Objective: The indication of adjuvant chemotherapy recommendation(ACR) in breast cancer patients with intermediate recurrence score(RS) is controversial. This study investigated the relationship between routine c...Objective: The indication of adjuvant chemotherapy recommendation(ACR) in breast cancer patients with intermediate recurrence score(RS) is controversial. This study investigated the relationship between routine clinicopathological indicators and ACR, and established a nomogram for predicting the probability of ACR in this subset of patients.Methods: Data for a total of 504 consecutive patients with intermediate RS from January 2014 to December2016 were retrospectively reviewed. A nomogram was constructed using a multivariate logistic regression model based on data from a training set(378 cases) and validated in an independent validation set(126 cases). A Youdenderived cut-off value was assigned to the nomogram for accuracy evaluation.Results: The multivariate logistic regression analysis identified that age, histological grade, tumor size, lymph node(LN) status, molecular subtype, and RS were independent predictors of ACR. A nomogram based on these predictors performed well. The P value of the Hosmer-Lemeshow test for the prediction model was 0.286. The area under the curve(AUC) values were 0.905 [95% confidence interval(95% CI): 0.876–0.934] and 0.883(95%CI: 0.824–0.942) in the training and validation sets, respectively. The accuracies of the nomogram for ACR were84.4% in the training set and 82.1% in the validation set.Conclusions: We developed a nomogram to predict the probability of ACR in breast cancer patients with intermediate RS. This model may aid the individual risk assessment and guide treatment decisions in clinical practice.展开更多
This article aims at the principle problems noticed in the process of training postgraduates in ophthalmology for clinical skills (POCs). Alteration of the training objectives and training curricula,.as well as the cl...This article aims at the principle problems noticed in the process of training postgraduates in ophthalmology for clinical skills (POCs). Alteration of the training objectives and training curricula,.as well as the clinical department training plans,.will allow POCs to obtain a systematic and standardized education to establish their general attitude toward medical life and career plans. This will help to improve their clinical skills and establish professional ethics that will protect the interests of patients and promote the healthy and harmonious development of the Eye Hospital. Furthermore, the Ophthalmology Center could cultivate a number of outstanding postgraduate students that match its tier, to describe the quality of the training for the master's degree in Ophthalmology.展开更多
In view of the fact that cages and bait are not allowed in large water surface aquiculture,1-2 kinds of new green feeds"plankton+microecologics"were developed to solve the problems of yield reduction,slow gr...In view of the fact that cages and bait are not allowed in large water surface aquiculture,1-2 kinds of new green feeds"plankton+microecologics"were developed to solve the problems of yield reduction,slow growth and difficulty in fishing of aquatic organisms caused by extensive mode.The new green feed is ecological,environmentally friendly and residue-free,which not only supplements nutrition but also meets the requirements of environmental protection.展开更多
African swine fever virus(ASFV),as a member of the large DNA viruses,may regulate autophagy and apoptosis by inhibiting programmed cell death.However,the function of ASFV proteins has not been fully elucidated,especia...African swine fever virus(ASFV),as a member of the large DNA viruses,may regulate autophagy and apoptosis by inhibiting programmed cell death.However,the function of ASFV proteins has not been fully elucidated,especially the role of autophagy in ASFV infection.One of three Pyrroline-5-carboxylate reductases(PYCR),is primarily involved in conversion of glutamate to proline.Previous studies have shown that depletion of PYCR2 was related to the induction of autophagy.In the present study,we found for the first time that ASFV E199 L protein induced a complete autophagy process in Vero and HEK-293 T cells.Through co-immunoprecipitation coupled with mass spectrometry(Co IP-MS)analysis,we firstly identified that E199 L interact with PYCR2 in vitro.Importantly,our work provides evidence that E199 L down-regulated the expression of PYCR2,resulting in autophagy activation.Overall,our results demonstrate that ASFV E199 L protein induces complete autophagy through interaction with PYCR2 and down-regulate the expression level of PYCR2,which provide a valuable reference for the role of autophagy during ASFV infection and contribute to the functional clues of PYCR2.展开更多
The Beijing-Tianjin-Hebei region is one of the regions with the most dynamic economies,highest degrees of openness,strongest innovation capacities and largest populations,as well as an important engine driving China’...The Beijing-Tianjin-Hebei region is one of the regions with the most dynamic economies,highest degrees of openness,strongest innovation capacities and largest populations,as well as an important engine driving China’s economic development.Currently,the development of the BeijingTianjin-Hebei region faces many difficulties,including an inefficient distribution of regional functions,imbalance in industrial structure,low sophistication,and serious overburdening of resources and the environment.Promoting the overall coordinated development of the region has become an urgent challenge.In this paper,according to the conventions of industrial structure optimization,the three core indicators of regional industrial structure rationalization,sophistication and ecologicalization are constructed.With the help of the grey dynamic correlation model,the three indicators are coupled with the economic growth rate,and the industrial structure optimization index of the Beijing-Tianjin-Hebei region is comprehensively measured.The study shows that rationalization of the industrial structure in the Beijing-Tianjin-Hebei region is increasing but that this trend is not obvious;sophistication of the industrial structure is relatively high and has also been operating at a high level;however,the overall ecological level of the industrial structure in the Beijing-Tianjin-Hebei region is not high and presents the characteristics of high in the middle and low at both ends.In terms of the relationship between industrial structure and economic growth in the Beijing-Tianjin-Hebei region,ecologicalization of the industrial structure has the greatest influence on economic growth,followed by sophistication of the industrial structure,and rationalization of the industrial structure has the weakest influence.展开更多
Gas sensors have a wide variety of applications.Among various existing gas sensing technologies,optical gas sensors have outstanding advantages.The development of the Internet of Things and consumer electronics has pu...Gas sensors have a wide variety of applications.Among various existing gas sensing technologies,optical gas sensors have outstanding advantages.The development of the Internet of Things and consumer electronics has put stringent requirements on miniaturized gas sensing technology.Here,we demonstrate a chip-scale silicon substrate-integrated hollow waveguide(Si-iHWG) to serve as an optical channel and gas cell in an optical gas sensor.It is fabricated through silicon wafer etching and wafer bonding.The Si-i HWG chip is further assembled with an off-chip light source and detector to build a fully functional compact nondispersive infrared(NDIR) CO_(2) sensor.The chip size is 10 mm × 9 mm,and the dimension of the sensor excluding the microcontroller board is 50 mm × 25 mm × 16 mm.This chip solution with compactness,versatility,robustness,and low cost provides a cost-effective platform for miniaturized optical sensing applications ranging from air quality monitoring to con-sumer electronics.展开更多
A series of phenylazo-β-naphthol-containing sulfonamide disperse dyes were prepared from C.I.Acid Orange 7 by successive reactions of chlorination and amination,and their chemical structures were characterized by FTI...A series of phenylazo-β-naphthol-containing sulfonamide disperse dyes were prepared from C.I.Acid Orange 7 by successive reactions of chlorination and amination,and their chemical structures were characterized by FTIR,1H NMR,and mass spectrometry.The dyes were applied to coloring of knitted fabrics from fine denier polypropylene fibers by exhaust dyeing and their optimal dyeing conditions,such as dyebath pH,dyeing temperature,dyeing time,and dye concentration were investigated in detail.Then,dye exhaustion,color strength,and color fastnesses of the dyes on the fibers were assessed and summarized.In view of dye exhaustion and color strength of the sulfonamide dyes on fine denier PP fabrics,90℃ was selected as the best dyeing temperature at dye concentration below or equal to 3.0%owf.For achieving higher color strength,130℃ was the better choice when the dye concentration was above 3.0%owf.The sulfonamide dyes,especially secondary sulfonamide dyes,exhibited superior dye exhaustion and color fastnesses to washing,sublimation,and rubbing on fine denier PP fabrics in comparison to C.I.Solvent Yellow 14 bearing the same chromophore but without sulfonamide group.展开更多
Subgroup J avian leukosis virus(ALV-J) is a highly oncogenic retrovirus that has been devastating the global poultry industry since the late 1990s. The major infection model of ALV-J is vertical transmission, which is...Subgroup J avian leukosis virus(ALV-J) is a highly oncogenic retrovirus that has been devastating the global poultry industry since the late 1990s. The major infection model of ALV-J is vertical transmission, which is responsible for the congenital infection of progeny from generation to generation. Increasing evidence has suggested that extracellular vesicles(EVs) derived from virus-infected cells or biological fluids have been thought to be vehicles of transmission for viruses. However, the role of EVs in infection and transmission of ALV-J remains obscure. In the present study, semen extracellular vesicles(SE) were isolated and purified from ALV-J-infected rooster seminal plasma(SE-ALV-J), which was shown to contain ALV-J genomic RNA and partial viral proteins, as determined by RNA sequencing, reverse transcription-quantitative PCR and Western blotting. Furthermore, SE-ALV-J was proved to be able to transmit ALV-J infection to host cells and establish productive infection.More importantly, artificial insemination experiments showed that SE-ALV-J transmitted ALV-J infection to SPF hens, and subsequently mediated vertical transmission of ALV-J from the SPF hens to the progeny chicks. Taken together, the results of the present study suggested that ALV-J utilized host semen extracellular vesicles as a novel means for vertical transmission, enhancing our understanding on mechanisms underlying ALV-J transmission.展开更多
Multi-gene assays have emerged as crucial tools for risk stratification in early-stage breast cancer.This study aimed to evaluate the prognostic significance of the 21-gene recurrence score(RS)in Chinese patients with...Multi-gene assays have emerged as crucial tools for risk stratification in early-stage breast cancer.This study aimed to evaluate the prognostic significance of the 21-gene recurrence score(RS)in Chinese patients with pN0-l,estrogen receptor-positive(ER+),human epidermal growth factor receptor 2-negative(HER2)breast cancer.Among 800 patients recruited between 2009 and 2016,the median RS was 24(0-69),with 27.4%,46.8%,and 25.9%patients classified into low-,intermediate-,and high-risk groups.Cox regression analysis demonstrated that the high-risk category was associated with significantly higher odds of invasive disease-free survival(IDFS)and distant disease-free survival(DDFS)events compared with the low-risk category(IDFS:HR=2.450,95%Cl 1.017-5.902,P=0.046;DDFS:HR=2.829,95%Cl 1.013-7.901,P=0.047).No significant association between RS category and overall survival(OS)was found(intermediate vs.low:HR=1.244,95%Cl 0.292-5.297,P=0.768;high vs.low:HR=2.933,95%Cl 0.759-11.327,P=0.119).RS,as a continuous variable,was a highly significant predictor for IDFS(HR=1.028,95%Cl 1.010-1.047,P=0.002),DDFS(HR=1.030,95%Cl 1.010-1.051,P=0.003),and OS(HR=1.034,95%Cl 1.007-1.063,P=0.014).Our findings suggested that RS may predict IDFS in Chinese patients with ER+/HER2 breast cancer with NO or N1 disease.展开更多
Due to our negligence,the original version of this article,published online on April 08,2021,contained a mistake in Fig.1E.The lane ofβ-actin in Western blotting was misused.The correct Fig.1 is given below.We apolog...Due to our negligence,the original version of this article,published online on April 08,2021,contained a mistake in Fig.1E.The lane ofβ-actin in Western blotting was misused.The correct Fig.1 is given below.We apologize for our oversight when preparing the figure and state that this does not change the scientific conclusions of the article in any way.展开更多
Based on China’s real estate investment(REI), commercial housing sales(CHS), and GDP data from 2001 to 2020, we studied the dependence, asymmetry, and transmission direction of China’s real estate and economy. Their...Based on China’s real estate investment(REI), commercial housing sales(CHS), and GDP data from 2001 to 2020, we studied the dependence, asymmetry, and transmission direction of China’s real estate and economy. Their cross-correlation is demonstrated through the deep crosscorrelation analysis(DCCA) algorithm, multifractal asymmetric detrended cross-correlation analysis(MF-ADCCA) algorithm and DCCA algorithm based on a time delay. Both REI and CHS have persistence with GDP. The real estate industry and economy have asymmetric multifractal characteristics.Meanwhile, real estate and the economy have different trends, and they can affect each other with the same length of time delay. This effect diminishes in a short period of time, and there are unsteady fluctuations in cross-correlation persistence in the long term.展开更多
According to behavioral finance theory, investor sentiment generally exists in investors’ trading activities and influences financial market. In order to investigate the interaction between investor sentiment and sto...According to behavioral finance theory, investor sentiment generally exists in investors’ trading activities and influences financial market. In order to investigate the interaction between investor sentiment and stock market as well as financial industry, this study decomposed investor sentiment, stock price index and SWS index of financial industry into IMF components at different scales by using BEMD algorithm. Moreover, the fluctuation characteristics of time series at different time scales were extracted, and the IMF components were reconstructed into short-term high-frequency components, medium-term important event low-frequency components and long-term trend components. The short-term interaction between investor sentiment and Shanghai Composite Index, Shenzhen Component Index and financial industries represented by SWS index was investigated based on the spillover index. The time difference correlation coefficient was employed to determine the medium-term and long-term correlation among variables. Results demonstrate that investor sentiment has a strong correlation with Shanghai Composite Index, Shenzhen Component Index and different financial industries represented by SWS index at the original scale, and the change of investor sentiment is mainly influenced by external market information. The interaction between most markets at the short-term scale is weaker than that at the original scale. Investor sentiment is more significantly correlated with SWS Bond, SWS Diversified Finance and Shanghai Composite Index at the long-term scale than that at the medium-term scale.展开更多
文摘Objective: The indication of adjuvant chemotherapy recommendation(ACR) in breast cancer patients with intermediate recurrence score(RS) is controversial. This study investigated the relationship between routine clinicopathological indicators and ACR, and established a nomogram for predicting the probability of ACR in this subset of patients.Methods: Data for a total of 504 consecutive patients with intermediate RS from January 2014 to December2016 were retrospectively reviewed. A nomogram was constructed using a multivariate logistic regression model based on data from a training set(378 cases) and validated in an independent validation set(126 cases). A Youdenderived cut-off value was assigned to the nomogram for accuracy evaluation.Results: The multivariate logistic regression analysis identified that age, histological grade, tumor size, lymph node(LN) status, molecular subtype, and RS were independent predictors of ACR. A nomogram based on these predictors performed well. The P value of the Hosmer-Lemeshow test for the prediction model was 0.286. The area under the curve(AUC) values were 0.905 [95% confidence interval(95% CI): 0.876–0.934] and 0.883(95%CI: 0.824–0.942) in the training and validation sets, respectively. The accuracies of the nomogram for ACR were84.4% in the training set and 82.1% in the validation set.Conclusions: We developed a nomogram to predict the probability of ACR in breast cancer patients with intermediate RS. This model may aid the individual risk assessment and guide treatment decisions in clinical practice.
基金supported by the National Natural Science Foundation of China(No.81788101,No.11761131011,No.61922028,No.51872275,No.61874039)the National Key R&D Program of China(No.2018YFA0306600)+1 种基金the CAS(No.GJJSTD20170001,No.QYZDY-SSWSLH004)the Anhui Initiative in Quantum Infor-mation Technologies(No.AHY050000).
文摘This article aims at the principle problems noticed in the process of training postgraduates in ophthalmology for clinical skills (POCs). Alteration of the training objectives and training curricula,.as well as the clinical department training plans,.will allow POCs to obtain a systematic and standardized education to establish their general attitude toward medical life and career plans. This will help to improve their clinical skills and establish professional ethics that will protect the interests of patients and promote the healthy and harmonious development of the Eye Hospital. Furthermore, the Ophthalmology Center could cultivate a number of outstanding postgraduate students that match its tier, to describe the quality of the training for the master's degree in Ophthalmology.
文摘In view of the fact that cages and bait are not allowed in large water surface aquiculture,1-2 kinds of new green feeds"plankton+microecologics"were developed to solve the problems of yield reduction,slow growth and difficulty in fishing of aquatic organisms caused by extensive mode.The new green feed is ecological,environmentally friendly and residue-free,which not only supplements nutrition but also meets the requirements of environmental protection.
基金supported by the National Key Research and Development Program of China(Grant No. 2017YFD0502303)the Key Research and Development Program of Guangdong Province (2020B020222001)+2 种基金China Postdoctoral Science Foundation (grant no. 2019M652922)the Natural Science Foundation of Guangdong Province (grant no.2019A1515012006)the Chief expert Project of Agricultural Industry Technology system in Guangdong Province (2019KJ128)。
文摘African swine fever virus(ASFV),as a member of the large DNA viruses,may regulate autophagy and apoptosis by inhibiting programmed cell death.However,the function of ASFV proteins has not been fully elucidated,especially the role of autophagy in ASFV infection.One of three Pyrroline-5-carboxylate reductases(PYCR),is primarily involved in conversion of glutamate to proline.Previous studies have shown that depletion of PYCR2 was related to the induction of autophagy.In the present study,we found for the first time that ASFV E199 L protein induced a complete autophagy process in Vero and HEK-293 T cells.Through co-immunoprecipitation coupled with mass spectrometry(Co IP-MS)analysis,we firstly identified that E199 L interact with PYCR2 in vitro.Importantly,our work provides evidence that E199 L down-regulated the expression of PYCR2,resulting in autophagy activation.Overall,our results demonstrate that ASFV E199 L protein induces complete autophagy through interaction with PYCR2 and down-regulate the expression level of PYCR2,which provide a valuable reference for the role of autophagy during ASFV infection and contribute to the functional clues of PYCR2.
基金Supported by the Beijing Municipal Natural Science Foundation of China(9192001,9202002).
文摘The Beijing-Tianjin-Hebei region is one of the regions with the most dynamic economies,highest degrees of openness,strongest innovation capacities and largest populations,as well as an important engine driving China’s economic development.Currently,the development of the BeijingTianjin-Hebei region faces many difficulties,including an inefficient distribution of regional functions,imbalance in industrial structure,low sophistication,and serious overburdening of resources and the environment.Promoting the overall coordinated development of the region has become an urgent challenge.In this paper,according to the conventions of industrial structure optimization,the three core indicators of regional industrial structure rationalization,sophistication and ecologicalization are constructed.With the help of the grey dynamic correlation model,the three indicators are coupled with the economic growth rate,and the industrial structure optimization index of the Beijing-Tianjin-Hebei region is comprehensively measured.The study shows that rationalization of the industrial structure in the Beijing-Tianjin-Hebei region is increasing but that this trend is not obvious;sophistication of the industrial structure is relatively high and has also been operating at a high level;however,the overall ecological level of the industrial structure in the Beijing-Tianjin-Hebei region is not high and presents the characteristics of high in the middle and low at both ends.In terms of the relationship between industrial structure and economic growth in the Beijing-Tianjin-Hebei region,ecologicalization of the industrial structure has the greatest influence on economic growth,followed by sophistication of the industrial structure,and rationalization of the industrial structure has the weakest influence.
基金Agency for ScienceTechnology and Research(IAF-PP A1789a0024, IAF-PP A19B3a0008)Robert Bosch(SEA) Pte. Ltd.
文摘Gas sensors have a wide variety of applications.Among various existing gas sensing technologies,optical gas sensors have outstanding advantages.The development of the Internet of Things and consumer electronics has put stringent requirements on miniaturized gas sensing technology.Here,we demonstrate a chip-scale silicon substrate-integrated hollow waveguide(Si-iHWG) to serve as an optical channel and gas cell in an optical gas sensor.It is fabricated through silicon wafer etching and wafer bonding.The Si-i HWG chip is further assembled with an off-chip light source and detector to build a fully functional compact nondispersive infrared(NDIR) CO_(2) sensor.The chip size is 10 mm × 9 mm,and the dimension of the sensor excluding the microcontroller board is 50 mm × 25 mm × 16 mm.This chip solution with compactness,versatility,robustness,and low cost provides a cost-effective platform for miniaturized optical sensing applications ranging from air quality monitoring to con-sumer electronics.
基金the National Outstanding Youth Foundation of China(No.20525620)Program for Changjiang Scholars and Innovative Research Team in the University(IRT0711)Science Foundation of Zhejiang Sci-tech University(ZSTU)for financial support.
文摘A series of phenylazo-β-naphthol-containing sulfonamide disperse dyes were prepared from C.I.Acid Orange 7 by successive reactions of chlorination and amination,and their chemical structures were characterized by FTIR,1H NMR,and mass spectrometry.The dyes were applied to coloring of knitted fabrics from fine denier polypropylene fibers by exhaust dyeing and their optimal dyeing conditions,such as dyebath pH,dyeing temperature,dyeing time,and dye concentration were investigated in detail.Then,dye exhaustion,color strength,and color fastnesses of the dyes on the fibers were assessed and summarized.In view of dye exhaustion and color strength of the sulfonamide dyes on fine denier PP fabrics,90℃ was selected as the best dyeing temperature at dye concentration below or equal to 3.0%owf.For achieving higher color strength,130℃ was the better choice when the dye concentration was above 3.0%owf.The sulfonamide dyes,especially secondary sulfonamide dyes,exhibited superior dye exhaustion and color fastnesses to washing,sublimation,and rubbing on fine denier PP fabrics in comparison to C.I.Solvent Yellow 14 bearing the same chromophore but without sulfonamide group.
基金supported by the Key Research and Development Program of Guangdong Province (2020B020222001)the National Natural Science Foundation of China (Grant Nos. 31972659, 31902252, 31672564, 31602053)+5 种基金Guangdong Basic and Applied Basic Research Foundation (2019A1515012006)Natural Science Foundation of Guangdong Province (2018B030315009)China Postdoctoral Science Foundation (2019M652922)the Special Project of National Modern Agricultural Industrial Technology System (CARS-41)the Chief expert Project of Agricultural Industry Technology system in Guangdong Province (2019KJ128)the support of Instrumental Anlysis&Research Center of South China Agriculture University。
文摘Subgroup J avian leukosis virus(ALV-J) is a highly oncogenic retrovirus that has been devastating the global poultry industry since the late 1990s. The major infection model of ALV-J is vertical transmission, which is responsible for the congenital infection of progeny from generation to generation. Increasing evidence has suggested that extracellular vesicles(EVs) derived from virus-infected cells or biological fluids have been thought to be vehicles of transmission for viruses. However, the role of EVs in infection and transmission of ALV-J remains obscure. In the present study, semen extracellular vesicles(SE) were isolated and purified from ALV-J-infected rooster seminal plasma(SE-ALV-J), which was shown to contain ALV-J genomic RNA and partial viral proteins, as determined by RNA sequencing, reverse transcription-quantitative PCR and Western blotting. Furthermore, SE-ALV-J was proved to be able to transmit ALV-J infection to host cells and establish productive infection.More importantly, artificial insemination experiments showed that SE-ALV-J transmitted ALV-J infection to SPF hens, and subsequently mediated vertical transmission of ALV-J from the SPF hens to the progeny chicks. Taken together, the results of the present study suggested that ALV-J utilized host semen extracellular vesicles as a novel means for vertical transmission, enhancing our understanding on mechanisms underlying ALV-J transmission.
基金This work was supported by grants from the Technology Innovation Act Plan of Shanghai Municipal Science and Technology Commission(Nos.14411-950200 and 14411950201)the National Natural Science Foundation of China(No.81772797)the Shanghai Municipal Commission of Health and Family Planning(No.201840323)。
文摘Multi-gene assays have emerged as crucial tools for risk stratification in early-stage breast cancer.This study aimed to evaluate the prognostic significance of the 21-gene recurrence score(RS)in Chinese patients with pN0-l,estrogen receptor-positive(ER+),human epidermal growth factor receptor 2-negative(HER2)breast cancer.Among 800 patients recruited between 2009 and 2016,the median RS was 24(0-69),with 27.4%,46.8%,and 25.9%patients classified into low-,intermediate-,and high-risk groups.Cox regression analysis demonstrated that the high-risk category was associated with significantly higher odds of invasive disease-free survival(IDFS)and distant disease-free survival(DDFS)events compared with the low-risk category(IDFS:HR=2.450,95%Cl 1.017-5.902,P=0.046;DDFS:HR=2.829,95%Cl 1.013-7.901,P=0.047).No significant association between RS category and overall survival(OS)was found(intermediate vs.low:HR=1.244,95%Cl 0.292-5.297,P=0.768;high vs.low:HR=2.933,95%Cl 0.759-11.327,P=0.119).RS,as a continuous variable,was a highly significant predictor for IDFS(HR=1.028,95%Cl 1.010-1.047,P=0.002),DDFS(HR=1.030,95%Cl 1.010-1.051,P=0.003),and OS(HR=1.034,95%Cl 1.007-1.063,P=0.014).Our findings suggested that RS may predict IDFS in Chinese patients with ER+/HER2 breast cancer with NO or N1 disease.
文摘Due to our negligence,the original version of this article,published online on April 08,2021,contained a mistake in Fig.1E.The lane ofβ-actin in Western blotting was misused.The correct Fig.1 is given below.We apologize for our oversight when preparing the figure and state that this does not change the scientific conclusions of the article in any way.
基金Supported by Postdoctoral Research Foundation of Chaoyang District (Q1011019202101)Beijing Postdoctoral Research Foundation (Q6011019202101)Special Project for Soft Science Research of Hebei Provincial Science and Technology Plan (215576107D)。
文摘Based on China’s real estate investment(REI), commercial housing sales(CHS), and GDP data from 2001 to 2020, we studied the dependence, asymmetry, and transmission direction of China’s real estate and economy. Their cross-correlation is demonstrated through the deep crosscorrelation analysis(DCCA) algorithm, multifractal asymmetric detrended cross-correlation analysis(MF-ADCCA) algorithm and DCCA algorithm based on a time delay. Both REI and CHS have persistence with GDP. The real estate industry and economy have asymmetric multifractal characteristics.Meanwhile, real estate and the economy have different trends, and they can affect each other with the same length of time delay. This effect diminishes in a short period of time, and there are unsteady fluctuations in cross-correlation persistence in the long term.
基金Supported by Special Project for Soft Science Research of Hebei Provincial Science and Technology Plan(202150302410011)。
文摘According to behavioral finance theory, investor sentiment generally exists in investors’ trading activities and influences financial market. In order to investigate the interaction between investor sentiment and stock market as well as financial industry, this study decomposed investor sentiment, stock price index and SWS index of financial industry into IMF components at different scales by using BEMD algorithm. Moreover, the fluctuation characteristics of time series at different time scales were extracted, and the IMF components were reconstructed into short-term high-frequency components, medium-term important event low-frequency components and long-term trend components. The short-term interaction between investor sentiment and Shanghai Composite Index, Shenzhen Component Index and financial industries represented by SWS index was investigated based on the spillover index. The time difference correlation coefficient was employed to determine the medium-term and long-term correlation among variables. Results demonstrate that investor sentiment has a strong correlation with Shanghai Composite Index, Shenzhen Component Index and different financial industries represented by SWS index at the original scale, and the change of investor sentiment is mainly influenced by external market information. The interaction between most markets at the short-term scale is weaker than that at the original scale. Investor sentiment is more significantly correlated with SWS Bond, SWS Diversified Finance and Shanghai Composite Index at the long-term scale than that at the medium-term scale.