Manipulator is now used as a industrial robots in use, the control objectives often appear often in industrial automation. Industrial automation technology has gradually matured, as mature a technology line has been rapid development in industrial automation as a separate subject. Manipulator application began to filter into welding, logistics, mechanical processing, and other industries. Especially at high or very low temperatures, full of poisonous gases, high radiation case, robot in similar circumstances showed great use also brings great convenience to the staff. Precisely because of this robot to get people's attention began to be a high degree of development. Labor rates, working conditions, labor intensive aspects of promoting development. Both at home and abroad to develop the PLC (programmable logic controller) is in various special circumstances and under special conditions set for mechanical devices. Now turned on the development of the microelectronics automatic controltechnology and the rapid development of the trains, the success of PLC hardware software and simulation control win big and successful development, now continues to develop as a factory automation standards. Because robots are good development of the technology makes a good optimization of productive capital, and robot shows this unique dvantages, such as: has good compatibility, wide availability, hardware is complete, and programming that can be mastered in a short time, so in the context of industrial PLC applications became ubiquitous. Manipulator in many developed country agriculture and industry has been applied, such as the use of mechanical harvesting large areas of farmland, repeated operations on the high-speed line that uses a robotic arm, and so on. oday, the high level of automation combined with restrictions on the manipulator development level is slightly lower than the international. The design is mainly arm welding machine by PLC Automation control. This of design let designers on in school by learn of has a must of consolidation, understand has some usually didn't opportunities awareness in world range within some leading level of knowledge has has must awareness, hope designers can in yihou of design in the can success of using in this design in the proceeds of experience 1.2 manipulator in both at home and abroad of research profile automation mechanical arm research began Yu 20th century medium-term, after years with with computer and automation technology of development, Makes mechanical arm on the Grand stage of industrial automation and shine, gradually became an industrial evaluation standards, and its importance can be seen. Now original robotic arm spent most of mass production and use on the production line, which is programmed robotic arm. As the first generation of manipulator position control systems main features, although not back several generations that can detect the external environment, but can still successfully complete like welding, painting, delivery as well as for materials simple movements. Second generation mechanical arms are equipped with sensors and manipulators have the environment there is a certain amount of \n the mechanical arm is to use the program as a basis. Difference is that the robot begand 2008年，由美国次贷危机引发的全球金融危机不断深化。资本市场深幅下挫，商品市场超速回调，信用风险急剧提升……在剧烈变动的外部环境的影响下，国内蒸蒸日上的银行理财产品市场也不断爆发出零收益、负收益和展期等负面消息。
然而，或许与所有人想象的不一样，无论是同其他投资品种（如股票）相比，还是就其自身表现而言，逆境中的银行理财产品在总体上依然表现出较高的投资价值。盘点2008年理财产品的市场表现，我们可以看到，不考虑“基金系”QDII产品，零收益或负收益产品的比重较低且为数不多，总体平均收益水平远高于定期存款利率、CPI涨幅和上证指数的表现，更不乏有年收益率高达30%的收益之星。
因其稳健和灵活的特质，银行理财产品的发行数量和募集资金非但没有减少，而是再创历史新高，募集资金超过了其他委托理财产品募集资金的总和。与此同时，发行主体不断创新设计理念。例如，为规避市场剧增的风险，在产品结构中出现了保息、止损等控制风险敞口的条款。在信息透明度方面，除少数外资银行和个别中资银行未能准确及时公布其产品信息外，理财产品信息透明度问题也得到了改善。 1 2008年全部银行理财产品评价分析
据理财产品中心统计，2008年56家商业银行共发行银行理财产品4456款，远高于2007年的发行数量，平均委托期限为0.49年，期望收益率和风险值分别为4.08%和3.3%；43家商业银行共有2773款产品到期，其平均到期收益率为4.52%，产品的最高到期收益率为30%，最低到期收益率为-45.92%。
1.产品数量类型：普通产品数量居多，结构产品集中于股票、商品市场
自2006年起，银行理财产品发售数量的季度变化几乎呈一路上涨趋势，但在2008年第一季度和第四季度出现小幅波动，原因在于：第一，受年初零/负收益事件影响，2008年一季度产品发售数量小幅下降；第二，受全球金融危机、境外衍生品市场崩盘和国内货币政策调整影响，2008年第四季度起理财产品发售数量减少。
纵观2008年的理财产品市场，普通类理财产品占据理财产品市场90%以上的市场份额，结构类理财产品的市场份额不足10%；发售产品数量的月度变化呈先增后降趋势，10月份是这一变化趋势的分水岭。
普通类理财产品的高比重和发售产品数量的下降主要源于四个方面的原因：第一，资本市场深幅调整和境外OTC市场崩盘致使结构类产品风险对冲工具缺失；第二，2008年4月，
manipulator control mode and programmable controllers introduction 2.1 Select discussion with manipulator control 2.1.1 classification of control relays and discrete electronic circuit can control old industrial equipment, but also more common. Mainly these two relatively cheap and you can meet the old-fashioned, simple (or simple) industrial equipment. So he can see them now, however these two control modes (relay and discrete electronic circuits) are these fatal flaws: (1) cannot adapt to the complex logic control, (2) only for the current project, the lack of compatibility and (3) not reforming the system with equipment improvements. Spring for the development of China's modern industrial automation technology the substantial increase in the level of industrial automation, completed the perfect relay of the computer too much. In terms of controlling the computer showed his two great advantages: (1) each of the hardware can be installed on one or more microprocessors; (2) theofficial designer of the software writing content control is all about. Now in several ways in the context of industrial automation can often be seen in three ways: (1) Programmable Logical Controller (referred to as IPC); (2) Distributed Control System (DCS for short), and (3) the Programmable Logical Controller (PLC for short). 2.1.2 PLC and the IPC and DCS contrast contrast 1, each of the three technologies of origins and development requirements for fast data processing makes it invented the computer. The men brought in terms of hardware there, using a high level of standardization, can use more compatibility tools, is a rich software resources, especially the need for immediacy in operational systems. So the computer can effectively control is used to control and meet its speed, on the virtual model, real-time and in computational requirements. Distributed system started with a control system for industrial automatic instrument used to control, whereas now it is successfully developed into industrial control computer used as a central collection and distribution system and transition of distributed control system in analogue handling, loop control, has begun to reflect the use of a huge advantage. Though distributed system has great advantages in loop regulation, but only as a means of continuous process control. Optimization of PLC is the corresponding relay needs was born, its main use in the work order control, early primary is replaced relay this hulking system, focused on the switch controlling the running order of functions. Marked by the microprocessor in the early 1970 of the 20th century emerged, micro-electronics technology has developed rapidly, people soon microelectronics processing technology will be used in the Programmable Logical Controller (that is Manipulator is now used as a industrial robots in use, the control objectives often appear often in industrial automation. Industrial automation technology has gradually matured, as mature a technology line has been rapid development in industrial automation as a separate subject. Manipulator application began to filter into welding, logistics, mechanical processing, and other industries. Especially at high or very low temperatures, full of poisonous gases, high radiation case, robot in similar circumstances showed great use also brings great convenience to the staff. Precisely because of this robot to get people's attention began to be a high degree of development. Labor rates, working conditions, labor intensive aspects of promoting development. Both at home and abroad to develop the PLC (programmable logic controller) is in various special circumstances and under special conditions set for mechanical devices. Now turned on the development of the microelectronics automatic controltechnology and the rapid development of the trains, the success of PLC hardware software and simulation control win big and successful development, now continues to develop as a factory automation standards. Because robots are good development of the technology makes a good optimization of productive capital, and robot shows this unique advantages, such as: has good compatibility, wide availability, hardware is complete, and programming that can be mastered in a short time, so in the context of industrial PLC applications became ubiquitous. Manipulator in many developed country agriculture and industry has been applied, such as the use of mechanical harvesting large areas of farmland, repeated operations on the high-speed line that uses a robotic arm, and so on. oday, the high level of automation combined with restrictions on the manipulator development level is slightly lower than the international. The design is mainly arm welding machine by PLC Automation control. This of design let designers on in school by learn of has a must of consolidation, understand has some usually didn't opportunities awareness in world range within some leading level of knowledge has has must awareness, hope designers can in yihou of design in the can success of using in this design in the proceeds of experience 1.2 manipulator in both at home and abroad of research profile automation mechanical arm research began Yu 20th century medium-term, after years with with computer and automation technology of development, Makes mechanical arm on the Grand stage of industrial automation and shine, gradually became an industrial evaluation standards, and its importance can be seen. Now original robotic arm spent most of mass production and use on the production line, which is programmed robotic arm. As the first generation of manipulator position control systems main features, although not back several generations that can detect the external environment, but can still successfully complete like welding, painting, delivery as well as for materials simple movements. Second generation mechanical arms are equipped with sensors and manipulators have the environment there is a certain amount of \n the mechanical arm is to use the program as a basis. Difference is that the robot begand监管机构加强对中资银行发行高风险产品的监管力度，导致中资银行后期发行结构类产品数量甚少；第三，从供求关系来看，在资本市场深幅下挫和商品市场超速回调的双重不利因素影响下，多种投资工具缺失，低风险稳健收益的普通类理财产品受到了投资者的青睐；第四，为应对年初适度从紧的货币政策，发行主体热衷于发行挂钩信贷资产的普通类产品，但随着后期实体经济突然由热转冷，以及宏观调控政策相应地由紧转松，此类产品数量骤减。 就结构类理财产品而言，其基础资产以股票、商品为主，利率、汇率类相对较少。结构类产品的这种基础资产分布特征主要在于相关市场的剧烈变化。
尽管结构类产品的发行量占比相较往年有较大程度下降，但是，在2008年，产品设计理念的创新依然不断呈现。在普通类银行理财产品方面，令人耳目一新的创新主要有：第一，实期结合的设计理念。如2008年中期某款挂钩红酒产品的发售，期末投资者可选择消费红酒，也可选择收取固定额度的到期收益率；第二，随息而动的支付条款。为应对2008年后期利率高频调整的不利因素，发行主体设计了“随息而动”的支付条款，即据央行利率调整而不断调整产品的预期收益。
在结构类银行理财产品方面，值得一提的创新主要有：第一，保息条款与止损条款的设置。在产品结构中附加这两个条款是2008年的最新变化，前者可规避零/负收益产品的再次出现，而后者则可以对产品的风险敞口设置一个阀门；第二，浮动参数设计。为应对因某一指标过于“生硬”而造成产品收益的大幅波动，发行主体采取了浮动参数的设计理念，如浮动参与率、浮动汇率等。
2.发行主体：中资银行重量、外资银行重质
在经过几年的快速发展之后，银行理财产品市场依然没有改变“中资重量、外资重质”的尴尬局面。中资银行除在2008年期初发售部分打新股和股票挂钩结构类产品外，后期鲜有结构类产品的发售，部分月份竟创下结构类产品“零发行”的纪录。
2008年后期，外资银行独揽了结构类产品的发行权，且创新不断。与此同时，在外资银行被允许推广人民币业务之后，在银行理财产品市场中，外资银行开始渗透到传统上由中资银行垄断的人民币产品。例如，东亚银行发售了3款挂钩信贷资产的人民币产品。 中资银行在产品创新上之所以远落后于外资银行，其原因来自多方面。首先，生搬硬套和简单模仿使得发行主体在产品创新上遭遇了惨痛教训。例如，年初支付条款雷同的多款零/负收益产品，其源头均来自于境外金融机构针对境外成熟股票市场设计的一款产品。多家中资银行在引入此产品后，没有对相关基础资产（港股）和产品结构进行认真研究，仅仅简
manipulator control mode and programmable controllers introduction 2.1 Select discussion with manipulator control 2.1.1 classification of control relays and discrete electronic circuit can control old industrial equipment, but also more common. Mainly these two relatively cheap and you can meet the old-fashioned, simple (or simple) industrial equipment. So he can see them now, however these two control modes (relay and discrete electronic circuits) are these fatal flaws: (1) cannot adapt to the complex logic control, (2) only for the current project, the lack of compatibility and (3) not reforming the system with equipment improvements. Spring for the development of China's modern industrial automation technology the substantial increase in the level of industrial automation, completed the perfect relay of the computer too much. In terms of controlling the computer showed his two great advantages: (1) each of the hardware can be installed on one or more microprocessors; (2) theofficial designer of the software writing content control is all about. Now in several ways in the context of industrial automation can often be seen in three ways: (1) Programmable Logical Controller (referred to as IPC); (2) Distributed Control System (DCS for short), and (3) the Programmable Logical Controller (PLC for short). 2.1.2 PLC and the IPC and DCS contrast contrast 1, each of the three technologies of origins and development requirements for fast data processing makes it invented the computer. The men brought in terms of hardware there, using a high level of standardization, can use more compatibility tools, is a rich software resources, especially the need for immediacy in operational systems. So the computer can effectively control is used to control and meet its speed, on the virtual model, real-time and in computational requirements. Distributed system started with a control system for industrial automatic instrument used to control, whereas now it is successfully developed into industrial control computer used as a central collection and distribution system and transition of distributed control system in analogue handling, loop control, has begun to reflect the use of a huge advantage. Though distributed system has great advantages in loop regulation, but only as a means of continuous process control. Optimization of PLC is the corresponding relay needs was born, its main use in the work order control, early primary is replaced relay this hulking system, focused on the switch controlling the running order of functions. Marked by the microprocessor in the early 1970 of the 20th century emerged, micro-electronics technology has developed rapidly, people soon microelectronics processing technology will be used in the Programmable Logical Controller (that isManipulator is now used as a industrial robots in use, the control objectives often appear often in industrial automation. Industrial automation technology has gradually matured, as mature a technology line has been rapid development in industrial automation as a separate subject. Manipulator application began to filter into welding, logistics, mechanical processing, and other industries. Especially at high or very low temperatures, full of poisonous gases, high radiation case, robot in similar circumstances showed great use also brings great convenience to the staff. Precisely because of this robot to get people's attention began to be a high degree of development. Labor rates, working conditions, labor intensive aspects of promoting development. Both at home and abroad to develop the PLC (programmable logic controller) is in various special circumstances and under special conditions set for mechanical devices. Now turned on he development of the microelectronics automatic controltechnology and the rapid development of the trains, the success of PLC hardware software and simulation control win big and successful development, now continues to develop as a factory automation standards. Because robots are good development of the technology makes a good optimization of productive capital, and robot shows this unique advantages, such as: has good compatibility, wide availability, hardware is complete, and programming that can be mastered in a short time, so in the context of industrial PLC applications became ubiquitous. Manipulator in many developed country agriculture and industry has been applied, such as the use of mechanical harvesting large areas of farmland, repeated operations on the high-speed line that uses a robotic arm, and so on. oday, the high level of automation combined with restrictions on the manipulator development level is slightly lower than the international. The design is mainly arm welding machine by PLC Automation control. This of design let designers on in school by learn of has a must of consolidation, understand has some usually didn't opportunities awareness in world range within some leading level of knowledge has has must awareness, hope designers can in yihou of design in the can success of using in this design in the proceeds of experience 1.2 manipulator in both at home and abroad of research profile automation mechanical arm research began Yu 20th century medium-term, after years with with computer and automation technology of development, Makes mechanical arm on the Grand stage of industrial automation and shine, gradually became an industrial evaluation standards, and its importance can be seen. Now original robotic arm spent most of mass production and use on the production line, which is programmed robotic arm. As the first generation of manipulator position control systems main features, although not back several generations that can detect the external environment, but can still successfully complete like welding, painting, delivery as well as for materials simple movements. Second generation mechanical arms are equipped with sensors and manipulators have the environment there is a certain amount of \n the mechanical arm is to use the program as a basis. Difference is that the robot begand单替换了一下股票类别，并对相应参数稍加修改。随着后期港股市场的变化，此类产品均变成零收益甚至负收益。
其次，受年初零/负收益产品事件的影响，监管机构出现了剧烈反应，对中资银行发售高风险产品加强了监控力度，甚至一度事实上禁止了相关产品的发行。
再次，受国内股票市场限制做空和金融衍生工具匮乏的制约，中资银行只能开发看涨A股和B股的理财产品，而随着市场的急转直下，此类产品已毫无生存之地。
最后，由于国内利率尚未实现市场化，信贷管制依然存在甚至不断加强，加之国内投资者的低风险承受能力，普通类产品成为中资银行绕开各种管制、投资者获得较高收益的便捷工具。
3.币种和期限：澳元产品成“新宠”，短期产品受青睐
从投资币种来看，主要呈现三个方面的特点：第一，与往年一样，人民币产品居于主导地位。这缘于中资银行普通类理财产品的较大比重，2008年共发售3343款人民币理财产品；第二，澳元产品成“新宠”。受商品价格飙升影响，作为“商品货币”的澳元产品数量位居“世界货币”美元之后，名列第三。不过，在2008年中后期，随着商品市场金融化泡沫的破灭，澳元也陷入了贬值通道的深渊，投资和汇率的双重损失使得澳元产品的光环逐渐消退；第三，欧元产品位居投资价值之首，缘于欧元产品多为普通类产品，且该类产品的收益稳健。 从产品的投资期限来看，为满足投资资金的高流动性，普通类理财产品以短期为主，这期限在6个月（含）以下的短期产品占所有理财产品的比例高达63%。此外，由于整个市场变动不拘，还出现了期限跨度仅为7天的超短期产品。这类产品在2008年共计发行101款，预期收益水平略高于7天通知存款。不过，在中长期产品方面也出现了一些创新。例如，受后期利率高频调整和降息预期影响，某商业银行发售多款期限在3年以上的中长期普通类产品，主要目的在于锁定当前的相对高收益。
结构类产品的期限跨度随基础资产的变化而变化。利率类产品以短期为主，期限多为3个月；汇率类产品的期限多为3个月或6个月；股票类产品的期限跨度多在1到2年之间波动；商品类产品的期限跨度普遍偏长，长者7年，短则3年。
4.投资价值：股票/商品类产品高风险高收益，信用/利率类产品表现稳健
就各资产主类产品的投资价值而言，结构类产品与普通类产品的风险水平相当，但结构类产品的风险水平略高，其超额收益水平也较高，而此正是结构类产品的本质特性所致。
manipulator control mode and programmable controllers introduction 2.1 Select discussion with manipulator control 2.1.1 classification of control relays and discrete electronic circuit can control old industrial equipment, but also more common. Mainly these two relatively cheap and you can meet the old-fashioned, simple (or simple) industrial equipment. So he can see them now, however these two control modes (relay and discrete electronic circuits) are these fatal flaws: (1) cannot adapt to the complex logic control, (2) only for the current project, the lack of compatibility and (3) not reforming the system with equipment improvements. Spring for the development of China's modern industrial automation technology the substantial increase in the level of industrial automation, completed the perfect relay of the computer too much. In terms of controlling the computer showed his two great advantages: (1) each of the hardware can be installed on one or more microprocessors; (2) theofficial designer of the software writing content control is all about. Now in several ways in the context of industrial automation can often be seen in three ways: (1) Programmable Logical Controller (referred to as IPC); (2) Distributed Control System (DCS for short), and (3) the Programmable Logical Controller (PLC for short). 2.1.2 PLC and the IPC and DCS contrast contrast 1, each of the three technologies of origins and development requirements for fast data processing makes it invented the computer. The men brought in terms of hardware there, using a high level of standardization, can use more compatibility tools, is a rich software resources, especially the need for immediacy in operational systems. So the computer can effectively control is used to control and meet its speed, on the virtual model, real-time and in computational requirements. Distributed system started with a control system for industrial automatic instrument used to control, whereas now it is successfully developed into industrial control computer used as a central collection and distribution system and transition of distributed control system in analogue handling, loop control, has begun to reflect the use of a huge advantage. Though distributed system has great advantages in loop regulation, but only as a means of continuous process control. Optimization of PLC is the corresponding relay needs was born, its main use in the work order control, early primary is replaced relay this hulking system, focused on the switch controlling the running order of functions. Marked by the microprocessor in the early 1970 of the 20th century emerged, micro-electronics technology has developed rapidly, people soon microelectronics processing technology will be used in the Programmable Logical Controller (that isManipulator is now used as a industrial robots in use, the control objectives often appear often in industrial automation. Industrial automation technology has gradually matured, as mature a technology line has been rapid development in industrial automation as a separate subject. Manipulator application began to filter into welding, logistics, mechanical processing, and other industries. Especially at high or very low temperatures, full of poisonous gases, high radiation case, robot in similar circumstances showed great use also brings great convenience to the staff. Precisely because of this robot to get people's attention began to be a high degree of development. Labor rates, working conditions, labor intensive aspects of promoting development. Both at home and abroad to develop the PLC (programmable logic controller) is in various special circumstances and under special conditions set for mechanical devices. Now turned on the development of the microelectronics automatic controltechnology and the rapid development of the trains, the success of PLC hardware software and simulation control win big and successful development, now continues to develop as a factory automation standards. Because robots are good development of the technology makes a good optimization of productive capital, and robot shows this unique advantages, such as: has good compatibility, wide availability, hardware is complete, and programming that can be mastered in a short time, so in the context of industrial PLC applications became ubiquitous. Manipulator in many developed country agriculture and industry has been applied, such as the use of mechanical harvesting large areas of farmland, repeated operations on the high-speed line that uses a robotic arm, and so on. oday, the high level of automation combined with restrictions on the manipulator development level is slightly lower than the international. The design is mainly arm welding machine by PLC Automation control. This of design let designers on in school by learn of has a must of consolidation, understand has some usually didn't opportunities awareness in world range within some leading level of knowledge has has must awareness, hope designers can in yihou of design in the can success of using in this design in the proceeds of experience 1.2 manipulator in both at home and abroad of research profile automation mechanical arm research began Yu 20th century medium-term, after years with with computer and automation technology of development, Makes mechanical arm on the Grand stage of industrial automation and shine, gradually became an industrial evaluation standards, and its importance can be seen. Now original robotic arm spent most of mass production and use on the production line, which is programmed robotic arm. As the first generation of manipulator position control systems main features, although not back several generations that can detect the external environment, but can still successfully complete like welding, painting, delivery as well as for materials simple movements. Second generation mechanical arms are equipped with sensors and manipulators have the environment there is a certain amount of \n the mechanical arm is to use the program as a basis. Difference is that the robot begand 在信用、利率、汇率、商品、股票和混合等六大类理财产品中，混合类产品总体上收益较高、风险较低，其原因在于剔除50款混合类产品中13款结构产品之后，其余多为年初发行的以股票市场为主要方向的短期普通类理财产品，如新股申购和股票型基金等。 股票/商品类产品的主要特点是高风险高收益。盘点2008年的理财产品可以发现，最佳表现产品和最差表现产品均隶属于股票类产品，这由股票市场深幅震荡的特点和支付条款的设计所致。
汇率类理财产品的投资价值适中，封顶收益条款和保息条款的设置是限制产品收益过高和风险过大的两个防火墙。至于信用/利率类产品，其主要特点是风险较低、收益稳健。 就各发行主体产品的投资价值而言，中资银行与外资银行的超额收益水平相当，外资银行的风险水平较高，原因在于外资银行多发结构类产品，且结构类产品的主要特点是高风险高收益。就中资银行而言，国有控股银行、上市股份制银行和城市商业银行产品的投资价值依次增加，但城市商业银行的发售动力不足，产品数量较少。
就各投资币种产品的投资价值而言，外币产品的投资价值略高于人民币产品的投资价值，原因在于：（1）人民币产品多属于普通类产品，其产品特性是低风险且收益稳健；（2）年初澳元产品的爆发式增长且收益水平不俗，但后期受商品价格回调影响，“商品货币”澳元产品损失惨重；（3）欧元产品表现较好，原因在于该类产品多是由中资银行发售的低风险产品，且产品预期收益水平较高。 2 2008年到期银行理财产品表现分析
理财产品的期望收益率是产品未来到期收益率的期望均值，期望收益率与风险值一起构成了判断理财产品未来投资价值的两个基本指标。理财产品的到期收益率围绕期望收益率上下变化，是期望收益率的一个具体的、事后的实现。
对于任何一种金融产品，虽然我们不能以事后的到期收益率来评论其事前是否有投资价值，不过，就市场总体而言，到期收益率依然可以反映当时市场的客观情况。 1.收益水平：高于基准利率、CPI涨幅和股票市场的表现
这里以人民币产品为例，从事后的角度来比较银行理财产品和其他主要资产类别的投资回报情况。
对人民币产品而言，银行理财产品第一季度到期产品的收益水平较高，后期走势趋缓。理财产品收益率不仅高于同期的基准利率水平，而且远高于上证指数的表现。但受前三季度
manipulator control mode and programmable controllers introduction 2.1 Select discussion with manipulator control 2.1.1 classification of control relays and discrete electronic circuit can control old industrial equipment, but also more common. Mainly these two relatively cheap and you can meet the old-fashioned, simple (or simple) industrial equipment. So he can see them now, however these two control modes (relay and discrete electronic circuits) are these fatal flaws: (1) cannot adapt to the complex logic control, (2) only for the current project, the lack of compatibility and (3) not reforming the system with equipment improvements. Spring for the development of China's modern industrial automation technology the substantial increase in the level of industrial automation, completed the perfect relay of the computer too much. In terms of controlling the computer showed his two great advantages: (1) each of the hardware can be installed on one or more microprocessors; (2) theofficial designer of the software writing content control is all about. Now in several ways in the context of industrial automation can often be seen in three ways: (1) Programmable Logical Controller (referred to as IPC); (2) Distributed Control System (DCS for short), and (3) the Programmable Logical Controller (PLC for short). 2.1.2 PLC and the IPC and DCS contrast contrast 1, each of the three technologies of origins and development requirements for fast data processing makes it invented the computer. The men brought in terms of hardware there, using a high level of standardization, can use more compatibility tools, is a rich software resources, especially the need for immediacy in operational systems. So the computer can effectively control is used to control and meet its speed, on the virtual model, real-time and in computational requirements. Distributed system started with a control system for industrial automatic instrument used to control, whereas now it is successfully developed into industrial control computer used as a central collection and distribution system and transition of distributed control system in analogue handling, loop control, has begun to reflect the use of a huge advantage. Though distributed system has great advantages in loop regulation, but only as a means of continuous process control. Optimization of PLC is the corresponding relay needs was born, its main use in the work order control, early primary is replaced relay this hulking system, focused on the switch controlling the running order of functions. Marked by the microprocessor in the early 1970 of the 20th century emerged, micro-electronics technology has developed rapidly, people soon microelectronics processing technology will be used in the Programmable Logical Controller (that isManipulator is now used as a industrial robots in use, the control objectives often appear often in industrial automation. Industrial automation technology has gradually matured, as mature a technology line has been rapid development in industrial automation as a separate subject. Manipulator application began to filter into welding, logistics, mechanical processing, and other industries. Especially at high or very low temperatures, full of poisonous gases, high radiation case, robot in similar circumstances showed great use also brings great convenience to the staff. Precisely because of this robot to get people's attention began to be a high degree of development. Labor rates, working conditions, labor intensive aspects of promoting development. Both at home and abroad to develop the PLC (programmable logic controller) is in various special circumstances and under special conditions set for mechanical devices. Now turned on he development of the microelectronics automatic controltechnology and the rapid development of the trains, the success of PLC hardware software and simulation control win big and successful development, now continues to develop as a factory automation standards. Because robots are good development of the technology makes a good optimization of productive capital, and robot shows this unique advantages, such as: has good compatibility, wide availability, hardware is complete, and programming that can be mastered in a short time, so in the context of industrial PLC applications became ubiquitous. Manipulator in many developed country agriculture and industry has been applied, such as the use of mechanical harvesting large areas of farmland, repeated operations on the high-speed line that uses a robotic arm, and so on. oday, the high level of automation combined with restrictions on the manipulator development level is slightly lower than the international. The design is mainly arm welding machine by PLC Automation control. This of design let designers on in school by learn of has a must of consolidation, understand has some usually didn't opportunities awareness in world range within some leading level of knowledge has has must awareness, hope designers can in yihou of design in the can success of using in this design in the proceeds of experience 1.2 manipulator in both at home and abroad of research profile automation mechanical arm research began Yu 20th century medium-term, after years with with computer and automation technology of development, Makes mechanical arm on the Grand stage of industrial automation and shine, gradually became an industrial evaluation standards, and its importance can be seen. Now original robotic arm spent most of mass production and use on the production line, which is programmed robotic arm. As the first generation of manipulator position control systems main features, although not back several generations that can detect the external environment, but can still successfully complete like welding, painting, delivery as well as for materials simple movements. Second generation mechanical arms are equipped with sensors and manipulators have the environment there is a certain amount of \n the mechanical arm is to use the program as a basis. Difference is that the robot begand高通胀水平的影响，理财产品的收益水平低于同期的通胀水平，之后理财产品的收益水平与通胀水平形成“剪刀差”，回归常态。上述结果进一步佐证了银行理财产品的设计理念：风险收益水平介于股票和定期存款之间的多样化投融资工具。
2.零/负收益盘点：股票类人民币产品主导，上市股份制银行产品数量最多
受市场深幅调整和产品设计缺陷影响，剔除“基金系”QDII产品，2008年共有34款零/负收益到期产品。
从投资币种来看，34款产品共有28款产品的投资币种为人民币，其余为美元投资产品。在28款人民币零/负收益产品中，结构类产品22款，其余为普通类产品。股票和商品是22款结构类产品的两类主要基础资产，其中19款产品挂钩股票，其他3款产品挂钩商品。 从发行主体来看，上市股份制银行零/负收益产品的数量最多，高达29款。其中，招行和民生的产品数量最多，不过，相对于与其发行的众多产品而言，零/负收益产品的占比实际上很低。就这类产品而言，大部分的基础资产为股票或商品，且其结构主类多为相关性或看涨。
外资银行有两款产品实现了零收益，二者具有相同的支付条款但投资币种有异。请注意，受公开信息透明度不高影响，外资银行到期产品数量并非全样本。
归纳起来，零/负收益产品的成因有两个方面，一是基础资产与支付条款的错配，如部分看涨基础资产的支付条款，而其基础资产的走势却一路下滑，发行主体资产管理能力欠缺和入场时机有误是导致此种现象发生的主要原因；二是监管当局的监管缺失，如部分低风险产品募集资金的较大比重却投资于股票或基金等高风险投资工具。 3 总结与展望
2008年，受全球金融危机、国内金融管理体制缺陷以及商业银行创新能力有限等多方面因素影响，在银行理财产品市场中，曾经并且还将继续出现零收益、负收益产品。对此，发行机构应该总结经验，监管部门应该心态平和，媒体应该全面客观。正如眼下我们针对美国次贷危机所总结的那样，如果说美国是金融自由化过度，中国则是金融管制过严、创新不足。
未来，我们应该继续鼓励包括银行、基金、证券公司、保险公司、信托公司、私募投资机构等在内的各种类型的资产管理机构的发展，同时，在建设和加强基于统一的针对资产管理人监管立法框架的基础上，放松对产品和市场的管制，促进中国财富和资产管理业的发展。
manipulator control mode and programmable controllers introduction 2.1 Select discussion with manipulator control 2.1.1 classification of control relays and discrete electronic circuit can control old industrial equipment, but also more common. Mainly these two relatively cheap and you can meet the old-fashioned, simple (or simple) industrial equipment. So he can see them now, however these two control modes (relay and discrete electronic circuits) are these fatal flaws: (1) cannot adapt to the complex logic control, (2) only for the current project, the lack of compatibility and (3) not reforming the system with equipment improvements. Spring for the development of China's modern industrial automation technology the substantial increase in the level of industrial automation, completed the perfect relay of the computer too much. In terms of controlling the computer showed his two great advantages: (1) each of the hardware can be installed on one or more microprocessors; (2) theofficial designer of the software writing content control is all about. Now in several ways in the context of industrial automation can often be seen in three ways: (1) Programmable Logical Controller (referred to as IPC); (2) Distributed Control System (DCS for short), and (3) the Programmable Logical Controller (PLC for short). 2.1.2 PLC and the IPC and DCS contrast contrast 1, each of the three technologies of origins and development requirements for fast data processing makes it invented the computer. The men brought in terms of hardware there, using a high level of standardization, can use more compatibility tools, is a rich software resources, especially the need for immediacy in operational systems. So the computer can effectively control is used to control and meet its speed, on the virtual model, real-time and in computational requirements. Distributed system started with a control system for industrial automatic instrument used to control, whereas now it is successfully developed into industrial control computer used as a central collection and distribution system and transition of distributed control system in analogue handling, loop control, has begun to reflect the use of a huge advantage. Though distributed system has great advantages in loop regulation, but only as a means of continuous process control. Optimization of PLC is the corresponding relay needs was born, its main use in the work order control, early primary is replaced relay this hulking system, focused on the switch controlling the running order of functions. Marked by the microprocessor in the early 1970 of the 20th century emerged, micro-electronics technology has developed rapidly, people soon microelectronics processing technology will be used in the Programmable Logical Controller (that is
2008年银行理财产品评价报告（中国社科院发布）
