市场交易

On the other hand, as illustrated in Picture B and D, the price drop would become material objects' price drop because of the continuous flow syphonage capital. Pictures stood by Picture B and D can become anti-syphonage theory pictures. The syphonage pictures and anti-syphonage pictures can simply stand for two converse investment opportunities. Under normal situations, commodity's syphonage capital flow can demonstrate a slow increasing situation in the long run. But the situation is usually affected by supply-and-demand situation in the middle and short run. Especially in the type of gurantee sum exchange, the supply-and-demand situation is a major factor affecting commodity price even in a price dominated market. The commodity's ultimate price will comparatively alter when the outer influence changes, and sometimes the price may change to a completely converse direction as expected. In case of the above case, we need to observe and research the influential factors. However the research is not like the Butterfly Theory research on slight variables. Syphonage theory deems that if continuous observance extends more than a certain percentage, such as 10% influential factor, and we continue researching, immediately putting 10% influential factors into research scale, we could finish the all-round research on commodity price analysis.

其中，图A和C表示的图形我们成为正向虹吸图形，B和D代表的图形成为反向虹吸理论图形，这种正向虹吸图形和反向虹吸图形分别可以简单代表两种相反的投机机会，在正常情况下，商品的这种虹吸资金流从远期看会表现出缓慢的上升走势，但在中短期，走势经常受到供求关系影响，特别在保证金交易的品种中，即使是价格操纵的市场中，供求关系也是影响商品价格的主要因素，这种以供求关系为主导的市场中，虹吸终值并不是一成不变的，在外在影响因素发生变化时，商品终值也会相应变化，有时甚至会改变到和预期截然相反的方向，这就需要我们经常对相关影响因素进行跟踪和研究，这种研究并不象蝴蝶理论分析的微小变动因素，虹吸理论认为只要连续跟踪超过一定权重，比如10％影响权重的因素，并持续研究，及时将超过10％影响因素事件纳入调查范围，既可完成对商品价格分析的全面性探索。

Finally the investment in the course of convertible bond investment is studied. There is evidence that the market behavior of convertible bonds is much better than the stocks and bonds. Owing to the inconsistency of the price change between the stock and the convertible bond, by analyzing the change of conversion premium rate, the arbitrage can be realized in incomplete market. But investors must bear the price risk due to the trade system.

最后论文对可转换债券投资过程中的投资活动进行了研究，实证发现可转换债券的市场表现优于债券和股票；同时基于股价与可转换债券价格的变化不一致性，通过分析可转换债券的转换溢价率的变化，在无卖空市场中同样可以进行套利，只是投资者要承担由于交易制度造成的价格风险。

According to Chinese actual development, this research makes a flame of Chinese carbon emission trading market step by step ,and its methods yet.

本研究结合我国的碳市场现状，制定出了循序渐进地建立我国的碳交易市场的框架和方式、方法。

In addition Zhejiang province is to the enterprise the market on application net also gives more support energetically," opinion " in requirement, the market on company application net not collection any charge, Right already the enterprise of hold business charter is engaged in the commodity on the net trades and serving, do not need to deal with any formalities that register again, bright on the net according to manage can.

此外浙江省更是对企业申办网上市场也予以大力支持，《意见》中要求，企业申办网上市场不收取任何费用，&对已持有营业执照的企业从事网上商品交易和服务的，不需再办理任何登记手续，在网上亮照经营即可。&

However,from the whole to see,the second-hand brokerage market is not full recognized in our society,and quite a few bargainers don\'t will to choose the second-hand brokerage market to finish their exchanges.

然而，从总体上看，我国社会对二手房经纪市场提供的服务并不是十分认可，相当多的二手房交易者在从事二手房交易时不愿意选择二手房经纪市场提供的服务。

Based on the empirical studies of arbitrage process and results on domestic convertible bond market, we have drawn the follow conclusions: on domestic convertible bond market, the arbitrage actions conducted by institutional investors help to reduce risk and increase return; meanwhile, arbitrage actions help to effectively price the bond and encourage its bonders to exercise the conversion right.

本文作者通过对国内转债交易市场中投资套利过程及结果的实证分析，提出了研究结论：在国内转债市场中，机构投资者进行的转债套利操作行为有利于机构大资金在进行转债投资实践中回避风险、提高收益；同时，套利行为可以促进转债有效定价并能够推动持债者积极转股等。

At the same time, because of the dummy and complexity of stock, the trading form without paper ,and the high- technological artifice, it is difficult to identify such an action, which leads to many law breakings at large.

同时又由于证券的虚拟性和复杂性，证券交易的无纸化，操纵者操纵手段的高智能化，使得人们难以识别和认定市场操纵行为，以致大量的市场操纵违法行为没有受到法律制裁。

EXAMPLE:"Block trades are increasingly being used by investors, inequities as much as foreign exchange or bonds ," said Clifford Dammers, secretary general of the International Primary Market Association, which represents a large group of banks.

例证：&无论是在权益还是外汇或债券市场，投资者已越来越频繁地进行大宗交易，&国际一级市场协会秘书长克里弗德·达默斯表示。该协会代表一个大型银行团体的利益。

EXAMPLE:"Block trades areincreasingly being used by investors, inequities as much as foreign exchange orbonds," said Clifford Dammers, secretarygeneral of the International Primary MarketAssociation, which represents a large groupof banks.

例证：&无论是在权益还是外汇或债券市场，投资者已越来越频繁地进行大宗交易，&国际一级市场协会秘书长克里弗德·达默斯表示。该协会代表一个大型银行团体的利益。

EXAMPLE:"Block trades areincreasingly being used by investors, inequities as much as foreign exchange orbonds," said Clifford Dammers, secretarygeneral of the International Primary MarketAssociation, which represents a large groupof banks.

例证：&无论是在权益还是外汇或债券市场，投资者已越来越频繁地进行大宗交易，&国际一级市场协会秘书长克里弗德·达默斯表示。

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。