第二行业

Prior to Analysys International issued by the market monitoring showed that the first quarter of this year to 197 million yuan Jingdong mall 15.4 percent market share in China over the Amazon excellence of the second B2C sector, 38 per cent growth in the ring.

此前易观国际发布的市场监测表明，今年一季度京东商城以1.97亿元15.4%的市场份额超过卓越亚马逊成为中国B2C行业的第二名，环比增长38%。

Liu Zhaoxi expresses, the new business culture of Internet times has 6 big features: The first, internet is very transparent; The 2nd, equal, go up in the net no matter big company, small company, have a piece of skin only, it is to stand on same scratch line so; The 3rd, sincere letter, con on Internet risk is more than con accrual far, if make bad conduct,go up in Internet, others can give leave an opinion, tell him all friends, make you undesirable fame instant spreads everywhere to whole Internet; The 4th, internet is a place that can share most; The 5th, responsibility, produced shake of earth of plain of short of Wenshui River last year, internet is the first trade that starts relieve the people in disaster, clean out treasure, Tecent, Alibaba to wait to halloo for aseismatic raise one's arm providing disaster relief in succession.

陆兆禧表示，互联网时代的新商业文明具有六大特征：第一，互联网非常透明；第二，平等，在网上不论大企业、小企业，都只有一张皮，所以都是站在同一起跑线上；第三，诚信，在互联网上欺诈风险远远大于欺诈收益，在互联网上如果做不好的行为，别人会给留评价，告诉他所有朋友，让你不良声誉瞬间传遍整个互联网；第四，互联网是一个最能分享的地方；第五，责任，去年发生汶川大地震，互联网是第一个发起赈灾的行业，淘宝、腾讯、阿里巴巴等都纷纷为抗震救灾振臂高呼。

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。

Industrywide, global sales were down 13% year-over-year but up 12% from the first quarter, GM said.

通用汽车说，整个汽车行业第二季度的全球销量比上年同期下降了13%，但比第一季度增长了12%。

Because the young, we Needless to bear the burden of history can be our core technology built on the new digital control platform, and this platform will enable us to achieve the industry's second leap.

因为年轻，我们勿需背负历史的包袱，可以将我们的核心技术建立在全新的数字化控制平台上，而这个平台将会使我们实现本行业的第二次飞跃。

The 2nd: Promoted leasehold and relevant lawyer industry development.

第二：促进了借贷相关的律师行业发展。

The invention of LED tube, marked as the second renovation in the lighting history, has not only broken through the lack of luminousness of fluorescent lights, but also filled the blank of the energy-saving lighting industry home and abroad.

金杰亮牌LED日光灯超强节能、高效、环保，它的问世突破了日光灯亮度不够的瓶颈，填补了国际国内照明节能行业的空白，是现代照明史上的第二次革命。

The second chapter discusses the nature of professional origination from the angle of law.

第二章着重从法律的角度探讨行业协会。

Second, I'm excited and passionate about this industry and will always give 100%.

第二，我很兴奋和激情这个行业，并将始终给予100 ％。

Chapter II offers an analysis of the origin of stock phraseology.

第二章从行业和地域的角度分析股市用语的来源。

In the United States, chronic alcoholism and hepatitis C are the most common ones.

在美国，慢性酒精中毒，肝炎是最常见的。

If you have any questions, you can contact me anytime.

如果有任何问题，你可以随时联系我。