Pension investment in China

Abstract PURPOSE OF THIS STUDY Basic pension fund in China began investing in the capital market recently. This master's thesis describes pension investments' impact on the development of China's capital market. Based on existing literature, it is shown that if the pension investment has a positive effect on the capital market, capital market development will enhance overall economic development, and it can in turn increase pension output. This phenomenon can be used as evidence to support pension investment in China. Besides, I also explore the optimal asset allocation and make risk assessment of pension investment in China. DATA AND METHODOLOGY Data consists of international and domestic historical data. It is extracted from International Financial Statistics, Knoema Data Statistic website, etc. International data in this thesis includes GDP, Market capitalization, Stock value traded, Inflation, Real rate of return for pension investment and Pension investment scope in 20 sample countries from 2005-2014. China's own historical data includes National Society Fund's investment scope, Market capitalization, GDP, Stock value traded and ROI on treasury bond, bank deposits, stock and enterprise bond from 2001-2014. I use two methods to explore the relationship between pension funds and China's capital market. Main variables used for matching include PINVEST (pension assets under management/GDP), MCG (Total market capitalization/GDP), STG (Total stock value traded/GDP), Dummy variable, Inflation, Variation and ROI. I established a static OLS regression between PINVEST and MCG, PINVEST and STG in sample countries. And I use Granger Causality test to study pension investment impact on capital market in China. Besides, I apply portfolio theory to find optimal asset allocation and use Value at Risk method to make risk assessment. FINDINGS OF THIS STUDY Pension funds impact on capital market development differs according to level of financial development. In those "high" financial development countries, pension funds' positive impacts are stronger. As China possesses "high" financial development, pension assets will contribute to capital market development. Meanwhile, I find out that pension investment in China Granger cause the development of capital market, this result provides further evidence to support basic pension fund investment. In addition, refer to risk tolerance of pension fund in America, it is optimal to limit the investment proportion of stock under 20%, invest the majority into enterprise bond and the rest into bank deposits at present in China. Under such asset allocation, there is 5% probability that loss will exceed 12.4% of total amount

Strong Electronic Interaction of Amorphous Fe2O3 Nanosheets with Single‐Atom Pt toward Enhanced Carbon Monoxide Oxidation

Platinum‐based catalysts are critical to several chemical processes, but their efficiency is not satisfying enough in some cases, because only the surface active‐site atoms participate in the reaction. Henceforth, catalysts with single‐atom dispersions are highly desirable to maximize their mass efficiency, but fabricating these structures using a controllable method is still challenging. Most previous studies have focused on crystalline materials. However, amorphous materials may have enhanced performance due to their distorted and isotropic nature with numerous defects. Here reported is the facile synthesis of an atomically dispersed catalyst that consists of single Pt atoms and amorphous Fe2O3 nanosheets. Rational control can regulate the morphology from single atom clusters to sub‐nanoparticles. Density functional theory calculations show the synergistic effect resulted from the strong binding and stabilization of single Pt atoms with the strong metal‐support interaction between the in situ locally anchored Pt atoms and Fe2O3 lead to a weak CO adsorption. Moreover, the distorted amorphous Fe2O3 with O vacancies is beneficial for the activation of O2, which further facilitates CO oxidation on nearby Pt sites or interface sites between Pt and Fe2O3, resulting in the extremely high performance for CO oxidation of the atomic catalyst.An atomically Pt dispersed catalyst on amorphous Fe2O3 nanosheets is developed. The size effect of Pt and phase effect of support are explored. The synergistic effect results from the strong metal‐support interactions between the single Pt atoms and the amorphous Fe2O3 structure supports lead to an enhanced CO oxidation performance.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/151833/1/adfm201904278-sup-0001-S1.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/151833/2/adfm201904278.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/151833/3/adfm201904278_am.pd

Intrinsic Electronic Structure and Nodeless Superconducting Gap of YBa2Cu3O7−δ\mathrm{YBa_{2} Cu_{3} O_{7-\delta} } Observed by Spatially-Resolved Laser-Based Angle Resolved Photoemission Spectroscopy

The spatially-resolved laser-based high resolution ARPES measurements have been performed on the optimally-doped $\mathrm{YBa_{2} Cu_{3} O_{7-\delta} }$ (Y123) superconductor. For the first time, we found the region from the cleaved surface that reveals clear bulk electronic properties. The intrinsic Fermi surface and band structures of Y123 are observed. The Fermi surface-dependent and momentum-dependent superconducting gap is determined which is nodeless and consistent with the d+is gap form

Orbital-Dependent Electron Correlation in Double-Layer Nickelate La3Ni2O7

The latest discovery of high temperature superconductivity near 80K in La3Ni2O7 under high pressure has attracted much attention. Many proposals are put forth to understand the origin of superconductivity. The determination of electronic structures is a prerequisite to establish theories to understand superconductivity in nickelates but is still lacking. Here we report our direct measurement of the electronic structures of La3Ni2O7 by high-resolution angle-resolved photoemmission spectroscopy. The Fermi surface and band structures of La3Ni2O7 are observed and compared with the band structure calculations. A flat band is formed from the Ni-3dz2 orbitals around the zone corner which is 50meV below the Fermi level. Strong electron correlations are revealed which are orbital- and momentum-dependent. Our observations will provide key information to understand the origin of high temperature superconductivity in La3Ni2O7.Comment: 18 pages, 4 figure

Numerical Runout Modeling Analysis of the Loess Landslide at Yining, Xinjiang, China

The Panjinbulake loess landslide is located in the western part of the Loess Plateau, in Yining County, Xinjiang, China. It is characterized by its long runout and rapid speed. Based on a field geological survey and laboratory test data, we used the DAN-W dynamic numerical simulation software (Dynamic Analysis Of Landslides, Release 10, O. Hungr Geotechnical Research Inc., West Vancouver, BC, Canada) and multiple sets of rheological models to simulate the whole process of landslide movement. The best rheological groups of the features of the loess landslide process were obtained by applying the Voellmy rheological model in the debris flow area and applying the Frictional rheological model in the sliding source area and accumulation area. We calculated motion features indicating that the landslide movement duration was 22 s, the maximum movement speed was 20.5 m/s, and the average thickness of the accumulation body reached 5.5 m. The total accumulation volume, the initial slide volume and the long runout distance were consistent with the actual situation. In addition, the potential secondary disaster was evaluated. The results show that the DAN-W software and related model parameters can accurately simulate and predict the dynamic hazardous effects of high-speed and long runout landslides. Together, these predictions could help local authorities make the best hazard reduction measures and to promote local development

Demonstration Research on System Dynamics of Energy Conservation Based on Zhejiang Province

AbstractZhejiang is a major province of energy consumption, but poor in energy resources. The inherent and complete dependence on importing energy makes energy security extremely difficult, which draws more attention to the energy conservation in Zhejiang. A great many factors of which the relations are complex affect the energy conservation. By introducing System Dynamics analysis, which has a unique advantage of analyzing the multiple and complex feedback system, this paper aims to analyze energy conservation in Zhejiang, and finally comes to some conclusions of values towards governments’ policies

Effects of remifemin treatment on bone integrity and remodeling in rats with ovariectomy-induced osteoporosis.

This study aims to evaluate the effects of Remifemin (isopropanolic extract of Cimicifuga Racemosa) on postmenopausal osteoporosis. 120 female Sprague-Dawley rats were randomly assigned to four groups: sham surgery with vehicle, ovariectomy with vehicle, ovariectomy with estradiol valerate, or ovariectomy with Remifemin. Daily oral administrations of the vehicle, estradiol valerate, or Remifemin began 2 weeks after surgery and lasted to 4, 8, or 12 weeks. Ten rats in each group were sacrificed at each timestep with assessment of bone mineral density, trabecular bone structure, and biomechanical parameters of the femur and lumbar vertebra. Bone turnover markers were evaluated 12 weeks after surgery. Both drugs prevented bone density loss in the distal end of the femur and preserved the trabecular bone structure in both the lumbar vertebra and distal end of the femur following ovariectomy. Both drugs protected bone stiffness at the tested regions and reduced bone reabsorption in ovariectomized rats. The preventive effects of Remifemin against bone-loss can rival those of estradiol valerate if treatment duration is adequately extended. In conclusion, Remifemin may demonstrate equivalent effects to estradiol valerate in terms of preventing postmenopausal osteoporosis

A paclitaxel prodrug with bifunctional folate and albumin binding moieties for both passive and active targeted cancer therapy

Folate receptor (FR) has proven to be a valuable target for chemotherapy using folic acid (FA) conjugates. However, FA-conjugated chemotherapeutics still have low therapeutic efficacy accompanied with side effects, resulting from complications such as short circulation half-life, limited tumor delivery, as well as high kidney accumulation. Herein, we present a novel FA-conjugated paclitaxel (PTX) prodrug which was additionally conjugated with an Evans blue (EB) derivative for albumin binding. The resulting bifunctional prodrug prolonged blood circulation, enhanced tumor accumulation, and consequently improved tumor therapeutic efficacy. Methods: Fmoc-Cys(Trt)-OH was coupled onto PTX at the 7'-OH position for further synthesis of ester prodrug FA-PTX-EB. The targeting ability was investigated using confocal microscopy and flow cytometry. The pharmacokinetics of this bifunctional compound was also studied. Meanwhile, cell viability was evaluated in normal cells and three cancer cell lines by MTT assay. In vivo therapeutic effect was tested on FR-α overexpressing MDA-MB-231 tumor model. Results: Compared with free PTX, the FA-PTX, PTX-EB and FA-PTX-EB prodrugs increased circulation half-life in mice from 2.19 to 3.82, 4.41, and 7.51 h, respectively. Pharmacokinetics studies showed that the FA-PTX-EB delivered more PTX to tumors than FA-PTX and free PTX. In vitro and in vivo studies demonstrated that FA-EB-conjugated PTX induced potent antitumor activity. Conclusion: FA-PTX-EB showed prolonged blood circulation, enhanced drug accumulation in tumors, higher therapeutic index, and lower side effects than either free PTX or monofunctional FA-PTX and EB-PTX. The results support the potential of using EB for the development of long-acting therapeutics

DLRAPom: a hybrid pipeline of Optimized XGBoost-guided integrative multiomics analysis for identifying targetable disease-related lncRNA-miRNA-mRNA regulatory axes

The lack of a reliable and easy-to-operate screening pipeline for disease-related noncoding RNA regulatory axis is a problem that needs to be solved urgently. To address this, we designed a hybrid pipeline, disease-related lncRNA-miRNA-mRNA regulatory axis prediction from multiomics (DLRAPom), to identify risk biomarkers and disease-related lncRNA-miRNA-mRNA regulatory axes by adding a novel machine learning model on the basis of conventional analysis and combining experimental validation. The pipeline consists of four parts, including selecting hub biomarkers by conventional bioinformatics analysis, discovering the most essential protein-coding biomarkers by a novel machine learning model, extracting the key lncRNA-miRNA-mRNA axis and validating experimentally. Our study is the first one to propose a new pipeline predicting the interactions between lncRNA and miRNA and mRNA by combining WGCNA and XGBoost. Compared with the methods reported previously, we developed an Optimized XGBoost model to reduce the degree of overfitting in multiomics data, thereby improving the generalization ability of the overall model for the integrated analysis of multiomics data. With applications to gestational diabetes mellitus (GDM), we predicted nine risk protein-coding biomarkers and some potential lncRNA-miRNA-mRNA regulatory axes, which all correlated with GDM. In those regulatory axes, the MALAT1/hsa-miR-144-3p/IRS1 axis was predicted to be the key axis and was identified as being associated with GDM for the first time. In short, as a flexible pipeline, DLRAPom can contribute to molecular pathogenesis research of diseases, effectively predicting potential disease-related noncoding RNA regulatory networks and providing promising candidates for functional research on disease pathogenesis