lqfoxglqj wkh pdqdwru \ odeh l olq hohphwv lq wkh iruorzlqj rughu wkh *276 oorjr wkh wkh oorjr wkh odgh odgh odgh judgh wkh wkh wkh fhuwl fhuwl fhufhuᇜ Wkh Ex \ Hu FRQVLJQHH LQ Wkh who [Wloh Vxsso \ FKDLQ DQG WR Wkh Hqg FRQVXPHU DW Wkh Wlph Ri SXUFKDVVH, W Pxvw hlwkhu eh vhwn lqto The Product RQ SDFNDJLQJ RU Ylvleoh Rq KDQJWDJ div>
7KURXJKRXW WKH $QQXDO 5HSRUW LQFOXGLQJ WKH 6WUDWHJLF 5HSRUW DGMXVWHG PHDVXUHV DUH XVHG WR GHVFULEH WKH *URXS·V ÀQDQFLDO SHUPDHWHVXVXVHH HV DUH QRW UHFRJQLVHG XQGHU ,)56 RU RWKHU JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV *$$3 7KHVH PHDVXUHV DUH VKRZQ EHFDXVH WKHRU FRGWHVXVHVXVHVXWHV O LQIRUPDWLRQ WR VKDUHKROGHUV LQFOXGLQJ DGGLWLRQDO LQVLJKW LQWR RQJRLQJ WUDGLQJ DQG \HDU RQ \HDU FRPSDULVRQV 7KHVH QRQ *$$3 PHDVXU FRXVXWHGWHW \ WR QRW UHSODFHPHQWV IRU WKH FRPSDUDEOH *$$3 PHDVXUHV 7KURXJKRXW WKLV 5HSRUW WKHVH QRQ *$$3 PHDVXUHV DUH FOHDUO\ LGHQWLÀHG D\DSHVHVHWHWK WHWH\ DQG E\ D IRRWQRWH ZKHUH WKH\ DSSHDU LQ WDEOHV DQG FKDUWV 'HÀQLWLRQV DQG UHFRQFLOLDWLRQV RI WKHVH QRQ *$$3 PHDVXUHV WR WKH UHOHYDQW PHDVXVQH W$KH L *URXS )LQDQFLDO 5HYLHZ RQ SDJHV WR
7lwoh /hduqhg prwru sdwwhuqv du uhsod \ hg lq lq kxpdk prwru fruwh [gxulqjέ$ euhyldwhg 7lwohϯ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ ϲ Neurrestoration和Neurotechnology中心,加利福尼亚州帕洛阿尔托市斯坦福大学医学研究所,美国94305,美国,神经科学计划。 whfkqrorj \ dqg 1hxuruhfryhu \'hsduwphqw ri 1hxurorj \ ϯϯϲ0dvdfkxvhwwwwwwd 0fkrvslwdo 0dvslwdo 0dvslwdo 0dvslwdo 0dvslwdo 0dvslwdo 0dvslw 6wuhhhhhhhhhhhhhhhhhhhhhhhhhhhhϯ lifhl flav hydj) w Zlwk 1HxudolQn 3Durplplfl dqg 6 \ fkkkurq iru zklf scxo hu dxwkruv kdyh qr frpshlqj lqwhuhvwv ϰ $ V 1&ΰϯΰϯ1,+ 1,1'6 8+ 16 16 16 5 16 1,+ 1,0+ ϰϰ 0+ &RQTXHU 3DUDO\VLV 1RZ 0*+ 'HDQH ,QVWLWXWH $PHULFDQ ϰϱ $FDGHP\ RI 1HXURORJ\ &OLQLFDO 5HVHDUFK 7UDLQLQJ 6FKRODUVKLS 7KH +RZDUG +XJKHV ϰϲ。0HGLFDO ,QVWLWXWH DW 6WDQIRUG 8QLYHUVLW\ 7KH DXWKRUV ZLVK WR DFNQRZOHGJH 'U $QJHOLTXH ϰϳ 3DXON IRU DVVLVWDQFH LQ ILJXUH SUHSDUDWLRQ 7KH FRQWHQW LV VROHO\ WKH HVSRQVLELOLW\ RI WKH ϰϴ
&2 5(0%(5,1* /hduq,与ruljlq ri oli oli oli oli olis hyroxwlq ri wkh plfurelrorrj \ who whe wkh Ilhog&rqwlqwlqv ri vflhqwlvwv和shuwdlqj wr wr plihuhuhuhuhuhuhqw和rip plihdv plfurrj \&81'(567 $ 1',1* /hduq和pruskh prurjlfdo这是fkdudfwldo fkdfwlvwlfv ri glihuhq将plfurujdqlvpv 1r $ oorwwhg 2uljlq +lvwru \ ww 0lfureldo:ruog 2uljlq读取klvwru \ ri word 2uluog %lrjhvlv 9v $ elrjhvlvlv +\ srwhvlv和h [shulphqwv ll 'Hyhorsphqw iurp vlpsoh wr frpsoh [olih irupv% +lvwru \ 0lfurelrurrj \ 6lfurrjqlilfdqfh 6frquloxwlqv lq wkh Ghyorsphqw lq 0lfurelrorj \ dv和glvflsolqh 3DVWHXU 5REHUW .RFK -RKQ 7 \ QGDOO ll 6flhqwlilf frqwlq wrs wrs wrlily will will will 0lfurelrj \ 5HFHQW ploHVWRQH glvfryhv lq whog iLhog ri plfurj \&0lfule 0lfurelrorj \ dqg (oolh 0hwfkqlnrii -rvhsk /lvwhu')rrg 0lfurelrorrrorrj \ dqg)hohuhlqwdwlq)ohplqhu 6hujhl:lqrjudgvn \ 0duwlxv%hlmmmmmmmmhulqfn) $ yhqxhv ri 0lfurelrorj \
从上一份报告开始一年,经济风变得更好。市场已经上演了一些恢复的东西:例如,由于Vljqv ri d idoo lqlqôdwlrq1,标准普尔500号在2024年中期以历史最高的高度关闭;人们对今年的美联储将削减两次降低的期望,即在美国利率持续时间高于许多预期2之后。和财富pdqdjhphqwóupvàfolhqw edvh uhpdlqv uhvlolhqw
5/ xjx $ vwhurlg 5rfn 6dpsohv $ qdo \ vlv%ulqjv,qlwldo 5hvxowv 6flhqwlvwv $ zh lq $ pd $ pd]
$,6 WK,QWHUQDWLRQDO:RUNVKRS RQ $UWLILFLDO,QWHOOLJHQFH DQG 0DFKLQH /HDUQLQJ IRU 6FLHQWLILF $SSOLFDWLRQV +HOG LQ FRQMXQFWLRQ ZLWK 6& 1RYHPEHU,W LV RXU JUHDW SOHDVXUH WR ZHOFRPH \RX WR $,6¶ WKH WK,QWHUQDWLRQDO:RUNVKRS RQ $UWLILFLDO,QWHOOLJHQFH DQG 0DFKLQH /HDUQLQJ IRU 6FLHQWLILF $SSOLFDWLRQV $UWLILFLDO LQWHOOLJHQFH $,DQG PDFKLQH OHDUQLQJ 0/ DUH WUDQVIRUPDWLYH WHFKQRORJLHV WKDW KDYH UHYROXWLRQL]HG WKH ODQGVFDSH RI DOJRULWKPV LPSOHPHQWDWLRQV DQG DSSOLFDWLRQV DFURVV YDULRXV ILHOGV 7KH FRQFHSW RI ³$,IRU 6FLHQFH´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写 EULQJ WRJHWKHU UHVHDUFKHUV IURP DFDGHPLD LQGXVWU\ DQG JRYHUQPHQW DXWKRULWLHV 写 FROODERUDWH RQ YDULRXV DVSHFWV RI $,0/ LQ VFLHQWLILF DSSOLFDWLRQV 2QH RI WKH SULPDU\ JRDOV LV 写 IRVWHU PHDQLQJIXO LQWHUDFWLRQ DPRQJ WKHVH VWDNHKROGHUV HQDEOLQJ WKHP 写 VKDUH UHFHQW DGYDQFHV LQ DSSO\LQJ $,0/ 写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¶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¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURPH DOVR ZDQW WR WKDQN WKH 3URJUDP &RPPLWWHH PHPEHUV IRU WKHLU GLOLJHQW UHYLHZV LQVLJKWIXO IHHGEDFN DQG DVVLVWDQFH LQ VKDSLQJ WKH ZRUNVKRS¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURPH DOVR ZDQW WR WKDQN WKH 3URJUDP &RPPLWWHH PHPEHUV IRU WKHLU GLOLJHQW UHYLHZV LQVLJKWIXO IHHGEDFN DQG DVVLVWDQFH LQ VKDSLQJ WKH ZRUNVKRS¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURP
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¶ DWWHQWLRQ WR EH GUDZQ WR RIIHQGLQJ YHKLFOHV ZKLOVW DOORZLQJ ODZ DELGLQJ GULYHUV WR JR DERXW WKHLU EXVLQHVV XQKLQHGQDiGHUV>
$ vd yhklfoh sdvvhv dq $ 135 fdphud lwv uhjlvwudwlrq qxpehu lv uhdg dqg dqg lqvwdqwo \ fkhfnhg yhklfoh fkhfn lw iru hylghqfh dqg zkhuh qhfhvvdu \ pdnh duuhvwv $ uhfrug iru yhklfohv sdvvvlqj e \ d fdphud wlph ri wkh uhdg wkdw \ lq dssursuldwh flufxpvwdqfhv eh dffhvhv iru lqyhvwljdwlyh sxusrvhv 7khv 7KHV fhv lqfoxglqj orfdwlqj vwrohq yhklfohv wdfnolqj xqlqvxuhg yhklfoh xvh dqg vroylqjri froylqjri qglqj yhklfohv zklovw doorzlqj odz delglqj gulyhuv wr jr derxw wkhlu exvvqhqhgkhkhkhkhkhkh