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This paper shows that the empirical distribution of cross-sectional analyst coverage in China’s stock markets follows an exponential law in a given month from 2011 to 2020. The findings hold in both the emerging (Shanghai) and the developed market (Hong Kong). Moreover, the unique distribution parameter (i.e., mean) is directly related to the amount of market-wide information. Average analyst coverage exhibits a significant negative predictive power for stock-market uncertainty, highlighting the role of security analysts in diminishing the total uncertainty. The exponential law can be derived from the maximum entropy principle (MEP). When analysts, who are constrained by average ability in generating information (i.e., the first-order moment), strive to maximize the amount of market-wide information, this objective yields the exponential distribution. Contrary to the conventional wisdom that security analysts specialize in the generation of firm-specific information, empirical findings suggest that analysts primarily produce market-wide information for 25 countries. Nevertheless, it remains unclear why cross-sectional analyst coverage reflects market-wide information, this paper provides an entropy-based explanation.

Power factor correction (PFC) is usually realized with a boost converter in a traditional power converter. This paper introduces a PFC modulated WPT method which can realize PFC function through phase-shift modulation of the primary-side inverter of a series-series (SS) WPT system. A close-loop control method of the phase-shift modulated system is also proposed for practical implementations. Without using a PFC converter, the structure of a WPT system can be simplified. Theoretical analysis and experimental results are provided to verify the idea.

Abstract The wind-induced fatigue is the main factor leading to reduction of the bearing capacity of long-span transmission towers. In order to reduce the harm of wind vibration, this paper takes the 500 kV Jiamusi region ISLSTT (in service long span transmission tower) as the research object, and a new kind of vibration reduction system is proposed based on a steel wire rope damping structure, with which the vibration characteristics of ISLSTT is analyzed. Firstly, the layout and components of the new vibration reduction system are described, and the damping performance of which is verified and analyzed by finite element method. Secondly, the nonlinear finite element dynamic simulation model of ISLSTT with the new vibration reduction system is established, and the multi-dimensional fluctuating wind speed time history satisfying Davenport wind speed spectrum is given by harmonic superposition method in the time domain. Based on the Bernoulli theorem, the corresponding time history of wind pressure is obtained, and the random wind load is applied to the finite element model to verify the feasibility and efficient of the new vibration reduction system. Finally, the aero-elastic wind tunnel test model of ISLSTT with the new vibration reduction system is built, and the time history curves of stress and acceleration at key points under different wind directions are obtained. By comparing with the un-damped system, it is demonstrated that the average damping efficiency of this method in the scale of stress and acceleration is 72.88% and 77.17%, respectively. The simulation and wind tunnel test results also demonstrate that the vibration reduction system based on wire rope damping structure can effectively reduce the vibration of ISLSTT caused by the non-uniformity of wind speed. The research results lay a solid foundation for the vibration reduction design of in service long span tower-line system in future.

For electric vehicle (EV) onboard charging, high efficiency and power density of the charger is required. Soft switching technique is an effective way to increase On-Board Charger (OBC) power density and efficiency. This paper presents a fixed frequency zero-voltage-switching OBC topology which can realize Zero-Voltage-Switching (ZVS) of all the power semiconductor devices. An auxiliary resonant branch is used to realize Zero-Voltage-Switching for both front-end full-bridge rectifier and phase-shift full-bridge dc-dc converter. A novel PWM scheme is proposed for the OBC topology. ZVS conditions are derived. Finally, the proposed OBC is verified by the experiment.

This article constructs a behavioral financial model that provides feedback on both historical prices and company fundamentals without considering asset liquidation to discuss the long-term impact of investor sentiment and feedback trading on asset price fluctuations. The research conclusion shows that the abnormal volatility of asset prices is captured by the value effect, the cognitive bias effect, the sentiment shock effect, and the trading inductive effect. The value effect is the volatility of asset prices that is completely determined by fundamental factors; the higher the degree of cyclical fluctuations in fundamental factors, the higher the volatility of prices. The bias effect refers to investors’ misreading of basic information and trends in asset prices; the greater the instability of emotional shocks, the greater the abnormal volatility of asset prices. The trading inductive effect is also called the Keynes effect, which reflects the role played by rational traders.

The impact resistance of semi-autogenous mill liner has an important influence on the reliable operation of the system. The complex dynamic characteristics in the process of collision with abrasive medium are studied by the improved multivariable method proposed in this paper. Firstly, based on manifold element method, the deformation of abrasive medium and lining plate in the contact area is expressed by the coordinates of first-order manifold element basis function, while the deformation of the non-contact region is described by modal coordinates to improve the traditional multivariable method, and the displacement constraint equations as well as the acceleration constraint equations of the collision system are derived, then the Lagrange method is used to establish the impact dynamic equation of abrasive medium and lining plate system. Secondly, a collision test rig between abrasive medium and lining plate was built to verify the correctness and accuracy of the proposed method. Finally, the influence of structural parameters and motion parameters of abrasive medium and lining plate on the dynamic characteristics of collision system is analyzed by parameter analysis method. It is found that when the Poisson’s ratio of abrasive medium to lining plate material exceeds 1.0, the increase amplitude of stress becomes smaller. The increase amplitude of displacement, velocity, acceleration and stress at the collision contact point decreases when the initial velocity of abrasive medium exceeds 3.0 m/s. The stress at the collision contact point changes greatly, and the maximum acceleration occurs in advance when the radius of abrasive medium exceeds 20 mm. When the thickness of liner exceeds 40 mm, the time of maximum acceleration to reach is almost unchanged. The results show that compared with the traditional multivariable method, the improved multivariable method can increase the modeling efficiency and solving accuracy, and lay a theoretical foundation for optimizing the structure of the liner and raising the service life of the system.

Sentiment and extrapolation are ubiquitous in the financial market, and they are not only the embodiment of human nature, but also the primary drivers of asset price bubbles. In this study, we first constructed a theoretical model that included fundamental traders and extrapolated investors, and we assessed the time series characteristics of asset prices under different types of information shocks. According to the research results, good news about the fundamentals can lead to positive asset price bubbles, and correspondingly, bad news can lead to negative asset price bubbles; however, the decrease in asset prices in the case of negative bubbles is not as substantial as the increase in prices in the case of positive bubbles, and the time for prices to reverse is also long, which can be explained by the short-selling constraints. According to the comparative static analysis, the scales of the positive and negative foams depend on the proportion of investors in the market and the extrapolation coefficient. We verified the conclusion of the theoretical model from two aspects: (1) we analyzed the relationship between investor sentiment and the prevalence of informed trading, and according to the results, the increase (decrease) in investor sentiment can reduce the information content of asset prices and increase price volatility; however, the impact of low sentiment is not substantial, which preliminarily tests the conclusion of the theoretical model; (2) we examined the relationship between the cumulative change in investor sentiment and future portfolio returns, and we found that the cumulative increase in investor sentiment can have a positive impact on future portfolio returns at the initial stage, and depress future portfolio returns in the long term, which forms positive asset price bubbles. The cumulative depression of investor sentiment can depress the future portfolio returns at the initial stage, and positively influence the future portfolio returns in the long term, which forms negative asset price bubbles. Moreover, these two nonlinear relationships exhibit cross-sectional differences in different types of asset portfolios, which further validates the key proposition of the theoretical model.

This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust.

Traditionally, yaks graze only natural grassland, even in harsh winters. Meat from grazing yaks is considered very healthy; however, feedlot fattening, which includes concentrate, has been introduced. We questioned whether this change in management and diet would have an impact on the rumen and meat quality of yaks. This study examined the morphology, fermentation, and microbiota of the rumen and the quality of meat of three groups of bovines: (1) grazing yaks (GYs, 4-year olds), without dietary supplements; (2) yaks (FYs, 2.5-year olds) feedlot-fattened for 5 months after grazing natural pasture; and (3) feedlot-fattened cattle (FC, Simmental, 2-year olds). This design allowed us to determine the role of diet (with and without concentrate) and genotype (yaks vs. cattle) on variables measured. Ruminal papillae surface area was greater in the FYs than in the GYs (P = 0.02), and ruminal microbial diversity was greater but richness was lesser in the GYs than in the FC and FYs. Concentrations of ruminal volatile fatty acids were greater in the yaks than in the cattle. In addition, both yak groups had higher protein and lower fat contents in meat than the FC. Meat of GY had a lower n6:n3 ratio than FY and FC, and was the only group with a ratio below r, which is recommended for healthy food. Essential amino acids (EAA), as a proportion of total AA and of non-essential AA of yak meat, met WHO criteria for healthy food; whereas FC did not.

This paper discusses the impact of noise trader risk on total consumption and investor consumption. The model predicts that: (1) If noise traders show optimistic beliefs, they will have a restraining effect on the total consumption when the noise trading intensity is high enough, they will expand consumption at t = 1 and reduce consumption at t = 2, and rational investors will reduce consumption at t = 1 and expand consumption at t = 2; (2) if the beliefs of noise traders do not show bias, the consumption of rational investors is always higher than that of noise traders and exceeds the market benchmark; (3) the relative consumption of rational investors and noise traders depends on the risk, risk aversion, fundamental risk and market ratio of noise traders; (4) based on the reasonable range of noise traders’ beliefs, the lifetime consumption of noise traders will be higher than that of rational investors and the market, and the excess consumption will change with a series of parameters.

Natural, non-toxic feed additives can potentially replace chemical medications and antibiotics that are offered sheep to improve performance. In the present study, Tibetan sheep were supplemented with the root of Astragalus membranaceus (AMT), a traditional herb used widely in China. Twenty-four male Tibetan sheep (31 ± 1.4 kg; 9-month-old) were assigned randomly to one of four levels of supplementary AMT: 0 g/kg (A0), 20 g/kg (A20), 50 g/kg (A50) and 80 g/kg (A80) dry matter intake (DMI). The A50 and A80 groups increased the diversity of rumen bacteria on d 14 and the relative abundances of fiber decomposing bacteria. Supplementary AMT upregulated the metabolism of vitamins, nucleotides, amino acids and glycan, and downregulated the metabolism of lipids and carbohydrates. In addition, supplementary AMT enriched rumen bacteria for drug resistance, and reduced bacteria incurring cell motility. In general, AMT supplementation increased the concentrations of catalase (CAT), superoxide dismutase (SOD) total antioxidant capacity (T-AOC) and secretory immunoglobulin A (sIgA) in the small intestinal mucosa and CAT and SOD in meat tissue. The liver tissue metabolome response showed that AMT in the A80 lambs compared to the A0 lambs upregulated the metabolites for energy synthesis. It was concluded that supplementary A. membranaceus increased the relative abundances of fiber decomposing bacteria and improved the antioxidant capacities and immunity indices of small intestinal mucosa and meat tissue in Tibetan sheep.

The stock price crash constitutes one part of the complexity in the stock market. We aim to verify the threshold effect of leveraged trading on the stock price crash risk from the perspective of feedback trading. We empirically demonstrate that leveraged trading has a threshold effect on the stock price crash risk on the basis of monthly data on leveraged trading in the Chinese stock market from January 2014 to December 2016. At a low leverage ratio, leveraged trading reduces the stock price crash risk; however, as the leverage ratio increases and exceeds a certain threshold, leveraged trading asymmetrically increases the stock price crash risk. These findings provide new insights in understanding the complexity in the Chinese stock market.

The glymphatic system is a relatively recently identified fluid exchange and transport system in the brain. Accumulating evidence indicates that glymphatic function is impaired not only in central nervous system disorders but also in systemic diseases. Systemic diseases can trigger the inflammatory responses in the central nervous system, occasionally leading to sustained inflammation and functional disturbance of the central nervous system. This review summarizes the current knowledge on the association between glymphatic dysfunction and central nervous system inflammation. In addition, we discuss the hypothesis that disease conditions initially associated with peripheral inflammation overwhelm the performance of the glymphatic system, thereby triggering central nervous system dysfunction, chronic neuroinflammation, and neurodegeneration. Future research investigating the role of the glymphatic system in neuroinflammation may offer innovative therapeutic approaches for central nervous system disorders.

This scientific undertaking meticulously inspected chlorpyrifos degradation kinetics when interacts with assorted organic water-soluble fertilizer formulations. Through rigorous field experimentation, we evaluated the modulatory effects of organic water-soluble fertilizers on the kinetics of pesticide degradation. Under specific conditions, organic water-soluble fertilizers can promote the degradation of pesticides. The integration of distinct fertilizer dilutions conspicuously enhanced degradation, alluding to intricate concentration-dependent mechanisms. In our quest to decipher the underlying mechanisms, we delved into both the biochemical and physicochemical facets. Notably, we monitored plant peroxidase activity across varying concentrations of these fertilizers throughout the investigative period. Temporal tracking displayed escalated plant peroxidase activity, mirroring bolstered detoxification. The results of the UV degradation experiment showed no significant difference in the acaricide degradation rate, regardless of the presence or absence of organic water-soluble fertilizers. However, illumination-induced degradation remained unperturbed by fertilization. Simulated rainwater cleansing was enacted on farmer’s market produce, spanning crucifers, asters, chenopods, and amaranths. Our assays pertaining to washing elucidated the capability of organic water-soluble fertilizers to curtail pesticide residues across representative vegetable taxa. Fertilizer supplementation substantially reduced chlorpyrifos residuals, especially in crucifers. This inquiry underscores the inherent botanical mechanisms of detoxification, which, when augmented by judicious fertilizer supplementation, culminate in the diminution of chlorpyrifos pesticide residues. While promising, extensive multi-crop trials are required to optimize assimilation strategies. Harnessing the intrinsic synergy between agricultural enrichment and pest mitigation, as expounded in this study, heralds a paradigm shift towards sustainable agriculture, ensuring both food security and ecological stewardship.

Background: Toxicological and epidemiological studies have shown that environmental endocrine disruptors interfere with hormonal homeostasis. However, there is limited research on the effects of mixed exposure to nonpersistent endocrine disruptors on thyroid hormones and the factors (e.g., presence status of thyroid autoantibodies or nutritional status of organismal iodine) that may influence this association. Methods: Data were collected from the National Health and Nutrition Examination Survey (NHANES) 2007–2008 and 2011–2012. Relationships between single pollutants and thyroid hormone and thyroid autoantibody levels were assessed using generalized linear (GLM) and restricted cubic spline (RCS) regression models. Weighted quantile sum regression (WQS), group-weighted quantile sum regression (GWQS), quantile-based g-computation (qgcomp), and adaptive elasticity network (AENET) were applied to assess the mixed exposure effect. Next, subgroup analyses were performed on the basis of the urinary iodine concentration or thyroid autoantibody status to assess the modifying role of urinary iodine and thyroid autoantibodies. Results: A total of 2385 study participants were included in this study. Both the single-pollutant model and the multipollutant mixed model revealed that parabens and bis(2-ethylhexyl) phthalate (DEHP) metabolites were significantly and negatively associated with serum thyroxine (T4) levels. However, no associations were found between the target pollutants and thyroid autoantibodies (thyroglobulin antibodies (TgAb) and thyroid peroxidase antibodies (TPOAb)). In addition, this study revealed that urinary iodine or thyroid autoantibody status altered the associations of some of the target pollutants with thyroid hormones. WQS and qgcomp analyses, revealed that the associations of mixed pollutants with hormones differed depending on the urinary iodine or antibody status, especially T4 and thyroid-stimulating hormone (TSH). Conclusion: Significant associations were found between phenols, parabens, and phthalates and serum thyroid hormone levels, with parabens and DEHP metabolites playing major roles. Urinary iodine and thyroid autoantibody status act as modifiers between environmental endocrine-disrupting pollutants and thyroid hormones.

Abstract Astrocyte swelling is implicated in various neurological disorders. However, whether astrocyte swelling contributes to neuropathic pain remains elusive. This study elucidates the pivotal role of the nuclear factor of activated T‐cells 5 (NFAT5) emerges as a master regulator of astrocyte swelling in the spinal dorsal horn (SDH) during neuropathic pain. Despite the ubiquitous expression of NFAT5 protein in SDH cell types, it selectively induces swelling specifically in astrocytes, not in microglia. Mechanistically, NFAT5 directly controls the expression of the water channel aquaporin‐4 (AQP4), a key regulator exclusive to astrocytes. Additionally, aurora kinase B (AURKB) orchestrates NFAT5 phosphorylation, enhancing its protein stability and nuclear translocation, thereby regulating AQP4 expression. The findings establish NFAT5 as a crucial regulator for neuropathic pain through the modulation of astrocyte swelling. The AURKB‐NFAT5‐AQP4 pathway in astrocytes emerges as a potential therapeutic target to combat neuropathic pain.

Investigations of the geochemical compositions of geothermal water, as well as their movements and geneses, are of great significance for the exploration and exploitation of hydrothermal resources. In Zhongshan City, a southern city in Guangdong Province, large amounts of geothermal heat have been discovered. The results of investigations show that the hydrochemical types of geothermal water in the study area are Cl-Na·Ca and Cl-Na. H-O isotopes are basically near the atmospheric precipitation line, and the calculated recharge elevation of geothermal water ranges from 716 to 822 m, which is close to the altitude of the North Peak Mountain in Taishan City. The deep thermal storage temperature ranges from 95.32 to 149.71 °C, and the depth of the thermal cycle ranges from 2638.57 m to 4581.07 m. The genetic model of the geothermal water in this area is that, at favorable structural positions with satisfied water storage conditions, the mixture of atmospheric precipitation and seawater that circulates deep in Earth is heated by terrestrial heat flow under actions such as deep heat exchange and water–rock reactions to leach the salt, finally forming the highly mineralized geothermal water that uplifts out of the surface along faults and crops. The formation of the genetic model of geothermal water will provide a geological basis and technical support for the efficient development and utilization of geothermal resources in Zhongshan City and the coastal area of Southeast China.

Neuropathic pain often leads to negative emotions, which in turn can enhance the sensation of pain. This study aimed to investigate the molecular mechanisms mediating neuropathic pain and negative emotions. Chronic constriction injury (CCI) rats were used as model animals and behavioral tests were conducted to assess pain and negative emotions. Then, the rat anterior cingulate cortex (ACC) was analyzed using UPLC-MS/MS and subsequently integrated with our previously published transcriptome data. Metabolomics analysis revealed that 68 differentially expressed metabolites (DEMs) were identified, mainly in amino acid metabolites and fatty acyls. Combined with our previously published transcriptome data, we predicted two genes that potentially exhibited associations with these metabolites, respectively Apolipoprotein L domain containing 1 (Apold1) and WAP four-disulfide core domain 1 (Wfdc1). Taken together, our results indicated that peripheral nerve injury contributing to neuropathic pain and pain-related depression may be associated with these metabolites and genes. This research provides new insights into the molecular regulatory mechanism, which could serve as a reference for the treatment of neuropathic pain and pain-related depression.

Abstract Groundwater is an important source of water for human sustenance. The determination of groundwater quality at island sites is an urgent priority in China, but there are lacking systematic reports relating to them. Here, 63 groups of groundwater samples were collected and analyzed of Hainan Island. The groundwater in the study area is weakly alkaline, mainly comprising hard and soft freshwater. The predominant anions and cations are HCO3 −, and Ca2+ and Na+, respectively, and the main water chemistry types are HCO3–Cl–Na and HCO3–Cl–Na–Ca. The chemical evolution of groundwater is mainly affected by water–rock interactions, cation exchange, and human activity. The groundwater is mostly of high quality and, in most areas, is suitable for drinking and irrigation. Contrastingly, the water quality in the west of the island is relatively poor. The spatial distribution of the risk coefficient (HQ) is consistent with the spatial variation in the NO3 − concentrations in the groundwater. Notably, there are unacceptable health risks for different groups of people, with infants having the greatest level of impact, followed by children, teenagers, and adults. This study provides a valuable reference for the development and utilization of groundwater resources, as well as the improvement of aquatic ecological conditions on Hainan Island and other island areas worldwide.