历史上的

The Storm: Hannibal Crossing the Alps and his Army of Snow Storm (1812)(snow-man looked Hannibal and his Army: line, Alps 1812)- most early career, the most sophisticated and most important work in one year, the exhibition catalogue, from oneself, not complete poem the hope of a few lines of falsehood pulled to increase this painting, literature and history in his fearsome galvanism scenes with water and the mountains like natural forces extremely exuberant imagination, result, this painting will to people's emotion scenery formed lofty feeling and history of painting, a combination of thought.

暴风雪：汉尼拔和他的军队穿越阿尔卑斯雪山》（1812）（Snow Storm： Hannibal and his Army Crossing the Alps 1812）——透纳艺术生涯早期最具气势，最精良也是最重要的作品之一，在当年的展览目录上，透纳从自己不完整的诗作《希望的谬误》里抽出几行来增加这幅画的文学和历史成分，再加之以他那令人生畏的场景和风与水那排山倒海般自然力量的极其旺盛的想象，结果便是，这幅画将风景对人的情感形成的崇高感和历史画的道德、思想关怀结合了起来。

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。

It is the largest hydro-electric power station and dam in the world and has cost more than any other construction project in history.

三峡大坝是世界上最大的大坝和水力发电站，其建造费用超过了历史上任何一个建筑工程的费用。

But it could also descend into infamy as the most deceptive three months in economic memory.

但是他也有可能背负上经济历史上最具有欺骗性的三个月的恶名。

We have now reached one of those rare inflection points in history where we have the opportunity to take a different path.

我们现在已经处在历史上罕见的转折点之一，我们在这里有机会走上一条不同的道路。

So we have now reached one of those rare inflection points in history where we have the opportunity to take a different path.

我们现在已经处在历史上罕见的转折点之一，我们在这里有机会走上一条不同的道路。

Using the name ChinaBounder, the self-styled western Lothario sparked outrage among the men of Shanghai with his graphic descriptions of his success with Chinese women.

在谈到他的博客遭到唾骂的经历时，他说，"中国男人感到深深地被这个博客侮辱了，我确实理解为什么。历史上，中国总是受到外国军队的屈辱，而现在，在理论上中国男人感到自己在卧室里也受到了攻击。他们把这场战斗看成和在战场上保护他们的女人一样。"

The men lay down their swords, Lysistrata and her sisters open their arms and the bedrooms of Greece echo with the moans and sighs of conjugal bliss. Not so far out, really, when you think about it.

美国历史上第一位黑人奥斯卡影帝Sidney Poitier就是由于在百老汇歌剧《莉西斯特拉忒》中的出色表现，才逐步走上荧幕的。

This is the most important meeting when land issue concerns on our party history, it is our country land reform a milepost on athletic history.

这是我们党历史上有关土地问题的一次最重要会议，是我国土地改革运动史上的一座里程碑。

It goes up in the phylogeny of the Marxism, on thought history, on the history of our party, have all in all place, have the great sense of milepost type.

它在马克思主义的发展史上、思想史上，在我们党的历史上，都占有极其重要的地位，具有里程碑式的重大意义。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。