,从任人唯贤的选举,关闭操作,整个轨道,加强监测,认真操作,机构参与的土地储备的土地规划,收购,拆卸,整理,开发和全过程的拍卖,拍卖,以确保优先为返回的资金,偿还银行贷款,二手房市场,比较成熟的关切领域;积极参与国家和区域发展和建设项目,市场关注的焦点。

Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格,结果表明不同的价格形成机制对资产的真实价格有着不同的反映;从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析,结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响;通过对我国证券市场的流动性进行实证检验,发现当前我国证券市场价格形成机制能够为市场提供较好的流动性,但固定的最小变动价位人为地降低了市场流动性,并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

It subdivides the electro-market of inner Mongolia in the fifth part of dissertation, in this basis, take the electricity of the total society demanding as the main factor, take the electricity of industry demanding divided by properties and electricity of district demanding divided by district as the subordinate factor, definitude the core target market of inner Mongolia electric power corporation divides up Baotou, Huhehaote and Wuhai according to district, industry and other electro-market according to properties; the main target market divides up Bameng and south west of Ximeng according to district, according to properties is agriculture market and resident market; the subordinate target market divided up Xuejiawan, Wumeng, Yimeng according to district, according to properties is merchandize and bite and sup, material supplied and sold and warehousing, traffic transporting and post communication, geological survey and exploration and construction market.

论文第五部分对内蒙古电力公司进行电力市场细分,据此基础上,把全社会总用电量作为母因素,分别把按用电性质划分的行业用电量和按用电区域划分的内蒙古电力公司所辖区域用电量作为子因素,首次运用灰色关联分析法进行目标市场确定,明确了内蒙古电力公司的电力市场营销的核心目标市场按地域分为包头地区用电市场、呼市地区用电市场、乌海地区用电市场,按用电性质为工业、其他事业用电市场;主要目标市场按地域分为巴盟地区用电市场、锡盟西南地区用电市场,按用电性质为农林牧渔水利业、城乡居民生活用电市场;次要目标市场按地域分为薛家湾地区用电市场、乌盟用电市场、伊盟用电市场,按用电性质为商业公共饮食、物资供销和仓储业、交通运输和邮电通讯业、地质普查和勘探业、建筑业用电市场。

You Xiong stock market bulls, while China's stock market cattle bear a short length for any professional investors have to be to learn the market at a profit at any stage of the security system, if you can not learn to survive a bear market, even in a bull market to profit ample, when the bear market one, the only non-profit insurance, is likely to eventually chase the bear market sell into the market in the elimination!.

股市有牛也有熊,而中国股市牛短熊长,作为任何职业投资者,都必须要学会市场处于任何阶段的安全获利系统,如果你学不会熊市生存之道,即使在牛市中获利丰厚,当熊市一来,不但利润不保,最终很有可能在熊市的追涨杀跌中被市场消灭!。

The company website operation, develops the B2C service to develop channels and so on Carrefour, Bestbuy to complete to Southeast Asia market survey Region marketing consultant works the responsibility division key sales territory, investigates the market environment and the domestic customer consumer behavior development essential channel seller, formulates the region sales program formulation reasonable price strategy, the opportune moment carries on the effective promotion customer maintenance, utilizes the actual seller the 4C theory to train The main achievement completes TOYOTA the SALE training (behavioral science, marketing theory, CS, brand management), grasps Toyota Production System and Just in the time management implements the Toyota type sale, manages in the region the channel, the achievement month by month promotes, to achieve the region year sales target (70,000,000 RMB) The commodity business planning works the responsibility deliberated company's profit structure, the analysis with the control division old times the profit and loss, the formulation new product operational policy, the strategy market environment investigation estimate potential market profit rate comparison product competition situation, the product localization, the estimate life cycle, the curve analytic product cost, after formulation price strategy product going on the market, track produce market situation The main achievement participates in W-PJT, NOVA-PJT, the AIR-FORCE project, under the project participates in the personnel joint effort, the product year sales volume achieves 100,000 Commodity business planning work responsibility market survey; Coordinates the South Korean research and development personnel, to the new product the brand-new development, formulates the zone price strategy, compared with competitive power situation.

公司网站运作,开拓B2C业务开发Carrefour、Bestbuy等渠道完成对东南亚市场调查区域销售顾问工作职责划分重点销售区域,调查市场环境及当地客户消费行为开发关键渠道销售商,制定区域销售计划制定合理价格策略,适当时机进行有效的促销活动客户维护,将4C理论运用到实际销售员培训主要业绩完成TOYOTA SALE培训(行为科学、营销理论、CS、品牌管理),掌握Toyota Production System和Just in time管理实施Toyota式销售,管理区域内渠道,业绩逐月提升,达成区域年销售目标(7千万RMB)商品企划工作职责与管理部研讨公司的利润结构、分析往年损益,制定新品经营方针、策略市场环境调查估计潜在市场获利率比较产品竞争情况,产品定位,预估生命周期、曲线分析产品成本,制定价格策略产品上市后,跟踪产品市场情况主要业绩参与W-PJT、NOVA-PJT、AIR-FORCE项目,在项目参与人员共同努力下,产品年销量均达到10万台商品企划工作职责市场调查;协同韩国研发人员,对新产品全新开发,制定区域价格策略,比较竞争力情况。

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美国开放式基金之所以发达,主要原因在于开放式基金具有协调发展的制度环境,如成熟的金融市场、充足的投资资金供给、完善的法律体系等;采用沪、深证券市场特定指数与基金指数收益率,及特定时期内所有开放式基金的周收益率等指标,对我国开放式基金与证券市场的协调性的实证分析发现,二者协调性程度总体上不理想;在明确开放式基金发展的市场过程性质的前提下,通过促进证券市场的成熟、提高市场效率、完善法律、拓宽基金资金供应渠道、完善基金治理结构、规范私募基金发展等配套措施,优化开放式基金发展的市场环境,才能不断促进开放式基金的协调、健康发展。

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Hanna: That's over now, isn't it?

都结束了,对吗

You must be ill. You look so pale.

你一定是病了,你的脸色苍白。

After proper differential delay, an UWB monocycle pulse with 84-ps width and the fractional bandwidth of 153% is generated after photodetection.

两个高斯脉冲经过适当的延时,光电检测后产生超宽带单周期脉冲,其脉冲宽度为84ps,相对带宽为153%。