模拟明星基金重仓股的投资收益探讨

如何选股获得超额收益是个值得探讨的问题，本文挑选出三年累积收益率前3％的明星基金，为保证投资风格的延续性，再筛选出后续两年未变更过基金经理的基金，共计四只，并对其重仓股进行模拟。

筛选强度对我国社会责任投资基金财务绩效的影响

社会责任投资是一种兼顾社会、环境、财务多重目标的投资方式。然而,社会责任筛选带来的投资限制是否导致社会责任投资基金的财务绩效低于传统基金?学界、业界对于这一关乎社会责任投资能否实现商业可持续发展的关键问题一直未能得出一致结论。本文通过构建不同筛选强度的模拟社会责任投资基金,尝试对这一问题进行研究和解答。实证结果表明:第一,随着筛选强度的增加,社会责任投资基金的财务绩效首先保持基本不变,随后才逐渐下降。浅层次的筛选不会影响社会责任投资基金绩效。只有筛选强度超过临界值时,投资范围限制才开始显著影响社会责任投资基金绩效。第二,以原始回报衡量财务绩效,筛选强度的临界值为21%,以夏普指数和Carhart四因素模型衡量绩效,临界值分别为84%和59%。可见,若采用经过风险调整的收益衡量绩效,则投资范围限制对于社会责任投资基金财务绩效的影响显著减弱。第三,我国证券市场可供选择投资的空间较大,证券投资基金在进行适度筛选后能够构造令投资者满意的投资组合,这意味着基金管理公司、基金经理在投资运作中可以进行社会责任筛选而不牺牲财务绩效。总的来看,社会责任投资基金在我国有基础、有条件得到进一步发展,成为推动绿色投资和绿色金融发展的一支重要力量,为绿色发展和生态文明建设提供有效、可持续的金融支持。

Microscopic phase-field study on directional coarsening mechanism caused by interaction between precipitates in Ni-Al-V alloy

A microscopic phase-field model was used to investigate a directional coarsening mechanism caused by the anisotropic growth of long period stacking and different effects of phases on precipitation in Ni-Al-V alloy.The results show that DO22 mainly coarsens along its short axis,which may press the neighboring L12,leading to the interaction among atoms.Diffusion channels of Al are formed in the direction where the mismatch between γ＇ and γ reduces;the occupation probabilities are anisotropic in space;and direction coarsening of L12 occurs finally.With a rise of ageing temperature,phases appear later and DO22 is much later at a higher temperature,the average occupation probabilities of Al and V reduce,and Al changes more than V.

Numerical Simulation on Floating Behavior of Buoyancy Tank Foundation of Anemometer Tower

The intact stability and damage stability of a model of an anemometer tower with buoyancy tank foundation are computed by the finite element software MOSES in this paper. The natural period of the anemometer tower is discussed through frequency domain analysis. The influence of a single factor, such as towing point position, wave height, wave direction and wave period, on towing stability is discussed through time domain analysis. At the same time, the towing stability under the condition of various combinations of many factors is analyzed based on the measured data of the target area. Computer simulation results show that the intact stability is preferable and the damage stability is sufficient under the condition of plenty of subdivisions. Within the scope of the buoyancy tank foundation,the higher the towing point position is, the better the stability is. Wave height has a great impact on the motion amplitude of buoyancy tank foundation, but the effect on the acceleration is not obvious; wave period has a great impact on the acceleration, while the effect on the motion amplitude is not obvious; following-waves towing is more conducive to safety than atry.

FE-based coupling simulation of Ti60 alloy in isothermal upsetting process

A constitutive equation was proposed to describe the effect of grain size on the deformation behavior.And a coupling simulation of deformation with heat transfer and microstructure was carried out in isothermal upsetting process of Ti60 alloy.The effects of processing parameters on the equivalent strain,the equivalent stress,the temperature rise and the grain size distribution in isothermal upsetting process of Ti60 alloy were analyzed.It is concluded that the uniformity of equivalent strain and equivalent stress increases with the increase of deformation temperature.However,the temperature rise and the grain size decreases with the increase of deformation temperature.The non-uniformity of equivalent strain,equivalent stress,temperature field and grain size increases with the increase of height reduction.And the calculated grain size using simulation is in good agreement with the experimental one.

Simulation of bulk metal forming processes using one-step finite element approach based on deformation theory of plasticity

The bulk metal forming processes were simulated by using a one-step finite element(FE)approach based on deformation theory of plasticity,which enables rapid prediction of final workpiece configurations and stress/strain distributions.This approach was implemented to minimize the approximated plastic potential energy derived from the total plastic work and the equivalent external work in static equilibrium,for incompressibly rigid-plastic materials,by FE calculation based on the extremum work principle.The one-step forward simulations of compression and rolling processes were presented as examples,and the results were compared with those obtained by classical incremental FE simulation to verify the feasibility and validity of the proposed method.

Evolution of misfit dislocation network and tensile properties in Ni-based superalloys:a molecular dynamics simulation

The structural evolution of dislocation network is closely related to y' rafting and tensile properties. In this work, the effects of strain rate and temperature on the structural evolution of interface dislocation network in Ni-based superalloys are studied by molecular dynamics simulations. The correlation between the evolution of dislocation network and tensile properties is also explored. The results indicate that the dislocation network shows different degrees of deformation and damage at various strain rates and temperatures. The ),' rafting depends on the damage structure of dislocation network at various strain rates and tem- peratures. Moreover, the tensile properties of interface in Ni-based superalloys are closely related to the evolution of disloca- tion network and dislocation motion mechanisms.

Three-dimensional microstructure simulation of Ni-based superalloy investment castings

An integrated macro and micro multi-scale model for the three-dimensional microstructure simulation of Ni-based superalloy investment castings was developed, and applied to industrial castings to investigate grain evolution during solidification. A ray tracing method was used to deal with the complex heat radiation transfer. The rnicrostructure evolution was simulated based on the Modified Cellular Automaton method, which was coupled with three-dimensional nested macro and micro grids. Experi- ments for Ni-based superalloy turbine wheel investment casting were carried out, which showed a good correspondence with the simulated results. It is indicated that the proposed model is able to predict the microstructure of the casting precisely, which provides a tool for the optimizing process.