Marketing today is very different from what it used to be a few decades ago,mainly due to a rapidly changing world economy and the development of fast and virtually free knowledge distribution and exchange.Marketing f...Marketing today is very different from what it used to be a few decades ago,mainly due to a rapidly changing world economy and the development of fast and virtually free knowledge distribution and exchange.Marketing faces many new challenges in the 21st century but none for important than the surge of globalization and information technology,both which impact current businesses more than any other factors.These two challenges can make or break a business and it requires the implementation of brand new strategies to cope with the rapidly evolving global market we have today.展开更多
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
Two international conferences in November 2025 jointly outlined a profound transformation of climate governance.The Committee on Trade and Environment(CTE)of the World Trade Organization(WTO)held a conference in Genev...Two international conferences in November 2025 jointly outlined a profound transformation of climate governance.The Committee on Trade and Environment(CTE)of the World Trade Organization(WTO)held a conference in Geneva,Switzerland,on November 4,where the topic of cooperation on trade-related carbon standards aroused heated discussions.The Leaders'Summit of the 30th Conference of the Parties(COP)to the UN Framework Convention on Climate Change(UNFCCC)was held in Belém,Brazil,on November 7.At the meeting,the Open Coalition on Compliance Carbon Markets was officially launched with the initial membership of 11 economies including Brazil,China,and the EU.As the world's first transnational alliance on compliant carbon markets,the coalition aims to coordinate carbon pricing mechanisms,emission trading systems and related policies in various countries,and realize the interconnection of global compliance carbon market networks.展开更多
State Administration for Market Regulation and National Standardization Administration of China have approved the following 48 mandatory national standards.
State Administration for Market Regulation and National Standardization Administration of China have approved the following 34 mandatory national standards.
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
Students who target China's top universities for postgrad study are finding it harder to gain admission through the exam route,while others find that having higher qualifications is no longer the passport to a goo...Students who target China's top universities for postgrad study are finding it harder to gain admission through the exam route,while others find that having higher qualifications is no longer the passport to a good job it once was.展开更多
State Administration for Market Regulation and National Standardization Administration of China have approved the foreign language versions of the following 41 national standards in foreign language versions.
State Administration for Market Regulation and National Standardization Administration of China have approved the foreign language versions of the following 60 national standards in foreign language version.
The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for th...The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for the market service for green energy consumers.This study proposed a two-stage feature extraction approach for green energy consumers leveraging clustering and termfrequency-inverse document frequency(TF-IDF)algorithms within a knowledge graph framework to provide an information basis that supports the green development of the retail electricity market.First,the multi-source heterogeneous data of green energy consumers under an actual market environment is systematically introduced and the information is categorized into discrete,interval,and relational features.A clustering algorithm was employed to extract features of the trading behavior of green energy consumers in the first stage using the parameter data of green retail electricity contracts.Then,TF-IDF algorithm was applied in the second stage to extract features for green energy consumers in different clusters.Finally,the effectiveness of the proposed approach was validated based on the actual operational data in a southern province of China.It is shown that the most significant discrepancy between the retail trading behaviors of green energy consumers is the power share of green retail packages,whose averaged values are 25.64%,50%,39.66%,and 24.89%in four different clusters,respectively.Additionally,power supply bureaus and electricity retail companies affects the behavior of the green energy consumers most significantly.展开更多
As the power system transitions to a new green and low-carbon paradigm,the penetration of renewable energy in China’s power system is gradually increasing.However,the variability and uncertainty of renewable energy o...As the power system transitions to a new green and low-carbon paradigm,the penetration of renewable energy in China’s power system is gradually increasing.However,the variability and uncertainty of renewable energy output limit its profitability in the electricity market and hinder its market-based integration.This paper first constructs a wind-solar-thermalmulti-energy complementary system,analyzes its external game relationships,and develops a bi-level market optimization model.Then,it considers the contribution levels of internal participants to establish a comprehensive internal distribution evaluation index system.Finally,simulation studies using the IEEE 30-bus system demonstrate that the multi-energy complementary system stabilizes nodal outputs,enhances the profitability of market participants,and promotes the market-based integration of renewable energy.展开更多
At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since th...At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since the carbon market launched in 2021.The analysis suggests that the primary reason for the recent decline in carbon prices is the reversal of supply and demand dynamics in the carbon market,with increased quota supply amid a sluggish economy.It is expected that downward pressure on carbon prices will persist in the short term,but with more industries being included and continued policy optimization and improvement,a rise in China’s medium-to long-term carbon prices is highly probable.Recommendations for enterprises involved in carbon asset operations and management:first,refining carbon asset reserves and trading strategies;second,accelerating internal CCER project development;third,exploring carbon financial instrument applications;fourth,establishing and improving internal carbon pricing mechanisms;fifth,proactively planning for new industry inclusion.展开更多
The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespre...The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespread use of smart grid technologies and outlines the specific roles and obligations of different stakeholders,such as government entities,utility companies,technology suppliers,and consumers.Government activities and regulations are crucial in facilitating the implementation of smart grid technology by offering financial incentives,regulatory assistance,and strategic guidance.Utility firms have the responsibility of implementing and integrating smart grid infrastructure,with an emphasis on improving the dependability of the grid,minimizing losses in transmission and distribution,and integrating renewable energy sources.Technology companies offer the essential hardware and software solutions,which stimulate creativity and enhance efficiency.Consumers actively engage in the energy ecosystem by participating in demand response,implementing energy saving measures,and adopting distributed energy resources like solar panels and electric vehicles.This study examines the difficulties and possibilities in India’s smart grid industry,highlighting the importance of cooperation among stakeholders to build a strong,effective,and environmentally friendly energy future.展开更多
After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally alte...After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally altered how energy is consumed,traded,and utilized.This change signifies a crucial shift as the power system evolves from its traditional hierarchical organization to a more decentralized approach.At the heart of this transformation are innovative energy distribution models,like peer-to-peer(P2P)sharing,which enable communities to collaboratively manage their energy resources.The effectiveness of P2P sharing not only improves the economic prospects for prosumers,who generate and consume energy,but also enhances energy resilience and sustainability.This allows communities to better leverage local resources while fostering a sense of collective responsibility and collaboration in energy management.However,there is still no extensive implementation of such sharing models in today’s electricitymarkets.Research on distributed energy P2P trading is still in the exploratory stage,and it is particularly important to comprehensively understand and analyze the existing distributed energy P2P trading market.This paper contributes with an overview of the P2P markets that starts with the network framework,market structure,technical approach for trading mechanism,and blockchain technology,moving to the outlook in this field.展开更多
With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market...With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market,many foreign dairy companies are focusing on China."China is the best market to debut breakthrough products,"said Bruno Chevot,food and beverage multinational Danone China’s president for North Asia and Oceania.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
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
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
文摘Marketing today is very different from what it used to be a few decades ago,mainly due to a rapidly changing world economy and the development of fast and virtually free knowledge distribution and exchange.Marketing faces many new challenges in the 21st century but none for important than the surge of globalization and information technology,both which impact current businesses more than any other factors.These two challenges can make or break a business and it requires the implementation of brand new strategies to cope with the rapidly evolving global market we have today.
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.
文摘Two international conferences in November 2025 jointly outlined a profound transformation of climate governance.The Committee on Trade and Environment(CTE)of the World Trade Organization(WTO)held a conference in Geneva,Switzerland,on November 4,where the topic of cooperation on trade-related carbon standards aroused heated discussions.The Leaders'Summit of the 30th Conference of the Parties(COP)to the UN Framework Convention on Climate Change(UNFCCC)was held in Belém,Brazil,on November 7.At the meeting,the Open Coalition on Compliance Carbon Markets was officially launched with the initial membership of 11 economies including Brazil,China,and the EU.As the world's first transnational alliance on compliant carbon markets,the coalition aims to coordinate carbon pricing mechanisms,emission trading systems and related policies in various countries,and realize the interconnection of global compliance carbon market networks.
文摘State Administration for Market Regulation and National Standardization Administration of China have approved the following 48 mandatory national standards.
文摘State Administration for Market Regulation and National Standardization Administration of China have approved the following 34 mandatory national standards.
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Students who target China's top universities for postgrad study are finding it harder to gain admission through the exam route,while others find that having higher qualifications is no longer the passport to a good job it once was.
文摘State Administration for Market Regulation and National Standardization Administration of China have approved the foreign language versions of the following 41 national standards in foreign language versions.
文摘State Administration for Market Regulation and National Standardization Administration of China have approved the foreign language versions of the following 60 national standards in foreign language version.
基金support by the Science and Technology Project of Guangdong Power Exchange Center Co.,Ltd.(No.GDKJXM20222599)National Natural Science Foundation of China(No.52207104)Natural Science Foundation of Guangdong Province(No.2024A1515010426).
文摘The rapid development of electricity retail market has prompted an increasing number of electricity consumers to sign green electricity contracts with retail electricity companies,which poses greater challenges for the market service for green energy consumers.This study proposed a two-stage feature extraction approach for green energy consumers leveraging clustering and termfrequency-inverse document frequency(TF-IDF)algorithms within a knowledge graph framework to provide an information basis that supports the green development of the retail electricity market.First,the multi-source heterogeneous data of green energy consumers under an actual market environment is systematically introduced and the information is categorized into discrete,interval,and relational features.A clustering algorithm was employed to extract features of the trading behavior of green energy consumers in the first stage using the parameter data of green retail electricity contracts.Then,TF-IDF algorithm was applied in the second stage to extract features for green energy consumers in different clusters.Finally,the effectiveness of the proposed approach was validated based on the actual operational data in a southern province of China.It is shown that the most significant discrepancy between the retail trading behaviors of green energy consumers is the power share of green retail packages,whose averaged values are 25.64%,50%,39.66%,and 24.89%in four different clusters,respectively.Additionally,power supply bureaus and electricity retail companies affects the behavior of the green energy consumers most significantly.
基金funded by the National Key R&D Program of China,grant number 2019YFB1505400.
文摘As the power system transitions to a new green and low-carbon paradigm,the penetration of renewable energy in China’s power system is gradually increasing.However,the variability and uncertainty of renewable energy output limit its profitability in the electricity market and hinder its market-based integration.This paper first constructs a wind-solar-thermalmulti-energy complementary system,analyzes its external game relationships,and develops a bi-level market optimization model.Then,it considers the contribution levels of internal participants to establish a comprehensive internal distribution evaluation index system.Finally,simulation studies using the IEEE 30-bus system demonstrate that the multi-energy complementary system stabilizes nodal outputs,enhances the profitability of market participants,and promotes the market-based integration of renewable energy.
文摘At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since the carbon market launched in 2021.The analysis suggests that the primary reason for the recent decline in carbon prices is the reversal of supply and demand dynamics in the carbon market,with increased quota supply amid a sluggish economy.It is expected that downward pressure on carbon prices will persist in the short term,but with more industries being included and continued policy optimization and improvement,a rise in China’s medium-to long-term carbon prices is highly probable.Recommendations for enterprises involved in carbon asset operations and management:first,refining carbon asset reserves and trading strategies;second,accelerating internal CCER project development;third,exploring carbon financial instrument applications;fourth,establishing and improving internal carbon pricing mechanisms;fifth,proactively planning for new industry inclusion.
文摘The emergence of smart grids in India is propelled by an intricate interaction of market dynamics,regulatory structures,and stakeholder obligations.This study analyzes the primary factors that are driving the widespread use of smart grid technologies and outlines the specific roles and obligations of different stakeholders,such as government entities,utility companies,technology suppliers,and consumers.Government activities and regulations are crucial in facilitating the implementation of smart grid technology by offering financial incentives,regulatory assistance,and strategic guidance.Utility firms have the responsibility of implementing and integrating smart grid infrastructure,with an emphasis on improving the dependability of the grid,minimizing losses in transmission and distribution,and integrating renewable energy sources.Technology companies offer the essential hardware and software solutions,which stimulate creativity and enhance efficiency.Consumers actively engage in the energy ecosystem by participating in demand response,implementing energy saving measures,and adopting distributed energy resources like solar panels and electric vehicles.This study examines the difficulties and possibilities in India’s smart grid industry,highlighting the importance of cooperation among stakeholders to build a strong,effective,and environmentally friendly energy future.
基金funded by the National Natural Science Foundation of China(52167013)the Key Program of Natural Science Foundation of Gansu Province(24JRRA225)Natural Science Foundation of Gansu Province(23JRRA891).
文摘After a century of relative stability in the electricity sector,the widespread adoption of distributed energy resources,along with recent advancements in computing and communication technologies,has fundamentally altered how energy is consumed,traded,and utilized.This change signifies a crucial shift as the power system evolves from its traditional hierarchical organization to a more decentralized approach.At the heart of this transformation are innovative energy distribution models,like peer-to-peer(P2P)sharing,which enable communities to collaboratively manage their energy resources.The effectiveness of P2P sharing not only improves the economic prospects for prosumers,who generate and consume energy,but also enhances energy resilience and sustainability.This allows communities to better leverage local resources while fostering a sense of collective responsibility and collaboration in energy management.However,there is still no extensive implementation of such sharing models in today’s electricitymarkets.Research on distributed energy P2P trading is still in the exploratory stage,and it is particularly important to comprehensively understand and analyze the existing distributed energy P2P trading market.This paper contributes with an overview of the P2P markets that starts with the network framework,market structure,technical approach for trading mechanism,and blockchain technology,moving to the outlook in this field.
文摘With climate change becoming direr and the WTO losing its teeth at 30,experts renew call for green collaboration among the world’s three largest economies.AS competition intensifies in the global dairy product market,many foreign dairy companies are focusing on China."China is the best market to debut breakthrough products,"said Bruno Chevot,food and beverage multinational Danone China’s president for North Asia and Oceania.
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.
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.
