市场

The exploration and development technical service market is main market for oil-field enterprises and petroleum industry.

勘探开发工程技术服务市场是油田企业和石油行业的主导市场，同以往油田开展的"内部市场管理"相比较，它具有四个新的特点：1、市场交易层不同；2、市场交易主体不同；3、市场交易范围不同；4、市场交易开放程度不同。

First: They can focus the target markets of initial period, and earn the certain market share quickly ; Second: These companies didn't satisfied the present situation after obtaining the preliminary success, they usually acts immediately according to the market information which obtains, and adjusts its development strategy in China to discovers the next target market to expands the successful achievement; Third: They will establishes a good relationship with the local government and the major industry ; Fourth: These companies take the localization extremely, and can provide various supports, to the local customers and their partners; The fifth: these companies cooperate with the local educational institution, to let the potation users can contact their product popularly.

进入中国市场后，能成功在市场上占有一定比率的企业，经本研究分析后发现他们有几个共同的特徵：第一：它们都能在进入初期即锁定目标市场，并很快的拥有一定的市场占有率；第二：这些公司在获得初步的成功之后并未满足於现状，反而根据所得到的市场资讯，调整其在中国的发展策略，找出下一个目标市场，以扩大成功的效果；第三：这些公司会积极的跟当地的政府、大型企业或通路商建立良好的关系以了解并改变市场机制；第四：这些公司十分重视本土化，并对当地的客户及合作伙伴都能提供多方面的支援；第五：这些公司都积极的与当地的教育机构合作，使产品更广泛的与潜在使用者接触。

In this paper , we combine both Efficient Market Hypothesis and Fractal Market Hypothesis to test our bond markets return distribution , the main results are that the index of Chinese bond market process by fractional Brownian Motion, the orbit is stable Pareto Distribution with α character So, the fractal market hypothesis is more suitable than the efficient market hypothesise

本文结合有效市场假说与分形市场假说理论，通过对我国证券市场中收益率的分布收入研究发现：中国股票市场是以分数布朗运动方式进行的，所形成的运动轨迹呈现出典型的α＜2的稳定帕雷托分布。因此，应该说，"分性市场假说"比"有效市场假说"更适用于中国股票市场。

First ,it carry on the demonstration analysis to the efficiency of Chinese stock market , judge present efficiency state , then use relevant analysis technology and T examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of Chinese stock market , and then ,put qualitative analysis on the reason of low efficiency of Chinese stock market and the uncertainty change of Chinese stock market after reform , to investigate the influence degree on the efficiency of Chinese stock market by split share structure .

第三章为股权分置改革对股票市场效率的影响分析，先对中国股票市场效率进行实证分析，判断中国股票市场目前的效率状况，然后运用计量经济学中的相关分析技术和T检验法，对股权分置制度与中国股票市场的效率进行了相关性分析，再从对中国股票市场低效率的成因、股权分置改革后中国股票市场不确定性变化的定性分析中，考察股权分置改革对中国股票市场效率的影响程度。

Following the above market positioning, principles of developing the corporate bond market in China will be suggested in relation to market-oriented principles, rule of law, industrial regulations, adaptative innovations within China situations and International standards, market advancement and sustainability, coordination between economic policy and macro-economic development, etc.

按照上述总体设想和政策定位，本文通过对中国公司债券市场历史沿革、发展状况以及存在问题进行实证分析，提出了中国发展公司债券市场的基本原则：市场化原则、法治化原则、规范化原则、立足国情与国际惯例逐步接轨相结合原则、适应性创新原则、循序渐进与可持续发展原则、贯彻经济政策与宏观经济协调发展原则；分别构筑了建立和完善多层次的公司债券发行市场和流通市场的体系架构；为解决当前中国公司债券发行市场存在的8大问题，提出了10项具体对策措施；针对当前中国公司债券流通市场发展缓慢的现实，提出了建立和完善中国公司债券流通市场的具体模式和实施步骤。

The thesis deep-seated probes into the reasons of the mobility problem. In reality, the reasons include illogical interest rate mechanism, lacking the medi-organization, inappropriate structure of bondholders, impercipient market main body, and macro-economic condition etc. All of them limit the mobility of IBBM.

4本文认为产生流动性问题的主要原因在于：利率机制作用不合理，即发行利率机制不合理和一级市场与二级市场利率不对称；交易中介机构欠缺，即做市商制度不完善和经纪人制度缺乏；市场主体结构不合理，即参与者结构不合理和债券持有者结构不合理；市场主体对市场认识不足，即商业银行和其他市场主体对市场认识不足；宏观经济环境等。

We look at the strategy in China there are many ways because HSBC grows in Hong Kong and Shanghai banking cooperation, so we get a very long history yet, goes back 135 years we have been in the land of your country, several times, over that period of time, but it is terribly important for us it is a very important of the future, I am not say anything because our chairman doesnt say anything possible opportunity to try to impress people that how much you want to be here significant, what I find really fascinating because we have just been spending a lot of time just making research in the brands of China, degree our competitors brand in general, there is a tendency I think among the people of Chinese all think it is a developing country, from the marketing standpoint, brand standpoint, in actually fact, if you look at how Chinese brands behave, it is a very developed country, it behaves much more like France, or the UK, does like Brazil, or Malazia, you have heard how competitive this market places, there are lots of very very good products, very high quality products, lots of very well-excepted local brands have a long history, in fact, it not given one foreign brand comes in, we have history and understanding here, we are the new brand on the block if you like, we have to understand where our initial be in the very complicated very very competitive market place, there are a lot of banks, there are a lot of banks specialized particular sector of the market, they also move to grow become a lot of unbanked people in this country, so all of our present opportunities and my strategy were wave with those

说到我们中国的战略，我想应该有许多种不同的战略吧，因为汇丰在香港和上海都有分支。我们在中国有很悠久的历史，可以追溯到135年前，之后几番登陆中国，但我认为最重要的，还是汇丰未来在中国的发展，虽然我很想让大家知道我们在中国发展的迫切愿望，但我现在不能宣布任何的战略，是因为我们的主席还没有表态。在中国，我们对中国的品牌做过许多的调研工作，把我们的竞争对手分级，最让我感到震惊的，在中国有一种趋势就是，从市场的角度来看，品牌的角度来看，中国的民众都认为中国是一个发展中国家，而实际上，如果你观察一下中国的知名品牌是怎么样运行的，你就会发现更像一个发达国家。这样的品牌行为更像是在法国，在英国，在巴西，或是马来西亚，在中国，你会发现市场竞争也是那样的激烈，中国市场上有许多出色的商品，高质量的商品，有许多拥有悠久历史、具有独特影响力的知名品牌，实际上，任何一个外国的品牌、任何一个后进入者想挤进来，都不是容易的事情。虽然我们很早就和中国有渊源，但我们也可以说是一个新的市场进入者，我们必须在这个复杂而又竞争激烈的市场中找到我们的方向，中国市场上现在有许多的银行，还有许多专门服务于某一特定顾客群的银行，但我们的空间还很大，因为中国还有许多没有开发的处女地，所以，我认为我们现在的机会和战略是和那些竞争对手们在市场上共舞。

We look at the strategy in China there are many ways because HSBC grows in Hong Kong and Shanghai banking cooperation, so we get a very long history yet, goes back 135 years we have been in the land of your country, several times, over that period of time, but it is terribly important for us it is a very important of the future, I am not say anything because our chairman doesn't say anything possible opportunity to try to impress people that how much you want to be here significant, what I find really fascinating because we have just been spending a lot of time just making research in the brands of China, degree our competitors brand in general, there is a tendency I think among the people of Chinese all think it is a developing country, from the marketing standpoint, brand standpoint, in actually fact, if you look at how Chinese brands behave, it is a very developed country, it behaves much more like France, or the UK, does like Brazil, or Malazia, you have heard how competitive this market places, there are lots of very very good products, very high quality products, lots of very well-excepted local brands have a long history, in fact, it not given one foreign brand comes in, we have history and understanding here, we are the new brand on the block if you like, we have to understand where our initial be in the very complicated very very competitive market place, there are a lot of banks, there are a lot of banks specialized particular sector of the market, they also move to grow become a lot of unbanked people in this country, so all of our present opportunities and my strategy were wave with those

说到我们中国的战略，我想应该有许多种不同的战略吧，因为汇丰在香港和上海都有分支。我们在中国有很悠久的历史，可以追溯到135年前，之后几番登陆中国，但我认为最重要的，还是汇丰未来在中国的发展，虽然我很想让大家知道我们在中国发展的迫切愿望，但我现在不能宣布任何的战略，是因为我们的主席还没有表态。在中国，我们对中国的品牌做过许多的调研工作，把我们的竞争对手分级，最让我感到震惊的，在中国有一种趋势就是，从市场的角度来看，品牌的角度来看，中国的民众都认为中国是一个发展中国家，而实际上，如果你观察一下中国的知名品牌是怎么样运行的，你就会发现更像一个发达国家。这样的品牌行为更像是在法国，在英国，在巴西，或是马来西亚，在中国，你会发现市场竞争也是那样的激烈，中国市场上有许多出色的商品，高质量的商品，有许多拥有悠久历史、具有独特影响力的知名品牌，实际上，任何一个外国的品牌、任何一个后进入者想挤进来，都不是容易的事情。虽然我们很早就和中国有渊源，但我们也可以说是一个新的市场进入者，我们必须在这个复杂而又竞争激烈的市场中找到我们的方向，中国市场上现在有许多的银行，还有许多专门服务于某一特定顾客群的银行，但我们的空间还很大，因为中国还有许多没有开发的处女地，所以，我认为我们现在的机会和战略是和那些竞争对手们在市场上共舞。

According to not completely statistics, China's engineering's machine's market's proceedses be possible to break through 100,000,000,000 yuan Renminbi in 2003, withs proceeds' 77,600,000,000 yuan Renminbis compare with in 2002, amplitude above at 25%, market reappear "blowout "state. Excavator's sale volumes reach 33000 in 2003, add import de excavator, excavator's market's volume at 60000 above in 2003 the whole year; mechanical loader's market's sale volume at 80000 about, thereinto's mansion work, willow work's a year mechanical loader produces the sales volume average double exceed 10000; forklift's market's sale volume at 40000 about, thereinto equal to fork and Hangzhou fork's production and marketing average double exceed 10000; press real machine's market's sale volume at 10000 above; crane's market's sale volume too at 10000 above.

据不完全统计，2003年中国工程机械市场销售额有望突破1000亿元人民币，与2002年销售额776亿元人民币相比，增幅在25%以上，市场再现&井喷&态势。2003年挖掘机销量达33000台，加上进口的挖掘机，2003年全年的挖掘机市场容量在60000台以上；装载机市场销量在80000台左右，其中厦工、柳工年装载机产销量均双超10000台；叉车市场销量在40000台左右，其中合叉和杭叉产销均双超10000台；压实机械市场销量在10000台以上；起重机市场销量也在10000台以上。

In this paper , we combine both Efficient Market Hypothesis and Fractal Market Hypothesis to test our bond markets return distribution , the main results are that the index of Chinese bond market process by fractional Brownian Motion, the orbit is stable Pareto Distribution with α character So, the fractal market hypothesis is more suitable than the efficient market hypothesise

本文结合有效市场假说与分形市场假说理论，通过对我国证券市场中收益率的分布收入研究发现：中国股票市场是以分数布朗运动方式进行的，所形成的运动轨迹呈现出典型的α＜2的稳定帕雷托分布。因此，应该说，&分性市场假说&比&有效市场假说&更适用于中国股票市场。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了