Gravitino Production in the Inflationary Universe and the Effects on Big-Bang Nucleosynthes
外刊每日精读 Making trouble
外刊每日精读 | Making trouble文章脉络【1】看重制造业的国家都有工业战略，但是英国没有。
【2】英国对自己的可再生能源产业非常自满。
【3】安迪·霍尔丹称英国很可能在这场再工业化军备竞赛中落后。
【4】与中国相比，西方在绿色技术方面觉醒地太晚了。
【5】英国想要成为一个制造业“超级大国”还有一段路要走。
【6】英国不再是一流的制造业经济体，而且几十年以来都不是。
【7】戴森最近宣布将把电池工厂建在新加坡，这也完美诠释了英国现在正面临的挑战。
【8】戴森没有选择在英国建厂有多重原因。
【9】英国进行高价值的脑力劳动，其他国家负责生产的想法已经不再符合实际。
【10】国家相关战略的缺失让制造商处于竞争劣势。
【11】缺少合适的、有规划的工业战略是英国的致命弱点。
【12】从行动来看，英国似乎并没有参与竞争。
经济学人原文Making trouble：UK needs an industrial strategy to compete in manufacturing【1】Countries that are serious about manufacturing have industrial strategies.The US and China have one. So do Germany and France. Britain does not . Rishi Sunak talks about turning the UK into a “science and technology superpower” but that’s all it is: talk. It is a PR strategy masquerading as an industrial strategy.【2】Faced with the challenge presented by Joe Biden’s inflation reduction act (IRA), the government says it has no need to respond to the package of green subsidies being provided by Washington because Britain has already established a thriving renewables sector and the Americans are playing catch up. The complacency is staggering.【3】Andy Haldane , once the Bank of England’s chief economist and now the chief executive of the Royal Society of Arts, last week said: “The world is facing right now an arms race in re-industrialisation. And I think we’re at risk of falling behind in that arms race unless we give itthe giddy-up.”【4】China, Haldane added, had been focusing on green technology for many, many years and had forged ahead in tech such as solar and batteries. “The west has belatedly woken up,” he said. “The IRA is throwing cash to the wall on that. The cost of that [is] almost certainly north of half a trillion dollars. Possibly north of $1tn. The EU is now playing catch up, [and] the UK currently is not really in the race at any kind of scale.”【5】A quick glance at the latest trade figures shows Britain has some way to go to be a manufacturing“superpower”.manufacturing’s share of the economy shrank from more than 30% to less than 10% of national output in Elizabeth II’s reign. The goods deficit, last in surplus in the early 1980s, stood at £55bn in the first three months of this year, with imports more than 50% higher than exports. A £40bn quarterly surplus in services was not enough to close the trade gap.【6】Those who supported Brexit say the UK now has the freedom to export more to faster growing parts of the world economy . Those who opposed it say exporting to the EU has become more burdensome. Both are right, but both are missing the point. Before Britain can take advantage of export opportunities it has to have stuff to export. The fact is the UK is no longer a firstrank manufacturing economy and hasn’t been for decades.【7】Dyson’s recent announcement that it will build a battery factory in Singapore is a perfect illustration of the challenge facing the UK. There was never the remotest possibility that the plant would be in the UK due to what its founder James Dyson, a prominent Brexit supporter, called in a letter to the Times, t he “scandalous neglect” of science and technology businesses.【8】Only part of the company’s reluctance to manufacture in the UK is due to the recent jump in corporation tax, though that wipes out any benefit from tax breaks for research and development. It is also the planning system, the lack of trained engineers, the disdain shown for science and technology, and government interference in the way businesses are run.【9】The company says the UK will remain a centre for R&D, and it will invest £100m in a new tech centre in Bristol for software and AI research. But the idea that Britain can do all the high-value brain power stuff while other countries do the production is an illusion. Increasingly, Dyson’s R&D happens in Singapore, the site of its global HQ, and in the Philippines.【10】Dyson is by no means alone. A report by the lobby group Make UK found that six in 10manufacturers thought government had never had a longterm vision for manufacturing, while eight in 10 considered the absence of a strategy put their company at a competitive disadvantage compared with other manufacturing nations. It is no surprise that AstraZeneca recently announced it was building its new factory in Ireland .【11】Stephen Phipson, Make UK ’s chief executive , said last week the US was spending 1.5% of national output on its IRA. The equivalent sum in the UK would be £33bn. It was not just the money, though. “A lack of a proper, planned industrial strategy is the UK’s achilles heel ,” Phipson said. “Every other major economy, from Germany, to China, to the US, has a long-term national manufacturing plan, underlying the importance of an industrial base to the success of its wider economy. The UK is the only country to not have one.“If we are to not only tackle our regional inequality, but also compete on a global stage, we need a national industrial strategy as a matter of urgency.”【12】One option is to concentrate instead on sectors where the UK does have global clout: financial and business services, for example. In that case, the pretence has to stop that levelling up will be delivered by new factories turning out world-beating products.The government can either make Britain an attractive place for manufacturing companies to invest or it can decide not to compete. Judged by its actions rather than by its rhetoric, it seems to have chosen the latter option.。
How Inflation Swindles the Equity Investor通胀如何摧毁价值投资者
How Inflation Swindles the Equity Investor - by Warren BuffettThe central problem in the stock market is that the return on capital hasn´t risen with inflation. It seems to be stuck at 12 percent.by Warren E. Buffett, FORTUNE May 1977It is no longer a secret that stocks, like bonds, do poorly in an inflationary environment. We have been in such an environment for most of the past decade, and it has indeed been a time of troubles for stocks. But the reasons for the stock market's problems in this period are still imperfectly understood.There is no mystery at all about the problems of bondholders in an era of inflation. When the value of the dollar deteriorates month after month, a security with income and principal payments denominated in those dollars isn't going to be a big winner. You hardly need a Ph.D. in economics to figure that one out.It was long assumed that stocks were something else. For many years, the conventional wisdom insisted that stocks were a hedge against inflation. The proposition was rooted in the fact that stocks are not claims against dollars, as bonds are, but represent ownership of companies with productive facilities. These, investors believed, would retain their Value in real terms, let the politicians print money as they might.And why didn't it turn but that way? The main reason, I believe, is that stocks, in economic substance, are really very similar to bonds.I know that this belief will seem eccentric to many investors. Thay will immediately observe that the return on a bond (the coupon) is fixed, while the return on an equity investment (the company's earnings) can vary substantially from one year to another. True enough. But anyone who examines the aggregate returns that have been earned by compa-nies during the postwar years will dis-cover something extraordinary: the returns on equity have in fact not varied much at all.The coupon is stickyIn the first ten years after the war - the decade ending in 1955 -the Dow Jones industrials had an average annual return on year-end equity of 12.8 percent. In the second decade, the figure was 10.1 percent. In the third decade it was 10.9 percent. Data for a larger universe, the FORTUNE 500 (whose history goes back only to the mid-1950's), indicate somewhat similar results: 11.2 1 / 17percent in the decade ending in 1965, 11.8 percent in the decade through 1975. The figures for a few exceptional years have been substantially higher (the high for the 500 was 14.1 percent in 1974) or lower (9.5 percent in 1958 and 1970), but over the years, and in the aggregate, the return on book value tends to keep coming back to a level around 12 percent. It shows no signs of exceeding that level significantly in inflationary years (or in years of stable prices, for that matter).For the moment, let's think of those companies, not as listed stocks, but as productive enterprises. Let's also assume that the owners of those enterprises had acquired them at book value. In that case, their own return would have been around 12 percent too. And because the return has been so consistent, it seems reasonable to think of it as an "equity coupon".In the real world, of course, investors in stocks don't just buy and hold. Instead, many try to outwit their fellow investors in order to maximize their own proportions of corporate earnings. This thrashing about, obviously fruitless in aggregate, has no impact on the equity, coupon but reduces the investor's portion of it, because he incurs substantial frictional costs, such as advisory fees and brokerage charges. Throw in an active options market, which adds nothing to, the productivity of American enterprise but requires a cast of thousands to man the casino, and frictional costs rise further.Stocks are perpetualIt is also true that in the real world investors in stocks don't usually get to buy at book value. Sometimes they have been able to buy in below book; usually, however, they've had to pay more than book, and when that happens there is further pressure on that 12 percent. I'll talk more about these relationships later. Meanwhile, let's focus on the main point: as inflation has increased, the return on equity capital has not. Essentially, those who buy equities receive securities with an underlying fixed return - just like those who buy bonds.Of course, there are some important differences between the bond and stock forms. For openers, bonds eventually come due. It may require a long wait, but eventually the bond investor gets to renegotiate the terms of his contract. If current and prospective rates of inflation make his old coupon look inadequate, he can refuse to play further unless coupons currently being offered rekindle his interest. Something of this sort has been going on in recent years.Stocks, on the other hand, are perpetual. They have a maturity date of infinity. Investors in stocks are stuck with whatever return corporate America happens to earn. If corporate America is destined to earn 12 percent, then that is the level investors must learn to live with. As a group, stock investors can neither opt out nor renegotiate. In the aggregate, their commitment is2 / 17actually increasing. Individual companies can be sold or liquidated and corporations can repurchase their own shares; on balance, however, new equity flotations and retained earnings guarantee that the equity capital locked up in the corporate system will increase.So, score one for the bond form. Bond coupons eventually will be renegotiated; equity "coupons" won't. It is true, of course, that for a long time a 12 percent coupon did not appear in need of a whole lot of correction.The bondholder gets it in cashThere is another major difference between the garden variety of bond and our new exotic 12 percent "equity bond" that comes to the Wall Street costume ball dressed in a stock certificate.In the usual case, a bond investor receives his entire coupon in cash and is left to reinvest it as best he can. Our stock investor's equity coupon, in contrast, is partially retained by the company and is reinvested at whatever rates the company happens to be earning. In other words, going back to our corporate universe, part of the 12 percent earned annually is paid out in dividends and the balance is put right back into the universe to earn 12 percent also.The good old daysThis characteristic of stocks - the reinvestment of part of the coupon - can be good or bad news, depending on the relative attractiveness of that 12 percent. The news was very good indeed in, the 1950's and early 1960's. With bonds yielding only 3 or 4 percent, the right to reinvest automatically a portion of the equity coupon at 12 percent via s of enormous value. Note that investors could not just invest their own money and get that 12 percent return. Stock prices in this period ranged far above book value, and investors were prevented by the premium prices they had to pay from directly extracting out of the underlying corporate universe whatever rate that universe was earning. You can't pay far above par for a 12 percent bond and earn 12 percent for yourself.But on their retained earnings, investors could earn 22 percent. In effert, earnings retention allowed investots to buy at book value part of an enterprise that, :in the economic environment than existing, was worth a great deal more than book value.It was a situation that left very little to be said for cash dividends and a lot to be said for earnings retention. Indeed, the more money that investors thought likely to be reinvested at the 123 / 17percent rate, the more valuable they considered their reinvestment privilege, and the more they were willing to pay for it. In the early 1960's, investors eagerly paid top-scale prices for electric utilities situated in growth areas, knowing that these companies had the ability to reinvest very large proportions of their earnings. Utilities whose operating environment dictated a larger cash payout rated lower prices.If, during this period, a high-grade, noncallable, long-term bond with a 12 percent coupon had existed, it would have sold far above par. And if it were a bond with a f urther unusual characteristic - which was that most of the coupon payments could be automatically reinvested at par in similar bonds - the issue would have commanded an even greater premium. In essence, growth stocks retaining most of their earnings represented just such a security. When their reinvestment rate on the added equity capital was 12 percent while interest rates generally were around 4 percent, investors became very happy - and, of course, they paid happy prices.Heading for the exitsLooking back, stock investors can think of themselves in the 1946-56 period as having been ladled a truly bountiful triple dip. First, they were the beneficiaries of an underlying corporate return on equity that was far above prevailing interest rates. Second, a significant portion of that return was reinvested for them at rates that were otherwise unattainable. And third, they were afforded an escalating appraisal of underlying equity capital as the first two benefits became widely recognized. This third dip meant that, on top of the basic 12 percent or so earned by corporations on their equity capital, investors were receiving a bonus as the Dow Jones industrials increased in price from 138 percent book value in 1946 to 220 percent in 1966, Such a marking-up process temporarily allowed investors to achieve a return that exceeded the inherent earning power of the enterprises in which they had invested.This heaven-on-earth situation finally was "discovered" in the mid-1960's by many major investing institutions. But just as these financial elephants began trampling on one another in their rush to equities, we entered an era of accelerating inflation and higher interest rates. Quite logically, the marking-up process began to reverse itself. Rising interest rates ruthlessly reduced the value of all existing fixed-coupon investments. And as long-term corporate bond rates began moving up (eventually reaching the 10 percent area), both the equity return of 12 percept and the reinvestment "privilege" began to look different.Stocks are quite properly thought of as riskier than bonds. While that equity coupon is more or less fixed over periods of time, it does fluctuate somewhat from year to year. Investors' attitudes about the future can be affected substantially, although frequently erroneously, by those yearly changes. Stocks are also riskier because they come equipped with infinite maturities. (Even your friendly broker wouldn't have the nerve to peddle a 100-year bond, if he had any available, as4 / 17"safe.") Because of the additional risk, the natural reaction of investors is to expect an equity return that is comfortably above the bond return - and 12 percent on equity versus, say, 10 percent on bonds issued py the same corporate universe does not seem to qualify as comfortable. As the spread narrows, equity investors start looking for the exits.But, of course, as a group they can't get out. All they can achieve is a lot of movement, substantial frictional costs, and a new, much lower level of valuation, reflecting the lessened attractiveness of the 12 percent equity coupon under inflationary conditions. Bond investors have had a succession of shocks over the past decade in the course of discovering that there is no magic attached to any given coupon level - at 6 percent, or 8 percept, or 10 percent, bonds can still collapse in price. Stock investors, who are in general not aware that they too have a "coupon", are still receiving their education on this point.Five ways to improve earningsMust we really view that 12 percent equity coupon as immutable? Is there any law that says the corporate return on equity capital cannot adjust itself upward in response to a permanently higher average rate of inflation?There is no such law, of course. On the other hand, corporate America cannot increase earnings by desire or decree. To raise that return on equity, corporations would need at least one of the following: (1) an increase in turnover, i.e., in the ratio between sales and total assets employed in the business; (2) cheaper leverage; (3) more leverage; (4) lower income taxes, (5) wider operating margins on sales.And that's it. There simply are no other ways to increase returns on common equity. Let's see what can be done with these.We'll begin with turnover. The three major categories of assets we have to think about for this exercise are accounts receivable inventories, and fixed assets such as plants and machinery.Accounts receivable go up proportionally as sales go up, whether the increase in dollar sales is produced by more physical volume or by inflation. No room for improvement here.With inventories, the situation is not quite as simple. Over the long term, the trend in unit inventories may be expected to follow the trend in unit sales. Over the short term, however, the 5 / 17physical turnover rate may bob around because of spacial influences - e.g., cost expectations, or bottlenecks.The use of last-in, first-out (LIFO) inventory-valuation methods serves to increase the reported turnover rate during inflationary times. When dollar sales are rising because of inflation, inventory valuations of a LIFO company either will remain level, (if unit sales are not rising) or will trail the rise 1n dollar sales (if unit sales are rising). In either case, dollar turnover will increase.During the early 1970's, there was a pronounced swing by corporations toward LIFO accounting (which has the effect of lowering a company's reported earnings and tax bills). The trend now seems to have slowed. Still, the existence of a lot of LIFO companies, plus the likelihood that some others will join the crowd, ensures some further increase it the reported turnover of inventory.The gains are apt to be modestIn the case of fixed assets, any rise in the inflation rate, assuming it affects all products equally, will initially have the effect of increasing turnover. That is true because sales will immediately reflect the new price level, while the fixed-asset account will reflect the change only gradually, i.e., as existing assets are retired and replaced at the new prices. Obviously, the more slowly a company goes about this replacement process, the more the turnover ratio will rise. The action stops, however, when a replacement cycle is completed. Assuming a constant rate of inflation, sales and fixed assets will then begin to rise in concert at the rate of inflation.To sum up, inflation will produce some gains in turnover ratios. Some improvement would be certain because of LIFO, and some would be possible (if inflation accelerates) because of sales rising more rapidly than fixed assets. But the gains are apt to be modest and not of a magnitude to produce substantial improvement in returns on equity capital. During the decade ending in 1975, despite generally accelerating inflation and the extensive use of LIFO accounting, the turnover ratio of the FORTUNE 500 went only from 1.18/1 to 1.29/1.Cheaper leverage? Not likely. High rates of inflation generally cause borrowing to become dearer, not cheaper. Galloping rates of inflation create galloping capital needs; and lenders, as they become increasingly distrustful of long-term contracts, become more demanding. But even if there is no further rise in interest rates, leverage will be getting more expensive because the average cost of the debt now on corporate books is less than would be the cost of replacing it. And replacement will be required as the existing debt matures. Overall, then, future changes in the cost of leverage seem likely to have a mildly depressing effect on the return on equity.6 / 17More leverage? American business already has fired many, if not most, of the more-leverage bullets once available to it. Proof of that proposition can be seen in some other FORTUNE 500 statistics - in the twenty years ending in 1975, stockholders' equity as a percentage of total assets declined for the 500 from 63 percent to just under 50 percent. In other words, each dollar of equity capital now is leveraged much more heavily than it used to be.What the lenders learnedAn irony of inflation-induced financial requirements is that the highly profitable companies - generally the best credits - require relatively little debt capital. But the laggards in profitability never can get enough. Lenders understand this problem much better than they did a decade ago - and are correspondingly less willing to let capital-hungry, low-profitability enterprises leverage themselves to the sky.Nevertheless, given inflationary conditions, many corporations seem sure in the future to turn to still more leverage as a means of shoring up equity returns. Their managements will make that move because they will need enormous amounts of capital - often merely to do the same physical volume of business - and will wish to got it without cutting dividends or making equity offerings that, because of inflation, are not apt to shape up as attractive. Their natural response will be to heap on debt, almost regardless of cost. They will tend to behave like those utility companies that argued over an eighth of a point in the 1960's and were grateful to find 12 percent debt financing in 1974.Added debt at present interest rates, however, will do less for equity returns than did added debt at 4 percent rates it the early 1960's. There is also the problem that higher debt ratios cause credit ratings to be lowered, creating a further rise in interest costs.So that is another way, to be added to those already discussed, in which the cost of leverage will be rising. In total, the higher costs of leverage are likely to offset the benefits of greater leverage. Besides, there is already far more debt in corporate America than is conveyed by conventional balance sheets. Many companies have massive pension obligations geared to whatever pay levels will be in effect when present workers retire. At the low inflation rates of 1965-65, the liabilities arising from such plans were reasonably predictable. Today, nobody can really know the company's ultimate obligation, But if the inflation rate averages 7 percent in the future, a twentyfive-year-old employee who is now earning $12,000, and whose raises do no more than match increases in living costs, will be making $180,000 when he retires at sixty-five.7 / 17Of course, there is a marvelously precise figure in many annual reports each year, purporting to be the unfunded pension liability. If that figure were really believable, a corporation could simply ante up that sum, add to it the existing pension-fund assets, turn the total amount over to an insurance company, and have it assume all the corporation's present pension liabilities. In the real world, alas, it is impossible to find an insurance company willing even to listen to such a deal.Virtually every corporate treasurer in America would recoil at the idea of issuing a "cost-of-living" bond - a noncallable obligation with coupons tied to a price index. But through the private pension system, corporate America has in fact taken on a fantastic amount of debt that is the equivalent of such a bond.More leverage, whether through conventional debt or unbooked and indexed "pension debt", should be viewed with skepticism by shareholders. A 12 percent return from an enterprise that is debt-free is far superior to the same return achieved by a business hocked to its eyeballs. Which means that today's 12 percent equity returns may well be less valuable than the 12 percent returns of twenty years ago.More fun in New YorkLower corporate income taxes seem unlikely. Investors in American corporations already own what might be thought of as a Class D stock. The class A, B and C stocks are represented by the income-tax claims of the federal, state, and municipal governments. It is true that these "investors" have no claim on the corporation's assets; however, they get a major share of the earnings, including earnings generated by the equity buildup resulting from retention of part of the earnings owned by the Class D sharaholders.A further charming characteristic of these wonderful Class A,B andC stocks is that their share of the corporation's earnings can be increased immedtately, abundantly, and without payment by the unilateral vote of any one of the "stockholder" classes, e.g., by congressional action in the case of the Class A. To add to the fun, one of the classes will sometimes vote to increase its ownership share in the business retroactively - as companies operating in New York discovered to their dismay in 1975. Whenever the Class A, B or C "stockholders" vote themselves a larger share of the business, the portion remaining for ClassD - that's the one held by the ordinary investor - declines.8 / 17Looking ahead, it seems unwise to assume that those who control the A, B and C shares will vote to reduce their own take over the long run. The class D shares probably will have to struggle to hold their own.Bad news from the FTCThe last of our five possible sources of increased returns on equity is wider operating margins on sales. Here is where some optimists would hope to achieve major gains. There is no proof that they are wrong. Bu there are only 100 cents in the sales dollar and a lot of demands on that dollar before we get down to the residual, pretax profits. The major claimants are labor, raw materials energy, and various non-income taxes. The relative importance of these costs hardly, seems likely to decline during an age of inflation.Recent statistical evidence, furthermore, does not inspire confidence in the proposition that margins will widen in, a period of inflation. In the decade ending in 1965, a period of relatively low inflation, the universe of manufacturing companies reported on quarterly by the Federal Trade Commission had an average annual pretax margin on sales of 8.6 percent. In the decade ending in 1975, the average margin was 8 percent. Margins were down, in other words, despite a very considerable increase in the inflation rate.If business was able to base its prices on replacement costs, margins would widen in inflationary periods. But the simple fact is that most large businesses, despite a widespread belief in their market power, just don't manage to pull it off. Replacement cost accounting almost always shows that corporate earnings have declined significantly in the past decade. If such major industries as oil, steel, and aluminum really have the oligopolistic muscle imputed to them, one can only conclude that their pricing policies have been remarkably restrained.There you have, the complete lineup: five factors that can improve returns on common equity, none of which, by my analysis, are likely to take us very far in that direction in periods of high inflation. You may have emerged from this exercise more optimistic than I am. But remember, returns in the 12 percent area have been with us a long time.The investor's equationEven if you agree that the 12 percent equity coupon is more or less immutable, you still may hope to do well with it in the years ahead. It's conceivable that you will. After all, a lot of investors did well with it for a long time. But your future results will be governed by three9 / 17variable's: the relationship between book value and market value, the tax rate, and the inflation rate.Let's wade through a little arithmetic about book and market value. When stocks consistently sell at book value, it's all very simple. If a stock has a book value of $100 and also an average market value of $100, 12 percent earnings by business will produce a 12 percent return for the investor (less those frictional costs, which we'll ignore for the moment). If the payout ratio is 50 percent, our investor will get $6 via dividends and a further $6 from the increase in the book value of the business, which will, of course, be reflected in the market value of his holdings.If the stock sold at 150 percent of book value, the picture would change. The investor would receive the same $6 cash dividend, but it would now represent only a 4 percent return on his $150 cost. The book value of the business would still increase by 6 percent (to $106) and the market value of the investor's holdings, valued consistently at 150 percent of book value, would similarly increase by 6 percent (to $159). But the investor's total return, i.e., from appreciation plus dividends, would be only 10 percent versus the underlying 12 percent earned by the business.When the investor buys in below book value, the process is reversed. For example, if the stock sells at 80 percent of book value, the same earnings and payout assumptions would yield 7.5 percent from dividends ($6 on an $80 price) and 6 percent from appreciation - a total return of 13.5 percent. In other words, you do better by buying at a discount rather than a premium, just as common sense would suggest.During the postwar years, the market value of the Dow Jones industrials has been as low as 84 percent of book value (in 1974) and as high as 232 percent (in 1965); most of the time the ratio has been well over 100 percent. (Early this spring, it was around 110 percent.) Let's assume that in the future the ratio will be something close to 100 percent - meaning that investors in stocks could earn the full 12 percent. At least, they could earn that figure before taxes and before inflation.7 percent after taxesHow large a bite might taxes take out of the 12 percent? For individual investors, it seems reasonable to assume that federal, state, and local income taxes will average perhaps 50 percent on dividends and 30 percent on capital gains. A majority of investors may have marginal rates somewhat below these, but many with larger holdings will experience substantially higher rates. Under the new tax law, as FORTUNE observed last month, a high-income investor in a heavily10 / 17taxed city could have a marginal rate on capital gains as high as 56 percent. (See "The Tax Practitioners Act of 1976.")So let's use 50 percent and 30 percent as representative for individual investors. Let's also assume, in line with recent experience, that corporations earning 12 percent on equity pay out 5 percent in cash dividends (2.5 percent after tax) and retain 7 percent, with those retained earnings producing a corresponding market-value growth (4.9 percent after the 30 percent tax). The after-tax return, then, would be 7.4 percent. Probably this should be rounded down to about 7 percent to allow for frictional costs. To push our stocks-asdisguised-bonds thesis one notch further, then, stocks might be regarded as the equivalent, for individuals, of 7 percenttax-exempt perpetual bonds.The number nobody knowsWhich brings us to the crucial question - the inflation rate. No one knows the answer on this one - including the politicians, economists, and Establishment pundits, who felt, a few years back, that with slight nudges here and there unemployment and inflation rates would respond like trained seals.But many signs seem negative for stable prices: the fact that inflation is now worldwide; the propensity of major groups in our society to utilize their electoral muscle to shift, rather than solve, economic problems ; the demonstrated unwillingness to tackle even the most vital problems (e.g., energy and nuclear proliferation) if they can be postponed; and a political system that rewards legislators with reelection if their actions appear to produce short-term benefits even though their ultimate imprint will be to compound long-term pain.Most of those in political office, quite understandably, are firmly against inflation and firmly in favor of policies producing it. (This schizophrenia hasn't caused them to lose touch with reality, however; Congressmen have made sure that their pensions - unlike practically all granted in the private sector - are indexed to cost-of-living changes after retirement.)Discussions regarding future inflation rates usually probe the subtleties of monetary and fiscal policies. These are important variables in determining the outcome of any specific inflationary equation. But, at the source, peacetime inflation is a political problem, not an economic problem. Human behavior, not monetary behavior, is the key. And when very human politicians choose between the next election and the next generation, it's clear what usually happens.11 / 17。
【词汇学习】经济专题文章：Macroeconomics与Inflation-测试
1、_____ means a general increase in prices and fall in the purchasing value of money.AInflation BDeception CIntention DComposition答案解析正确答案：A解析：本句翻译为：_____意味着价格的普遍上涨和货币购买力的下跌。
A通货膨胀，B欺骗，骗局，C意图，意向，D作文，作曲，只有A符合题意。
2、Utilitarianism（实用主义） is a very broad, imprecise _____ that covers a multitude of underlying theoretical positions.Acomposition Bconcept Cconverse Dcurrency答案解析正确答案：B解析：本句翻译为：实用主义是一个涵盖了许多潜在理论立场的非常宽泛的，不精确的_____。
A作文，作曲，创作，B概念，观念，C（动词）交谈，（形容词）相反的、逆向的，D货币，通用，只有B符合题意。
3、‘I was _____ by this person, and I want my money back.’ Mr Khudier said.Adivided Bobtained Ctransferred Ddeceived答案解析正确答案：D解析：本句翻译为：“我被这个人_____，我想要回我的钱。
” Khudier先生说。
A分割，划分，B获得，取得，C转换，变化，D欺骗，骗局，只有D 符合题意。
4、The Government is openly encouraging the _____ of one of our greatest public buildings into private hands.Ainflate Bcounter Ctransfer Dnominate答案解析正确答案：C解析：本句翻译为：政府正公开鼓励将我们最大的公共建筑之一_____给私人手中。
政府把钱花在太空探索上四级英语作文
政府把钱花在太空探索上四级英语作文全文共3篇示例，供读者参考篇1The Government's Investment in Space ExplorationSpace exploration has long been a fascinating topic that captures the imagination of people around the world. From the first moon landing in 1969 to the recent Mars rover mission, humanity's journey into space has been filled with awe-inspiring moments and groundbreaking discoveries. However, the cost of space exploration can be significant, leading some to question whether it is a worthwhile investment for governments.One argument in favor of government spending on space exploration is the potential for technological and scientific advancements. The research and development that goes into space missions often lead to innovations that have practical applications here on Earth. For example, the technology developed for space travel has been used to improve communication systems, medical equipment, and even everyday household items. By investing in space exploration, governmentscan stimulate innovation and drive economic growth in other sectors.Additionally, space exploration has the potential to inspire future generations of scientists, engineers, and innovators. The sight of astronauts walking on the moon or rovers exploring the surface of Mars can spark curiosity and passion for space and science in young minds. By investing in space exploration, governments can encourage interest in STEM (science, technology, engineering, and mathematics) fields and support the next generation of leaders in these industries.Furthermore, space exploration has the potential to benefit humanity as a whole. By studying other planets, moons, and celestial bodies, scientists can gain insight into the origins of our solar system and the potential for life beyond Earth. Discoveries made through space exploration can help us better understand our place in the universe and address pressing issues such as climate change, resource scarcity, and environmental degradation. In this way, government spending on space exploration can have far-reaching benefits for all of humanity.However, some may argue that the cost of space exploration is too high and that governments should focus their resources on more pressing issues such as poverty, healthcare, andeducation. While these concerns are valid, it is important to recognize the long-term benefits of investing in space exploration. The advancements made through space research can have a ripple effect on society, improving our quality of life and expanding our knowledge of the universe.In conclusion, government spending on space exploration is a worthwhile investment that can lead to technological advancements, inspire future generations, and benefit humanity as a whole. While the cost of space missions may be high, the potential benefits far outweigh the initial expense. By continuing to support space exploration, governments can contribute to scientific progress, innovation, and the betterment of society as a whole.篇2Government Spending on Space ExplorationIntroduction:Space exploration has always been a fascinating and important focus for governments around the world. It not only serves as a way to push the boundaries of human knowledge and understanding of the universe, but it also has practical applications in technology, economy, and national defense.However, there are differing opinions on whether it is worth investing taxpayer money in space exploration. Some argue that the funds could be better spent on other pressing issues on Earth, such as poverty, healthcare, and education. In this essay, we will explore the reasons why governments choose to spend money on space exploration and analyze the benefits it brings to society.Reasons for Government Spending on Space Exploration:1. Scientific Discovery:One of the primary reasons governments invest in space exploration is for scientific discovery. By exploring the cosmos, scientists can gain a better understanding of the universe, how it was formed, and the possibility of life beyond Earth. This knowledge can lead to breakthroughs in various fields such as physics, biology, chemistry, and astronomy. For example, studying Mars could provide invaluable insights into the evolution of planets and the potential for colonization.2. Technological Advancements:Space exploration drives innovation and technological advancements. Many products and technologies we use today, such as GPS, satellite communications, and weather forecasting,have origins in space research. By investing in space exploration, governments can stimulate technological progress and foster collaboration between the public and private sectors. This not only benefits the space industry but also has spill-over effects on other industries, leading to economic growth and job creation.3. National Security:Space has become an increasingly strategic domain for national security. Governments rely on satellites for communication, surveillance, and intelligence gathering. Investing in space exploration allows countries to strengthen their space capabilities, protect their assets, and ensure their sovereignty in space. By developing advanced space technologies, governments can enhance their defense capabilities and maintain a competitive edge in the global arena.Benefits of Government Spending on Space Exploration:1. Economic Stimulus:Space exploration has a positive impact on the economy. According to a report by the U.S. Chamber of Commerce, for every dollar invested in NASA, the U.S. economy receives a return of $7 to $14. Space exploration creates jobs, drives innovation, and generates revenue for businesses. Companiesinvolved in space exploration, such as SpaceX, Boeing, and Lockheed Martin, contribute to economic growth and international competitiveness. Furthermore, space tourism and commercial space activities have the potential to create new markets and industries, further boosting the economy.2. Inspiration and Education:Space exploration inspires people around the world and sparks curiosity in science, technology, engineering, and mathematics (STEM). By investing in space programs, governments can engage the public, especially the youth, in STEM education and encourage the pursuit of careers in these fields. Space missions capture the imagination of people and instill a sense of wonder and awe about the universe. This can lead to a more scientifically literate society, fostering innovation, creativity, and critical thinking skills.3. International Collaboration:Space exploration promotes collaboration and cooperation among countries. Governments work together on space missions, share resources and expertise, and contribute to the advancement of science and technology for the benefit of humanity. International partnerships, such as the International Space Station (ISS), demonstrate the power of working togetheron common goals and overcoming political differences. By investing in space exploration, governments can strengthen diplomatic relations, build trust, and promote peaceful cooperation in space.Conclusion:In conclusion, government spending on space exploration is justified by the scientific, technological, economic, and strategic benefits it brings to society. Space exploration has the potential to expand our understanding of the universe, drive innovation and economic growth, enhance national security, inspire the next generation of scientists and engineers, and foster international collaboration. While there are competing priorities for government funding, investing in space exploration offerslong-term advantages and returns on investment that contribute to the progress and well-being of humanity. As we continue to explore the cosmos and push the boundaries of human knowledge, it is important for governments to recognize the value of space exploration and support efforts to unlock its full potential.篇3Government Spending on Space ExplorationSpace exploration has always been a topic of great interest and fascination for mankind. The idea of venturing into the unknown, discovering new worlds, and unlocking the mysteries of the universe has captured the imagination of people for centuries. In recent years, governments around the world have increased their investments in space exploration, with the aim of advancing scientific knowledge, fostering technological innovation, and ensuring the future of humanity beyond Earth.One of the main arguments in favor of government spending on space exploration is the potential for scientific discovery. By sending probes and spacecraft to distant planets, moons, and asteroids, scientists can gather valuable data that can help us better understand the origins and evolution of our solar system. This knowledge can lead to breakthroughs in fields such as astrophysics, geology, and biology, and contribute to our overall understanding of the universe.Furthermore, space exploration has the potential to drive technological innovation and economic growth. Many of the technologies developed for space missions have practical applications on Earth, ranging from medical imaging devices to water purification systems. By investing in space exploration,governments can stimulate research and development in key industries, creating new jobs and driving economic prosperity.Another important consideration is the long-term sustainability of humanity. As our population continues to grow and our planet faces increasing environmental challenges, the need to explore and colonize other celestial bodies becomes more pressing. By investing in space exploration, governments can lay the groundwork for future human settlements on other planets, ensuring the survival of our species in the event of a global catastrophe.However, critics of government spending on space exploration argue that the huge costs involved could be better allocated to more pressing social issues, such as poverty, healthcare, and education. They argue that the billions of dollars spent on space missions could be put to better use improving the lives of people on Earth, rather than sending robots to Mars or building space stations.While this argument has some merit, it is important to recognize the intangible benefits of space exploration that go beyond immediate economic gains. The quest for knowledge, the spirit of exploration, and the human desire to push the boundaries of what is possible are all intrinsic values that shouldnot be overlooked. By investing in space exploration, governments can inspire future generations of scientists, engineers, and explorers, and foster a sense of wonder and curiosity that is essential for human progress.In conclusion, government spending on space exploration is a complex issue that requires careful consideration of both the costs and benefits involved. While the financial burden of space missions is significant, the potential rewards in terms of scientific discovery, technological innovation, and human survival are equally compelling. By striking a balance between these competing priorities, governments can ensure that the future of space exploration remains bright and full of possibilities.。
英语小作文为庆祝神州十六号成功发射
英语小作文为庆祝神州十六号成功发射全文共6篇示例，供读者参考篇1A Stellar Achievement for China's Space ProgramWow! Did you hear the exciting news? China launched the Shenzhou 16 spacecraft into orbit recently. This is such a historic moment and a massive accomplishment for our nation's space exploration efforts. As a young student, I find everything about space and astronomy utterly fascinating. I can't wait to share my thoughts on this amazing scientific feat!First off, let me explain what the Shenzhou program is all about. Shenzhou means "Divine Vessel" in English and it is China's series of crewed spaceflight missions. The first Shenzhou mission launched way back in 1999, making China the third country to independently send humans into space after Russia and the United States. How incredible is that? Over the past two decades, the Shenzhou program has chalked up numerous groundbreaking successes. Chinese taikonauts (our word for astronauts) have conducted spacewalks, docked with orbital modules, and even delivered the nation's first lectures fromspace. The launch of Shenzhou 16 marks yet another proud milestone for this visionary project.On May 30th, 2023, the mighty Long March 2F carrier rocket blasted off from the Jiuquan Satellite Launch Center in the Gobi Desert. Nestled inside was the Shenzhou 16 spacecraft, carrying three taikonauts - Mission Commander Jing Haipeng, along with teammates Zhu Yangzhu and Ke Xiya. After a flawless launch, the crew safely reached the Tiangong space station, which is a marvel of engineering in its own right.Tiangong, which means "Heavenly Palace," is a multi-module orbital outpost constructed by China. It consists of three main components - the core module Tianhe ("Harmony of the Heavens"), and two lab modules called Wentian ("Quest for the Heavens") and Mengtian ("Dreaming of the Heavens"). How poetic are those names? They perfectly capture the spirit of exploration and curiosity that drives our space endeavors. Over the past year, Tiangong has hosted several crewed missions, allowing taikonauts to conduct fascinating experiments in microgravity.The Shenzhou 16 crew will spend around five months aboard Tiangong, which is China's longest crewed space mission so far. During their extended stay, they will be carrying out over 1,000scientific explorations across numerous fields like biotechnology, physics, materials science and more. How amazing is that? Just imagine the immense knowledge and valuable insights they could uncover through this mission. The research done aboard Tiangong could lead to innovations that improve life for all of us down on Earth.One of the experiments I'm really excited about involves studying how plants grow in space. The taikonauts will cultivate a variety of crops like rice and vegetables using special plant cultivation facilities. By observing how plants respond to microgravity and radiation, scientists could discover new ways to boost food production and help solve world hunger someday. If that doesn't demonstrate the significance of space exploration, I don't know what does!Another fascinating aspect of this mission is that it features two accomplished female taikonauts - Zhu Yangzhu and Ke Xiya. I'm so proud that China is taking the lead in promoting women's representation in STEM fields like aerospace. Zhu is an Air Force pilot with years of flight experience, while Ke is a spacecraft engineer who has worked on developing Tiangong's modules. They are both excellent role models inspiring girls everywhere, including me, to pursue our biggest dreams even in traditionallymale-dominated areas. The future of space belongs to everyone, regardless of gender!As a nation, we have so much to be proud of with accomplishments like Shenzhou 16. China has definitely cemented its status as a major player in space exploration, alongside superpowers like the United States and Russia. Our taikonauts' dedication, courage and technical prowess are truly remarkable. I have no doubt that their efforts aboard Tiangong will propel humanity's understanding of the cosmos to new frontiers.At the same time, China's space successes wouldn't be possible without the hard work of thousands of scientists, engineers and technicians working behind the scenes. We owe a debt of gratitude to these unsung heroes whose brilliant minds and innovative spirit have brought us thus far. Thanks to them, programs like Shenzhou and Tiangong transform lofty dreams into reality!Looking ahead, China plans to achieve even loftier goals like constructing a large-scale crewed space station, exploring the Moon with robotic rovers and eventually sending taikonauts on crewed lunar missions. Those fill me with immense excitement for the future. Imagine walking on the dusty lunar surface orpeering through the windows of a habitat on the Moon someday - it sounds surreal yet absolutely enthralling!In conclusion, the successful launch of Shenzhou 16 is an event that fills me with pride, inspiration and limitless hope for the possibilities that await us among the stars. It validates that with our nation's unwavering spirit, boundless imagination and relentless pursuit of knowledge, no frontier is too distant to attain. The cosmos beckons and China is boldly answering that celestial call through accomplishments like this one. I eagerly await witnessing more such stellar achievements that will surely elevate humanity's spacefaring dreams to unprecedented heights. The future of space is brighter than ever before. Taikonauts, scientists and dreamers of all ages - let's keep reaching for the heavens!篇2The Exciting Launch of Shenzhou 16!I was so excited when I learned that China had successfully launched the Shenzhou 16 spacecraft into orbit! It's not every day that we get to witness such an amazing event in space exploration. My teacher told our class all about it, and I could hardly sit still as she explained what the mission was all about.Shenzhou 16 is a really cool spacecraft that will travel to and dock with China's brand new space station called Tiangong. The space station has different modules for the astronauts, called taikonauts, to live and work in while conducting all sorts of experiments in space. How neat is that? Imagine getting to live in a huge spacecraft orbiting the Earth and looking down at our beautiful planet from up above the clouds!There were three taikonauts aboard Shenzhou 16 for this mission - Jing Haipeng, who is the commander, Zhu Yangzhu, and Gui Haichao. They are so brave and highly trained to take on this challenging task. I can't even imagine how exciting but probably a little nerve-wracking it must have felt when their rocket blasted off from the launch pad. Zooming up through the atmosphere and into the blackness of space - what a thrill that must be!Once they docked at the Tiangong space station, the taikonauts had a busy schedule ahead of them. They will be performing lots of scientific experiments in ways you can't do here on Earth because of the microgravity environment. Without gravity pulling down on them the same way, the taikonauts can study things like how objects behave in space, how fire burns, how liquids flow, and even how living things like plants andinsects grow and develop. Understanding these phenomena could lead to new inventions and breakthroughs that make life better for everyone on Earth.Another important part of their work is doing maintenance and upgrading different components of the space station itself. Things like testing out new technologies, installing equipment, and doing repairs ensure that Tiangong keeps operating smoothly during these long missions. With more modules being added over time, Tiangong will become an even bigger and more capable orbiting laboratory for space research.What's really mind-boggling to me is just how Long the taikonauts will be living and working in space - around 6 whole months! That's half a year away from Earth, surrounded only by the inky blackness of the universe. Yet inside their relatively small quarters, they'll still have some comforts and amenities like limited personal belongings, exercise equipment to stay fit, and even a fridge to keep their food and drinks fresh. Still, I imagine it must feel pretty isolating being so far from home for such an extended period.When their mission finally ends after half a year, the taikonauts will board Shenzhou 16 once more and make the return journey back to Earth. I can only imagine the feeling ofrelief and joy they'll experience when they finally get to breath planet Earth's fresh air again and be reunited with their families. They'll go down in history as heroes who helped push the boundaries of space exploration!Even though I'm just a kid, learning about amazing accomplishments like this Shenzhou 16 mission gives me a sense of pride for my country and its achievements in space technology. It also sparks my imagination and curiosity about the wonders of the cosmos. Who knows, maybe I'll even become a taikonaut myself someday! For now, I'll be paying close attention and eagerly awaiting more news about the Shenzhou 16 crew's exciting adventures living and working aboard the Tiangong space station.篇3Hooray for Shenzhou-16!Hey there, friends! Did you hear the exciting news? China just launched another awesome spacecraft called Shenzhou-16 into space! Isn't that super cool? I'm so pumped about it that I can barely contain my excitement!You see, for as long as I can remember, I've been fascinated by space and everything related to it. The vast expanse of theuniverse, the countless stars twinkling in the night sky, and the idea of exploring the great unknown – it all just fills me with a sense of wonder and adventure. I've read countless books, watched numerous documentaries, and even built my own little model rockets in my backyard (much to my parents' dismay, I might add!).But witnessing an actual rocket launch? That's a whole different level of excitement! And not just any launch, but one that's part of China's incredible space program. I still remember the first time I learned about the Shenzhou missions in school. It was like something straight out of a science fiction movie, but it was real!Shenzhou-16 is the latest in a long line of incredible achievements for China's space program. This mission involves sending three brave taikonauts (that's the Chinese word for astronauts, in case you didn't know!) to the Tiangong space station, where they'll live and work for several months. Can you imagine that? Spending months in space, floating around and conducting all sorts of cool experiments? It's like a dream come true for any aspiring space explorer!And let's not forget about the brilliant minds behind the scenes – the scientists, engineers, and technicians who haveworked tirelessly to design, build, and launch these incredible spacecraft. Their dedication and expertise are trulyawe-inspiring.As I watched the live stream of Shenzhou-16's launch, I couldn't help but feel a sense of pride and excitement. China has come so far in its space exploration endeavors, and this mission is yet another milestone in our journey to unlock the secrets of the cosmos.But beyond just the scientific and technological achievements, Shenzhou-16 represents something even greater – the power of human curiosity, perseverance, and ambition. It reminds us that no dream is too big, no challenge too daunting, as long as we work together and never give up.Who knows, maybe one day I'll be the one strapping into a spacecraft and blasting off into the great unknown! For now, though, I'll have to settle for cheering on the brave taikonauts of Shenzhou-16 and dreaming of the adventures that await them among the stars.So, here's to Shenzhou-16 and the incredible team behind it! May your mission be a resounding success, and may you inspire countless others, like me, to reach for the stars and never stop exploring.Godspeed, taikonauts! The future of space exploration is in your capable hands, and we're all behind you every step of the way!篇4Hooray for the Shenzhou 16 Launch!Wow, what an amazing day it was when the Shenzhou 16 spacecraft blasted off into space! I remember watching the live video feed with my classmates, our eyes wide with excitement as the powerful rocket engines roared to life. When the countdown reached zero, flames erupted from the bottom of the rocket and it rose majestically into the sky, climbing higher and higher until it was just a bright speck among the clouds. We all cheered and applauded, feeling so proud of the Chinese taikonauts aboard.I have been really interested in space exploration ever since we learned about it in science class last year. Did you know that China was the third country to independently launch a human into space, after Russia and the United States? That's so cool! The Chinese space program has accomplished some amazing things, like launching modules to build a permanent space station and landing rovers on the moon to study its surface. But in my opinion, the Shenzhou 16 mission is one of the most exciting yet.Shenzhou 16 is the latest crew to visit the Tiangong space station that China has been constructing in orbit around the Earth. Three taikonauts - Jing Haipeng, Zhu Yangsheng, and Ye Guangfu - will spend about six months living and working on the station, which is almost as big as a soccer field! Just imagine spending half a year in space, looking down at our beautiful planet Earth every day and night. It must be an incredible experience.While on the space station, the taikonauts have a very busy schedule planned. They will be overseeing the arrival of a new robotic cargo ship that will dock and deliver fresh supplies and equipment. They also need to perform a series of spacewalks to upgrade and maintain the space station's exterior components. Maybe most importantly, the crew will be running hundreds of scientific experiments in areas like biology, physics, materials science and more. Living in microgravity provides a unique environment to study how things behave differently than on Earth. Some of these experiments could lead to new discoveries that improve life for everyone back on the ground!I find it all so fascinating - the advanced technology required, the immense challenges of working in space, the perseverance and bravery of the astronauts. China's space program makes meincredibly proud of my country's capabilities and scientific progress. I hope that one day, maybe even kids from my class will have the opportunity to travel to space! How amazing would that be?I'll definitely be following along for any updates and news about Shenzhou 16's time in space over the next six months. Maybe they'll even share some photos or videos from inside the space station - how cool would that be to see? Part of me wishes I could join them up there, drifting amongst the stars and looking back at our pale blue dot suspended in the vast cosmos. But for now, I'll just have to keep studying hard in school so that maybe, just maybe, I can one day become a taikonaut myself! The future of space exploration is so bright and exciting. China is leading the way to make new discoveries and push the boundaries of what's possible. I can't wait to see what amazing endeavor we achieve next among the heavens. The skies are no longer the limit!篇5Hooray for the Shenzhou 16 Mission!I'm so excited because China just launched the Shenzhou 16 spacecraft into orbit around the Earth! This is a really big deal inthe world of space exploration. The Shenzhou 16 crew will live and work on China's brand new space station called Tiangong for about six months. How cool is that?Space missions always make me feel proud to be Chinese. China has worked really hard to catch up to other space nations like the United States and Russia. We first sent an astronaut into space back in 2003 with the Shenzhou 5 mission. That made China the third country in the whole world, after Russia and the USA, to launch a human into orbit all by themselves. Since then, China has launched lots more crewed Shenzhou missions to practice spacewalking, docking with other spacecraft, and even doing science experiments in space.But the Shenzhou 16 mission is extra special because it's headed to our first-ever permanent space station. The Tiangong space station has three modules and it's about one-fifth the size of the famous International Space Station. Chinese astronauts, which we call yuhangyuans, have been gradually putting Tiangong together over the past couple of years by launching more and more pieces from Earth. The core module went up in 2021 and the other two main modules linked up just this past November. Pretty soon Tiangong will be complete and ready for longer crewed missions!From what I've learned, building and operating a space station is no easy task. The yuhangyuans of Shenzhou 16 will have their work cut out for them over the next six months. Their main jobs will be testing and upgrading all of Tiangong's systems to make sure everything runs smoothly. They'll also do cool science experiments about how things like fluids, materials and life forms behave in microgravity. Maybe they'll even get a chance to test new space technologies that could help build bigger space stations and bases on the Moon someday.I can't wait to see all the amazing photos and videos the Shenzhou 16 crew shares from their time aboard Tiangong. I've dreamed about living and working in space ever since I was a little kid. It would be so fun to float around everywhere instead of having to walk. And can you imagine how beautiful the view of Earth must be from their windows? On night passes they can gaze down at the glittering lights of cities and the dark contours of continents drifting by below. During day passes, they'll be able to look upon swirling clouds, vast oceans and the rugged faces of mountains from hundreds of miles up. I'm getting goosebumps just thinking about it!What an adventure the Shenzhou 16 mission will be! The three yuhangyuans aboard, Jing Haipeng, Zhu Yangzhu and GuiHaichao, must feel incredibly honored and excited. They were picked out of an elite group of highly-trained men and women in the astronaut corps. Jing Haipeng is the most experienced, as this will be his fourth trip to space. Zhu Yangzhu and Gui Haichao are making their first-ever spaceflights, but I'm sure their years of rigorous training at the Astronaut Center of China have prepared them well. I'll be cheering them all on every step of the mission!The Shenzhou 16 yuhangyuans won't be alone aboard Tiangong the whole time either. They'll get visited by two more crewed Shenzhou missions during their stint for crew handovers and rotation. So China will keep having a constant human presence in space for months to come. We'll be joining the United States and Russia as just the third country in the world capable of long-term crewed space missions. How incredibly exciting is that?Space exploration has always captured my imagination like nothing else. I find it simply mind-blowing that we puny humans have developed the technology to break the bonds of Earth's gravity and travel into the numbing vacuum of outer space. Whenever a rocket blasts off from the Jiuquan Satellite Launch Center in the Gobi Desert, I get a shiver of pride and thrillknowing my nation is helping to push the boundaries of exploration.To think that just over 60 years ago, the Soviet Union fired Sputnik 1 into orbit and started the space age with a humble beach ball-sized metal sphere. Now the Chinese space program is making history by assembling a real live 100-ton orbital outpost for humanity. If you had told a kid back in the 1960s that the future would hold such wonders, they surely wouldn't have believed you. Yet here we are, living that future today. Isn't that just the coolest?I have no doubt that the endeavors of the Shenzhou 16 mission will add invaluable experience and data to help China pursue even greater space dreams. Maybe one day we'll build an actual colony on the Moon or Mars. Or perhaps Chinese yuhangyuans will be the first to set foot on strange new worlds light-years from Earth. The possibilities boggle the mind!For now though, I'm going to revel in the sheer awesomeness of Shenzhou 16 and celebrate this latest stride for China's space program. Three cheers for Jing Haipeng, Zhu Yangzhu, Gui Haichao and the whole mission team at the Beijing Aerospace Control Center! Your pioneering work aboardTiangong will inspire schoolkids across the nation like me. We're all counting篇6Hooray for the Shenzhou-16 Mission!Wow, wasn't the launch of the Shenzhou-16 spacecraft amazing? I watched it live on TV with my whole family and we were all cheering when the huge rocket blasted off into space. Seeing those brave taikonauts soar up into the sky toward the heavens was just so exciting!My favorite part was when the rocket detached from the spacecraft after getting it out of Earth's atmosphere. I could imagine the taikonauts feeling the rumbling and shaking as the boosters fell away. Then the sleek Shenzhou-16 capsule was all alone, sailing up through the inky blackness studded with distant stars. I got goosebumps thinking about how tiny it must have looked from Earth as it climbed higher and higher into orbit.I can't even imagine how those taikonauts felt in that moment. I'm sure they were nervous, but they had to be thrilled too after all their years of intense training. Becoming one of the first people to visit China's brand new Tiangong space stationmust have made their hearts swell with pride. What an incredible honor!In school, we've been learning all about the Tiangong which means "Heavenly Palace." It's this awesome new orbiting laboratory where scientists from China will live and work for months at a time. They'll be conducting experiments on how things behave in microgravity and studying everything from new advanced materials to growing food in space.Tiangong will also be an amazing place for Earth observation. The views of our planet from up there must be breathtaking. I've seen pictures of Earth from space before and it's crazy how thin the atmosphere looks from far away. Our planet just seems like a delicate, beautiful blue and white marble hanging in the vast darkness. I hope the taikonauts take tons of pictures to share with us!I'm really excited that over the next few months, there will be more Shenzhou launches carrying supply ships and additional crew members up to Tiangong. My class is going to be tracking the mission and learning about all the research they're doing. I hope I can visit a Chinese space center someday to see the amazing technology up close.China has accomplished so much in space in recent years. Just think - we've landed rovers on the Moon and even Mars! We built our own space station after working so hard on the technology. I feel proud knowing that my country is leading the way in exploring the final frontier.More than anything though, I'm inspired by the courage and dedication of the taikonauts themselves. Can you imagine having a job where you get strapped to a massive rocket and blasted into the unknown at thousands of miles per hour? Not only that, but then you have to live for months in a cramped space station where one tiny mistake could mean life or death. That takes incredible bravery!Those taikonauts aboard Shenzhou-16 are true heroes to me.I hope I can be that courageous someday. They've shown that if you work really hard, stay committed to your goals, and never give up on your dreams, you can achieve the impossible. Seeing them successfully reach Tiangong has motivated me to study even harder in math and science. Who knows, maybe I'll join the space program myself one day! Watching future missions will be thrilling.For now though, I'm just going to revel in the joy and sense of accomplishment over this latest launch. Against the immensechallenges of gravity, technology, and distance, the skill and perseverance of China's space program came through in the end. Shenzhou-16 has opened a new era for taikonauts living and working in space. The journey has only just begun and I can't wait to see where it leads!。
唐叔考研英语阅读笔记
食用小指南，尽情享用：建议用电脑或者手机端Wps打开，标注较多，直接打开无法显示。
根据题型汇总题目。
包含4篇精读。
加粗重点看，其中选项中加粗的为正确选项。
红色是关键，蓝色是定位，黄色是观点。
~一起分享，共同进步~时间紧促，如有错误，敬请谅解。
正反选项特征●1正反混淆●2偷换概念●3答非所问●4不同内容的嫁接（逻辑错误）Lest 表示因果关系Should 表示相反●5非最佳答案（与中心不统一）●6绝对化用词（最高级）正确答案特征●1同义改写干扰选项，主动偷换被动●2与中心思想密切相关3语气缓和（may ）在infer 题目里只要选项里有may100%正确标点符号的作用：逗号，两个逗号之外是主干，一个逗号之后不是主干！00-Text1-2，96-T5-1,06-T2冒号，解释前面的内容97-T3-t60We live in a society in which the medicinal and social use of substances (drugs) is pervasive: (=)an aspirin to quiet a headache, some wine to be sociable, coffee to get going in the morning, a cigarette for the nerves. When do these socially…..60. The word “pervasive” (Line 1, Paragraph 2) might mean ________.[A] widespread [B] overwhelming[C] piercing [D] fashionable07-T4-t36-para1It never rains but it pours. Just as bosses and boards have finally sorted out their worst accounting and compliance troubles, and improved their feeble corporation governance, a new problem threatens to earn them –especially in America –the sort of nasty headlines that inevitably lead to heads rolling in the executive suite: (=)data insecurity. Left, until now, to odd,low-level IT staff to put right, and seen as a concern only of data-rich industries such as banking, telecoms and air travel, information protection is now high on the boss’s agenda in businesses of every variety.36. The statement “It never rains but it pours” is used to introduce[A] the fierce business competition. [B] the feeble boss-board relations.[C] the threat from news reports.[D] the severity of data leakage.分号，前后为并列关系，画等号03-T4-Para2 Death is normal;(=) we are genetically programmed to disintegrate and perish, even under ideal conditions. We all understand that at some level, yet as medical consumers we treat death as a problem to be solved.97-T5-Para3I t is also less than most forecasters had predicted. In late 1994 the panel of economists which The Economist polls each month said that America’s inflation rate would average 3.5% in 1995. In fact, it fell to 2.6% in August, and is expected to average only about 3% for the year as a whole. In Britain and Japan inflation is running half a percentage point below the rate predicted at the end of last year. This is no flash in the pan;(=)over the past couple of years, inflation has been consistently lower than expected in Britain and America.例证题(蓝色表示定位，黄色是观点)标志：example case illustrate demonstrate to show 例子本身不重要，例子前后观点最重要！干扰选项就是例子本身99.T5.t67 Science, in practice, depends far less on the experiments it prepares than on the preparedness of the minds of the men who watch the experiments. Sir Isaac Newton supposedly discovered gravitythrough the fall of an apple. Apples had been falling in many places for centuries and thousands of people had seen them fall. But Newton for years had been curious about the cause of the orbital motion of the moon and planets. What kept them in place? Why didn’t they fall out of the sky? The fact that the apple fell down toward the earth and not up into the tree answered the question he had been asking himself about those larger fruits of the heavens, the moon and the planets.. The author wants to prove with the example of Isaac Newton that ________.[A] inquiring minds are more important than scientific experiments[B] science advances when fruitful researches are conducted[C] scientists seldom forget the essential nature of research[D] unpredictability weighs less than prediction in scientific research01.T2.t57 To take advantage of this tool, some impoverished countries will have to get over their outdated anti-colonial prejudices with respect to foreign investment. Countries that still think foreign investment is an invasion of their sovereignty might well study the history of infrastructure (the basic structural foundations of a society) in the United States. When the United States built its industrial infrastructure, it didn’t have the capital to do so. And that is why America’s Second Wave infrastructure -- including roads, harbors, highways, ports and so on -- were built with foreign investment. The English, the Germans, the Dutch and the French were investing in Britain’s former colony. They financed them. Immigrant Americans built them. Guess who owns them now? The Americans.57. The writer mentioned the case of the United States to justify the policy of ________.[A] providing financial support overseas[B] preventing foreign capital’s control[C] building industrial infrastructure [D] accepting foreign investment00.T2.t56 Where is another way to commit evolutionary suicide: stay alive, but have fewer children. Few people are as fertile as in the past. Except in some religious communities, very few women have 15 children. Nowadays the number of births, like the age of death, has become average. Most of us have roughly the same number of offspring. Again, differences between people and the opportunity for natural selection to take advantage of it have diminished. India shows what is happening. The country offers wealth for a few in the great cities and poverty for the remaining tribal peoples. The grand mediocrity of today -- everyone being the same in survival and number of offspring -- means that natural selection has lost 80% of its power in upper-middle-class India compared to the tribes56 What does the example of India illustrate?[A] Wealthy people tend to have fewer children than poor people.[B] Natural selection hardly works among the rich and the poor.[C] The middle class population is 80% smaller than that of the tribes.[D] India is one of the countries with a very high birth rate.To paraphrase 18th-century statesman Edmund Burke, “all that is needed for the triumph of a misguided cause is that good people do nothing.” One such cause now seeks to end biomedical research because of the theory that animals have rights ruling out their use in research. Scientists need to respond forcefully to animal rights advocates（情态动词表示作者观点）, whose arguments are confusing the public and thereby threatening advances in health knowledge and care. Leaders of the animal rights movement target biomedical research because it depends on public funding, and few people understand the process of health care research. Hearing allegations of cruelty to animals in research settings, many are perplexed that anyone would deliberately harm an animal46. The author begins his article with Edmund Burke’s words to ________.[A] call on scientists to take some actions[B] criticize the misguided cause of animal rights[C] warn of the doom of biomedical research[D] show the triumph of the animal rights movementFor example, a grandmotherly woman staffing an animal rights booth at a recent street fair was distributing a brochure that encouraged readers not to use anything that comes from or is tested in animals—no meat, no fur, no medicines. Asked if she opposed immunizations, she wanted to know if vaccines come from animal research. When assured that they do, she replied, “Then I would have to say yes.” Asked what will happen when epidemics return, she said, “Don’t worry, scientists will find some way of using computers.” Such well-meaning people just don’t understandt4848. The example of the grandmotherly woman is used to show the public’s ________.[A] discontent with animal research[B] ignorance about medical science（ignorance~don’t understand~反复出现）[C] indifference to epidemics[D] anxiety about animal rights06T01t4 例子A yet观点B(AB相反)Rodriguez notes that children in remote villages around the world are fans of superstars like Arnold Schwarzenegger and Garth Brooks,(A)yet(B)“some Americans fear that immigrants living within the United States remain somehow immune to the nation’s assimilative power.”(B:移民对国家的同化力量免疫=国家的同化力量弱（Yet，说明应该与A事实相反）倒推A:（国家力量强大）=选项D)24. Why are Arnold Schwarzenegger and Garth Brooks mentioned in Paragraph 5?[A] To prove their popularity around the world.[B] To reveal the public’s fear of immigrants.[C] To give examples of successful immigrants.[D] To show the powerful influence of American culture.52, was nearly toothless. So he hired a dentist to transplant nine teeth into his jaw – having extracted them from the mouths of his slaves.That’s a far different image from the cherry-tree-chopping George most people remember from their history books（A）。
青蒿素的经济效应英语作文
青蒿素的经济效应英语作文## The Economic Ripple Effects of Artemisinin Emerging from the depths of ancient Chinese wisdom, artemisinin, a potent antimalarial compound derived from the sweet wormwood plant, has not only revolutionized the fight against malaria but also ignited a wave of economic transformations across the globe. Its impact transcends the boundaries of public health, weaving a complex tapestry of economic effects that touch the lives of millions. The most immediate and profound economic impact of artemisinin lies in its life-saving capabilities. Byeffectively combating malaria, a disease that has plagued humanity for millennia, artemisinin has fostered healthier populations, particularly in developing nations where malaria's burden is most severe. This translates into a more productive workforce, increased school attendance, and ultimately, a boost to economic productivity. Families are no longer burdened by the exorbitant costs associated with malaria treatment and prevention, allowing them to allocate resources towards education, entrepreneurship, and other avenues of economic advancement. The ripple effect of improved health outcomes extends to tourism and foreign investments, as healthier populations and a reduced disease burden make countries more attractive destinations for travelers and businesses alike. Beyond its direct impact on health, the discovery and development of artemisinin have spurred significant economic activity within the pharmaceutical industry. Research and development efforts have intensified, leading to the creation of new drugs and therapies based on artemisinin. This has generated employment opportunities for scientists, researchers, and other skilled professionals, fostering a thriving ecosystem of innovation and economic growth. Moreover, the production and distribution of artemisinin-based drugs have created a lucrative market, attracting investments and stimulating economic activity along the entire supply chain, from cultivation and extraction to manufacturing and distribution. However, the economic landscape surrounding artemisinin is not without its complexities. The reliance on a single plant species for artemisinin extraction has raised concerns regarding sustainability and price volatility. Fluctuations in sweet wormwood harvests due to weather patterns, pests, and other factors can lead to supply shortages and price spikes, impacting access to affordable antimalarial treatments. To mitigatethese challenges, scientists and entrepreneurs are exploring alternative sources of artemisinin, including synthetic production methods and genetic engineering. These endeavors hold the potential to stabilize supply, reduce costs, and ensure the long-term sustainability of artemisinin-based therapies. Furthermore, the economic benefits of artemisinin are not always evenly distributed. While countries with endemic malaria experience the most significant health gains, the economic rewards of research, development, and manufacturing often flow to more developed nations. Addressing this imbalance requires a multifaceted approach, including technology transfer initiatives, capacity building programs, and equitable partnerships that empower developing countries to participate more fully in the artemisinin value chain. In conclusion, artemisinin's economic impact extends far beyond its medicinal properties. It is a catalyst for economic growth, a driver of innovation, and a testament to the power of scientific discovery. As research and development efforts continue, and access to artemisinin-based therapies expands, the economic ripple effects of this remarkable compound will undoubtedly continue to shape the lives of millions across the globe, paving the way for a healthier and more prosperous future.。
2023届高考英语外刊阅读模拟强化训练：七选五专题二十七
高考英语外刊阅读模拟强化训练七选五专题二十七①Scientists have called for a major clinical trial of a substance added to many energy drinks after studies in animals showed that supplementation might slow the ageing process and promote healthier lives.Researchers found that levels of the micronutrient taurine（牛磺酸）fell substantially with age. _____1___It is unclear whether humans might benefit in the same way–--or whether the required high doses are even safe. ____2____ Particularly it is a fact that taurine occurs naturally in the body and is already used as a supplement at lower doses.____3______ “It will probably be very difficult to look at whether they live longer, but at least we can check if they live healthier for longer,” added the molecular exercise physiologist. Scientists homed in on taurine as a potential driver of the ageing process in 2012 when an analysis of blood compounds found that levels of the amino acid(氨基酸) dropped dramatically with age in mice, monkeys and humans. __4_______Without a major trial to demonstrate the safety or any benefits of taurine supplements, the scientists are not recommending people boost their intake through pills, energy drinks or dietary changes. ___5____ Some energy drinks contain taurine, but the scientists warned that they also contained other substances that might not be safe to consume at high levels.【The Guardian (June 9, 2023)】A. By the age of 60, taurine levels in a typical person had slumped to one-third that seen in five-year-olds, they found.B. What the scientists really need now is a human intervention study.C. However, topping them up to more youthful levels boosted the health of mice and monkeys and even extended mouse lifespans.D. Taurine abundance declines with age and reversal of this decline makes animals live longer and healthier lives.E. Prof Henning said a trial would compare how humans fared after taking daily taurine or placebo supplements.F. But scientists believe the evidence is strong enough to warrant a large-scale trial.G. Taurine is made naturally in the body and is found in meat and shellfish diets, but the healthiest diets are largely plant-based.②Restrictions should be put on bottled water advertising and a 10p tax should be added to shrink-wrapped packs to curb the UK’s 10m bottles-a-day habit, according to campaigners hoping to tackle the plastic pollution crisis.Despite the supposed plastics backlash inspired by TV shows such as the BBC’s Blue Planet, big water brands are forecast to report growth of more than 10% over the next four years, equivalent to an extra 280m bottles. ___1____The creation of dedicated brands has seen annual bottled water consumption in the UK increase from just one 300ml can a head in the mid-1970s to 37 litres a head in 2021.Britons spent £1.6bn on branded and supermarket own-label bottled water in 2021. This used about 3.5bn bottles, or 10m a day. ___2____ Buoyed by advertising, this footprint could be 2.8bnbottles by 2026.While carrying a reusable water bottle has become the norm for many people, the study found that just over-half, or 51%, drink bottled water once a week or more. ____3___“Plastic bottled water is a scar on our society,” said David Hall, the UK managing director of Brita. “Plastic bottled water takes about five seconds to make, five minutes to use, and a staggering 500 years to break down in landfill. ______4___The report recommends the government should treat bottled water in the same way as foods sold in England that are high in fat, salt or sugar, removing them from prominent positioning in shops. On packaging, it says wrappers on multipacks are “tantamount to a plastic bag” and should be treated like them. ____5_____【The Guardian (June 12, 2023)】A. It suggests a 10p charge under existing plastic bag levies or, as with plastic straws and stirrers, a ban.B. The public recommends restricting advertising and promotions and putting environmental labels on bottles.C. With brands the driving force behind the growth, they account for £1bn of sales and 2.5bn bottles.D. Any restrictions on advertising for the category would risk inadvertently driving consumers towards less healthy beverage options.E. The report argued that brand advertising played a “critical” role in burnishing the “desirability” of bottled water.F. It’s one of the main culprits of the worldwide plastic pollution crisis.”G. The research established that more than half of all bottled water was being drunk at home or at work, places where tap water is available.③Welcome to float therapy. Neuroscientists say that it’s one of the most effective ways to recharge the nervous system. And in our hyper-stimulated world, an hour without light, sound or external sensations may be the ultimate luxury. ____1____ They’re dark and quiet inside. The water is so salty. With nothing external to process, the brain has no choice but to power down. You may think of float tanks as a wacky, fringe idea. ___2_____ Researchers are finding that regularly spending time in a float tank can help restore physical and mental health. Studies show it can reduce stress, anxiety and depression, as well as physical pain and blood pressure. It can improve sleep.Neuroscientists began studying the effects of floating in the 1950s, submerging astronauts in upright vats of water while they wore masks with breathing tubes. ____3____ Yet the practice never caught on widely.Now it’s having a revival. ____4____ Prices vary, from $60 an hour at a flotation center in Des Moines to $99 for half an hour at a high-end spa in Miami. Navy SEALs float. So do athletes, cancer patients, veterans with PTSD and business executives.Floating isn’t a silver bullet—and it isn’t for everyone. ____5____ Others find it boring. You don’t necessarily need a tank. You can reap some of the benefits by floating quietly in a pool, pond or lake, researchers say.【The Wall Street Journal (June 15, 2023)】A. And I had the oddly pleasant sensation that I was floating away, down a dark passageway.B. Companies are popping up, offering roomy pods, 7-foot-tall chambers and even open rooms.C. Float tanks are designed to relieve our brain of all auditory, visual or tactile sensations.D. This experience was consistent with a study published this month that shows that the positive effects of a float can last at least 48 hours.E. But floating is actually a growing area of serious study.F. Recreational floating enjoyed a moment in the early 1980s with celebrities and New Agey types.G. Some people are turned off by the idea of being in a constricted space, or worry that sensory deprivation will make them hallucinate.答案CFEAGECGFACEFBG。
太空梦英文作文
"Dreams of Space:A Journey Beyond theStars"Ever since the dawn of humanity,the night sky has captivated us with its mysterious beauty and the tantalizing possibility of what lies beyond.Gazing up at the twinkling stars,I have always felt a deep yearning to explore the unknown,to venture where few have dared. My fascination with aviation and the cosmos has ignited a burning aspiration within me:to pursue a career that transcends the earthly bounds and delves into the vast expanse of space.The Allure of the HeavensMy passion for aviation and space exploration was sparked by my very first glimpse through a telescope.Observing the craters of the moon and the rings of Saturn,I was struck by a profound realization of the infinite possibilities that space holds.It wasn't just the scientific aspect that intrigued me;it was the notion of exploring the unknown,of pushing the limits of human capability and understanding.This realization fueled my desire to contribute to the field of space exploration,to be part of the next generation that steps beyond our blue planet.Education:The Launch PadUnderstanding that a solid educational foundation is crucial for a career in the aerospace industry,I have dedicated myself to excelling in mathematics,physics,and engineering.These subjects are not merely academic disciplines to me;they are the tools that will enable me to understand the principles of flight,the mechanics of spacecraft,and the physics of space travel.By immersing myself in these studies,I aim to equip myself with the knowledge and skills necessary to take on the challenges of space exploration.Aspiring to Soar Among the StarsMy dream is not just to work in the aviation or space industry but to be at the forefront of humanity's quest to explore the cosmos.Whether it's designing next-generation spacecraft,participating in deep-space missions,or contributing to the colonization of other planets,I yearn to play a role in expanding the horizons of human exploration.I am particularly drawn to the idea of contributing to projects that aim to make space travel more accessible and sustainable,thereby opening up new opportunities for scientific discovery and human adventure.The Journey AheadI am under no illusion that the path to achieving my space dreams will be easy.It will require relentless dedication,continuous learning,and unwavering perseverance.However, the challenges and obstacles along the way are merely steps on the ladder to reaching my ultimate goal.With each achievement and setback,I will grow stronger and more determined.ConclusionThe dream of space exploration is more than a personal ambition;it represents thecollective aspiration of humanity to explore,to understand,and to push the boundaries of what is possible.As I embark on this journey towards realizing my space dreams,I am driven by a sense of purpose and a deep belief in the importance of reaching for the stars.The road ahead may be fraught with challenges,but it is a path paved with the potential for discovery, innovation,and the promise of a future among the stars.In the words of Carl Sagan, "Somewhere,something incredible is waiting to be known."I am committed to being part of the generation that seeks out that knowledge,beyond the earth,into the vast expanse of space.。
天空造物巧安排译成英文
天空造物巧安排译成英文Celestial Tapestry: The Exquisite Masterstrokes of Nature.Beneath the celestial canvas, where celestial bodies dance in a cosmic symphony, there exists a tapestry of wonders that defies human comprehension. From ethereal cloudscapes to vibrant celestial bodies, the heavens ceaselessly captivate, inspiring awe and contemplation.Celestial Choreography.The celestial ballet unfolds with the stately procession of planets, gracefully orbiting the radiant Sun. Each celestial sphere, like a celestial pearl, follows an intricate path, guided by the invisible hand of gravity. The Moon, a celestial companion to Earth, rhythmically waxes and wanes, casting its ethereal glow upon the nocturnal scene.Asteroids, celestial wanderers, traverse the cosmos, remnants of cosmic collisions. Their trajectories, like celestial breadcrumbs, hint at the chaotic origins of our solar system. Comets, celestial time travelers, blaze across the celestial abyss, their ethereal tails trailing behind like celestial banners. Meteors, shooting stars that ignite the night, are cosmic fragments that penetrateEarth's atmosphere, creating fleeting celestial fireworks.Celestial Spectacles.The heavens are not merely a stage for celestial bodies but also a venue for astronomical phenomena that dazzle and inspire. Solar eclipses, celestial curtain calls, occur when the Moon interposes itself between the Sun and Earth, casting a momentary shadow upon our planet. The Sun, a celestial spotlight, reveals its magnificent corona, a radiant halo that ordinarily remains concealed.Lunar eclipses, celestial full moons, unfold when Earth intercedes between the Sun and Moon, blocking the Sun's rays. The Moon, bathed in the Earth's shadow, acquires acoppery hue, a celestial spectacle that has captivated civilizations for millennia.Stellar Symphony.Beyond our solar system, the Milky Way, a celestial river of stars, stretches across the night sky, its countless celestial orbs forming a celestial tapestry. Stars, celestial beacons, twinkle with unwavering brilliance, their light traversing interstellar distances to reach our eyes.Binary stars, celestial partnerships, revolve around a common center of gravity, their gravitational dance a cosmic ballet. Nebulae, celestial nurseries, shimmer with ethereal beauty, their glowing gas clouds giving birth to nascent stars. Black holes, celestial enigmas, lurk in the cosmos, their gravitational pull so intense that even light cannot escape.Cosmic Tapestry.The cosmos, in all its celestial grandeur, is a profound reminder of our place within the vastness of the universe. The heavens, an eternal canvas, showcase the exquisite artistry of nature, inviting us to marvel at the cosmic ballet that unfolds above our heads.From celestial bodies to celestial phenomena, from the familiar stars to the distant galaxies, the heavens are a source of wonder, inspiration, and contemplation. As we gaze up at the celestial tapestry, we are humbled by its beauty and awed by its timeless mystery.。
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a s t r o -p h /9403061 29 M a r 1994
10-310-210-110010
1102103104
10
203040(a) εγ0=100GeV
Energy (GeV)l o g 10[f /(G e V 2)]f γ
f e
T=10-4GeV
10-6GeV
10-8
GeV 10-310-210-110010
1102103104
10
20
3040(b) εγ0=10TeV
Energy (GeV)l o g 10[f /(G e V 2)]f γ
f e
T=10-4GeV 10-6GeV
10-8GeV
10-310
-2
1025
10
2610
2710
28102910
3010
3110
32Photon energy (GeV)f γ (G e V 2) Ellis et.al.εγ0=100GeV εγ0=10TeV
10-1010-9
105
106107108
109
1010
1011
1012
1013
T
R (G
e
V
)
ηB
(a) M 3/2 = 10 GeV
4He = 0.24
4He = 0.22
(D+3He) = 10-4
D = 1.8x10-5
10-1010-91051061071081091010101110121013T R (G e V )ηB (b) M 3/2 = 100 GeV 4He = 0.24 4He = 0.22 (D+3He) = 10-4 D = 1.8x10-5 10-1010-9
105
106107108
109
1010
1011
1012
1013
T
R (G
e
V )
ηB (c) M 3/24He = 0.24
4He = 0.22
(D+3He) = 10-4
D = 1.8x10-5
10-1010-91051061071081091010101110121013T R (G e V )ηB (d) M 3/2 = 10 TeV 4He = 0.24 4He = 0.22 (D+3He) = 10-4 D = 1.8x10-5
10110210
310
4105
10
610
710
810
910
1010
1110
1210
13M 3/2 (GeV) T R (G e V )(a) B γ = 1 4He < 0.22 D+3He > 10-4D < 1.8x10-5D < 1.8x 10-510110210
310410510
610
710
810
910
1010
1110
1210
13M 3/2 (GeV) T R (G e V )(b) B γ = 0.1 4He < 0.22 D+3He > 10-4 D < 1.8x10-510110210310
410510610710810910
10101110121013M 3/2 (GeV) T R (G e V )(c) B γ = 0.01 D+3He > 10-4
10110210
3104
10-2
10-1100
M 3/2 (GeV) B γ107
GeV 108
GeV 109
GeV 1010
GeV 1011GeV 1012
GeV
10210
3104
1010
1011
10121013
1014
1015
M 3/2 (GeV) T R (G e V )4He > 0.24
D < 1.8x10-5
Ωh 2
> 1
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