Because of the contradiction between the scale of new energy installations and the continuous load growth in the central and eastern regions of China,the balance problems of the electricity market are becoming increas...Because of the contradiction between the scale of new energy installations and the continuous load growth in the central and eastern regions of China,the balance problems of the electricity market are becoming increasingly prominent,and it is urgent to solve such problems through inter-provincial electricity spot markets.First,the development history and construction status of the inter-provincial electricity spot market are summarized;second,the mechanism design of the inter-provincial electricity spot market is sorted out in terms of the market operation framework,transaction declaration,and clearing methods;subsequently,the evaluation index system of the inter-provincial electricity spot market is constructed,including four themes of electricity mutual aid and support,new energy consumption,economic benefits of market-based allocation,and social benefits of market-based allocation;finally,the operation of the inter-provincial electricity spot market is comprehensively analyzed by the algorithm based on the market operation data of 2022,which proves the feasibility and practicality of the proposed index system.展开更多
The evaluation of the electricity market is crucial for fostering market construction and development.An accurate assessment of the electricity market reveals developmental trends,identifies operational issues,and con...The evaluation of the electricity market is crucial for fostering market construction and development.An accurate assessment of the electricity market reveals developmental trends,identifies operational issues,and contributes to stable and healthy market growth.This study investigated the characteristics of electricity markets in different provinces and synthesized a comprehensive set of evaluation indicators to assess market effectiveness.The evaluation framework,comprising nine indicators organized into two tiers,was constructed based on three aspects:market design,market efficiency,and developmental coordination.Furthermore,a novel fuzzy multi-criteria decision-making evaluation model for electricity market performance was developed based on the Fuzzy-BWM and fuzzy COPRAS methodologies.This model aimed to ensure both accuracy and comprehensiveness in market operation assessment.Subsequently,empirical analyses were conducted on four typical provincial-level electricity markets in China.The results indicate that Guangdong’s electricity market performed best because of its effective balance of stakeholder interests and adherence to contractual integrity principles.Zhejiang and Shandong ranked second and third,respectively,whereas Sichuan exhibited the poorest market performance.Sichuan’s electricity market must be improved in terms of market design,such that market players can obtain a fairly competitive environment.The sensitivity analysis of the constructed indicators verified the effectiveness of the evaluation model proposed in this study.Finally,policy recommendations were proposed to facilitate the sustainable development of China’s electricity markets with the objective of transforming them into efficient and secure markets adaptable to the evolution of novel power systems.展开更多
Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open in...Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open interest, another candidate in the margin rule, is also included in our model to investigate its necessity as one of the factors of the rise of margin rates. With the popular copper contract in Shanghai Futures Exchange （ SHFE）, our test results suggest that margin levels have a significant positive effect on volatility, yet open interest has little to do with volatility. The implication is that the rise of margin rate approaching maturity virtually deteriorates the degree of market risks, and open interest is not a necessary factor for the margin rule. It indicates that the policy tool, represented by margin rates, has significantly greater influence on volatility than the market element, represented by open interest.展开更多
We present a multifractal detrended fluctuation analysis （MFDFA） of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the M...We present a multifractal detrended fluctuation analysis （MFDFA） of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the MFDFA shows that there exists obvious multifractal scaling behavior in produced time series. We compare the MFDFA results for original time series with those for shuffled series, and find that its multifractal nature is due to two factors： broadness of probability density function of the series and different correlations in small- and large-scale fluctuations. This may provide new insight to the problem of the origin of multifractality in financial time series.展开更多
Stock markets in the world are linked by complicated and dynamical relationships into a temporal network.Extensive works have provided us with rich findings from the topological properties and their evolutionary traje...Stock markets in the world are linked by complicated and dynamical relationships into a temporal network.Extensive works have provided us with rich findings from the topological properties and their evolutionary trajectories,but the underlying dynamical mechanism is still not in order.In the present work,we proposed a technical scheme to reveal the dynamical law from the temporal network.The index records for the global stock markets form a multivariate time series.One separates the series into segments and calculates the information flows between the markets,resulting in a temporal market network representing the state and its evolution.Then the technique of the Koopman decomposition operator is adopted to find the law stored in the information flows.The results show that the stock market system has a high flexibility,i.e.,it jumps easily between different states.The information flows mainly from high to low volatility stock markets.And the dynamical process of information flow is composed of many dynamic modes distribute homogenously in a wide range of periods from one month to several ten years,but there exist only nine modes dominating the macroscopic patterns.展开更多
The accuracy and time scale invariance of value-at-risk （VaR） measurement methods for different stock indices and at different confidence levels are tested. Extreme value theory （EVT） is applied to model the extre...The accuracy and time scale invariance of value-at-risk （VaR） measurement methods for different stock indices and at different confidence levels are tested. Extreme value theory （EVT） is applied to model the extreme tail of standardized residual series of daily/weekly indices losses, and parametric and nonparametric methods are used to estimate parameters of the general Pareto distribution （GPD）, and dynamic VaR for indices of three stock markets in China. The accuracy and time scale invariance of risk measurement methods through back-testing approach are also examined. Results show that not all the indices accept time scale invariance; there are some differences in accuracy between different indices at various confidence levels. The most powerful dynamic VaR estimation methods are EVT-GJR-Hill at 97.5% level for weekly loss to Shanghai stock market, and EVT-GARCH-MLE （Hill） at 99.0% level for weekly loss to Taiwan and Hong Kong stock markets, respectively.展开更多
ZTE Corporation continues to garner significant recognition from international and independent research firms.Frost&Sullivan,in its Global GSM Market Analysis report,predicts that ZTE will be one of the top three ...ZTE Corporation continues to garner significant recognition from international and independent research firms.Frost&Sullivan,in its Global GSM Market Analysis report,predicts that ZTE will be one of the top three global GSM展开更多
From January to December 2018, the total turnover of 45 professional markets surveyed by CATA (China Commercial Circulation Association of Textile and Apparel), CNTAC, was 1,209.334 billion yuan, a year-onyear increas...From January to December 2018, the total turnover of 45 professional markets surveyed by CATA (China Commercial Circulation Association of Textile and Apparel), CNTAC, was 1,209.334 billion yuan, a year-onyear increase of 6.55%.展开更多
It’s hard to forecast the economy14 months out-never mind 14 years-but the current trends are clear:By2030,the United States will be supplanted as the world’s biggest market for apparel by China.And India will not b...It’s hard to forecast the economy14 months out-never mind 14 years-but the current trends are clear:By2030,the United States will be supplanted as the world’s biggest market for apparel by China.And India will not be far behind.Although China’s economy has slowed in recent years,a report from Fung Global Retail&Technology展开更多
In the first half of 2019,China's textile and apparel specialized markets overcame many problems,such as the increase of abnormal weather affecting market operation,the reduction of consumption confidence due to S...In the first half of 2019,China's textile and apparel specialized markets overcame many problems,such as the increase of abnormal weather affecting market operation,the reduction of consumption confidence due to Sino-US trade friction,and the urgency of market transformation in urban restructuring.Through active innovation,it promotes the deep integration of online and offline markets,and meets needs of the new consumption classification,and realizes the innovation and upgrading of its own functional positioning.展开更多
It is the winter at this moment; cold and mist are the two themes of this season. The earth is still frozen in spite of a little warm from the winter sunshine. In the past 2009, China’s textile and apparel industry e...It is the winter at this moment; cold and mist are the two themes of this season. The earth is still frozen in spite of a little warm from the winter sunshine. In the past 2009, China’s textile and apparel industry experienced that winter with freezing cold. In the first half of 2009, China’s展开更多
The discussion about smart grid （SG） implementation is mostly focused on pilot projects. These projects are necessary for mapping of particular technical devices of advanced metering management （AMM） which is need...The discussion about smart grid （SG） implementation is mostly focused on pilot projects. These projects are necessary for mapping of particular technical devices of advanced metering management （AMM） which is needed for successful SG and whole functional SG system operation. According to our opinion, for the next step of SG implementation, the participation of effective market design would be quite necessary. In other words, pilot project which is operated regardless to the market conditions and special SG tariff is incomplete and could be irrelevant for further evaluation of feasibility. With regard to above mentioned facts, the detailed cost-benefit-analysis （CBA） is needed to establish the correct methodology for evaluation of SG implementation effectiveness. Related aspects are mentioned and discussed in this paper, in which the particular cost and benefits as well as feedback that occurs as the reaction on implementation are summarized and quantified.展开更多
Tail dependence structure model based on Copula theory and extreme value theory （EVT） is constructed to picture the tail correlation of financial time series more exact. The empirical research results show that the ...Tail dependence structure model based on Copula theory and extreme value theory （EVT） is constructed to picture the tail correlation of financial time series more exact. The empirical research results show that the Gumbel Copula can fit the upper and lower tail dependence structures of Shanghai A share index and Shenzhen A share index, and correlation of upper tails of both indices is stronger than that of lower-tails.展开更多
Accurate and seamless auxiliary services in the power market can guarantee smooth and continuous power system operation. China’s new round of power system reform has entered a critical period, and reform implementati...Accurate and seamless auxiliary services in the power market can guarantee smooth and continuous power system operation. China’s new round of power system reform has entered a critical period, and reform implementation requires comprehensive improvements in the maturity of the supporting auxiliary service market. This study reviews the development status and evolution path of the European unified power market and the US regional power market, provides experience for the development of China’s regional power market, then identifies the key influencing factors of auxiliary service trading mechanism design in regional power markets. To analyze the rationality of the auxiliary service trading evaluation index, this paper established an evaluation model for assessing regional power markets. Using combined weight optimization, the gray correlation TOPSIS method was applied to comprehensively evaluate auxiliary service trading in the regional power market. Finally, the application of the proposed evaluation method was briefly analyzed to examine four regional power markets in China and evaluate the effectiveness of current market construction in different regions and provide suggestions for future market construction.展开更多
基金State Grid Jibei Electric Power Company Limited(no.SGJBJY00GPJS2310051)Natural Science Foundation of Beijing Municipality(no.9242015).
文摘Because of the contradiction between the scale of new energy installations and the continuous load growth in the central and eastern regions of China,the balance problems of the electricity market are becoming increasingly prominent,and it is urgent to solve such problems through inter-provincial electricity spot markets.First,the development history and construction status of the inter-provincial electricity spot market are summarized;second,the mechanism design of the inter-provincial electricity spot market is sorted out in terms of the market operation framework,transaction declaration,and clearing methods;subsequently,the evaluation index system of the inter-provincial electricity spot market is constructed,including four themes of electricity mutual aid and support,new energy consumption,economic benefits of market-based allocation,and social benefits of market-based allocation;finally,the operation of the inter-provincial electricity spot market is comprehensively analyzed by the algorithm based on the market operation data of 2022,which proves the feasibility and practicality of the proposed index system.
文摘The evaluation of the electricity market is crucial for fostering market construction and development.An accurate assessment of the electricity market reveals developmental trends,identifies operational issues,and contributes to stable and healthy market growth.This study investigated the characteristics of electricity markets in different provinces and synthesized a comprehensive set of evaluation indicators to assess market effectiveness.The evaluation framework,comprising nine indicators organized into two tiers,was constructed based on three aspects:market design,market efficiency,and developmental coordination.Furthermore,a novel fuzzy multi-criteria decision-making evaluation model for electricity market performance was developed based on the Fuzzy-BWM and fuzzy COPRAS methodologies.This model aimed to ensure both accuracy and comprehensiveness in market operation assessment.Subsequently,empirical analyses were conducted on four typical provincial-level electricity markets in China.The results indicate that Guangdong’s electricity market performed best because of its effective balance of stakeholder interests and adherence to contractual integrity principles.Zhejiang and Shandong ranked second and third,respectively,whereas Sichuan exhibited the poorest market performance.Sichuan’s electricity market must be improved in terms of market design,such that market players can obtain a fairly competitive environment.The sensitivity analysis of the constructed indicators verified the effectiveness of the evaluation model proposed in this study.Finally,policy recommendations were proposed to facilitate the sustainable development of China’s electricity markets with the objective of transforming them into efficient and secure markets adaptable to the evolution of novel power systems.
文摘Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open interest, another candidate in the margin rule, is also included in our model to investigate its necessity as one of the factors of the rise of margin rates. With the popular copper contract in Shanghai Futures Exchange （ SHFE）, our test results suggest that margin levels have a significant positive effect on volatility, yet open interest has little to do with volatility. The implication is that the rise of margin rate approaching maturity virtually deteriorates the degree of market risks, and open interest is not a necessary factor for the margin rule. It indicates that the policy tool, represented by margin rates, has significantly greater influence on volatility than the market element, represented by open interest.
基金Supported by the Scientific Research Foundation for the Returned Overseas Chinese Scholars of State Education Ministry
文摘We present a multifractal detrended fluctuation analysis （MFDFA） of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the MFDFA shows that there exists obvious multifractal scaling behavior in produced time series. We compare the MFDFA results for original time series with those for shuffled series, and find that its multifractal nature is due to two factors： broadness of probability density function of the series and different correlations in small- and large-scale fluctuations. This may provide new insight to the problem of the origin of multifractality in financial time series.
基金the National Nature Science Foundation of China(Grant Nos.11875042 and 11505114)the Orientational Scholar Program Sponsored by the Shanghai Education Commission,China(Grant Nos.D-USST02 and QD2015016)the Shanghai Project for Construction of Top Disciplines,China(Grant No.USST-SYS-01).
文摘Stock markets in the world are linked by complicated and dynamical relationships into a temporal network.Extensive works have provided us with rich findings from the topological properties and their evolutionary trajectories,but the underlying dynamical mechanism is still not in order.In the present work,we proposed a technical scheme to reveal the dynamical law from the temporal network.The index records for the global stock markets form a multivariate time series.One separates the series into segments and calculates the information flows between the markets,resulting in a temporal market network representing the state and its evolution.Then the technique of the Koopman decomposition operator is adopted to find the law stored in the information flows.The results show that the stock market system has a high flexibility,i.e.,it jumps easily between different states.The information flows mainly from high to low volatility stock markets.And the dynamical process of information flow is composed of many dynamic modes distribute homogenously in a wide range of periods from one month to several ten years,but there exist only nine modes dominating the macroscopic patterns.
基金The National Natural Science Foundation of China (No70501025 & 70572089)
文摘The accuracy and time scale invariance of value-at-risk （VaR） measurement methods for different stock indices and at different confidence levels are tested. Extreme value theory （EVT） is applied to model the extreme tail of standardized residual series of daily/weekly indices losses, and parametric and nonparametric methods are used to estimate parameters of the general Pareto distribution （GPD）, and dynamic VaR for indices of three stock markets in China. The accuracy and time scale invariance of risk measurement methods through back-testing approach are also examined. Results show that not all the indices accept time scale invariance; there are some differences in accuracy between different indices at various confidence levels. The most powerful dynamic VaR estimation methods are EVT-GJR-Hill at 97.5% level for weekly loss to Shanghai stock market, and EVT-GARCH-MLE （Hill） at 99.0% level for weekly loss to Taiwan and Hong Kong stock markets, respectively.
文摘ZTE Corporation continues to garner significant recognition from international and independent research firms.Frost&Sullivan,in its Global GSM Market Analysis report,predicts that ZTE will be one of the top three global GSM
文摘From January to December 2018, the total turnover of 45 professional markets surveyed by CATA (China Commercial Circulation Association of Textile and Apparel), CNTAC, was 1,209.334 billion yuan, a year-onyear increase of 6.55%.
文摘It’s hard to forecast the economy14 months out-never mind 14 years-but the current trends are clear:By2030,the United States will be supplanted as the world’s biggest market for apparel by China.And India will not be far behind.Although China’s economy has slowed in recent years,a report from Fung Global Retail&Technology
文摘In the first half of 2019,China's textile and apparel specialized markets overcame many problems,such as the increase of abnormal weather affecting market operation,the reduction of consumption confidence due to Sino-US trade friction,and the urgency of market transformation in urban restructuring.Through active innovation,it promotes the deep integration of online and offline markets,and meets needs of the new consumption classification,and realizes the innovation and upgrading of its own functional positioning.
文摘It is the winter at this moment; cold and mist are the two themes of this season. The earth is still frozen in spite of a little warm from the winter sunshine. In the past 2009, China’s textile and apparel industry experienced that winter with freezing cold. In the first half of 2009, China’s
基金supported in part by the Department of Economics,Management and Humanities,Czech Technical University in Prague under Grant No. GS 10/269/OHK5/3T/13
文摘The discussion about smart grid （SG） implementation is mostly focused on pilot projects. These projects are necessary for mapping of particular technical devices of advanced metering management （AMM） which is needed for successful SG and whole functional SG system operation. According to our opinion, for the next step of SG implementation, the participation of effective market design would be quite necessary. In other words, pilot project which is operated regardless to the market conditions and special SG tariff is incomplete and could be irrelevant for further evaluation of feasibility. With regard to above mentioned facts, the detailed cost-benefit-analysis （CBA） is needed to establish the correct methodology for evaluation of SG implementation effectiveness. Related aspects are mentioned and discussed in this paper, in which the particular cost and benefits as well as feedback that occurs as the reaction on implementation are summarized and quantified.
基金The National Natural Science Foundation of China (No70331001)
文摘Tail dependence structure model based on Copula theory and extreme value theory （EVT） is constructed to picture the tail correlation of financial time series more exact. The empirical research results show that the Gumbel Copula can fit the upper and lower tail dependence structures of Shanghai A share index and Shenzhen A share index, and correlation of upper tails of both indices is stronger than that of lower-tails.
基金supported by the Beijing Power Exchange Center (Study on the Medium and Long Term Time Division Transaction Mode and Balance Mechanism of Electric Power)supported by the National Natural Science Foundation of China(No. 72171082)。
文摘Accurate and seamless auxiliary services in the power market can guarantee smooth and continuous power system operation. China’s new round of power system reform has entered a critical period, and reform implementation requires comprehensive improvements in the maturity of the supporting auxiliary service market. This study reviews the development status and evolution path of the European unified power market and the US regional power market, provides experience for the development of China’s regional power market, then identifies the key influencing factors of auxiliary service trading mechanism design in regional power markets. To analyze the rationality of the auxiliary service trading evaluation index, this paper established an evaluation model for assessing regional power markets. Using combined weight optimization, the gray correlation TOPSIS method was applied to comprehensively evaluate auxiliary service trading in the regional power market. Finally, the application of the proposed evaluation method was briefly analyzed to examine four regional power markets in China and evaluate the effectiveness of current market construction in different regions and provide suggestions for future market construction.
