The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack...The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack a unified data structure,and depend heavily on manual intervention to process high-frequency and retroactive transactions.To address these limitations,a graph-based unified settlement framework is proposed to enhance automation,flexibility,and adaptability in electricity market settlements.A flexible attribute-graph model is employed to represent heterogeneousmulti-market data,enabling standardized integration,rapid querying,and seamless adaptation to evolving business requirements.An extensible operator library is designed to support configurable settlement rules,and a suite of modular tools—including dataset generation,formula configuration,billing templates,and task scheduling—facilitates end-to-end automated settlement processing.A robust refund-clearing mechanism is further incorporated,utilizing sandbox execution,data-version snapshots,dynamic lineage tracing,and real-time changecapture technologies to enable rapid and accurate recalculations under dynamic policy and data revisions.Case studies based on real-world data from regional Chinese markets validate the effectiveness of the proposed approach,demonstrating marked improvements in computational efficiency,system robustness,and automation.Moreover,enhanced settlement accuracy and high temporal granularity improve price-signal fidelity,promote cost-reflective tariffs,and incentivize energy-efficient and demand-responsive behavior among market participants.The method not only supports equitable and transparent market operations but also provides a generalizable,scalable foundation for modern electricity settlement platforms in increasingly complex and dynamic market environments.展开更多
To gain an in-depth understanding of China’s urban labor market,the Institute of Population and Labor Economics at the Chinese Academy of Social Sciences(IPLE-CASS)conducted the fifth wave of the China Urban Labor Su...To gain an in-depth understanding of China’s urban labor market,the Institute of Population and Labor Economics at the Chinese Academy of Social Sciences(IPLE-CASS)conducted the fifth wave of the China Urban Labor Survey in 2023,which covers eight major representative cities.The survey collected 9,122 household questionnaires and 26,145 individual questionnaires from 381 neighborhood committees.Based on this data,the report systematically analyzes employment,wages,educational attainment,and social security among China’s urban workforce.Key findings include an inverted U-shaped age pattern of labor force participation,with a widening gender gap after childbearing age.Additionally,job search methods combine market-based channels with traditional social networks.Notably,the gender wage gap persists and widens over the life cycle,while employed women now have higher average years of schooling than men.Rural-to-urban migrants show higher labor force participation rates but remain disadvantaged in wages,education,and social security coverage.Thus,this survey provides a comprehensive picture of the structural characteristics and challenges of China’s urban labor market,providing a solid data foundation for academic research and public policy design.展开更多
After securing a market for their dried red chilli peppers in China,elated farmers in Uganda are expanding the spicy crop cultivation to thousands of acres.China’s increasing appetite for international cuisine and sp...After securing a market for their dried red chilli peppers in China,elated farmers in Uganda are expanding the spicy crop cultivation to thousands of acres.China’s increasing appetite for international cuisine and spices has created a most welcome demand for high-quality chillies.And given Uganda’s unique climate and soil conditions that allow for diverse chilli varieties,the East African country has a competitive edge.This has led to Uganda and China now having trade agreements in place,facilitating exports.展开更多
The construction of spot electricity markets plays a pivotal role in power system reforms,where market clearing systems profoundly influence market efficiency and security.Current clearing systems predominantly adopt ...The construction of spot electricity markets plays a pivotal role in power system reforms,where market clearing systems profoundly influence market efficiency and security.Current clearing systems predominantly adopt a single-system architecture,with research focusing primarily on accelerating solution algorithms through techniques such as high-efficiency parallel solvers and staggered decomposition of mixed-integer programming models.Notably absent are systematic studies evaluating the adaptability of primary-backup clearing systems incontingency scenarios—a critical gap given redundant systems’expanding applications in operational environments.This paper proposes a comprehensive evaluation framework for analyzing dual-system adaptability,demonstrated through an in-depth case study of the Inner Mongolia power market.First,we establish the innovative“Dual-Active Heterogeneous”architecture that enables independent parallelized operation and fault-isolated redundancy.Subsequently,key performance indices are quantitatively evaluated across four critical dimensions:unit commitment decisions,generator output constraints,transmission section congestion patterns,and clearing price formation mechanisms.An integrated fuzzy evaluation methodology incorporating grey relational analysis is employed for objective indicator weighting,enabling systematic quantification of system superiority under specific grid operating states.Empirical results based on actual operational data from 200 generation units demonstrate the framework’s efficacy in guiding optimal system selection,with particularly strong performance observed during peak load periods.The proposed approach shows high generalization potential for other regional markets employing redundant clearing mechanisms—particularly those with increasing renewable penetration and associated uncertainty.展开更多
For ordinary tourists, simpler entry and exit procedures and a broader range of duty-free goods in Hainan create a better travel and shopping experience.For China’s earnest endeavor to deepen reform and opening-up, i...For ordinary tourists, simpler entry and exit procedures and a broader range of duty-free goods in Hainan create a better travel and shopping experience.For China’s earnest endeavor to deepen reform and opening-up, implementation of the special customs operations policy in Hainan represents a significant step forward. For businesses in Malaysia and other ASEAN member states, especially export-oriented small and medium-sized enterprises (SMEs), Hainan serves as a“transit hub” for accessing the Chinese market and even other Asian markets.展开更多
Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Ins...Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Inspiration Island”and the“TopKlout Summit,”which showcased its technological breakthroughs and practical experience in the fields of intelligent content generation,cyber celebrity marketing,and cross-border digital marketing.展开更多
Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibilit...Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibility to substantial losses.In this study,we investigate the limitations of these strategies and propose a solution.Our literature review reveals that the volatile profits are due to statistical analyses that assume the persistence of past patterns,leading to unreliable results in out-of-sample scenarios when underlying mechanisms evolve.Statistical analysis,the predominant method in financial economics,often proves inadequate in explaining market fluctuations and predicting crashes.To overcome these limitations,a paradigm shift towards dynamic approaches is essential.Drawing inspiration from three groundbreaking economists,we introduce the extended Samuelson model(ESM),a dynamic model that connects price changes to market participant actions.This paradigm transition uncovers several significant findings.First,timely signals indicate momentum initiations,cessations,and reversals,validated using S&P 500 data from 1999 to 2023.Second,ESM predicts the 1987 Black Monday crash weeks in advance,offering a new perspective on its underlying cause.Third,we classify sequential stock price data into eight distinct market states,including their thresholds for transitions,laying the groundwork for market trend predictions and risk assessments.Fourth,the ESM is shown to be a compelling alternative to EMH,offering potent explanatory and predictive power based on a single,realistic assumption.Our findings suggest that ESM has the potential to provide policymakers with proactive tools,enabling financial institutions to enhance their risk assessment and management strategies.展开更多
With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains...With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains predominantly spot-based,facing challenges such as limited financial products,restricted market participants,immature carbon pricing mechanisms,and insufficient liquidity,which constrain its resource allocation and risk management functions.Based on the spirit of the“Opinions on Promoting Green Low-Carbon Transformation and Strengthening National Carbon Market Construction”issued by the General Office of the CPC Central Committee and the General Office of the State Council,this paper focuses on the challenges faced during the implementation of the dual control system for carbon emissions in the“Fifteenth Five-Year Plan”period,with emphasis on analyzing the development bottlenecks of the carbon market.It proposes accelerating the launch of carbon futures,carbon options and other derivatives,expanding the scope of financial institution participation,improving carbon market infrastructure,and establishing a cross-departmental coordinated policy framework.By drawing on international experience and combining domestic pilot practices,this aims to provide an operational and implementable pathway for the development of China’s carbon market,further enhancing the supporting role of the carbon market in green low-carbon transformation.展开更多
This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estim...This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estimating methods,including ordinary least squares(OLS)and Vasicek’s Bayesian shrinkage estimator,and assess their impact on portfolio variance reduction across cryptomarket indices.Our findings indicate that while standard OLS betas explain significantly less of the variation in future betas for cryptoassets compared to US stocks,slope winsorization and Bayesian shrinkage improve prediction accuracy.The results suggest that beta-hedged portfolios reduce variance for approximately 17%of the universe,with the Broad Digital Market Index demonstrating the best hedging efficiency.These findings underscore the significant challenges of developing effective hedging strategies in the cryptocurrency market,emphasizing the importance of idiosyncratic risk in crypto returns and the need for appropriate market index representation.展开更多
At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual op...At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual opportunities driven by both policy empowerment and market forces.Recently,the Ministry of Commerce,jointly with multiple departments,issued the"Notice on Carrying Out the'Eastern Silk,Western Consolidation'Work in the Cocoon and Silk Industry,"anchoring the core directions of"optimizing the industrial chain,strengthening innovation-driven development,and promoting coordinated development"to push the industry's gradient relocation to central and western regions.This profound adjustment in regional layout not only injects strong momentum into the cocoon and silk sector but also serves as a vivid practice of implementing"regional coordination and dual improvement of quality and efficiency"in the textile field.展开更多
The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market A...The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.展开更多
Against the backdrop of deepening globalization and digital integration,emerging international markets,characterized by large populations,rapidly growing educational demands,and progressively upgraded digital infrastr...Against the backdrop of deepening globalization and digital integration,emerging international markets,characterized by large populations,rapidly growing educational demands,and progressively upgraded digital infrastructure,have become pivotal hubs for educational technology(EdTech)enterprises to expand their global presence.However,the unique characteristics of these markets,including cultural diversity,divergent consumer behaviors,and uneven digital maturity,pose challenges to traditional digital marketing strategies.This results in EdTech products facing issues such as inefficient user acquisition,insufficient brand awareness,and suboptimal conversion rates.To address these challenges,this paper focuses on optimizing digital marketing strategies for EdTech product sales in emerging international markets.This paper focuses on the optimization of digital marketing strategies for Ed Tech product sales in emerging international markets.Through analyzing the pain points in the application of current strategies,this paper proposes a systematic optimization path from four dimensions:localized content construction,multi-channel coordination and integration,user life cycle operation,and data-driven decision making.展开更多
The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural produ...The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural products in China.In recent years,amid increasing uncertainty in global trade policy,MERCOSUR has accelerated the signing of free trade agreements with other countries and diversified its trading partners to reduce the risks posed by the international market.展开更多
The Great Wall Hero 2025 Global Marketing Campaign, themed "Beijing' s Invitation to the World," began at the Juyongguan Great Wall. Through policy announcements,experiences for international influencers...The Great Wall Hero 2025 Global Marketing Campaign, themed "Beijing' s Invitation to the World," began at the Juyongguan Great Wall. Through policy announcements,experiences for international influencers, the launch of winter-themed routes, and social media matrix dissemination, the event comprehensively showcased the enhanced convenience and cultural charm of Beijing' s inbound tourism. Beijing is opening its arms to the world, inviting global tourists to experience the modern rendezvous of this ancient capital with a millennium of history.展开更多
In the context of the continuous deepening of the“Double Reduction”policy and the growing demand for quality education,leveled mathematics readers,as an emerging form of publishing that integrates subject education ...In the context of the continuous deepening of the“Double Reduction”policy and the growing demand for quality education,leveled mathematics readers,as an emerging form of publishing that integrates subject education and reading experience,face challenges such as unclear leveling logic,insufficient functional support,and weak user engagement.This paper introduces the 4V marketing theory and constructs an analytical framework from four dimensions:differentiation,functionality,added value,and resonance.Two representative products,“Climbing Mathematics”and“Spark Mathematics,”are selected for a typical case comparison to identify their strengths and weaknesses in content design,service systems,and brand operation,and to extract transferable strategic elements.The study finds that the user-value-oriented strategy based on the 4V model can effectively address the core issues in the market promotion and user relationship building of leveled mathematics readers,providing practical paths and theoretical support for educational publishing institutions to achieve product innovation and brand upgrading in this niche field.展开更多
With the intensifying global climate crisis,carbon emissions trading has emerged as a crucial market-based instrument for emissions reduction,attracting significant attention from government agencies and academia worl...With the intensifying global climate crisis,carbon emissions trading has emerged as a crucial market-based instrument for emissions reduction,attracting significant attention from government agencies and academia worldwide.As of January 2024,28 carbon trading markets have been established globally,encompassing approximately 17%of global greenhouse gas emissions and serving approximately 1/3 of the global population.With various nations setting carbon neutrality targets and delineating carbon reduction pathways,the con-struction,operation,and regulatory frameworks of carbon markets are becoming increasingly refined and comprehensive.This study elucidates the importance and necessity of establishing carbon markets from the perspective of energy system transformation and sus-tainable economic development.Second,it provides a comparative analysis of the operational mechanisms,trading scales,and emission reduction outcomes of major carbon markets in the European Union,United States,and New Zealand,systematically summarizing their development processes and recent advancements.Finally,this study addresses issues and challenges in the construction of China’s carbon market.Drawing on the successful experiences of leading global carbon markets in institutional design and market operations,we pro-pose development strategies and recommendations for a carbon market with Chinese characteristics.These strategies are intended to align with international standards while meeting China’s national conditions,thereby contributing insights into the global carbon market trading system.展开更多
This study examines the impact of futures trading on market efficiency and price discovery in the U.S.real estate investment trusts(REITs)market.First,we present inconclusive evidence regarding efficiency improvement ...This study examines the impact of futures trading on market efficiency and price discovery in the U.S.real estate investment trusts(REITs)market.First,we present inconclusive evidence regarding efficiency improvement in the U.S.REIT spot market following the introduction of futures trading.To investigate the interplay between spot and futures markets,we analyze their respective roles in price discovery and find that,unlike in stock and bond markets,the spot market predominantly exhibits price leadership in the U.S.REITs market,despite the growing market size of futures.We find evidence that the limited role of futures in price discovery is associated with an increase in speculative demand,which outweighs hedging pressure.These findings suggest that policymakers should carefully monitor investor trading motives in the U.S.REITs market and consider revising market regulations to enhance liquidity,ensuring that increased liquidity does not primarily result from heightened speculative demand.展开更多
For thermal power enterprises,the traditional business model of scale expansion and a single product line restricts the development of electricity marketing.Therefore,to achieve the transformation and upgrading of the...For thermal power enterprises,the traditional business model of scale expansion and a single product line restricts the development of electricity marketing.Therefore,to achieve the transformation and upgrading of their electricity marketing,this study starts from the current situation of the electricity market and introduces in detail the market-oriented electricity marketing strategies of thermal power enterprises from four aspects:product strategy,price strategy,channel strategy,and promotion strategy.The analysis finds that a market-oriented electricity marketing strategy is not only an inevitable choice for thermal power enterprises to respond to current challenges but also an essential path for them to move toward high-quality development.Through continuous innovation and upgrading,thermal power enterprises will maintain a leading position in fierce market competition,achieve sustainable development,and make greater contributions to the prosperity and development of the energy industry.展开更多
With the rapid development of technology and fierce competition in the digital industry,integrated marketing plays a vital role in product promotion and sales.This article focuses on DJI OSMO Pocket 3,revealing the re...With the rapid development of technology and fierce competition in the digital industry,integrated marketing plays a vital role in product promotion and sales.This article focuses on DJI OSMO Pocket 3,revealing the reasons for its fiery“out of the circle”and the problems and challenges it faces by analyzing its marketing environment and marketing strategies,to provide useful references for DJI and similar brands to expand their brand awareness and enhance their market competitiveness in the future.展开更多
What is it like to open a bookstore in a busy food market?At first glance,the quiet world of a bookstore and the noisy market seem worlds apart,yet they are gradually blending together.During the recent summer holiday...What is it like to open a bookstore in a busy food market?At first glance,the quiet world of a bookstore and the noisy market seem worlds apart,yet they are gradually blending together.During the recent summer holiday,in the busy Shuangjingtou Market of Wenzhou,a new bookstore became an unexpected community center.展开更多
基金funded by the Science and Technology Project of State Grid Corporation of China(5108-202355437A-3-2-ZN).
文摘The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack a unified data structure,and depend heavily on manual intervention to process high-frequency and retroactive transactions.To address these limitations,a graph-based unified settlement framework is proposed to enhance automation,flexibility,and adaptability in electricity market settlements.A flexible attribute-graph model is employed to represent heterogeneousmulti-market data,enabling standardized integration,rapid querying,and seamless adaptation to evolving business requirements.An extensible operator library is designed to support configurable settlement rules,and a suite of modular tools—including dataset generation,formula configuration,billing templates,and task scheduling—facilitates end-to-end automated settlement processing.A robust refund-clearing mechanism is further incorporated,utilizing sandbox execution,data-version snapshots,dynamic lineage tracing,and real-time changecapture technologies to enable rapid and accurate recalculations under dynamic policy and data revisions.Case studies based on real-world data from regional Chinese markets validate the effectiveness of the proposed approach,demonstrating marked improvements in computational efficiency,system robustness,and automation.Moreover,enhanced settlement accuracy and high temporal granularity improve price-signal fidelity,promote cost-reflective tariffs,and incentivize energy-efficient and demand-responsive behavior among market participants.The method not only supports equitable and transparent market operations but also provides a generalizable,scalable foundation for modern electricity settlement platforms in increasingly complex and dynamic market environments.
基金supported by the Special Project of the National Natural Science Foundation of China(NSFC)“The Uniqueness of China’s Demographic Transition,Its Economic Impact,and Policy Implications”(Grant No.72141310)the Major Economic and Social Survey Project of the Chinese Academy of Social Sciences(CASS)“China Urban Labor Survey”(Grant No.GQDC2023022)the Comprehensive Grant of CASS Affiliated Institute Laboratories“Population Simulation and Employment Monitoring Laboratory”(Grant No.2024SYZH008).
文摘To gain an in-depth understanding of China’s urban labor market,the Institute of Population and Labor Economics at the Chinese Academy of Social Sciences(IPLE-CASS)conducted the fifth wave of the China Urban Labor Survey in 2023,which covers eight major representative cities.The survey collected 9,122 household questionnaires and 26,145 individual questionnaires from 381 neighborhood committees.Based on this data,the report systematically analyzes employment,wages,educational attainment,and social security among China’s urban workforce.Key findings include an inverted U-shaped age pattern of labor force participation,with a widening gender gap after childbearing age.Additionally,job search methods combine market-based channels with traditional social networks.Notably,the gender wage gap persists and widens over the life cycle,while employed women now have higher average years of schooling than men.Rural-to-urban migrants show higher labor force participation rates but remain disadvantaged in wages,education,and social security coverage.Thus,this survey provides a comprehensive picture of the structural characteristics and challenges of China’s urban labor market,providing a solid data foundation for academic research and public policy design.
文摘After securing a market for their dried red chilli peppers in China,elated farmers in Uganda are expanding the spicy crop cultivation to thousands of acres.China’s increasing appetite for international cuisine and spices has created a most welcome demand for high-quality chillies.And given Uganda’s unique climate and soil conditions that allow for diverse chilli varieties,the East African country has a competitive edge.This has led to Uganda and China now having trade agreements in place,facilitating exports.
基金supported by NARI Relays Electric Co.,Ltd.under the Project“Research on Evaluation of Clearing Results and Switching Criteria for Primary-Backup Systems in Electricity SpotMarkets”(Project No.CGSQ240800443).
文摘The construction of spot electricity markets plays a pivotal role in power system reforms,where market clearing systems profoundly influence market efficiency and security.Current clearing systems predominantly adopt a single-system architecture,with research focusing primarily on accelerating solution algorithms through techniques such as high-efficiency parallel solvers and staggered decomposition of mixed-integer programming models.Notably absent are systematic studies evaluating the adaptability of primary-backup clearing systems incontingency scenarios—a critical gap given redundant systems’expanding applications in operational environments.This paper proposes a comprehensive evaluation framework for analyzing dual-system adaptability,demonstrated through an in-depth case study of the Inner Mongolia power market.First,we establish the innovative“Dual-Active Heterogeneous”architecture that enables independent parallelized operation and fault-isolated redundancy.Subsequently,key performance indices are quantitatively evaluated across four critical dimensions:unit commitment decisions,generator output constraints,transmission section congestion patterns,and clearing price formation mechanisms.An integrated fuzzy evaluation methodology incorporating grey relational analysis is employed for objective indicator weighting,enabling systematic quantification of system superiority under specific grid operating states.Empirical results based on actual operational data from 200 generation units demonstrate the framework’s efficacy in guiding optimal system selection,with particularly strong performance observed during peak load periods.The proposed approach shows high generalization potential for other regional markets employing redundant clearing mechanisms—particularly those with increasing renewable penetration and associated uncertainty.
文摘For ordinary tourists, simpler entry and exit procedures and a broader range of duty-free goods in Hainan create a better travel and shopping experience.For China’s earnest endeavor to deepen reform and opening-up, implementation of the special customs operations policy in Hainan represents a significant step forward. For businesses in Malaysia and other ASEAN member states, especially export-oriented small and medium-sized enterprises (SMEs), Hainan serves as a“transit hub” for accessing the Chinese market and even other Asian markets.
文摘Inmyshow Digital Technology(Group)Company(IMS),a leading enterprise in the digital economy,debuted at the 22nd China-ASEAN Expo(CAEXPO)by presenting its innovative achievements such as the AIGC marketing platform“Inspiration Island”and the“TopKlout Summit,”which showcased its technological breakthroughs and practical experience in the fields of intelligent content generation,cyber celebrity marketing,and cross-border digital marketing.
文摘Although momentum strategies result in abnormal profitability,thereby challenging the efficient market hypothesis(EMH),concerns persist regarding their reliability due to their significant volatility and susceptibility to substantial losses.In this study,we investigate the limitations of these strategies and propose a solution.Our literature review reveals that the volatile profits are due to statistical analyses that assume the persistence of past patterns,leading to unreliable results in out-of-sample scenarios when underlying mechanisms evolve.Statistical analysis,the predominant method in financial economics,often proves inadequate in explaining market fluctuations and predicting crashes.To overcome these limitations,a paradigm shift towards dynamic approaches is essential.Drawing inspiration from three groundbreaking economists,we introduce the extended Samuelson model(ESM),a dynamic model that connects price changes to market participant actions.This paradigm transition uncovers several significant findings.First,timely signals indicate momentum initiations,cessations,and reversals,validated using S&P 500 data from 1999 to 2023.Second,ESM predicts the 1987 Black Monday crash weeks in advance,offering a new perspective on its underlying cause.Third,we classify sequential stock price data into eight distinct market states,including their thresholds for transitions,laying the groundwork for market trend predictions and risk assessments.Fourth,the ESM is shown to be a compelling alternative to EMH,offering potent explanatory and predictive power based on a single,realistic assumption.Our findings suggest that ESM has the potential to provide policymakers with proactive tools,enabling financial institutions to enhance their risk assessment and management strategies.
文摘With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains predominantly spot-based,facing challenges such as limited financial products,restricted market participants,immature carbon pricing mechanisms,and insufficient liquidity,which constrain its resource allocation and risk management functions.Based on the spirit of the“Opinions on Promoting Green Low-Carbon Transformation and Strengthening National Carbon Market Construction”issued by the General Office of the CPC Central Committee and the General Office of the State Council,this paper focuses on the challenges faced during the implementation of the dual control system for carbon emissions in the“Fifteenth Five-Year Plan”period,with emphasis on analyzing the development bottlenecks of the carbon market.It proposes accelerating the launch of carbon futures,carbon options and other derivatives,expanding the scope of financial institution participation,improving carbon market infrastructure,and establishing a cross-departmental coordinated policy framework.By drawing on international experience and combining domestic pilot practices,this aims to provide an operational and implementable pathway for the development of China’s carbon market,further enhancing the supporting role of the carbon market in green low-carbon transformation.
基金financial support from the Czech Science Foundation under the project`Deep dive into decentralized finance:Market microstructure,and behavioral and psychological patterns’[Grant No.23-06606S]supported by Charles University Research Centre program No.24/SSH/020+1 种基金the Cooperatio Program at Charles University,research area Economicsfinancial support from the Charles University Specific University Research scheme[Grant No.SVV 260843].
文摘This article analyzes the predictability of market betas concerning cryptocurrency assets and evaluates the efficiency of beta-hedged,market-neutral portfolios.We forecast 1-year-ahead market betas using various estimating methods,including ordinary least squares(OLS)and Vasicek’s Bayesian shrinkage estimator,and assess their impact on portfolio variance reduction across cryptomarket indices.Our findings indicate that while standard OLS betas explain significantly less of the variation in future betas for cryptoassets compared to US stocks,slope winsorization and Bayesian shrinkage improve prediction accuracy.The results suggest that beta-hedged portfolios reduce variance for approximately 17%of the universe,with the Broad Digital Market Index demonstrating the best hedging efficiency.These findings underscore the significant challenges of developing effective hedging strategies in the cryptocurrency market,emphasizing the importance of idiosyncratic risk in crypto returns and the need for appropriate market index representation.
文摘At a critical juncture for the textile industry's transition towards high quality,the cocoon and silk sector—carrying millennia of cultural heritage and harboring modern industrial potential—is embracing dual opportunities driven by both policy empowerment and market forces.Recently,the Ministry of Commerce,jointly with multiple departments,issued the"Notice on Carrying Out the'Eastern Silk,Western Consolidation'Work in the Cocoon and Silk Industry,"anchoring the core directions of"optimizing the industrial chain,strengthening innovation-driven development,and promoting coordinated development"to push the industry's gradient relocation to central and western regions.This profound adjustment in regional layout not only injects strong momentum into the cocoon and silk sector but also serves as a vivid practice of implementing"regional coordination and dual improvement of quality and efficiency"in the textile field.
文摘The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.
文摘Against the backdrop of deepening globalization and digital integration,emerging international markets,characterized by large populations,rapidly growing educational demands,and progressively upgraded digital infrastructure,have become pivotal hubs for educational technology(EdTech)enterprises to expand their global presence.However,the unique characteristics of these markets,including cultural diversity,divergent consumer behaviors,and uneven digital maturity,pose challenges to traditional digital marketing strategies.This results in EdTech products facing issues such as inefficient user acquisition,insufficient brand awareness,and suboptimal conversion rates.To address these challenges,this paper focuses on optimizing digital marketing strategies for EdTech product sales in emerging international markets.This paper focuses on the optimization of digital marketing strategies for Ed Tech product sales in emerging international markets.Through analyzing the pain points in the application of current strategies,this paper proposes a systematic optimization path from four dimensions:localized content construction,multi-channel coordination and integration,user life cycle operation,and data-driven decision making.
文摘The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural products in China.In recent years,amid increasing uncertainty in global trade policy,MERCOSUR has accelerated the signing of free trade agreements with other countries and diversified its trading partners to reduce the risks posed by the international market.
文摘The Great Wall Hero 2025 Global Marketing Campaign, themed "Beijing' s Invitation to the World," began at the Juyongguan Great Wall. Through policy announcements,experiences for international influencers, the launch of winter-themed routes, and social media matrix dissemination, the event comprehensively showcased the enhanced convenience and cultural charm of Beijing' s inbound tourism. Beijing is opening its arms to the world, inviting global tourists to experience the modern rendezvous of this ancient capital with a millennium of history.
文摘In the context of the continuous deepening of the“Double Reduction”policy and the growing demand for quality education,leveled mathematics readers,as an emerging form of publishing that integrates subject education and reading experience,face challenges such as unclear leveling logic,insufficient functional support,and weak user engagement.This paper introduces the 4V marketing theory and constructs an analytical framework from four dimensions:differentiation,functionality,added value,and resonance.Two representative products,“Climbing Mathematics”and“Spark Mathematics,”are selected for a typical case comparison to identify their strengths and weaknesses in content design,service systems,and brand operation,and to extract transferable strategic elements.The study finds that the user-value-oriented strategy based on the 4V model can effectively address the core issues in the market promotion and user relationship building of leveled mathematics readers,providing practical paths and theoretical support for educational publishing institutions to achieve product innovation and brand upgrading in this niche field.
基金support of the SGCC Science and Technology Project“Cost Analysis,Market Bidding Mechanism Research and Validation of New Power Sys-tem Transformation under a Diversified Value System”(1400-202357380A-2-3-XG)for this article.
文摘With the intensifying global climate crisis,carbon emissions trading has emerged as a crucial market-based instrument for emissions reduction,attracting significant attention from government agencies and academia worldwide.As of January 2024,28 carbon trading markets have been established globally,encompassing approximately 17%of global greenhouse gas emissions and serving approximately 1/3 of the global population.With various nations setting carbon neutrality targets and delineating carbon reduction pathways,the con-struction,operation,and regulatory frameworks of carbon markets are becoming increasingly refined and comprehensive.This study elucidates the importance and necessity of establishing carbon markets from the perspective of energy system transformation and sus-tainable economic development.Second,it provides a comparative analysis of the operational mechanisms,trading scales,and emission reduction outcomes of major carbon markets in the European Union,United States,and New Zealand,systematically summarizing their development processes and recent advancements.Finally,this study addresses issues and challenges in the construction of China’s carbon market.Drawing on the successful experiences of leading global carbon markets in institutional design and market operations,we pro-pose development strategies and recommendations for a carbon market with Chinese characteristics.These strategies are intended to align with international standards while meeting China’s national conditions,thereby contributing insights into the global carbon market trading system.
基金supported by the National Research Foundation of Korea funded by the Ministry of Science and ICT(2022R1A2C1004258:Kwangwon Ahn)the Sogang University Research Grant of 2023(No.202310016.01:Sungbin Sohn).
文摘This study examines the impact of futures trading on market efficiency and price discovery in the U.S.real estate investment trusts(REITs)market.First,we present inconclusive evidence regarding efficiency improvement in the U.S.REIT spot market following the introduction of futures trading.To investigate the interplay between spot and futures markets,we analyze their respective roles in price discovery and find that,unlike in stock and bond markets,the spot market predominantly exhibits price leadership in the U.S.REITs market,despite the growing market size of futures.We find evidence that the limited role of futures in price discovery is associated with an increase in speculative demand,which outweighs hedging pressure.These findings suggest that policymakers should carefully monitor investor trading motives in the U.S.REITs market and consider revising market regulations to enhance liquidity,ensuring that increased liquidity does not primarily result from heightened speculative demand.
文摘For thermal power enterprises,the traditional business model of scale expansion and a single product line restricts the development of electricity marketing.Therefore,to achieve the transformation and upgrading of their electricity marketing,this study starts from the current situation of the electricity market and introduces in detail the market-oriented electricity marketing strategies of thermal power enterprises from four aspects:product strategy,price strategy,channel strategy,and promotion strategy.The analysis finds that a market-oriented electricity marketing strategy is not only an inevitable choice for thermal power enterprises to respond to current challenges but also an essential path for them to move toward high-quality development.Through continuous innovation and upgrading,thermal power enterprises will maintain a leading position in fierce market competition,achieve sustainable development,and make greater contributions to the prosperity and development of the energy industry.
文摘With the rapid development of technology and fierce competition in the digital industry,integrated marketing plays a vital role in product promotion and sales.This article focuses on DJI OSMO Pocket 3,revealing the reasons for its fiery“out of the circle”and the problems and challenges it faces by analyzing its marketing environment and marketing strategies,to provide useful references for DJI and similar brands to expand their brand awareness and enhance their market competitiveness in the future.
文摘What is it like to open a bookstore in a busy food market?At first glance,the quiet world of a bookstore and the noisy market seem worlds apart,yet they are gradually blending together.During the recent summer holiday,in the busy Shuangjingtou Market of Wenzhou,a new bookstore became an unexpected community center.
