The short- and long-run efficiency of energy,precious metals,and base metals markets: Evidence from the exponential smooth transition autoregressive models

The aim of this paper is to investigate the long and short-run relationship between spot and futures prices of the energy, precious metals, and base metals markets. We analyze daily data from January 1985 to February 2019. The empirical findings based on the cointegration test, which follows a nonlinear process, suggest that the spot prices of energy and metals assets have long-run relationships with their futures prices. Nonparametric Granger causality test results also indicate bi-directional causality among futures and spot prices. These findings indicate that the energy and metals markets are informationally efficient in the sense of Fama (1970).     

基于粒子群优化和支持向量机的花粉浓度预测模型

为了提高花粉浓度预报的准确率，解决现有花粉浓度预报准确率不高的问题，提出了一种基于粒子群优化（PSO）算法和支持向量机（SVM）的花粉浓度预报模型。首先，综合考虑气温、气温日较差、相对湿度、降水量、风力、日照时数等多种气象要素，选择与花粉浓度相关性较强的气象要素构成特征向量；其次，利用特征向量与花粉浓度数据建立SVM预测模型，并使用PSO算法找出最优参数；然后利用最优参数优化花粉浓度预测模型；最后，使用优化后的模型对花粉未来24 h浓度进行预测，并与未优化的SVM、多元线性回归法（MLR）、反向神经网络（BPNN）作对比。此外使用优化后的模型对某市南郊观象台和密云两个站点进行逐日花粉浓度预测。实验结果表明，相比其他预报方法，所提方法能有效提高花粉浓度未来24 h预测精度，并具有较高的泛化能力。     

Backtesting portfolio value-at-risk with estimated portfolio weights

This article theoretically and empirically analyzes backtesting portfolio value-at-risk (VaR) with estimation risk in an intrinsically multi-variate framework. It particularly takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating portfolio weights and that from estimating the multi-variate dynamic model make the existing methods in a univariate framework inapplicable. It proposes a general theory to quantify estimation risk applicable to the present problem and suggests practitioners a simple but effective way to implement valid inference to overcome the effect of estimation risk in backtesting portfolio VaR. In particular, we apply our theory to the efficient mean-variance-skewness portfolio for a multi-variate generalized autoregressive conditional heteroscedasticity model with multi-variate general hyperbolic distributed innovations. Some Monte Carlo simulations and an empirical application demonstrate the merits of our method.     

Enabling supercapacitors to compete for ancillary services: An important step towards 100 % renewable energy

While wind and solar generation has increased dramatically over the past decade, there has been a much larger increase in gas generation (eia, 2019). This is driven in part by low gas prices but also in part by how electricity markets are organized. The intermittent nature of wind and solar generation increases the need for more flexible and reliable generation; a role gas plants fill well. However, current market structures and rules unfairly tip the balance in their favor compared to energy storage systems. They have created market barriers restrictive enough to prevent market participation of a technology key to a 100 % renewable grid: supercapacitors. Adjusting markets to remove the market barriers to supercapacitor and other energy storage systems will allow for increased renewable penetration while simultaneously improving grid performance and reducing costs.     

灰色预测模型在油气操作成本预测中的应用

油气操作成本是油气田生产消耗的主要项目，为了有效地控制油气操作成本，必须制定准确的油气操作成本计划。而油气操作成本在我国是最近几年才提出来的，数据项比较少，给油气操作成本预测带来一定的难度。为此，文章根据灰色预测的基本原理，采用灰色系统理论进行油气操作成本预测，就可以弥补对预测所需的数据少，而且也无须剔除不可比因素，只要所建模型能满足精度要求，预测结果就可以信赖。     

油气操作成本预测方法研究

油气操作成本在油气生产中占有较大的比重，油气操作成本的高低直接影响油田开发的经济效益。为了有效地控制油田油气操作成本，根据影响油气操作的因素，将油气操作成本按其影响因素进行分类，对基本运行费和油气处理费采用回归预测的方法，通过对相关数据的收集，建立对应的数学模型进行预测，对其他各项操作成本，采用单位费用和计划工作量进行预测，最后进行汇总，得到油气操作成本，其预测结果可作为油气操作成本计划制订的依据。该方法简单、操作性强，预测效果较好，在油田可以推广使用。     

终端对业务和运营商的影响

详细分析了终端对话音业务和新业务的影响。在分析终端对话音业务的影响时从用户和终端两方面进行了阐述，指明为了进一步提高用户敷和砖络的使用率，运营商在进行话音营销对应逐渐将工作重点适当转向农村市场。也从对个人和行业用户的影响两方面阐明了终端对新业务的影响。     

重复压裂气井产能模拟研究

由于重复压裂气井原有裂缝的失效程度难以评价。导致重复压裂气井的产能预测常常有很大的误差。为此，根据重复压裂气井的压前产量和舍水率，拟合了原有裂缝的有效率，在考虑新裂缝和原有裂缝共同作用的情况下，建立了气、水两相平面二维的裂缝-油藏数学模型，通过对模型的数值求解，对重复压裂气井进行了产能评价。研究表明，在考虑新、老裂缝共同作用下的产能评价方法，能更为准确地预测重复压裂后的生产动态情况，对压裂时机的确定、压后经济效益的预测都具有重要的指导意义。     

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当今世界各国执行的商品天然气定价原则主要包括完全成本原则、平均利润原则、长期边际成本定价原则、比价合理原则和供求平衡原则等。文章分析了我国天然气价格的演变历史及现状，说明了现行价格形成的制度原因。研究了天然气商品从生产到运输再到销售各环节的价格确定方法，以此为基础给出了一个即考虑天然气商品价值又考虑竞争和政府管制因素的天然气商品的定价公式。文章最后指出，在真正的、完全竞争的天然气市场建立之前，商品天然气的价格主要应按完全成本原则进行确定。     

我国“十五“电力供需预测分析

分析“十五”期间我国电力需求预测和电力预测中的不确定因素,提出建议采取的措施。