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Lord, the American Ambassador in China, to participate an exchange plan. In September 1987, Mr. Li went to America again for his master degree. In June 1989, Mr. Li attained his master degree on International Finance from Brandes University. As an analysis of Acadian Investment Management Company, Mr. Li started his investment management practice in 1990. In March 1991, Mr. Li was employed by the famous Wall Street Investment Bank and the Brother Braun Corporation as senior analysis in investment strategy department, analyzing and researching investment strategy. In September 1995, Mr. Li was appointed by the Oppenheimer Funds and responsible for the global stock investment.

1986年6月，李山泉受美国驻中国大使洛德邀请，参加美国汉弗莱交流计划。1987年9月，他重返美攻读学位。1989年6月，获布兰德斯大学国际金融硕士学位。1990年作为为Acadian投资管理公司的分析师开始投资管理的实践。1991年3月到纽约华尔街，被著名的老牌华尔街投资银行、布朗兄弟公司聘任，在投资战略部任高级分析师，从事投资战略的分析研究。1995年11月应聘到奥本海默基金公司，负责该公司环球股票投资的管理工作。

Article 2 The term "custody of an insurance company's stock assets" means an insurance company's activities of signing a custody agreement with a commercial bank or other specialized financial institution in accordance with relevant provisions of the CIRC and entrust it to keep custody of the stocks and funds for stock investment and to be responsible for clearing, settlement, assets evaluation, investment supervision, etc.

第二条 保险公司股票资产托管是指保险公司根据中国保险监督管理委员会的有关规定，与商业银行或者其他专业金融机构签订托管协议，委托其保管股票资产、负责清算交割、资产估值、投资监督等事务的行为。

In a major construction project: 20 million yuan investment in dairy production and snow Dayton Naiyuan base construction, investment 19.8 million yuan Yan Jia Ping bases for dairy cattle, 52.5 million yuan investment in Lanzhou Electric Corporation of digital efficient energy-saving electrical production lines, invest 31 million yuan Vacuum Equipment Corporation Technology Center and expansion of computer application software development projects, investment 53.38 million yuan Lanzhou Waitley welding consumables company Loi-of-hardface alloy to strengthen iron-based product line, invest 65.51 million yuan Co.

在建项目主要有：投资2000万元雪顿乳业生产及奶源基地建设、投资1980万元晏家坪奶牛基地建设、投资5250万元兰州电机集团公司数字化高效节能电机生产线、投资3100万元真空设备公司技术中心扩建及计算机应用软件开发项目、投资5338万元兰州威特利焊材公司莱武式相强化铁基硬面合金生产线、投资6551万元百合实业公司百合口服液生产线、投资9亿元年产50万箱卷烟兰州卷烟厂移址改造建设、投资3.8亿元兰州荣茂公司西北民贸大厦建设、投资4亿元兰州理工大学西校区建设、投资11.3亿元西津广场及旧房改造建设、投资2亿元上西园小区建没项目。

Disclosed today, the company on November 3 Shenzhen securities trading system after closing Shenzhen received Mao Building Industry Co., Ltd. fax letter, Mao Building industry since last month the company began to buy the company A shares, the transaction price of District 324 yuan/share -3.97 yuan/share, as of November 3 closing, Mao Building Industry Total 8,191,418 shares held by company A shares; Mao Building industry investment concerted action the National People's Congress Co., Ltd. since Last month, the company began to buy B shares, the transaction price of 1.69 Hong Kong dollar area/-2.17 HK shares/shares, as of November 3 to close, large investment in China a total of 3,051,800 shares held by company B shares.

深国商今天透露，该公司于11月结束后深圳3深圳证券交易系统收到的金茂大厦实业有限公司传真信件，金茂大厦自上月该公司开始收购该公司业股，交易价格区三二四元/股-3.97元/股，截至11月3日闭幕，毛泽东建筑行业共8191418由公司A股股票；金茂大厦产业投资协同行动的全国人大有限公司持有的股份自上个月有限公司，该公司开始购买B股，在一点六九港元area/-2.17香港股票/股，交易价格为11月3日结束，在中国大的投资，持有股份的305.180万公司B股。

Shang Jin of kylin game CEO expresses, capital of limited company of group of Shenzhen innovation investment, north collected a company and small elephant investment to participate in the epicycle financing of kylin game.

麒麟游戏CEO尚进表示，深圳创新投资集团有限公司、北京华汇通公司以及小象投资参与了麒麟游戏的本轮融资。

With the market scale enlarging, innovation deepening, market practice standardization and investors' structure improving, value investment has gradually become the main investment concept in the market, furthermore, a company's fundamental has become the key determinant in share pricing, and various pricing models on company's intrinsic value have gradually being used in company's initial public offering. Efficient Market Theory is one of the basic principles in modern finance theory, therefore the judgment on the market efficiency greatly affects the choosing and applying of valuation models.

随着证券市场规模的壮大、市场运行的规范、市场创新的深化、投资者队伍结构的改善以及国际化进程的加快，价值投资逐渐成为市场的主导投资理念，公司基本面开始成为股票估值的重要因素，在公司股票首次公开发行（initial public offering， IPO）中，基于公司内在价值评估的各种估值模型则在实践中逐步得到应用。

Agent professional staff, familiar with the government investment policies and regulations, the company application procedures and documents ready to provide investors with a wide range of investment consulting, investment programs and company registration agent and tax¨, tax service.

公司专业代理人员，熟悉政府投资政策及法规，公司申请的程序及文件的准备，可为投资者提供范围广泛的投资咨询、投资方案及公司注册登记代理及税务建帐、报税一条龙服务。

Tianhui Investment Advisory Co., Ltd. is a customer to provide professional investment management, financial advisory services to introduce the company, has a rich investment advisory and asset management experience in high-quality staff to an independent professional investment advisors and financial institutions and large-scale agent the financial investment products, and providing Hunan regional capital market investment and asset allocation research and consultancy services.

天惠投资咨询有限公司是一家为客户提供专业投资、理财服务的咨询引介公司，拥有一支具有丰富投资咨询和资产管理经验的高素质员工队伍，以独立专业投资顾问与大型金融机构合作并代理各项金融投资商品，提供湖南地区资本市场及资产分布等投资研究与顾问咨询服务。

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

The fore bay of Heihe Longhui Hydropower Station designed by the company, is the existing biggest tunnel fore bay in China, which is height of 21m, width of 16m; for the large-span dome of surge tank of Baishuijiang Shiji Hydropower Station, which is the first project equipped with rapid-drop gate in surge tank in Gansu Province, the company adopted pre-stressed anchor cable to complete the dome's excavation and supporting at the same time, thus reduced the completion period and investment; for the diversion tunnel of Fuchuan Hydropower Station, which is the biggest non-pressure diversion tunnel in Gansu Province, with span of 9m, height of 11m, the company adopted half-tunnel supporting structure, thus reduced the project investment.

黑河龙汇水电站前池是目前国内最大的洞内式前池，跨度16m、高度21m；白水江石鸡水电站调压井大跨度穹顶采用预应力锚索技术，分瓣开挖一次支护完成，节省了工期和造价，同时是省内第一座在调压井内设置快速闸门的工程；福川水电站引水隧洞是甘肃省内最大的无压引水隧洞，跨度9.0m，高度11m，采用半洞支护结构，在满足安全的前提下节省了工程投资。

Since historical times,England ,where the early inhabitants were Celts, has been conquered three times .

从有历史以来，英国，在此地早期居住的是凯尔特人，已经被征服了三次。

Bluetooth OBEX File Transfer Enables the sending and receiving of files on your phone via Bluetooth.

蓝牙OBEX文件移动允许经过蓝牙传送和接受文件。。。。