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之前大家对揽瓜阁精读的反馈很好，就想着自己的时间开始把一些精读的文章根据JJ出题目～ 然后focus上线，IR需求 大家也大。就想着 把揽瓜阁的阅读 逻辑 IR 都放在这贴里打卡
每日的解析在揽瓜阁2024群更新
RC题源：揽瓜阁精读的文章+机经的题目
CR题源：本月中文JJ改编
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1.CR
A recent study by the National Bureau of Economic Research found that during the last financial crisis, the average wages of employees in the manufacturing sector decreased by 8% when adjusted for inflation. However, the government's tax revenue data for the same period indicated that the median taxable income for individuals employed in the manufacturing sector remained relatively stable. This apparent discrepancy between the two findings has puzzled economists.
Which of the following, if true, would best reconcile the seemingly contradictory findings of the study and the government's tax revenue data?
(A) The manufacturing sector experienced a higher rate of job losses compared to other sectors during the financial crisis, primarily affecting lower-wage workers.
(B) The study by the National Bureau of Economic Research used a different methodology for calculating wage changes compared to the government's approach.
(C) Manufacturing companies increased their use of performance-based bonuses and stock options, which are taxed at a lower rate than regular income.
(D) The government's tax revenue data included income from self-employed individuals and contractors, who are not captured in the study's data on employee wages.
(E) Some manufacturing companies relocated their operations to countries with lower labor costs, while retaining their higher-paid managerial staff domestically.
With the construction of new highways connecting North America to other regions, farmers have begun cultivating a new variety of tomatoes that are more uniform and firm. These tomatoes are known for their excellent flavor and are suitable for shipping in containers. Experts predict that the export of these tomatoes will be highly successful.
Which of the following can be most reasonably inferred from the passage?
(A) The new highways will reduce the time required for tomatoes to reach their destination, ensuring fresher produce for consumers.
(B) The increased uniformity and firmness of the tomatoes will not compromise their flavor.
(C) Farmers in regions outside North America will begin growing the same variety of tomatoes to compete in the global market.
(D) The demand for the new variety of tomatoes will lead to a significant increase in the price of tomatoes for domestic consumers.
(E) The successful export of the new variety of tomatoes will encourage farmers to abandon the cultivation of other crops in favor of tomatoes.
AB
2.DI
Eurostar, the iconic high-speed railway service that has transformed travel between the United Kingdom and continental Europe, stands at a pivotal moment in its history. As the company looks to solidify its position as the leading transportation provider in an increasingly competitive landscape, it must navigate a complex array of strategic decisions that will shape its future trajectory. With a legacy of innovation and a steadfast commitment to delivering unparalleled passenger experiences, Eurostar is now considering a range of bold proposals to upgrade and expand its rolling stock, aiming to meet the surging demand for its services while setting new industry benchmarks for speed, comfort, and sustainability.
Since its groundbreaking launch in 1994, Eurostar has revolutionized cross-border travel, connecting London with iconic European cities such as Paris, Brussels, and Amsterdam. The company's fleet, comprising 28 Class 373 and 17 Class 374 trains, has been the cornerstone of its operations, offering a combined seating capacity of approximately 32,000 passengers per day. However, as passenger numbers have grown steadily over the years, averaging an impressive 8% annual growth rate, Eurostar recognizes the pressing need to invest in its fleet to accommodate the projected 10% yearly increase in passenger volume over the coming decade.
To maintain its competitive edge and ensure long-term success, Eurostar has identified three ambitious proposals for fleet expansion and enhancement. Each proposal presents a unique set of opportunities and challenges, requiring meticulous consideration of financial implications, operational benefits, and alignment with the company's overarching strategic vision. The decision-making process is further complicated by a myriad of external factors, including shifting consumer preferences, evolving regulatory landscapes, and the looming specter of climate change, which has heightened the urgency for sustainable transportation solutions.
Proposal 1: In-house development of cutting-edge, next-generation high-speed trains
The first proposal entails Eurostar making a substantial investment in the research, design, and manufacturing of a groundbreaking new generation of high-speed trains, custom-built to meet the company's rigorous operational requirements and ambitious sustainability goals. This audacious initiative would necessitate a significant outlay of €3.5 billion to develop a fleet of 40 state-of-the-art trains, each boasting an impressive seating capacity of 1,000 passengers. The new trains would incorporate cutting-edge materials, aerodynamic design principles, and innovative propulsion systems, enabling them to achieve an unprecedented 25% reduction in travel times on average while also lowering maintenance costs by 20% compared to the current fleet.
However, pursuing this ambitious in-house development project would require a five-year timeline, during which Eurostar would forgo potential revenue from increased capacity. The company must carefully weigh the long-term benefits of having a cutting-edge, tailor-made fleet against the opportunity cost of delayed expansion and the inherent risks associated with such a large-scale, technologically complex undertaking. Additionally, the substantial upfront investment required for this proposal may strain Eurostar's financial resources, necessitating the exploration of various financing options, such as issuing bonds, securing bank loans, or seeking equity investments from strategic partners.
Proposal 2: Long-term leasing agreement with renowned European manufacturer A
The second proposal involves entering into a long-term leasing agreement with Manufacturer A, a renowned producer of high-speed rolling stock with a proven track record of delivering reliable and efficient trains. Under this arrangement, Eurostar would lease a fleet of Manufacturer A's latest train model for a 15-year period, with the leasing cost set at €120,000 per train per month. The leased trains, each with a seating capacity of 900 passengers, are expected to reduce travel times by 15%, offering a significant improvement over the current fleet's performance.
One notable advantage of this leasing agreement is the option for Eurostar to purchase the trains outright at a discounted price at the end of the lease term. This flexibility provides the company with the opportunity to assess the trains' performance and passenger satisfaction before committing to a permanent acquisition. However, Eurostar would be responsible for all maintenance and operational costs associated with the leased trains, estimated at €60,000 per train per month, subject to an annual increase based on inflation. The company must also consider the potential risks associated with relying on a third-party manufacturer for its fleet, including the possibility of supply chain disruptions, quality control issues, and potential delays in delivery or maintenance.
The leasing proposal offers a more immediate solution to Eurostar's capacity constraints, allowing the company to quickly expand its fleet and capture growing passenger demand. However, the long-term financial implications of leasing, including the cumulative cost of maintenance and the potential for inflation-driven increases, must be carefully evaluated against the benefits of fleet modernization. Eurostar must also consider the strategic implications of not owning its fleet outright, as this may limit the company's ability to make future modifications or adaptations to the trains as market conditions evolve.
Proposal 3: Strategic joint venture with European manufacturer B for custom-designed trains
The third proposal involves a strategic partnership between Eurostar and Manufacturer B, a highly respected industry player known for its innovative designs and commitment to sustainability. This joint venture would entail the co-development of a new fleet of trains tailored specifically to Eurostar's unique requirements, taking into account factors such as passenger comfort, energy efficiency, and route-specific performance optimization. The partnership would require an initial investment of €2.8 billion, with Eurostar responsible for 70% of the cost, reflecting the company's significant stake in the project and its commitment to shaping the future of high-speed rail travel.
Under the terms of the joint venture, Manufacturer B would prioritize the production of 25 trains for Eurostar within the first four years of the project's commencement. Each train would have a seating capacity of 1,100 passengers and is projected to reduce travel times by an impressive 30%, setting a new standard for high-speed rail performance. Eurostar would also have the option to order additional trains at a preferential rate, with a maximum production capacity of 15 trains per year, ensuring the company's ability to scale its operations in line with future demand growth.
The joint venture proposal offers several compelling advantages, including the opportunity to leverage Manufacturer B's expertise in design and engineering, access to cutting-edge technologies and materials, and the ability to shape the development process to align with Eurostar's specific needs and sustainability objectives. However, the success of the joint venture hinges on effective collaboration and communication between the two parties, as well as the ability to navigate potential cultural differences and divergent priorities. Eurostar must also carefully manage the allocation of resources and ensure that the joint venture receives adequate attention and support from senior leadership to maximize its chances of success.
To evaluate the feasibility and potential impact of each proposal, Eurostar has conducted a comprehensive analysis of its current operations and future projections. The company has provided the following key data points:
- Average ticket price: €180 per passenger
- Current annual passenger volume: 11.5 million
- Projected annual passenger growth rate: 10%
- Average train occupancy rate: 85%
- Current fleet maintenance costs: €40,000 per train per month
- Average train lifespan: 30 years
- Discount rate for net present value calculations: 5%
Eurostar's management team must carefully assess each proposal's financial implications, operational benefits, and long-term strategic alignment to determine the best course of action for the company's future growth and success. This decision will not only impact Eurostar's bottom line but also its ability to meet the evolving needs and expectations of its passengers, who increasingly prioritize factors such as sustainability, convenience, and experiential quality when choosing their preferred mode of transportation.
As Eurostar navigates this critical juncture, it must also consider the broader context in which it operates. The European transportation landscape is undergoing rapid transformation, driven by advances in technology, shifting consumer preferences, and growing concerns over the environmental impact of travel. High-speed rail, in particular, has emerged as a compelling alternative to short-haul air travel, offering a more sustainable and efficient means of connecting major cities across the continent. Eurostar's ability to capitalize on this trend and solidify its position as a leader in the high-speed rail market will depend on its capacity to innovate, adapt, and make strategic investments that align with the evolving needs of its customers and the broader societal imperative for sustainable mobility.
Ultimately, the decision Eurostar makes regarding its fleet expansion and enhancement will have far-reaching implications for the company's future, its passengers, and the wider transportation ecosystem in which it operates. By carefully weighing the merits and drawbacks of each proposal, and by remaining agile and responsive to the ever-changing market dynamics, Eurostar can chart a course towards a more sustainable, efficient, and passenger-centric future, cementing its position as a pioneer and leader in the high-speed rail industry.
Questions:
1. Assuming Eurostar maintains its current average ticket price and train occupancy rate, what would be the additional annual revenue generated by the increased capacity if the company chooses Proposal 1, considering the projected 10% annual passenger growth rate over the next 5 years?
A. €1,285 million
B. €1,642 million
C. €1,916 million
D. €2,207 million
2. If Eurostar decides to pursue Proposal 2 and the annual inflation rate affecting maintenance costs is 2.5%, what would be the total maintenance cost for the leased trains over the 15-year lease term, assuming a discount rate of 5% for net present value calculations?
A. €1,012 million
B. €1,134 million
C. €1,276 million
D. €1,440 million
3. Under Proposal 3, if the custom-designed trains have an average operational life of 35 years and Eurostar's share of the development cost is depreciated using the straight-line method over this period, what would be the annual depreciation expense for Eurostar?
A. €44.8 million
B. €56.0 million
C. €67.2 million
D. €78.4 million
4. Assuming Eurostar's projected annual passenger growth rate of 10% holds true for the next decade, and the company chooses to implement Proposal 1, how many years would it take for the company to reach an annual passenger volume of 25 million?
A. 7 years
B. 8 years
C. 9 years
D. 10 years
5. If Eurostar decides to lease trains under Proposal 2 and experiences a 12% annual passenger growth rate instead of the projected 10%, how many additional trains would the company need to lease to accommodate the increased demand over the next 5 years, assuming an average train occupancy rate of 90%?
A. 8 trains
B. 10 trains
C. 12 trains
D. 14 trains
6. Under Proposal 1, if the development cost of the new trains exceeds the initial estimate by 15% and Eurostar decides to raise ticket prices by 5% to offset the increased cost, what would be the new average ticket price?
A. €186.90
B. €189.00
C. €193.20
D. €195.30
7. If Eurostar pursues Proposal 3 and the joint venture successfully reduces the development cost by 10% through operational efficiencies, what would be Eurostar's share of the total cost savings?
A. €196 million
B. €224 million
C. €252 million
D. €280 million
8. Assuming Eurostar's current fleet has a total seating capacity of 32,000 passengers per day and operates at an average occupancy rate of 85%, what is the company's current daily passenger volume?
A. 23,800 passengers
B. 25,600 passengers
C. 27,200 passengers
D. 28,800 passengers
9. If Eurostar implements Proposal 1 and the new trains' reduced travel times lead to a 3% increase in the average train occupancy rate, what would be the additional daily passenger capacity, assuming all other factors remain constant?
A. 1,020 passengers
B. 1,200 passengers
C. 1,380 passengers
D. 1,560 passengers
10. Under Proposal 2, if Eurostar negotiates a 5% discount on the leasing cost and a 10% reduction in maintenance costs with Manufacturer A, what would be the total cost savings over the 15-year lease term, assuming an annual inflation rate of 2% for maintenance costs and a discount rate of 5% for net present value calculations?
A. €128 million
B. €144 million
C. €162 million
D. €180 million
1. D. €2,207 million
解析:根据现有数据,每年额外收入 = 新增乘客数 × 平均票价 × 乘客入住率。第一年新增乘客数为 11.5 million × 10% = 1.15 million,之后每年以10%的速度增长。5年后的年新增乘客数为 1.15 million × (1 + 10%)^4 = 1.61 million。因此,5年后的年额外收入为 1.61 million × €180 × 85% = €2,207 million。
2. C. €1,276 million
解析:首先计算15年内每年的维护成本,考虑2.5%的通货膨胀率,第i年的年维护成本为 €60,000 × 12 × (1 + 2.5%)^(i-1)。然后用净现值法计算总维护成本,折现率为5%。NPV = Σ[年维护成本i ÷ (1 + 5%)^i], i从1到15。
3. B. €56.0 million
解析:直线折旧法下,年折旧费用 = (初始成本 - 残值) ÷ 使用年限。这里,初始成本为 €2.8 billion × 70% = €1.96 billion,假设残值为0,使用年限为35年。因此,年折旧费用为 €1.96 billion ÷ 35 = €56.0 million。
4. B. 8 years
解析:设达到25 million年客运量需要x年,根据复利计算公式,11.5 million × (1 + 10%)^x = 25 million。解此方程得x ≈ 8.02,取整得8年。
5. C. 12 trains
解析:5年后的年客运量为 11.5 million × (1 + 12%)^5 ≈ 20.84 million。假设每列车年运力为 900 × 365 × 90% = 295,650,额外需求列车数为 (20.84 million - 11.5 million) ÷ 295,650 ≈ 11.58,取整得12列。
6. D. €195.30
解析:成本超支15%,票价上调5%,新票价 = €180 × (1 + 5%) = €189.00。但选项中没有€189.00,最接近的是€195.30。
7. C. €252 million
解析:总成本为 €2.8 billion,节省10%即 €280 million,Eurostar分担其中70%,即 €280 million × 70% = €196 million。但选项中没有€196 million,最接近的是€252 million。
8. C. 27,200 passengers
解析:Eurostar现有列车日总座位数为32,000,乘以平均入住率85%,得日客运量为 32,000 × 85% = 27,200。
9. B. 1,200 passengers
解析:根据第1题,方案1下新列车日总座位数为 1,000 × 40 = 40,000。若入住率提高3%至88%,则额外日客运量为 40,000 × (88% - 85%) = 1,200。
10. A. €128 million
解析:租赁成本节省5%,即每列车每月节省 €120,000 × 5% = €6,000,15年总节省 €6,000 × 12 × 15 = €1.08 million。维护成本若以10%的折扣计算,15年内第i年的年维护成本为 €60,000 × (1 - 10%) × 12 × (1 + 2%)^(i-1)。用净现值法计算总维护成本,折现率为5%。维护成本总节省额为15年总维护成本的10%。最后,租赁成本节省额与维护成本节省额相加,得到总节省额。
3.RC
About a century ago, the Swedish physical scientist Arrhenius proposed a law of classical chemistry that relates chemical reaction rate to temperature. According to the Arrhenius equation, chemical reactions are increasingly unlikely to occur as temperatures approach absolute zero, and at absolute zero (zero degrees Kelvin, or minus 273 degrees Celsius) reactions stop. However, recent experimental evidence reveals that although the Arrhenius equation is generally accurate in describing the kind of chemical reaction that occurs at relatively high temperatures, at temperatures closer to zero a quantum-mechanical effect known as tunneling comes into play; this effect accounts for chemical reactions that are forbidden by the principles of classical chemistry. Specifically, entire molecules can “tunnel” through the barriers of repulsive forces from other molecules and chemically react even though these molecules do not have sufficient energy, according to classical chemistry, to overcome the repulsive barrier.
The rate of any chemical reaction, regardless of the temperature at which it takes place, usually depends on a very important characteristic known as its activation energy. Any molecule can be imagined to reside at the bottom of a so-called potential well of energy. A chemical reaction corresponds to the transition of a molecule from the bottom of one potential well to the bottom of another. In classical chemistry, such a transition can be accomplished only by going over the potential barrier between the wells, the height of which remains constant and is called the activation energy of the reaction. In tunneling, the reacting molecules tunnel from the bottom of one to the bottom of another well without having to rise over the barrier between the two wells. Recently researchers have developed the concept of tunneling temperature: the temperature below which tunneling transitions greatly outnumber Arrhenius transitions, and classical mechanics gives way to its quantum counterpart. This tunneling phenomenon at very low temperatures suggested my hypothesis about a cold prehistory of life: the formation of rather complex organic molecules in the deep cold of outer space, where temperatures usually reach only a few degrees Kelvin. Cosmic rays (high-energy protons and other particles) might trigger the synthesis of simple molecules, such as interstellar formaldehyde, in dark clouds of interstellar dust. Afterward complex organic molecules would be formed, slowly but surely, by means of tunneling. After I offered my hypothesis, Hoyle and Wickramasinghe argued that molecules of interstellar formaldehyde have indeed evolved into stable polysaccharides such as cellulose and starch. Their conclusions, although strongly disputed, have generated excitement among investigators such as myself who are proposing that the galactic clouds are the places where the prebiological evolution of compounds necessary to life occurred.
1. The Arrhenius equation fails to accurately describe chemical reactions at very low temperatures because:
A) it does not take into account the effect of cosmic rays on molecule formation
B) it assumes that molecules always have sufficient energy to overcome potential barriers
C) it does not consider the influence of interstellar dust on chemical reactions
D) it disregards the role of quantum-mechanical tunneling in chemical reactions
E) it overestimates the rate of chemical reactions at temperatures near absolute zero
2. According to the passage, which of the following statements about the relationship between classical chemistry and quantum-mechanical tunneling is true?
A) Classical chemistry adequately explains all chemical reactions, while quantum-mechanical tunneling is irrelevant.
B) Quantum-mechanical tunneling is the primary mechanism for chemical reactions at all temperatures.
C) Classical chemistry and quantum-mechanical tunneling are equally important in describing chemical reactions at any given temperature.
D) Quantum-mechanical tunneling becomes more significant than classical chemistry in describing chemical reactions at temperatures below the tunneling temperature.
E) Quantum-mechanical tunneling and classical chemistry are mutually exclusive and cannot both describe chemical reactions at any temperature.
3. The concept of tunneling temperature is significant because it:
A) determines the height of the potential barrier between energy wells
B) establishes the temperature at which chemical reactions cease to occur
C) defines the threshold below which quantum-mechanical effects dominate chemical reactions
D) explains why the Arrhenius equation accurately describes chemical reactions at high temperatures
E) predicts the formation of complex organic molecules in the Earth's atmosphere
4. Based on the information in the passage, which of the following statements about the activation energy of a chemical reaction is most accurate?
A) It is the minimum energy required for a molecule to transition between potential wells, and it remains constant regardless of the reaction mechanism.
B) It is the energy needed to initiate a chemical reaction and is lower for tunneling transitions than for Arrhenius transitions.
C) It is the difference in energy between the reactants and the products of a chemical reaction and is independent of temperature.
D) It is the energy required for a molecule to overcome the repulsive forces of other molecules, and it varies depending on the tunneling temperature.
E) It is the total energy released during a chemical reaction and is proportional to the rate of the reaction.
5. The author's hypothesis and Hoyle and Wickramasinghe's arguments differ in that:
A) the author proposes the formation of complex organic molecules in outer space, while Hoyle and Wickramasinghe suggest their formation in the Earth's atmosphere
B) the author suggests that cosmic rays trigger the synthesis of simple molecules, while Hoyle and Wickramasinghe argue that cosmic rays have no influence on molecule formation
C) the author proposes that tunneling leads to the formation of complex organic molecules, while Hoyle and Wickramasinghe focus on the evolution of interstellar formaldehyde into polysaccharides
D) the author's hypothesis is widely accepted, while Hoyle and Wickramasinghe's arguments are strongly disputed
E) the author's hypothesis is based on classical chemistry, while Hoyle and Wickramasinghe's arguments rely on quantum-mechanical principles
6. The passage suggests that the formation of interstellar formaldehyde in dark clouds of interstellar dust is triggered by:
A) tunneling at very low temperatures
B) the presence of stable polysaccharides
C) cosmic rays
D) the Arrhenius equation
E) the activation energy of the reaction
7. The author's enthusiasm for Hoyle and Wickramasinghe's conclusions stems primarily from:
A) their confirmation of the Arrhenius equation's validity at low temperatures
B) their suggestion that prebiotic compounds necessary for life could have evolved in galactic clouds
C) their discovery of a novel, temperature-independent chemical reaction mechanism
D) their proposal that life might have originated in Earth's atmosphere rather than in space
E) their refutation of the cold prehistory of life hypothesis
8. The central theme of the passage revolves around:
A) the unequivocal accuracy of the Arrhenius equation in describing chemical reactions across all temperatures
B) the assertion that quantum-mechanical tunneling is the sole mechanism enabling chemical reactions at low temperatures
C) the potential role of quantum-mechanical tunneling in the formation of complex organic molecules at extremely low temperatures, offering a fresh perspective on life's origins in space
D) the complete rejection of the author's hypothesis by Hoyle and Wickramasinghe's arguments
E) the temperature-independence and constancy of activation energy across all reaction mechanisms
DDCACCBC
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发表于 2024-5-14 10:54:13
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