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In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

The same technology that makes a lightweight car a high performer also makes it efficient - how many cars have performance figures of 0 - 100 km/h in 4.77 secs but produce only 199 g/km CO2?

同样的技术，使轻型车高的表演也使得高效率的-有多少汽车在4.77秒的0表现数据- 100公里/小时但生产只有199克/公里二氧化碳？

Then this paper makes a deep analysis on the HWMP proposed in 802.11s, points out some defects in root selection and proactive tree generation and makes improvements as follows: it proposes a distributed root selection algorithm to improve the simple direct configuration of root in the draft; it also proposes a ETX-based proactive tree generation algorithm to improve the simple minimal spanning tree based on hop count in the draft.

接着本文选取802.11s草案中提出的HWMP协议进行了深入分析，指出了该协议在根节点选取算法和预先树生成算法中的不足，分别对其做出了改进：提出的分布式根节点选取算法对草案中简单的直接指定根节点做出了改进；提出的基于ETX路由权值的预先树生成算法对草案中简单的基于最小跳数的预先树生成算法做出了改进。

The second part makes comparison of the legislation in other countries and makes commentary about the discussion in the construction project payments right nature. At present, there are three kinds of views at home, namely lien is said, the legal hypothec is said, priority is said. I hold the third kind of view. The third part analyzes the issues of the clash of interests and proposes the solutions.

第三章，揭示出建设工程价款优先受偿权在实践中与有关民事权利冲突的情形，从比较法的角度，论证了建立建设工程价款优先受偿权的登记公示制度的必要性，并提出了在建立登记公示制度的基础上该权利与相关民事权利冲突的解决途径。

Some paper, the Pall Mall Gazette I think, describing the dress-rehearsal of one of my plays, spoke of you as following me about like my shadow: the memory of our friendship is the shadow that walks with me here: that seems never to leave me: that wakes me up at night to tell me the same story over and over till its wearisome iteration makes all sleep abandon me till dawn[34a]: at dawn it begins again: it follows me into the prison-yard and makes me talk to myself as I tramp round: each detail that accompanied each dreadful moment I am forced to recall: there is nothing that happened in those ill-starred years that I cannot recreate in that chamber of the brain which is set apart for grief or for despair: every strained note of your voice, every twitch and gesture of your nervous hands, every bitter word, every poisonous phrase[34b] comes back to me: I remember the street or river down which we passed, the wall or woodland that surrounded us, at what figure on the dial stood the hands of the clock, which way went the wings of the wind, the shape and colour of the moon.

有份报纸，我想是《泼尔穆尔报》吧，报道了我一出戏的彩排，说你像影子似的跟随着我：对你我友谊的回忆，就是在这里随我左右的影子，像是永不分离似的——深夜里唤我醒来，一遍又一遍地说着同一个故事，直磨得人睡意全无，醒到天明[34a]；天明时分又开始了，跟着我到牢房外的院子里，害得我一边步履沉重地走着一边喃喃自语——我被迫回想着每一个痛苦时刻的每一点细节，在那些个倒霉的年头里发生的事，没有哪一件我不能在那留给悲伤和绝望的脑室里再造重演：你每一点不自然的话音，每一个紧张兮兮的手势，每一句冷言恶语[34b]，都涌上了心头；我记着我们到过的街道和河流，四周的墙壁和树林，时钟的针正指着哪一点，风正吹向哪一面，月色月影又是什么模样。

According to the result, we find the raise of revenue makes the invested inputs increasing, the raise of cost makes the invested inputs decreasing, and the effect of market area to invested inputs is indeterminable unless additional condition is set.

本文研究发现，不管是公办民营或者是公办公营，收益增加将造成最适要素投入量上升；成本上升使得最适要素使用量减少；而除非给予适当的额外条件，否则市场范围对最适要素投入量的影响效果是不确定的。

Because such, between country and country, the commerce besides mutually beneficial mutual benefit double outside winning, more it is the trade that commutative makes Heng Heli profit, and the mankind's common ideal or the concept with free democracy are deck only, the closest example is the United States the aggression to Iraq, real purpose is to subdue indocile Sa to amount to Mu, the pattern that makes middle east condition hopes according to the United States realizes stability, in order to facilitate the United States obtains oil natural resources, was publicized to become Iraqi by propagandist machine of the United States however civilian free democracy and control are massive kill and wound sexual weapon, really desire why does together with blame suffer from without demit, tellurian old says what you are what are you.

正因为如此，国家与国家之间，除了互惠互利的商业双赢外，更多的是互相的制衡和利益的交换，而人类共同的理想或民主自由的理念只是装点，最近的例子就是美国对伊拉克的侵略，实际的目的是制服不听话的萨达姆，使中东局势按照美国希望的格局实现稳定，以便于美国获得石油资源，却被美国的宣传机器宣传成为了伊拉克人民的自由民主以及控制大规模杀伤性武器，真是欲加之罪何患无辞，地球上的老大说你是什么你就是什么。

On such day: there develops, occurs, exists or comes into force any event whereby in the reasonable opinion of the Underwriter, the success of the Open Offer or the business or financial condition and/or prospects of the group would, might be or is likely to be adversely affected or which makes it inadvisable or inexpedient to proceed with the Open Offer; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the undertakings or other obligations expressed to be assumed by or imposed on the Company under the underwriting agreement have not been complied with in any material respect; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the representations or warranties given by the Company under the underwriting agreement was untrue, incorrect, misleading or inaccurate in any material respect which adversely affect the success of the Open Offer; which in the reasonable opinion of the Underwriter: is or may or will be or is likely to be adverse to, or prejudicially affects, the business or financial or trading position or prospects of the group taken as a whole; or is or may or will be or is likely to adversely affect the success of the Open Offer and/or makes it impracticable, inexpedient or inadvisable for any part of the underwriting agreement and the Open Offer to be performed or implemented as envisaged; or make or will or is likely to make it impracticable, inexpedient or inadvisable to proceed with the Open Offer or the delivery of the convertible non-voting preference shares on the terms and in the manner contemplated by the Prospectus or the underwriting agreement.

Samson Paper Holdings Limited Provisional Allotment Account 倘于接纳可兑换无投票权优先股份及付款的截止时间后两个营业日下午六时正前任何时间出现下列事件，则公开发售包销商Quinselle Holdings Limited可于该日期下午六时正前任何时间向本公司发出书面通知以终止包销协议：因任何事件之出现、发生、存在或生效而令包销商合理认为将会、可能或极大机会对公开发售能否顺利进行或本集团之业务或财政状况及╱或前景构成不利影响，或致使进行公开发售实属不合理或不合宜；或包销商注意到或包销商有合理理由相信本公司并无于所有重大方面遵守根据包销协议列明须承担或获委予之任何承诺或其他责任；或包销商注意到或包销商有合理理由相信本公司根据包销协议作出之任何陈述或保证于任何重大方面属失实、错误、误导或不准确而对公开发售能否顺利进行造成不利影响；而包销商合理认为：经已或可能或将会或大有可能对本集团整体业务或财政或经营状况或前景造成不利影响或损害；或经已或可能或将会或大有可能对公开发售能否顺利进行构成不利影响及╱或使持续进行使包销协议的任何部份或公开发售的进行或落实为不实际、不合适或不合宜；或按发售章程或包销协议拟订之条款及方式持续进行公开发售或寄发可兑换无投票权优先股份导致、将为或大有可能为不实际、不合适或不合宜。

This makes each WhoaBall a random color, and makes WhoaBall take a parameter to set the initial horizontal velocity.

这样使得每个WhoaBall有随机的颜色，并且使WhoaBall有一个设置开始水平速度的参数。

Because stable contents design of courses is separated from variable instructional process design, it makes individual instruction realized easier. In order to improve the quality of instructional software and make the widely use of modem instructional theory, TMCS gives many supports for teaching models'construction. It ranges from interface design, basic instructional activities'construction, teaching model synthesizes, and instructional system programming automation. The TMCS makes the instructional theories interfuse with software development processes.

为了提高教学软件的教学效果，促进现代教学理论和教学模式的广泛使用，本文提出的教学模式构造体系MCS对教学模式提供了从界面设计、基本教学活动构造、教学模式合成、教学系统自动生成等多个层次计算机实现的支持，有效地促进了教学理论和软件设计过程的有机融合。

In the chapter 2, the theoretic knowledge about the photosensitive resin and the grinding tools was firstly introduced.

第二章阐述了光固化树脂结合剂磨具的相关理论研究。

Do not use the program's indenting or margin-setting features; these will be added during typesetting.

不要使用缩排，页面边缘设置之类的选项，偶看不大懂。