KKR看好中国经济转型

在过去的10年里,中国一直是世界上经济增速最快的国家,但中国股市也是世界上表现最差的,因为资本被错误地配置到一些缺乏竞争优势的公司,而中国未来的经济前景将和过去有着本质的不同。股市表现将会更好中国有一个快速增长的服务业,这个部门的规模比生产和出口部门加在一起还大。KKR还发现电子商务正在提高经济的便利性和效率．并降低通胀，这使得不动产的吸引力下降，还让中国人民银行获得了更多的调整空间。

KKR看好中国高端服务业

中国有近14亿人和瞬息万变的社会、政治和经济背景,服务领域仍有许多两位数的增长机会,只是这些机会与过去5~10年有很多不同,现在很多机会都集中在有高附加值的服务市场,而不是传统的出口或国内零售市场。最近,我们对亚洲进行了为期一周的考察,主要关注中国和日本投资相关的问题。考虑到中国围绕人民币汇率和股灾发生的事件以及日本首相安倍最新经济目标的提出。

Does Helicobacter pylori eradication therapy for peptic ulcer prevent gastric cancer?

AIM:To investigate the effects of Helicobacter pylori (H pylori)eradication therapy for treatment of peptic ulcer on the incidence of gastric cancer. METHODS:A multicenter prospective cohort study was conducted between November 2000 and December 2007 in Yamagata Prefecture,Japan.The study included patients with H pylori-positive peptic ulcer who decided themselves whether to receive H pylori eradication(eradication group)or conventional antacid therapy(non-eradication group).Incidence of gastric cancer in the two groups was determined based on the results of annual endoscopy and questionnaire surveys,as well as Yamagata Prefectural Cancer Registry data,and was compared between the two groups and by results of H pylori therapy.RESULTS:A total of 4133 patients aged between 13 and 91 years(mean 52.9 years)were registered,and 56 cases of gastric cancer were identified over a mean follow-up of 5.6 years.The sex-and age-adjusted incidence ratio of gastric cancer in the eradication group, as compared with the non-eradication group,was 0.58 (95%CI:0.28-1.19)and ratios by follow-up period(<1 year,1-3 years,>3 years)were 1.16(0.27-5.00),0.50 (0.17-1.49),and 0.34(0.09-1.28),respectively.Longer follow-up tended to be associated with better prevention of gastric cancer,although not to a significant extent.No significant difference in incidence of gastric cancer was observed between patients with successful eradication therapy(32/2451 patients,1.31%)and those with treatment failure(11/639 patients,1.72%).Among patients with duodenal ulcer,which is known to be more prevalent in younger individuals,the incidence of gastric cancer was significantly less in those with successful eradication therapy(2/845 patients,0.24%)than in those with treatment failure(3/216 patients,1.39%). CONCLUSION:H pylori eradication therapy for peptic ulcer patients with a mean age of 52.9 years at registration did not significantly decrease the incidence of gastric cancer.

Jumbo biopsy is useful for the diagnosis of colonic prolapsing mucosal polyps with diverticulosis

We report here a case of multiple prolapsing mucosal polyps with diverticulosis in the sigmoid colon. A 52-year- old man was admitted to our hospital because of bloody diarrhea. Colonoscopy and barium enema showed multiple diverticula, markedly thickened mucosal folds and polypoid lesions with mucus on the top of them in the sigmoid colon. Endoscopic ultrasonography showed thickening of the mucosal and submucosal layers. Several endoscopic biopsy specimens were taken from the polypoid lesions. Histological examination revealed only chronic inflammatory cell infiltration. In order to obtain a definite diagnosis, we performed endoscopic jumbo biopsy for the polypoid lesions after obtaining informed consent. Histological examination revealed marked lymphocyte infiltration, hemosiderin deposits and fibromuscular obliteration in the lamina propria, features similar to those of mucosal prolapsing syndrome. After anti-diarrhetic treatment, clinical findings were improved. Thus, jumbo biopsy is useful for diagnosis and treatment of prolapsing mucosal polyps.

Submucosal hematoma is a highly suggestive finding for amyloid light-chain amyloidosis:Two case reports

The clinical and endoscopic features of amyloid lightchain(AL) amyloidosis are diverse and mimic various other diseases.Endoscopically,few reports on submucosal hematomas of the gastrointestinal(GI) tract are available in the literature.Here,we report two cases of AL amyloidosis presenting as submucosal hematomas in the absence of clinical disease elsewhere in the body.The 2 cases were referred to our hospital because of hematochezia.The endoscopic findings in both cases were similar in submucosal hematoma formation.However,the clinical courses differed.In the first case,there was no evidence of systemic amyloidosis and the disease was conservatively managed.In the second case,the disease progressed to systemic amyloidosis and the patient died within a short time.We conclude that the endoscopic detection of a submucosal hematoma in the setting of GI bleeding should raise suspicion of AL amyloidosis.Referral to a hematologist should be done immediately for treatment while the involvement is limited to the GI tract.

Successful treatment of hypovascular advanced hepatocellular carcinoma with lipiodol-targetting intervention radiology

We report a case of hypovascular advanced hepa-tocellular carcinoma (HCC) successfully treated with a novel combination therapy of percutaneous ethanol-lipiodol injection (PELI) and intervention radiology (IVR),lipiodol-targetting IVR (Lipi-IVR). The present case had a hypovascular HCC (3 cm in diameter) located in the S6 region of the liver. Although the tumor was not detectable at all by both of early and late phase of helical dynamic computed tomography (CT),it could be detected by ultrasonography (US) as a low echoic space occupying lesion (SOL) beside the gallbladder and right kidney. Serum levels of alpha fetoprotein (AFP) and AFP-L3 were extremely high. Combination therapy of PELI,firstly reported in our department,and IVR (PELI and IVR,lipiodol-targetting IVR) was performed twice for the treatment. PELI could effectively visualize the location of the tumor for IVR treatment and show the presence of a thin blood vessel branching from the right hepatic artery flowing into the lipiodol deposit. After treatment,the serum levels of AFP and AFP-L3 were rapidly decreased to normal and maintained for more than eight months. Thus,this case expressing the tremendous effect might give us insight into the effectiveness of the novel combination therapy of PELI and IVR for the treatment of hypovascular HCC.

Preliminary Study on the Effectiveness of Different Durations of Hot Towel Application to the Back during Bed Bathing

The purpose of this study was to determine the most effective duration of hot towel application during bed bathing, based on temporal changes in skin surface temperature, towel temperature, and subjective comfort. As a secondary objective, differences in skin surface temperature and subjective comfort for hot towel application on the back and dry towel wiping alone were evaluated. For the first objective, hot towels were applied on the lower back of 20 healthy adults, for different duration (10, 15, and 20 s), with a 10-s duration found to be the most effective. For the second objective, we compared bed bathing with hot towel application to dry wiping alone, n 21 healthy adult participants. A 10-s hot towel application increased the surface temperature of the skin (+0.5℃) and provided a perceived sensation of warmth and comfort. In contrast, dry wiping significantly decreased the surface skin temperature (-0.8℃). In conclusion, hot towel application increased skin surface temperature and improved subjective warmth and comfort during bed bathing.

中国私募新格局

译者按:被称为"野蛮人"的KKR,是美国老牌杠杆收购天王、金融史上最成功的产业投资机构之一,也是全球历史最悠久也是经验最为丰富的私募股权投资机构之一。我们有幸请到了KKR资产管理部负责人为本刊撰文,谈谈对全球经济、中国经济、投资策略的见解,以及如何的"不怀好意"。

Method for Converting Cone-Beam CT Values into Hounsfield Units for Radiation Treatment Planning

Cone-beam CT (CBCT) images acquired during radiation treatment can be used to recalculate the dose distribution as well as to confirm the treatment location. However, it is difficult to obtain the electron densities (EDs) necessary for dose calculation from CBCT images because of the effects of scatter contamination during CBCT image acquisition. This paper presents a mathematical method for converting the pixel values of CBCT images (CBCT values) into Hounsfield units (HUs) of radiation treatment simulation CT (simCT) images for use in radiation treatment planning. CBCT values are converted into HUs by matching the histograms of the CBCT values with the histograms of the HUs for each slice via linear scaling of the CBCT values. For prostate cancer and head-and-neck cancer patients, the EDs obtained from converted CBCT values (mCBCT values) show good agreement with the EDs obtained from HUs, within approximately 3.0%, and the dose calculated on the basis of CBCT images shows good agreement with the dose calculated on the basis of the simCT images, within approximately 2.0%. Because the CBCT values are converted for each slice, this conversion method can account for variation in the CBCT values associated with differences in body size, body shape, and inner tissue structures, as well as in longitudinally displaced positions from the isocenter, unlike conventional methods that use electron density phantoms. This method improves on conventional CBCT-ED conversion and shows considerable potential for improving the accuracy of radiation treatment planning using CBCT images.

Activation of c-Yes in hepatocellular carcinoma: A preliminary study

Hepatocellular carcinoma （HCC） is thought to develop through a multistep process. A long history of viral hepatitis or prolonged exposure to environmental toxins predisposes liver cells to mutations of the genes critical in the control of hepatocyte growth. In fact, both activation of cellular oncogenes and inactivation of tumorsuppressor genes are involved in the development of HCC. Activation of oncogenes by hepatitis virus integration has been shown in the woodchuck animal model, although the significance of this finding in human hepatocarcinogenesis is still under investigation. Tyrosine kinases, though a minor class of cellular protein, represent a major class of oncogenes. These tyrosine kinases are classified into two major groups.

Association between Subjective Evaluation of Skin Toxicities and Quality of Life in Patients with Lung Cancer Undergoing Epidermal Growth Factor Receptor-Tyrosine Kinase Inhibitor Treatment: A Pilot Study for Developing Skin Toxicity Assessment

Purposes: Epidermal growth factor receptor (EGFR)-tyrosine kinase inhibitors (TKIs) exert satisfactory therapeutic effects in lung cancer patients. However, the resultant skin toxicity can deteriorate patients’ quality of life (QoL). Differences exist in skin toxicity evaluation between patients and clinicians. We aimed to clarify the association between the subjective evaluation of skin toxicities and QoL in lung cancer patients and to establish a document of scale development in the subjective evaluation of skin toxicity. Methods: We used self-administered questionnaires to evaluate 12 lung cancer patients receiving EGFR-TKI treatment. Indices of QoL were generated using the Functional Assessment of Cancer Therapy-Lung and Hospital Anxiety and Depression Scale, and a subjective evaluation questionnaire concerning skin toxicity was completed. The data were collected immediately before treatment initiation and at 4 weeks post treatment. Results: In the subjective evaluation of skin toxicity, four patients (33.3%) were classified as ≥Grade 2 (painful group), experiencing painful pruritus at the emergence site of the skin rash or xerosis. In this group, the QoL scores of physical and emotional aspects declined after treatment. Conversely, patients in the painless group (Grade 0 - 1) demonstrated an improved emotional QoL following treatment (p = 0.028). Conclusions: Lung cancer patients suffering from painful skin toxicity tended to show a decline in the physical and emotional aspects of QoL following EGFR-TKI treatment. The skin toxicity questionnaire was useful from the point of view of a subjective evaluation and could be a powerful assessment tool in future clinical settings with further modification.

财税金融政策如何支持高质量发展——以经济发展模式转变为视角

工业化和城市化是我国改革开放四十多年来经济快速增长的主要推手,但随着形势的不断发展,原有的发展模式已经难以持续。当前,数字化、智能化正加速重塑各行各业并成为经济发展新模式,这对财税金融政策框架和路径设置提出了新要求。本文提出,我国财税金融政策应支持数字经济发展新模式,坚持财源可持续性与鼓励数字经济发展相结合原则,分阶段探索设立新型数字经济税收体制框架,构建支持数字经济发展的融资体系,做好数字经济金融风险监测与防范。

天然气输配系统电气设备的本质安全性能优化

应用于天然气输配站中的电气设备必须满足防爆要求,本质安全型电气设备是最佳的防爆形式。以电源为本质安全电气设备为研究对象,通过建立精确的电源电路时变模型,结合实验波形,研究了电感分段放电特性及其分断火花的引燃能力与电路参数的关系。基于最小点燃释放能量理论,以同时满足本质安全特性要求及电气性能指标为目标,提出了一种电感、电容参数优化设计方法,通过数值分析获得了最优化参数的取值范围。实验结果表明:参数优化后的电路,在满足本质安全性能指标的同时,输出纹波电压仅为输出电压的1.25%,也满足了电气性能指标,是一种可行的参数优化方法,大大提高了电气设备的安全性能。

改变的力量

只要相信自己的价值、不断学习、和傲慢做斗争，并且乐于分享和回馈，你的世界将会更加美好。

同样适用于中国PE行业的价值观

我认为有两个方面比较重要．一个是如何领导这些PE的公司．创造、维持一种可持续性发展的结果．在不同市场条件下得到长期的发展。一个就是GP与LP的关系。

全球财富分配存在的问题与原因初探

本文基于财富税、遗产税和收入资本化等方法(Gabriel Zucman,2019)和110多个国家样本数据,概括了全球分配的五大基本事实。第一,利益不均问题主要在于财富分配急速失衡,收入维度仍相对稳定;第二,财富分配的区域差异——美俄恶化最为明显、欧洲相对温和;第三,财富分配的阶层差异——被挤压的中产阶级,M型社会凸显;第四,从社会阶层上看,财富分配的不均抑制了社会的流动性,阻碍了阶层的流动,M型社会凸显;第五,如果考虑在避税天堂的财富,则财富分配不均的问题更加严重。然而面对社会的不平等问题,公共财富却在不断萎缩,难以有效应对财富分配不均的挑战。本文探讨了财富分配失衡的宏观因素,主要分为三个方面:第一,初次分配劳动报酬的压缩;第二,再次分配的效果减弱;第三,货币超发下风险资产价格明显上升。在此背景下,自2016年以来,我国有的放矢,加大了金融去杠杆、反腐败、扶贫力度,一方面,我国坚持减贫事业,不仅为中国也为世界做出贡献;另一方面,在国民收入分配中,劳动分配所得在整个国民所得的地位愈来愈高。另外,中国谨防"大水漫灌",坚持"房住不炒",提供了维护财富公平分配的良好的宏观环境。