The dyadic representation of any singular integral operator, as an average of dyadic model operators, has found many applications. While for many purposes it is enough to have such a representation for a “suitable class” of test functions, we show that, under quite general assumptions (essentially minimal ones to make sense of the formula), the representation is actually valid for all pairs $(f, g) \in L^p\left(\mathbb{R}^d\right) \times L^{p^{\prime}}\left(\mathbb{R}^d\right)$, not just test functions.

We establish a pointwise property for homogeneous fractional Sobolev spaces in domains with non-empty boundary, extending a similar result of Koskela-Yang-Zhou. We use this to show that a conformal map from the unit disk onto a simply connected planar domain induces a bounded composition operator from the borderline homogeneous fractional Sobolev space of the domain into the corresponding space of the unit disk.

We study embeddings between generalised Triebel-Lizorkin-Morrey spaces $\mathcal{E}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$ and within the scales of further generalised Morrey smoothness spaces like $\mathcal{N}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$, $B_{p, q}^{s, \varphi}\left(\mathbb{R}^d\right)$ and $F_{p, q}^{s, \varphi}\left(\mathbb{R}^d\right)$. The latter have been investigated in a recent paper by the first two authors (2023), while the embeddings of the scale $\mathcal{N}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$ were mainly obtained in a paper of the first and last two authors (2022). Now we concentrate on the characterisation of the spaces $\mathcal{E}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$. Our approach requires a wavelet characterisation of those spaces which we establish for the system of Daubechies' wavelets. Then we prove necessary and sufficient conditions for the embedding $\mathcal{E}_{\varphi_1, p_1, q_1}^{s_1}\left(\mathbb{R}^d\right) \hookrightarrow \mathcal{E}_{\varphi_2, p_2, q_2}^{s_2}\left(\mathbb{R}^d\right)$. We can also provide some almost final answer to the question when $\mathcal{E}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$ is embedded into $C\left(\mathbb{R}^d\right)$, complementing our recent findings in case of $\mathcal{N}_{\varphi, p, q}^s\left(\mathbb{R}^d\right)$.

This paper is concerned with a class of degenerate elliptic equations with rapidly oscillating coefficients in periodically perforated domains, which arises in the study of spectrum problems for uniformly elliptic equations in perforated domains. We establish a quantitative convergence rate and obtain the uniform weighted Lipschitz and $W^{1,p}$ estimates.

We introduce a bilinear extension of the so-called exotic Calderón-Zygmund operators. These kernels arise naturally from the bilinear singular integrals associated with Zygmund dilations. We show that such a class of operators satisfy a $T1$ theorem in the same form as the standard Calderón-Zygmund operators. However, one-parameter weighted estimates may fail in general, and unlike the linear case, we are not able to provide the end-point estimates in full generality.

This paper is an offspring of the previous study on Herz spaces. A new characterization of Morrey-Herz spaces is given. As applications, the boundedness of various operators is obtained. For example, higher-order commutators generated by singular integral operators and BMO functions are proved to be bounded on Morrey-Herz spaces. The theory of Morrey-Herz-Hardy spaces is also developed.

原油是关系国家经济和安全的重要一次性能源. 定量模拟评估原油供应链风险, 研究如何制定和完善突发扰动事件下的调控措施, 是保障我国原油供应链安全和经济增长的基础. 基于此, 首先在分析影响原油供应链安全国内外因素的基础上, 借助系统动力学方法构建反映原油供应链系统风险因素间相互作用关系的调控模型. 通过模拟仿真, 评估突发扰动事件发生时, 长、短期调控措施分别对原油供应链风险和GDP恢复率产生的影响. 其次, 利用仿真模型调试出满足GDP恢复率最优的多环节调控组合和调控尺度, 分析这些组合措施下的原油供应链风险变动情况, 以揭示调控组合措施搭配和调控尺度变化规律. 结果表明: 1) 相对于单独实施长、短期调控措施, 两者搭配实施能够更好地抑制原油供应链风险, 提升GDP恢复率, 且对风险的控制效应随着长期调控措施尺度的增加而提升. 2) 长期调控措施对原油供应链风险的抑制作用存在直接效应和间接效应, 间接效应主要是通过相机减少短期调控措施种类与尺度而实现的. 3) 原油的紧急进口可行性是影响国内原油供应链风险的关键因素, 紧急进口可行性越低, 国内原油供应链风险越高.

随着卫星能力的提升和应急需求的常态化, 传统的集中式任务规划或面向单个应急任务的分布式协同规划已经难以满足现有卫星的协同规划需求. 针对批量应急任务需求, 研究分布式卫星在线协同问题. 首先, 基于合同网机制, 针对批量到达任务所导致的通信量激增和循环求解问题, 提出了一种基于双层禁忌搜索的改进合同网机制(improved contract network protocol based on two-layer tabu search, ICNPTS). ICNPTS将原问题分为标书制作问题和评标问题, 并利用历史招投标信息, 对传统合同网流程提出三个改进机制. 其次, 为标书制作问题提出冲突消解的禁忌搜索算法以生成标书; 将评标问题建模为二部图最大权多重匹配并采用基于支配边集的多重匹配算法进行求解. 最后, 通过数值实验, 验证了ICNPTS在减小卫星间通信量和提升协同效果上的有效性.

Let $p(\cdot): \mathbb{R}^n \rightarrow(0, \infty]$ be a variable exponent function satisfying the globally log-Hölder continuous condition and $A$ a general expansive matrix on $\mathbb{R}^n$. Let $H_A^{p(\cdot)}(\mathbb{R}^n)$ be the variable anisotropic Hardy space associated with $A$. In this paper, via first establishing a criterion for affirming some functions being in the space $H_A^{p(\cdot)}(\mathbb{R}^n)$, the authors obtain several equivalent characterizations of $H_A^{p(\cdot)}(\mathbb{R}^n)$ in terms of the so-called tight frame multiwavelets, which extend the well-known wavelet characterizations of classical Hardy spaces. In particular, these wavelet characterizations are shown without the help of Peetre maximal operators.

针对匹配主体评价信息不完全的情形,给出一种不完全直觉模糊双边匹配决策方法.首先,在直觉模糊数和双边匹配概念的基础上,对不完全直觉模糊信息的双边匹配问题进行了描述.其次,利用Borda分值函数将匹配双方不完全直觉模糊数矩阵转化成不完全分值矩阵,接着通过优化模型的解的存在性探讨了完全双边匹配的存在性.然后,在完全双边匹配存在情形下,利用完全分值矩阵构建双边匹配模型,并给出基于不完全直觉模糊信息的双边匹配问题求解算法,通过该算法获得完全双边匹配方案.最后,采用一个具体实例验证了该方法的可行性与有效性.

Let $F$, $G$ and $H$ be three graphs with $G\subseteq{H}$. We call $G$ an $F$-saturated graph relative to $H$, if there is no copy of $F$ in $G$ but there is a copy of $F$ in $G+e$ for any $e\in E(H)\setminus E(G)$. The $F$-saturation game on host graph $H$ consists of two players, named Max and Min, who alternately add edges of $H$ to $G$ such that each chosen edge avoids creating a copy of $F$ in $G$, and the players continue to choose edges until $G$ becomes $F$-saturated relative to $H$. Max wishes to maximize the length of the game, while Min wishes to minimize the process. Let ${\rm sat}_g(F,H)$ (resp. ${\rm sat}_{g}^{'}(F,H)$) denote the number of edges chosen when Max (resp. when Min) starts the game and both players play optimally. In this article, we show that ${\rm sat}_g(P_5,K_n) = {\rm sat}_g^{'}(P_5,K_n)= n+2$ for $n\ge 15$, and ${\rm sat}_g(P_5,K_{m,n})$, ${\rm sat}_g^{'}(P_5,K_{m,n})$ lie in $\{m+n-\lfloor \frac{m+2}{4}\rfloor, m+n-\lceil \frac{m-3}{4}\rceil \}$ if $n\ge\frac{5}{2}m$ and $m\ge 4$, respectively.

如何从日益增多的线上投诉中挖掘出潜在的产品缺陷信息已成为制造商和监管部门质量管理工作的重点和难点. 为此, 本研究提出了一个全新的基于主题模型的产品缺陷信息识别模型. 该模型首先利用引导式主题模型的优势, 通过缺陷词典事先确定缺陷主题数量, 提取出与行业标准内容一致的缺陷主题, 并根据这些主题对投诉进行多标签分类; 另外, 针对投诉附带信息的非结构化特点以及投诉内容缺陷词的稀疏性分布规律, 模型融入了产品特征建模以及自适应性词加权两种改进机制, 进一步提升了缺陷识别的性能. 本研究收集了国内汽车权威平台115,668条线上投诉进行实验, 实验结果表明所提模型相比于潜在狄利克雷分配等现有主题模型能生成与行业的实际缺陷分类一致的缺陷主题, 还能分析产品的品牌, 能源类型等特征对投诉中缺陷主题概率分配的影响. 模型在F1指数, AUC指数, 汉明损失, 排序损失上明显优于对比的其他主题模型. 模型的产品特征建模, 自适应性词加权和引导式主题模型结构确保了本模型在各评价指标上的精度表现. 该研究可帮助制造商和监管部门及时监管产品质量水平, 保护消费者合法权益.

The multicolor Ramsey number $r_k(C_4)$ is the smallest integer $N$ such that any $k$-edge coloring of $K_N$ contains a monochromatic $C_4$. The current best upper bound of $r_k(C_4)$ was obtained by Chung (1974) and independently by Irving (1974), i.e., $r_k(C_4)\le k^2+k+1$ for all $k\ge2$. There is no progress on the upper bound since then. In this paper, we improve the upper bound of $r_k(C_4)$ by showing that $r_k(C_4)\le k^2+k-1$ for even $k\ge 6$. The improvement is based on the upper bound of the Turán number $\mathrm{ex}(n,C_4)$, in which we mainly use the double counting method and many novel ideas from Firke, Kosek, Nash, and Williford [J. Combin. Theory, Ser. B 103 (2013), 327-336].

为探索“接力式”物流众包骑手参与服务能力决策问题,构建了包括优势骑手、弱势骑手和客户的物流众包决策模型,并比较了“一送到底”与“接力式”物流众包模式下平台与骑手的最优服务能力和收益;进一步分析考虑骑手异质的双重分配众包策略.研究表明,“接力式”众包比“一送到底”众包模式更能有效提高众包平台服务能力和利润;骑手异质时统一分配策略会增加弱势骑手加入众包平台门槛,加剧众包平台上优势骑手的集中,降低众包平台服务能力,采取双重分配策略可以提高弱势骑手的服务能力和利润,改善弱势骑手的生存环境,防止优势骑手垄断,从而增加整个接力式众包平台的服务能力;弱势骑手的数量和成本会对双重分配系数的选取产生影响,通过选取适当的双重分配系数可以使众包平台的利润增加.该结论为同城急送的物流众包平台提供有价值参考.最后采取数值算例验证了上述结论.

In this paper we extend the duality $ (\overline{C^{\infty}_{comp}(\mathbb{R}^d)}^{\mathrm{BMO}(\mathbb{R}^d)})^*=H^1(\mathbb{R}^d)$ to generalized Campanato spaces with variable growth condition $\mathcal{L}_{p,\phi}(\mathbb{R}^d)$ instead of $\mathrm{BMO}(\mathbb{R}^d)$. We also extend the characterization of $\overline{C^{\infty}_{comp}(\mathbb{R}^d)}^{\mathrm{BMO}(\mathbb{R}^d)}$ by Uchiyama (1978) to $\overline{C^{\infty}_{comp}(\mathbb{R}^d)}^{\mathcal{L}_{p,\phi}(\mathbb{R}^d)}$. Moreover, using this characterization, we prove the boundedness of singular and fractional integral operators on $\overline{C^{\infty}_{comp}(\mathbb{R}^d)}^{\mathcal{L}_{p,\phi}(\mathbb{R}^d)}$. The function space $\mathcal{L}_{p,\phi}(\mathbb{R}^d)$ treated in this paper covers the case that it is coincide with Lip$_{\alpha}$ on one area, with $\mathrm{BMO}$ on another area and with the Morrey space on the other area, for example.

This research paper addresses a topic of interest to many researchers and engineers due to its effective applications in various industrial areas. It focuses on the thermoelastic laminated beam model with nonlinear structural damping, nonlinear time-varying delay, and microtemperature effects. Our primary goal is to establish the stability of the solution. To achieve this, and under suitable hypotheses, we demonstrate energy decay and construct a Lyapunov functional that leads to our results.

餐食外卖配送问题具有订单请求动态到来和餐厅备餐时间不确定等特征, 且通常需要在订单到来时以"快速响应"和"秒级决策"的方式进行在线管理. 本文针对同时考虑动态订单和随机备餐时间的动态随机餐食外卖配送问题, 以最小化交付延迟为目标, 建立了基于路径的马尔可夫动态决策模型. 基于强化学习中的离线价值逼近算法, 将未来事件的影响明确刻画为与决策动作相关的未来期望回报值, 同时, 设计新订单延迟策略和动态时间缓冲策略加以整合, 提出一种有效的在线决策方法进行求解. 为快速有效地估计未来期望回报值, 定义决策时间、订单服务状态、订单时间松弛和订单时间缓冲为回报值的成本结构的关键特征, 并将回报值分解到决策后状态下的每个订单层面来近似. 数值实验表明:本文方法能做出即时有效的在线决策, 单决策点的平均决策时间为0.04 s; 设计的新订单延迟策略和动态时间缓冲策略合理有效. 所获得的管理启示可为外卖平台配送运营决策提供借鉴.

增进民生福祉是发展的根本目的, 也是衡量发展成效的重要标尺. 本文利用大数据和以ChatGPT为代表的大语言模型技术, 探索在全国范围内准确核算居民主观幸福感的可能性, 提出一种基于微博大数据的居民主观幸福指数构建方法, 并基于ChatGLM3开发一种针对于社交媒体文本的情感分析大语言模型SentiGLM, 以提升微博文本情感分类的准确性和有效性. SentiGLM模型通过在精心设计的多任务指令微调数据集上进行低秩适应训练, 提升其在微博文本情感分析任务中的表现. 基于约6千万条的微博文本数据, 首次在年、月、周、日四种时间粒度上核算中国各地区以及国家层面的主观幸福感指数. 研究发现: SentiGLM在微博文本情感分析中的预测效果明显优于传统机器学习模型(如BERT、LSTM和SnowNLP); 同时, 基于大语言模型的测度方法相比传统问卷调查, 展现出更优的经济性、时效性和稳健性, 并且在时间和空间上具备更细的颗粒度.

地铁白名单安检通道最低抽检率设置是平衡白名单通道安全与效率的难题.文章总结凝练了政府监管、专业机构监管和后设监管三种地铁安检白名单信用监管模式,构建了“信用”约束和“信用+便利性”约束两种机制情境下考虑信用偏好的白名单通道最低抽检率模型.研究发现:(i)当不考虑乘行便利性收益影响时,信用得失距最大的信用监管模式占优,且后设监管模式一般优于专业机构监管模式;(ii)监管机构间对乘客信用监管结果的互认度越高,白名单通道最低抽检率越小;(iii)信用得失距与白名单乘客信用偏好程度正相关,两类信用偏好呈叠加关系;(iv)信用约束和便利性约束呈互补关系,同时,当政府部门与专业机构对信用监管结果的互认率较低,或白名单乘客对两类信用的信用偏好均较低时,乘行便利性对白名单通道最低抽检率的敏感性将显著增强;(v)当白名单乘客占比过高或白名单通道数量过少时,对白名单乘客的便利性约束效力将会显著降低,甚至反噬信用约束效力,并最终导致“信用+便利性”约束机制下的白名单通道最低抽检率高于“信用”约束机制下的数值.

We prove almost everywhere convergence for convolutions of locally integrable functions with shrinking $L^1$ dilations of a fixed integrable kernel with an integrable radially decreasing majorant. The set on which the convergence holds is an explicit subset of the Lebesgue set of the locally integrable function of full measure. This result can be viewed as an extension of the Lebesgue differentiation theorem in which the characteristic function of the unit ball is replaced by a more general kernel. We obtain a similar result for multilinear convolutions.

文章研究一类带对数罚函数的正则化问题,该模型的目标函数由损失函数和对数罚函数组成,其中损失函数是二次可微函数,对数罚函数是一个非凸函数.首先,研究对数罚函数的邻近次微分和极限次微分,然后,利用该次微分表达式和图像导数的运算法则,得到该问题目标函数的次微分图像导数,最后,利用该图像导数表达式分别建立了该正则化问题的强度量次正则的一个充分条件和充要条件.

A graph $G$ is a fractional $(k,m)$-deleted graph if removing any $m$ edges from $G$, the resulting subgraph still admits a fractional $k$-factor. Let $k\ge2$ and $m\ge1$ be integers. Denote $\lfloor\frac{2m}{k}\rfloor^{*}=\lfloor\frac{2m}{k}\rfloor$ if $\frac{2m}{k}$ is not an integer, and $\lfloor\frac{2m}{k}\rfloor^{*}=\lfloor\frac{2m}{k}\rfloor-1$ if $\frac{2m}{k}$ is an integer. In this paper, we prove that $G$ is a fractional $(k,m)$-deleted graph if $\delta(G)\ge k+m$ and isolated toughness meets $$I(G)>\left\{\begin{array}{ll}3-\frac{1}{m},& \hbox{if $k=2$ and $m\ge3$,} \\k+\frac{\lfloor\frac{2m}{k}\rfloor^{*}}{m+1-\lfloor\frac{2m}{k}\rfloor^{*}},& \hbox{ otherwise.}\end{array}\right.$$ Furthermore, we show that the isolated toughness bound is tight.

传统协作配送只考虑物流企业参与意愿, 一般没有考虑客户是否愿意接受联盟其他成员的配送服务. 为此, 本文分析了客户愿意参与协作比例与物流企业可节约成本之间的关系, 并设计了激励客户参与协作配送的最优价格折扣策略. 首先, 构建了不同客户参与比例下量化联盟总配送成本的车辆路径优化模型, 设计了求解模型的自适应大邻域搜索算法. 其次, 基于需求弹性理论刻画客户参与比例与价格折扣之间的函数关系, 使用Shapley值法分摊不同折扣下联盟的总配送成本, 进而计算各物流企业提供折扣后的利润. 然后, 以物流联盟成员平均利润最大化为目标, 基于最小二乘法拟合和牛顿法原理, 提出了能够根据各物流企业客户总数、配送价格等信息, 快速计算最优折扣的估算方法. 最后, 通过Solomon标准算例和实际案例对模型和策略的有效性进行了验证. 研究结果表明:在不同的弹性需求市场中, 采用文章提出的价格折扣策略后, 物流企业平均利润可提升至未提供折扣时的1.5～4倍; 最优折扣估算方法的求解精度可控制在97% 左右, 相应利润与实际最优利润的偏差平均只有3.5%.

本文在Liu et al. (2019) 三因子基础上引入风险感知因子 (FRP) 构建中国股票市场的四因子模型 (记为RPM4模型). 结果表明, 对比现有模型的定价因子, 风险感知因子在样本期内能获得显著溢价, 且因子的波动率、夏普比率、最大回测等指标均具有明显优势. 风险感知因子的最大平方夏普比率最高, 具有显著的增量信息, 能够有效地捕捉市场、规模和价值等因子外的有效信息. 进一步检验表明, RPM4模型蕴含了更丰富的信息, 在对股票组合收益率的解释上具有绝对优势, 在截面回归$R^2$对比检验中表现出色, 是Fama and French (1993) 三因子、Liu et al. (2019) 三因子和四因子模型的有效补充.

针对资源限制下随机仿真优化的预算分配问题, 本文综合对冲思想与Portfolio策略, 引入考虑偏差与方差的资源分配准则, 提出了一种基于有限资源组合分配的两阶段贝叶斯优化方法, 以期更好地解决仿真预算和优化精度的权衡问题. 首先在初始样本集合上综合考虑内外部噪声对输出响应的影响, 构建异方差随机Kriging模型; 其次在搜索阶段基于Portfolio策略, 优化采集函数得到序贯优化点集合, 并依据其性能表现计算自适应选择概率; 然后在分配阶段运用考虑偏差与方差的资源分配准则为采样点分配预算; 最后, 通过Hartmann-3维测试函数和随机需求下的库存问题, 将本文所提方法与现有组合优化算法进行比较, 实验结果表明, 本文所提方法兼具较好的全局寻优能力与稳健性.

The focusing modified Korteweg-de Vries (mKdV) equation with multiple high-order poles under the nonzero boundary conditions is first investigated via developing a Riemann-Hilbert (RH) approach. We begin with the asymptotic property, symmetry and analyticity of the Jost solutions, and successfully construct the RH problem of the focusing mKdV equation. We solve the RH problem when $1/S_{11}(k)$ has a single high-order pole and multiple high-order poles. Furthermore, we derive the soliton solutions of the focusing mKdV equation which corresponding with a single high-order pole and multiple high-order poles, respectively. Finally, the dynamics of one- and two-soliton solutions are graphically discussed.

The paper deals with continuous and compact mappings generated by the Fourier transform between distinguished Besov spaces $B_p^s\left(\mathbb{R}^n\right)=B_{p, p}^s\left(\mathbb{R}^n\right), 1 \leq p \leq \infty$, and between Sobolev spaces $H_p^s\left(\mathbb{R}^n\right), 1 < p < \infty$. In contrast to the paper H. Triebel, Mapping properties of Fourier transforms. Z. Anal. Anwend. 41 (2022), 133-152, based mainly on embeddings between related weighted spaces, we rely on wavelet expansions, duality and interpolation of corresponding (unweighted) spaces, and (appropriately extended) Hausdorff-Young inequalities. The degree of compactness will be measured in terms of entropy numbers and approximation numbers, now using the symbiotic relationship to weighted spaces.

数字化转型逐渐成为数字经济背景下企业发展的重要驱动力.文章结合数字化转型中存在的“数字技术基础薄弱”与“数字技术难以业务赋能”问题,从资源与能力视角将数字化转型划分为数字技术资源与数字技术赋能两个维度,探寻促进转型问题解决的前因(管理者心理韧性),并明确转型经济后果(企业绩效).根据中国香港联合证券交易所上市的557家企业在2010-2020年的数据,利用文本分析法实证发现:1)管理者心理韧性显著促进数字技术资源与数字技术赋能,且对数字技术赋能的作用更强;行业竞争负向调节管理者心理韧性对数字技术赋能的作用,但不调节管理者心理韧性对数字技术资源的作用.2)数字技术赋能正向影响企业绩效,数字技术资源对企业绩效无显著影响.3)管理者心理韧性对数字技术资源与数字技术赋能的促进作用、数字技术赋能对企业绩效的正向影响,均在大型企业、非制造业企业中更强.4)心理韧性强的管理者能够优化管理层人力资本结构,促进企业建设数字技术与提高数字技术赋能能力,助力数字化转型;数字技术赋能通过提高企业运营效率与营业成本控制效率获得企业绩效;心理韧性强的管理者可帮助企业获取数字技术赋能能力提高企业绩效.文章结论为企业实施数字化转型,获取数字化转型的经济效益提供了重要启示.

现实世界中, 传染病扩散往往伴随着正确与错误消息的竞争传播. 而正确与错误消息的竞争传播对传染病的扩散又产生显著影响, 这为流行性传染病传播机制研究和突发公共卫生事件防治带来巨大挑战. 当前把消息竞争传播与传染病扩散综合起来的耦合动力学模型研究尚不充分. 结合动力系统分析和仿真模拟方法, 提出一个两层多路复用网络中的耦合扩散模型, 研究正确消息和错误消息之间的竞争如何影响到传染病的扩散时间与范围. 综合微观马尔可夫链分析和仿真实验的研究结果表明, 消息层的竞争传播模式会严重影响传染病的扩散范围. 群体认知水平会通过影响消息层的竞争传播来促进或抑制传染病的感染范围. 特别是, 消息层中正确消息和错误消息的盛行时间、以及正确消息初始传播的时刻, 对传染病传播范围的影响至关重要. 研究结果对指导消息竞争与疾病耦合传播情境下疫情精准防控具有借鉴意义.

在“守住不发生系统性金融风险的底线”背景下, 本文探究行业泡沫对行业内公司系统性风险贡献的影响, 并以此构建行业间风险网络来识别不同强度冲击下的风险源头, 旨在为深化以国内大循环为主体的新发展格局改革提供有效的政策参考. 研究发现: 第一, 除农业、水利业以及文娱业外, 大多数行业泡沫对行业内公司系统性风险贡献的影响不显著或呈抑制作用; 但当投资者情绪高涨时, 行业泡沫会提高行业内公司系统性风险贡献; 第二, 局部投影模型的累积效应结果表明, 大部分行业泡沫的促进作用呈持续上升趋势, 且促进作用的累积效应存在异质性; 第三, 分位数风险网络中尾部冲击导致的行业联系相较于正常时期更为紧密, 同时各行业的风险防御能力也随冲击强度而异. 此外, 行业泡沫网络的风险源主要集中在农业、制造业、交通业、住宿餐饮业和租赁业, 说明风险冲击以生产、分配、流通、消费为核心向外扩散, 体现了我国经济正转向以国内大循环为主体的新发展格局.