中国开放式基金业绩与投资者的选择——“基金热”前后开放式基金赎回现象对比研究

以往的研究发现,中国开放式基金的业绩-资金流动关系(PFR)与成熟资本市场不同,面临赎回压力较大的是业绩良好的基金,投资者常常呈现"反向选择",并不能发挥"优胜劣汰"机制的作用。本文通过对2006年第4季度开始的"基金热"前后对比研究发现,随着股市利好掀起的"基金热"的到来,面对基金供方的激烈竞争,投资者开始具备理性的投资选择,逐步体现"优胜劣汰"功能,但这是一个循序渐进的过程,投资者的一些非理性的行为仍然存在。

对我国现阶段“基金热”的思考

我国证券投资基金发展迅速,对资本市场的规模壮大与结构调整深具意义,但近期渐露过热迹象。研究从现阶段“基金热”的成因和“基金热”背后存在的问题进行探讨,并通过保持基金发展的节奏协调、完善基金发展的制度环境等方面提出政策建议。

基金热背后严防洗钱

在当前股指一路上扬的格局下,基金热为不法分子非法转移、套现资金甚至洗钱造成可乘之机。本文对遏制不法分子洗钱的途径和预防措施提出若干建议。

也说“基金热”

理财是时下一个热门话题,尤其是2020年下半年开始的"基金热",让很多年轻人加入了"新基民"的行列。如何购买基金理财,甚至成为年轻人之间的一个社交话题。"你不理财,财不理你",更多年轻人具备理财意识,采取理财行动,是件值得肯定的事。但其中的一些套路与陷阱,青年朋友一定要学会辨别,避免上当受骗。不难发现,在网络社交平台,除了穿搭、美妆等常见内容,近期理财内容也频繁出现,其中不乏所谓的"理财大神"现身说法。一方面,他们拼命炫耀自己理财一年赚了多少钱,晒出来的数字让人眼红;另一方面,则大肆兜售自己的理财经验,却又不把话说完整,一副欲说还休的样子。

Single-and Two-band Transport Properties Crossover in Bi_(2)Te_(3)Based Thermoelectrics

Based on Peltier effect,Bi_(2)Te_(3)-based alloy is widely used in commercial solid-state refrigeration at room temperature.The mainstream strategies for enhancing room-temperature thermoelectric performance in Bi_(2)Te_(3)focus on band and microstructure engineering.However,a clear understanding of the modulation of band structure and scattering through such engineering remains still challenging,because the minority carriers compensate partially the overall transport properties for the narrow-gap Bi_(2)Te_(3)at room temperature(known as the bipolar effect).The purpose of this work is to model the transport properties near and far away from the bipolar effect region for Bi_(2)Te_(3)-based thermoelectric material by a two-band model taking contributions of both majority and minority carriers into account.This is endowed by shifting the Fermi level from the conduction band to the valence band during the modeling.A large amount of data of Bi_(2)Te_(3)-based materials is collected from various studies for the comparison between experimental and predicted properties.The fundamental parameters,such as the density of states effective masses and deformation potential coefficients,of Bi_(2)Te_(3)-based materials are quantified.The analysis can help find out the impact factors(e.g.the mobility ratio between conduction and valence bands)for the improvement of thermoelectric properties for Bi_(2)Te_(3)-based alloys.This work provides a convenient tool for analyzing and predicting the transport performance even in the presence of bipolar effect,which can facilitate the development of the narrow-gap thermoelectric semiconductors.

Effects of initial δ phase(Ni_3Nb) on hot tensile deformation behaviors and material constants of Ni-based superalloy

Effects of initial δ phase（Ni_3Nb） on the hot tensile deformation behaviors and material constants of a Ni-based superalloy were investigated over wide ranges of strain rate and deformation temperature. It is found that the true stress-true strain curves exhibit peak stress at a small strain, and the peak stress increases with the increase of initial δ phase. After the peak stress, initial δ phase promotes the dynamic softening behaviors, resulting in the decreased flow stress. An improved Arrhenius constitutive model is proposed to consider the synthetical effects of initial δ phase, deformation temperature, strain rate, and strain on hot deformation behaviors. In the improved model, material constants are expressed as the functions of the content of initial δ phase and strain. A good agreement between the predicted and measured results indicates that the improved Arrhenius constitutive model can well describe hot deformation behaviors of the studied Ni-based superalloy.

Flow behavior and processing map of PM Ti-47Al-2Cr-0.2Mo alloy

The flow stress features of PM Ti-47Al-2Cr-0.2Mo alloy were studied by isothermal compression in the temperature range from 1000 to 1150 °C with strain rates of 0.001-1 s-1 on Gleeble-1500 thermo-simulation machine.The results show that the deformation temperature and strain rate have obvious effects on the flow characteristic,and the flow stress increases with increasing strain rate and decreasing temperature.The processing maps under different deformation conditions were established.The processing maps of this alloy are sensitive to strains.The processing map at the strain of 0.5 exhibits two suitable deformation domains of 1000-1050 °C at 0.001-0.05 s-1 and 1050-1125 °C at 0.01-0.1 s-1.The optimum parameters for hot working of the alloy are deformation temperature of 1000 °C and strain rate of 0.001 s-1 according to the processing map and microstructure at true strain of 0.5.

Hot corrosion behavior of Ni-xCr-6.8Al based alloys

The hot corrosion behaviors of as-cast and preoxidized Ni-xCr-6.8Al based alloys in the mixture of Na2SO4＋25% NaCl at 873 K were studied. The results show that the mass loss of Ni-xCr-6.8Al based alloys decreases with the increase of Cr content. Preoxidation improves the resistance to corrosion regardless of the concentration of Cr. The kinetics of as-cast Ni-12Cr-6.8Al and Ni-16Cr-6.8Al based alloys fits the parabolic law well, while that of the as-cast Ni-20Cr-6.8Al based alloy fits the power law. The kinetics of all the preoxidized samples obey the logarithmic law. The mechanism of the as-cast alloys can be well explained by the acid-base melting model. The behavior of the preoxidized alloys is found to be mainly determined by the properties of the oxide layer formed during the preoxidation to a large extend.

Effect of heat treatment on microstructure and tensile strength of NiCoCrAl alloy sheet fabricated by EB-PVD

The NiCoCrAl alloy sheet was fabricated by electron beam physical vapor deposition technique and the effects of the heat treatment on the microstructure and tensile strength of the NiCoCrAl alloy sheet were investigated. The heat treatment at 1050 °C is favorable to improve the interface bonding between the columnar structures due to the disappearance of the intergranular gaps. Comparing with the thin NiCoCrAl alloy sheet before heat treatment, the Ni3Al phase appears in the NiCoCrAl alloy sheet after heat treatment, which is favorable to improve the interface bonding between the columnar structures. The increase in the tensile strength and elongation is attributed to the improvement of the interface bonding between the columnar structures. The residual stress in the NiCoCrAl alloy sheet after heat treatment is reduced significantly, which also confirms that the interface bonding is improved by the heat treatment.

Flow instability criteria in processing map of superalloy GH79

Hot compression tests were conducted on a Gleeble-1500D thermal simulating tester.Based on the deformation behavior and microstructural evolution of superalloy GH79,different types of instability criteria of PRASAD,GEGEL,MALAS,MURTY and SEMIATIN were compared,and the physical significance of parameters was analyzed.Meanwhile,the processing maps with different instability criteria were obtained.It is shown that instability did not occur when average power dissipation rate was larger than 60%in the temperature range of 900-930°C and 960-1080°C,corresponding to the strain rate range of 5×10 -4 -1.8×10 -1 s -1 and 5×10 -4 -1.5×10 -1 s -1 ,respectively.The two domains are appropriate for the processing deformation of superalloy GH79.

Thermodynamic optimization of Bi-Ni binary system

Based on the available experimental data,the Bi-Ni binary system was optimized thermodynamically by the CALPHAD method.The solution phases,including liquid,fcc_A1（Ni） and rhombohedral_A7（Bi）,were described as substitutional solution phases,of which the excess Gibbs energies were expressed with the Redlich-Kister polynomial.The intermetallic compound,BiNi,was modeled using three sublattices（Bi）（Ni,Va）（Ni,Va） considering its crystal structure（NiAs-type） and the compatibility of thermodynamic database in the multi-component systems,while Bi3Ni was treated as a stoichiometric compound.Finally,a set of self-consistent thermodynamic parameters formulating the Gibbs energies of various phases in this binary system were obtained.The calculated results are in reasonable agreement with the reported experimental data.

Effect of casting vacuum on thermodynamic and corrosion properties of Fe-based glassy alloy

The effect of casting vacuum on thermodynamic and corrosion properties of Fe61Co7Zr8Mo5W2B17 in shape of cylinder of 3 mm in diameter and ribbon of 20?40μm in thickness and 2?3 mm in width were investigated with X-ray diffraction (XRD), differential scanning calorimetry (DSC), dilatometer (DIL), scanning electron microscopy (SEM) and electrochemical station. It is found that high casting vacuum can improve the glass forming ability (GFA), the contraction degree during heating, and the pitting resistance of the glassy alloy, which can be ascribed to the fact that the dissolution of tungsten in the melt is improved under the high casting vacuum.

Preparation and properties of Ni_(68.6)W_(17.9)B_(13.5) metallic glass

A novel Ni-based metallic glass, i.e., Ni68.6W17.9B13.5（mole fraction, %）, was prepared using melt spinning method. The results showed that the element B has much effect on the glass forming ability of the Ni-W-B metallic glass. Ni-W-B metallic glass could not be fabricated with lower content of B, whereas a higher content of 13.5% B could easily lead to the fully amorphous structure. The glass transition temperature and the onset temperature of crystallization are as high as 768 K and 781.5 K, respectively, and the crystallization activation energy calculated by Ozawa model is（637±60） k J/mol, which showed strong thermal stability of Ni68.6W17.9B13.5 metallic glass. This novel Ni-based metallic glass also exhibited good mechanical properties with the tensile strength of about 2331 MPa. The results indicate that this metallic glass should have a promising application in high strength material.

Thermodynamic assessment of Co-Cr-W ternary system

The Co-Cr-W ternary system was critically assessed using the CALPHAD technique.The solution phases including the liquid,γ-Co,ε-Co and α-Cr were described by a substitutional solution model.The σ,μ and R phases were described by three-sublattice models of（Co,W）8（Cr,W）4（Co,Cr,W）18,（Co,Cr,W）7W2（Co,Cr,W）4 and（Co,W）27（Cr,W）14（Co,Cr,W）12,respectively,in order to reproduce their homogeneity ranges.A self-consistent set of thermodynamic parameters for each phase was derived.The calculated isothermal sections at 1 000,1 200 and 1 350 ℃ are in good agreement with the experimental data.A eutectoid reaction of R μ＋γ-Co＋σ in this ternary system was predicted to occur at 1 022 ℃.

Thermodynamics analysis and precipitation behavior of fine carbide in K416B Ni-based superalloy with high W content during creep

The precipitation behavior of carbide in K416 B superalloy was investigated by means of creep measurement and microstructure observation. The results show that nanometer M6 C particles discontinuously precipitate in the γ matrix or along the γ/γ′ interface of the alloy during high temperature tensile creep. Thereinto, the amount of fine M6 C carbide increases as creep goes on, and the coherent interfaces of M6 C phase precipitating from the γ matrix are {100} and {111} planes. The thermodynamics analysis indicates that the solubility of element carbon in the matrix decreases when the alloy is deformed by the axial tensile stress during creep, so as to cause the carbon segregating in the regions of stress concentration and combining with carbide-forming elements M（W, Co）, which promotes the fine M6 C carbide to precipitate from the γ matrix.

Tuning mechanical properties for β(B2)-containing TiAl intermetallics

Based on the analyses of the microstructures and phase diagrams of the TiAl-based alloy, the relationship among the composition, structure and mechanical properties of the B2-containing y-TiAI alloys was reviewed. The refinement of microstructures and improvement of mechanical properties of TiA1 alloy through stabilization of the β/B2 phase were reviewed. The mechanism of the superplastic behavior of the B2-containing y-TiAI alloys was discussed. With a reasonable addition of β-stabilizer, metastable B2 phase can be maintained, which is favorable for fine-grained structure and better high-temperature deformation behaviors. The mechanical properties of the B2-containing TiAI alloy, including the deformability and elevated temperature properties, can also be improved with doping elements and subsequent hot-working processes. The above mentioned researches discuss a new way for developing TiAI alloys with comprehensive properties, including good deformability and creep resistance.

Effect of consolidation parameters on mechanical properties of Cu-based bulk amorphous alloy consolidated by hot pressing

Cu50Zr40Ti10 bulk amorphous alloys were fabricated by hot pressing gas-atomized Cu50Zr40Ti10 amorphous powder under different consolidation conditions without vacuum and inert gas protection. The consolidation conditions of the Cu50Zr40Ti10 amorphous powder were investigated based on an L9（34） orthogonal design. The compression strength and strain limit of the Cu50Zr40Ti10 bulk amorphous alloys can reach up to 1090.4 MPa and 11.9 %, respectively. The consolidation pressure significantly influences the strain limit and compression strength of the compact. But the mechanical properties are not significantly influenced by the consolidation temperature. In addition, the preforming pressure significantly influences not the compression strength but the strain limit. The optimum consolidation condition for the Cu50Zr40Ti10 amorphous powder is first precompacted under the pressure of 150 MPa, and then consolidated under the pressure of 450 MPa and the temperature of 380 °C.

Mechanical properties of Mg-Gd-Zr alloy by Nd addition combined with hot extrusion

The effect of Nd addition on the microstructure and mechanical properties of as-extruded Mg-9Gd-0.5Zr(wt.%) alloy was investigated. The Mg-9Gd-0.5Zr and Mg-9Gd-2Nd-0.5Zr alloys were extruded at 673 K. The elongated non-dynamic recrystallized(un-DRXed) grains disappear after adding Nd, and uniformly distributed dynamic recrystallized grains with a grain size of 1.68 μm were obtained in the alloy. In addition, numerous nano-Mg5(Gd,Nd)particles were found to precipitate dynamically in the Mg-9Gd-2Nd-0.5Zr alloy, which gave rise to the dynamic recrystallization process via providing nucleation energy through hindering the release of deformation energy and promoting an increase in the strength through the Orowan strengthening mechanism. Moreover, the dynamically recrystallized(DRXed) grains have a weak texture, which plays a significant role in improving the ductility. Therefore,the Nd addition favors the improvement of strength and elongation for the as-extruded Mg-9Gd-0.5Zr alloy,simultaneously.

Microstructure, hydrogen storage thermodynamics and kinetics of La_5Mg_(95-x)Ni_x(x=5, 10, 15) alloys

The microstructure, hydrogen storage thermodynamics and kinetics of La5Mg95-xNix (x=5, 10, 15) ternary alloys with different Ni contents were investigated. The evolutions of the microstructure and phase of experimental alloys were characterized by X-ray diffractometry and scanning electron microscopy. The hydrogen storage kinetics and thermodynamics, and P-C-I curves were tested using a Sievert apparatus. It is found that increasing Ni content remarkably improves hydrogen storage kinetics but reduces the hydrogen storage capacity of alloys. The highest hydrogen absorption/desorption rate is observed in the La5Mg80Ni15 alloy, with the lowest hydrogen desorption activation value being 57.7 kJ/mol. By means of P-C-I curves and the van’t Hoff equation, it is determined that the thermodynamic performance of the alloy is initially improved and then degraded with increasing Ni content. The La5Mg85Ni10 alloy has the best thermodynamics properties with a hydrogenation enthalpy of -72.1 kJ/mol and hydrogenation entropy of -123.2 J/(mol·K).

Effect of heat treatment on mechanical and wear properties of Zn−40Al−2Cu−2Si alloy

In order to determine the effect of heat treatment on the mechanical and wear properties of Zn−40Al−2Cu−2Si alloy,different heat treatments including homogenization followed by air-cooling(H1),homogenization followed by furnace-cooling(H2),stabilization(T5)and quench−aging(T6 and T7)were applied.The effects of these heat treatments on the mechanical and tribological properties of the alloy were studied by metallography and,mechanical and wear tests in comparison with SAE 65 bronze.The wear tests were performed using a block on cylinder type test apparatus.The hardness,tensile strength and compressive strength of the alloy increase by the application of H1 and T6 heat treatments,and all the heat treatments except T6,increase its elongation to fracture.H1,T5 and T6 heat treatments cause a reduction in friction coefficient and wear volume of the alloy.However,this alloy exhibits the lowest friction coefficient and wear volume after T6 heat treatment.Therefore,T6 heat treatment appears to be the best process for the lubricated tribological applications of this alloy at a pressure of 14 MPa.However,Zn−40Al−2Cu−2Si alloy in the as-cast and heat-treated conditions shows lower wear loss or higher wear resistance than the bronze.