6+2:&$6(215(6($5&+ 6LJQDOOLQJWRWKH5LERVRPHLQ&DQFHU² ,W·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¶KDOOPDUNV RI FDQFHU· 2QH NH\PHFKDQLVPE\ZKLFK$.7PHGLDWHVVXFKFRQWURORQ FHOOJURZWKSUROLIHUDWLRQDQGPHWDEROLVPLVYLDDFWLYDWLRQ RIWKHP725&FRPSOH[UHYLHZHGLQUHIP725&LV NQRZQ WR DFW DV D PDVWHU UHJXODWRU RI SURWHLQ V\QWKHVLV LQ UHVSRQVH WR PXOWLSOH LQSXWV /LNH P725& P725& LQFOXGHVWKHVXEXQLWVP725P/67DQG'HSWRUKRZHYHU LQVWHDGRI5LFWRULWKDV5DSWRUDQG35$6DQGLVVHQVLWLYH WRLQKLELWLRQE\UDSDP\FLQDQGLWVDQDORJXHV5$'DQG &&,$JDLQOLNHP725&WKHIXQFWLRQVRIWKHP725 LQWHUDFWLQJSURWHLQVKDYHQRWEHHQIXOO\GHÀ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ÀFLHQF\YHUVXV&DSDFLW\ $FWLYDWLRQRIP725&UHVXOWVLQVWLPXODWLRQRISURWHLQ V\QWKHVLV DQG WKXV FHOO JURZWK YLD WDUJHWLQJ PXOWLSOH FULWLFDO HIIHFWRUV RI ERWK WKH HIÀFLHQF\ RI WUDQVODWLRQ E\ H[LVWLQJ ULERVRPHV DQG WKH V\QWKHVLV RI QHZ ULERVRPHV )LJ :KLOVW PRGXODWLQJ WUDQVODWLRQ HIÀFLHQF\ LV D SRZHUIXO PHFKDQLVP IRU UDSLGO\ LQFUHDVLQJ SURWHLQ V\QWKHVLV LW PD\ HYHQWXDOO\ EH OLPLWHG E\ WKH QXPEHU RI IXQFWLRQDO ULERVRPHV 7KXV UHJXODWLRQ RI WUDQVODWLRQ HIÀFLHQF\LVRIWHQXWLOLVHGE\WKHFHOOIRUDVKRUWWHUPJDLQ LQWUDQVODWLRQRUIRUVSHFLÀFWUDQVODWLRQRIGLVWLQFWP51$ VSHFLHV ZKLOH LQFUHDVLQJ WKH QXPEHU RI ULERVRPHV WKURXJK LQFUHDVHG ULERVRPDO JHQH WUDQVFULSWLRQ LV UHTXLUHG IRU WKH VXVWDLQHG LQFUHDVH LQ SURWHLQ V\QWKHVLV UHTXLUHG IRU PXVFOH K\SHUWURSK\ DQG LQ GLVHDVHV VXFK DV FDQFHU P725& PHGLDWHV WKHVH HIIHFWV YLD WZR NH\ VXEVWUDWHVHXNDU\RWLFLQLWLDWLRQIDFWRU(H,)(ELQGLQJ SURWHLQ(%3DQG6NLQDVH6.ZKLFKLQWXUQ PRGXODWHVLPLODUDQGGLIIHUHQWDVSHFWVRISURWHLQV\QWKHVLV UHYLHZHGLQUHIV L7UDQVODWLRQ(IÀFLHQF\ P725&PRGXODWLRQRIWUDQVODWLRQHIÀFLHQF\RFFXUVDW PDQ\ OHYHOV DQG LQYROYHV D QXPEHU RI NH\ SOD\HUV )RU H[DPSOH P725& FDQ GLFWDWH ZKHWKHU VSHFLÀF P51$V DUH SUHIHUHQWLDOO\ WUDQVODWHG P725& SKRVSKRU\ODWLRQ RI (%3 LV UHTXLUHG IRU HIÀFLHQW · FDS GHSHQGHQW 3DJH WUDQVODWLRQRIP51$3KRVSKRU\ODWLRQRI(%3UHOLHYHV LWVDVVRFLDWLRQDQGWKXVLQKLELWLRQRIH,)($FWLYHH,)( ELQGVWKHP51$·FDSWRLQLWLDWHDVHTXHQWLDOFDVFDGHRI UHFUXLWPHQW RI LQLWLDWLRQ IDFWRUV H,)* H,)$ WR IRUP WKHH,))FRPSOH[IROORZHGE\WKHDGGLWLRQRIH,)6 ULERVRPHDQGWKHQWKHWHUQDU\FRPSOH[H,)0HWW51$ DQG*73XOWLPDWHO\UHVXOWLQJLQLQLWLDWLRQRIWUDQVODWLRQ 7UDQVODWLRQ LQLWLDWLRQ LV DOVR HQKDQFHG E\ P725& SKRVSKRU\ODWLRQRI6. P725& DFWLYDWLRQ RI 6. KDV EHHQ LPSOLFDWHG LQ SURPRWLQJ WKH WUDQVODWLRQ RI VSHFLÀF P51$ VSHFLHV P725& LV UHTXLUHG IRU RSWLPDO WUDQVODWLRQ RI P51$V ZLWK·WHUPLQDOROLJRS\ULPLGLQHWUDFW·723VHTXHQFHV WKH PDMRULW\ RI ZKLFK HQFRGH IRU SURWHLQV UHTXLUHG IRU ULERVRPHV\QWKHVLVRUDUHUHJXODWRUVRIWUDQVODWLRQ:KLOH LQLWLDO REVHUYDWLRQV LPSOLFDWHG WKH SKRVSKRU\ODWLRQ RI ULERVRPDO SURWHLQ 6 US6 E\ 6. LQ WKLV SURFHVV P725&GHSHQGHQW UHJXODWLRQ RI WKHVH P51$V ZDV REVHUYHG LQ 6. NQRFNRXW PLFH LQGLFDWLQJ WKH H[LVWHQFH RI DOWHUQDWH PHFKDQLVPV IRU WKH UHJXODWLRQ RI ·723P51$WUDQVODWLRQ ,Q DGGLWLRQ WR ·723 P51$ DFWLYDWHG 6. DOVR HQKDQFHV WKH WUDQVODWLRQ RI P51$V ZLWK FRPSOH[ VHFRQGDU\VWUXFWXUHVLQWKHLU·XQWUDQVODWHGUHJLRQ875 ZKLFKXVXDOO\H[KLELWDSRRUHIÀFLHQF\RIWUDQVODWLRQ6XFK P51$VWHQGWRHQFRGHIRUSURWHLQVWKDWSURPRWHFHOOXODU JURZWKDQGSUROLIHUDWLRQLQFOXGLQJF\FOLQ'F0<&DQG +,)Ç‚0HFKDQLVWLFDOO\LWLVWKRXJKWWKDW6.DFKLHYHV WKLVUHJXODWLRQE\SKRVSKRU\ODWLRQRIH,)%DQG3'&' ZKLFKHQKDQFHVH,)$·VKHOLFDVHDFWLYLW\DQGFRQVHTXHQWO\ XQZLQGVWKHP51$VPDNLQJWKHPPRUHDFFHVVLEOHWRWKH WUDQVODWLRQLQLWLDWLRQFRPSOH[ 6. FDQ DOVR LPSURYH WUDQVODWLRQ HORQJDWLRQ YLD SKRVSKRU\ODWLQJ DQG LQKLELWLQJ HXNDU\RWLF HORQJDWLRQ IDFWRUH()NLQDVHH().&RQVHTXHQWO\H()LVQRZ DEOHWRELQGWKHULERVRPH$QRWKHU6.VXEVWUDWH6.$5 LV D VFDIIROG SURWHLQ ORFDOLVHG DW H[RQ MXQFWLRQV ZKLFK ZKHQ SKRVSKRU\ODWHG UHFUXLWV DFWLYDWHG 6. WR QHZO\ JHQHUDWHGP51$V&RQVHTXHQWO\WKLVSURPRWHVDFFXUDF\ DQGHIÀFLHQF\RIJHQHH[SUHVVLRQIRUVSOLFHGP51$V LL7UDQVODWLRQ&DSDFLW\ 5HFHQW VWXGLHV LQ RXU ODERUDWRU\ DQG RWKHUV KDYH VKRZQ WKDW P725& LV UHTXLUHG WR FRRUGLQDWH WKH V\QWKHVLVRIERWKULERVRPDOSURWHLQVDQGULERVRPDO51$ U51$ WKH WZR PDMRU FRQVWLWXHQWV RI WKH ULERVRPH $V GHVFULEHG DERYH P725&6. VLJQDOOLQJ HQKDQFHV WUDQVODWLRQRI·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À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¶3RO,UHJXORQ·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¶3RO , UHJXORQ·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À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ÀFDQW UHVSRQVH LQ RI SDWLHQWV ZLWK UHODSVHG RU UHODSVHGUHIUDFWRU\ :DOGHQVWU|P·V PDFURJOREXOLQHPLD ,QWULJXLQJO\ LQ D VXEVHW RI WXPRUV FRPSRQHQWV RI PXOWLSOH DUPV RI WKH JURZWK FRQWURO VXSHU QHWZRUN FOXVWHU WRJHWKHU LPSO\LQJ D V\QHUJ\ LQ FDQFHU LQLWLDWLRQ RUSURJUHVVLRQ)RUH[DPSOHRISDWLHQWVZLWKFRORQ DGHQRFDUFLQRPDV KDG PXWDWLRQV LQ .5$6 %5$) DQG RU 3,.&$ 7KHVH REVHUYDWLRQV UDLVH WKH SRVVLELOLW\ WKDW WDUJHWLQJ PXOWLSOH DVSHFWV RI WKH JURZWK FRQWURO VXSHU QHWZRUN PD\ EH UHTXLUHG LQ VRPH WXPRXU W\SHV &RQYHUVHO\ WKH GHYHORSPHQW RI LQKLELWRUV GLUHFWO\ DIIHFWLQJ ULERVRPH V\QWKHVLV DQG IXQFWLRQ PD\ REYLDWH WKHQHHGIRUFRPELQDWLRQDSSURDFKHVDQGSURYLGHEURDG VSHFWUXPHIÀFDF\LQDKLJKSHUFHQWDJHRIWXPRXUVGULYHQ E\ G\VUHJXODWLRQ LQ JURZWK FRQWURO SDWKZD\V ,QGHHG DVGHVFULEHGLQ6DQLMHWDOLQWKLV6KRZFDVHRQ5HVHDUFK &\OHQH 3KDUPDFHXWLFDOV KDYH GHYHORSHG SRWHQW DQG VSHFLÀFLQKLELWRUVRI3RO,WKDWH[KLELWDQWLWXPRXUDFWLYLW\ LQSUHFOLQLFDOPRGHOV ,QVXPPDU\WKHGDWDSUHVHQWHGKHUHVXJJHVWWKDWDWOHDVW SDUW RI WKH PHFKDQLVP E\ ZKLFK WKHVH SDWKZD\V GULYH PDOLJQDQFLHV LV YLD WKHLU DELOLW\ WR PRGXODWH ULERVRPH ELRJHQHVLV DQG IXQFWLRQ ,QWULJXLQJO\ JHQHWLF FRQÀ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ÀFDWLRQVRINH\VLJQDOOLQJPROHFXOHVZLWKLQWKLV QHWZRUN )LJ )RU H[DPSOH DFWLYDWLQJ PXWDWLRQV LQ 5HIHUHQFHV WKH 3,. 3,&$ JHQH RU LQDFWLYDWLQJ PXWDWLRQV LQ WKH /DSODQWH0DQG6DEDWLQL'0-&HOO6FL QHJDWLYHUHJXODWRU37(1DFFRXQWIRUDSSUR[LPDWHO\ RI KXPDQ VSRUDGLF WXPRXUV ZKLOH DFWLYDWLRQ RI F0<& 0HPPRWW50DQG'HQQLV3$&HOO6LJQDO E\ DPSOLÀFDWLRQ RU WUDQVORFDWLRQ RFFXUV LQ RYHU RI KXPDQFDQFHUVDQG5$6PXWDWLRQVDUHSUHVHQWLQ 5HIHUHQFHVFRQWLQXHGRQSDJH 9RO1R'HFHPEHU $8675$/,$1%,2&+(0,67 3DJH 6LJQDOOLQJWRWKH 5LERVRPHLQ&DQFHU 6+2:&$6(21 5(6($5&+ 5HIHUHQFHVFRQWLQXHGIURPSDJH &KRR$<DQG%OHQLV-&HOO&\FOH 0D;0DQG%OHQLV-1DW5HY0RO&HOO%LRO 6KLPD+3HQGH0&KHQ<)XPDJDOOL67KRPDV* DQG.R]PD6&(0%2- +DQQDQ.0%UDQGHQEXUJHU<-HQNLQV$6KDUNH\ .&DYDQDXJK$5RWKEOXP/0RVV73RRUWLQJD* 0F$UWKXU*$3HDUVRQ5%DQG+DQQDQ5' 0RO&HOO%LRO 0D\HU&DQG*UXPPW,2QFRJHQH :DQJ;DQG3URXG&*3K\VLRORJ\ 0RVV7/DQJORLV)*DJQRQ.XJOHU7DQG6WHIDQRYVN\ 9&HOO0RO/LIH6FL 6WHIDQRYVN\9<DQG0RVV71XFOHLF$FLGV5HV 3RRUWLQJD*6LZLFNL.%URZQ'(OOXO-+ROORZD\7 :DOO06DQLM(+DQQDQ5'DQG0F$UWKXU*$ 1XFOHLF$FLGV5HVLQSUHVV :HQGHO+*'H6WDQFKLQD()ULGPDQ-60DOLQD$ 5D\6.RJDQ6&RUGRQ&DUGR&3HOOHWLHU-DQG/RZH 6:1DWXUH 8GGLQ6+XVVDLQ$56LUDM$.0DQRJDUDQ36 $O-RPDK1$0RRUML$$WL]DGR9$O'D\HO) %HOJDXPL$(O6ROK+(]]DW$%DYL3DQG$O .XUD\D.6%ORRG (QJHOPDQ-$1DW5HY&DQFHU *KREULDO,05RFFDUR$+RQJ)HWDO&OLQ &DQFHU5HV 6LHQD66DUWRUH%LDQFKL$'L1LFRODQWRQLR)%DOIRXU- DQG%DUGHOOL$-1DWO&DQFHU,QVW 3RRUWLQJD*+DQQDQ.06QHOOLQJ+HWDO (0%2- 5XJJHUR'DQG3DQGROÀ331DW5HY&DQFHU 'DL06DQG/X+-&HOO%LRFKHP *UDQGRUL&*RPH]5RPDQ1)HOWRQ(GNLQV=$ 1JRXHQHW&*DOORZD\'$(LVHQPDQ51DQG:KLWH 5-1DW&HOO%LRO 1DUOD$DQG(EHUW%/%ORRG 9RO1R'HFHPEHU $8675$/,$1%,2&+(0,67 3DJH
© Copyright 2026 Paperzz