Feedback trading theory is one of the most primitive theories about financial market. But for a long time，researches and modelings on this topic are rarely seen. The model in this paper shows the effects of sentiment shocks on asset prices in a market characterized by feedback trading in the long run. We find that，generally，feedback trading will lead to cognitive bias effect and trading inducement effect. Cognitive bias effect increases with the feedback trading parameter ( FTP) . In our model，the abnormal volatility of asset prices is captured by cognitive bias effect，sentiment shock effect and trading inducement effect．

TiC particles were prepared from Ti and C powders, and TiC-reinforced Cu-based composites were prepared by powder metallurgy with SPS sintering. The effects of SPS sintering temperature and TiC particle reinforcement phase content on the electrical and mechanical properties of Cu-based composites were investigated. The reinforcement of TiC particles by thermal mismatching at increasing sintering temperature has a significant strengthening effect on the composites, but the high temperature causes softening of the Cu matrix and the growth of grains reduces the properties of the composites. In this study, the effects of porosity and density on the composite properties were not significant.

In recent years, the genesis of natural gas and the definition of major gas source rocks in the Baiyun Sag of the Pearl River Mouth Basin have attracted extensive attention from scholars. There is still considerable controversy over the genesis and the main gas source rocks of natural gas. In this study, the chemical kinetics method of natural gas generation and carbon isotope fractionation was used to study the generation history and isotope evolution history of Paleogene natural gas in the Y5 well area located on the north slope of Baiyun Sag. And other geochemical discriminant methods were applied simultaneously to determine the type and source rocks of natural gas. The results show that the natural gas in the Y5 well area on the northern slope of Baiyun Sag is mainly kerogen degradation gas, mixed with a small amount of oil cracking gas. The mixture of kerogen degradation gas and a small amount of crude oil cracking gas caused the inversion of the carbon isotope sequence of ethane and propane. The natural gas in the Y5 well area mainly comes from delta–shallow lacustrine facies source rock. The high–quality reservoirs in the shallower strata accumulate natural gas generated in the early stage, and the tight reservoirs in the deeper strata mainly accumulate natural gas generated in the late stage.

The Pingbei area is the main accumulation area of oil and gas in the Xihu Sag. The phase characteristics of oil and gas in this area are complex, and the understanding of their genesis is still unclear. In this paper, based upon discussions of crude oil and natural gas geochemical data, integrated with local geological features, we discuss the sources, migration, and phase state characteristics of oil and gas in the Pingbei area of the Xihu Sag. The study results showed that the crude oil and natural gas in the Pingbei area are coal-derived and the oil and gas produced by the humic organic matter during the maturity stage. The oil and gas source correlation showed that crude oil and natural gas have good affinity with the Eocene Pinghu Formation (PF) coal-bearing source rocks. Crude oil has the characteristics of near-source accumulation and short-distance migration while natural gas is supplied from a dual source: the coal-derived hydrocarbon rocks of PH in the deep part of the study area, supplemented by the coal-derived hydrocarbon rocks of PH on the bottom of the slope, and adjacent hydrocarbon-bearing sub sag. The distribution characteristics and geochemical migration indices of hydrocarbon showed that the oil generated from the hydrocarbon source rocks of PH in the deep Pingbei area mainly migrates vertically along the fault connecting the reservoir and the source rocks to the trap, where it accumulates, while the natural gas exhibits deep and large faults that mainly migrate vertically, supplemented by its lateral migration along the composite transport system composed of faults and sandstone layers in the slope zone. The mechanisms of produced, exhausted, and geochromatographic effects (PGE), as well as evaporative fractionation (EF) and phase-controlled migration fractionation (PMF), result in the obvious discrepancy of hydrocarbon’s properties on the vertical profiles.

The Pearl River Delta (PRD) has undergone complex geological development within a multi-island faulted basin, shaped by the interplay of regional tectonic movements, Quaternary sea-level fluctuations, and fluvial-marine interactions. Despite a great number of studies on the Holocene sedimentary sequences and spatial difference of lithofacies and environments, scant attention has been paid to the overarching human influence on deltaic evolution and coastline modifications since the Neolithic epoch. To further elucidate the spatial variation in Holocene sedimentation and its underlying basement topography shaped during the Last Glacial Maximum (LGM), we compiled a comprehensive dataset incorporating borehole data from over 2,800 cores within the PRD. Subsequently, high-resolution isobath maps of Quaternary deltaic deposits were generated, offering unprecedented insights into sediment distribution. This dataset facilitated a nuanced reconstruction of pre-Holocene topography, revealing a zone characterized by elongated, deep-incised valleys governed by NW-SE fault orientations. Further, we delineated coastline shifts since the period of maximum marine transgression (~7000 years BP), contributing to an enhanced understanding of the formation and evolutionary patterns of the delta and the river network oscillations. Our findings illuminate increasing anthropogenic impact on the rate of fluvial sedimentation and land growth, particularly accentuated over the last two millennia, favoring deltaic accretion. The current study has considerable implications for understanding the dynamic interplay between land-sea interactions and anthropogenic activities in shaping the delta, and stands to significantly inform land and resource management strategies, as well as future urban planning within the delta's bay areas.