需求过剩

The latest chemical product prices fell, demand has not really visible downstream, the short-term rise in oil prices in the channel, in which phase fluctuations, we continue to be optimistic about with anti-cyclical businesses and new materials, anti-cyclical embodies New Chemical Materials decrease in prices of raw materials is less than the decrease in prices of raw materials at the same time, the cost shift ability, to maintain price stability; civil explosive materials companies fell as a result, prices, countries can enjoy the benefits of; domestic urea production capacity excess of export disruption, high product costs, industry consolidation is inevitable, so concerned about the urea industry with technical advantages and cost advantages of urea enterprises: China Shandong Hengsheng; Although the overall situation of excess nitrogen, but because of the regional characteristics of the domestic fertilizer domestic part of the region will be in a high urea prices, the relevant listed companies will benefit from, such as the Liao Tung Chemical; compound assets as light industry, with the weak cyclical characteristics, the stability of industry profitability, industry leaders concerned about the compound: para Tian shares ; potash by the international market, short-term decline of domestic potash fertilizer prices would have difficulty, Salt Lake Potash in 2009 will be guaranteed a profit, Salt Lake Potash concern.

最新化工产品价格出现下跌，可见下游需求并未真正起来，短期石油价格处在上升通道，在这种上下波动阶段，我们继续看好具有抗周期性的新材料企业，抗周期性体现了化工新材料的产品价格下降幅度小于原料的下降幅度，在原料价格上涨同时，成本转嫁能力较强，价格维持稳定；民爆企业由于原料下跌，价格上涨，可以享受国家指导价的益处；由于国内尿素产能过剩，出口受阻，产品成本居高不下，行业整合在所难免，因而关注尿素行业内具有技术优势和成本优势的尿素企业：华鲁恒升；虽然氮肥全局过剩，但由于国内化肥的区域性特征，国内部分区域尿素价格将处于高位，相关上市公司将因此受益，如辽通化工；复混肥作为轻资产行业，具有弱周期性特点，行业盈利稳定，关注复混肥行业龙头：芭田股份；钾肥受制于国际市场，短期内国内钾肥价格恐难下跌，09年盐湖钾肥盈利将会有保证，关注盐湖钾肥。

The hyperbola discount model is utilized to introduce the theory of cognitive bias into the study of the problem. From the perspective of microcosmic, the economic entity enterprises are analyzed. The conclusion is drawn that the enterprises will invest with the impulse when the economics is prosperity, and procrastinate investment lingeringly when the economics is at a low ebb because of the cognitive bias β.

文中利用双曲线贴现模型，将认知偏差理论引入到产能过剩问题的研究中来，从微观视角分析了企业作为市场中的微观主体的投资行为，得出结论：由于存在认知偏差系数β，企业会在经济过热时出现冲动投资，在经济处于低谷时拖延投资，导致产能与市场需求的非同步变化，最终形成产能过剩、产能不足。

Monetary policy will also be less effective this time around because there is an oversupply of housing, automobiles and other consumer goods. Demand for these goods is less sensitive to changes in interest rates, because it takes years to work out such gluts.

而且，当前货币政策的效力也会受到限制，因为住房、汽车和许多消费品都存在过剩供给，而消化这些过剩需要若干年时间，因此这些商品的需求对利率变化缺乏弹性。

It gives some of those excess savings a place to go — and in the process expands overall demand, and hence GDP. It does NOT crowd out private spending, at least not until the excess supply of savings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

它给那些过剩储蓄一个去向-并在此过程中扩大了总需求，因此，国内生产总值，不排挤私人支出，至少直到储蓄供给过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

It gives some of those excess savings a place to go — and in the process expands overall demand, and hence GDP. It does NOT crowd out private spending, at least not until the excess supply of savings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

它给那些过剩储蓄一个去向-并在此过程中放大了总需求，所以，国内生产总值，不排挤私人支付，至少直到储蓄供应过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

It gives some of those excess savings a place to go - and in the process expands overall demand, and hence GDP. It does NOT crowd out private spending, at least not until the excess supply of savings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

它给那些过剩储蓄一个去向-并在此过程中扩大了总需求，因此，国内生产总值，不排挤私人支出，至少直到储蓄供应过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

It gives some of those excess s***ings a place to go - and in the process expands overall demand, and hence GDP. It does NOT crowd out private spending, at least not until the excess supply of s***ings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

它给那些过剩储蓄一个去向-并在此过程中扩大了总需求，因此，国内生产总值，不排挤私人支出，至少直到储蓄供应过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

E GDP. It does NOT crowd out private spending, at least not until the excess supply of savings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

它给那些过剩储蓄一个去向-并在此过程中扩大了总需求，因此，国内生产总值，不排挤私人支出，至少直到储蓄供应过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

It gives some of those excesssavings a place to go - and in the process expands overall demand, andhence GDP. It does NOT crowd out private spending, at least not untilthe excess supply of savings has been sopped up, which is the samething as saying not until the economy has escaped from the liquiditytrap.

它给那些过剩储蓄一个去向-并在此过程中扩大了总需求，因此，国内生产总值，不排挤私人支出，至少直到储蓄供应过剩已饱和，就同样情况而言，直到经济已经摆脱了流动性陷阱。

At the same time those behavior above would be beneficial to inheritance and development of chess culture, and meanwhile afford basses for sustainable development and improvement of talent concerned with chess games.

随着&三棋&通知的下发，在全国各级各类学校掀起了普及&三棋&的热潮，但同时也出现了棋类项目教学人才的严重缺乏与棋类项目需求过剩的矛盾。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。