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12 pages, 1899 KB  
Article
Packaging of 128-Channel Optical Phased Array for LiDAR
by Abu Sied, Eun-Su Lee, Kwon-Wook Chun, Jinung Jin and Min-Cheol Oh
Photonics 2026, 13(1), 88; https://doi.org/10.3390/photonics13010088 - 20 Jan 2026
Viewed by 164
Abstract
We developed a complete packaging strategy for a 128-channel optical phased array (OPA) for Light Detection and Ranging (LiDAR) applications operating at a 1550 nm wavelength. The process comprised three major steps: waveguide end-facet polishing, fiber-to-optical waveguide pigtailing, and electrical wire bonding. Sequential [...] Read more.
We developed a complete packaging strategy for a 128-channel optical phased array (OPA) for Light Detection and Ranging (LiDAR) applications operating at a 1550 nm wavelength. The process comprised three major steps: waveguide end-facet polishing, fiber-to-optical waveguide pigtailing, and electrical wire bonding. Sequential polishing with silicon carbide paper followed by colloidal silica reduced coupling losses to 0.74 dB per facet. An automated fiber alignment setup was used to perform edge coupling. The electrical connections, formed under optimized wire-bonding conditions (18 mW ultrasonic power), achieved a bond strength of 4.66 gf while maintaining electrode-pad integrity. The final packaged device demonstrated uniform optical throughput, with a throughput power variation maintained below 0.2 dB following the packaging process, and a uniform electrical resistance of 0.48% across all 128 channels, verifying the process stability and packaging integrity. These results confirmed that the proposed packaging scheme offers a dependable route for photonic integration in LiDAR applications. Full article
(This article belongs to the Special Issue Recent Progress in Integrated Photonics and Future Prospects)
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14 pages, 7040 KB  
Article
Mechanism of Hydrogen Bonding at Oil–Water Interfaces on Crude Oil Migration Under Nanoconfinement
by Xiong Liu, Yuchan Cheng, Lingxuan Peng, Yueqi Cui and Yue Gong
Processes 2026, 14(2), 343; https://doi.org/10.3390/pr14020343 - 19 Jan 2026
Viewed by 181
Abstract
Aiming at the unclear mechanisms of fluid migration in nanopore-throat systems within tight oil reservoirs, this study focuses on the microscopic interactions at the oil–water interface in nanoconfined spaces. Based on molecular dynamics simulation, water-flooding models within nanopores of tight oil reservoirs under [...] Read more.
Aiming at the unclear mechanisms of fluid migration in nanopore-throat systems within tight oil reservoirs, this study focuses on the microscopic interactions at the oil–water interface in nanoconfined spaces. Based on molecular dynamics simulation, water-flooding models within nanopores of tight oil reservoirs under varying salinity conditions were constructed. The microscopic flow behaviors of oil and water in the pores were investigated, and the mechanism by which interfacial hydrogen bonding influences displacement efficiency under nanoconfinement was elucidated. The results demonstrate that due to the strong hydrogen bonding interactions between acetic acid and water, it is impossible to establish an effective displacement process or form stable displacement pathways within the pores. The extensive hydrogen-bonding network formed by acetic acid molecules at the oil–water interface severely restricts the transport capacity of water. Salinity exerts a nonlinear regulatory effect on hydrogen bonding. High-salinity (246.5 g/L) waterflooding shortens hydrogen bond lengths, enhances local bonding strength, and restricts the expansion of water channels; low-salinity (21.9 g/L) waterflooding mitigates ionic interference, resulting in the highest diffusion capacity of alkanes. The diffusion coefficient increases by 1.4 times compared to that under high-salinity conditions, leading to the highest degree of crude oil mobility. The research findings provide important guidance for enhanced oil recovery in tight oil reservoirs. Full article
(This article belongs to the Section Petroleum and Low-Carbon Energy Process Engineering)
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19 pages, 3534 KB  
Article
Direct Effects of Capsaicin on Voltage-Dependent Calcium Channels of Mammalian Skeletal Muscle
by Dmytro Isaev, Tatiana Prytkova, Badarunnisa Mohamed, Mohamed Omar Mahgoub, Keun-Hang Susan Yang and Murat Oz
Biomolecules 2026, 16(1), 135; https://doi.org/10.3390/biom16010135 - 13 Jan 2026
Viewed by 292
Abstract
Capsaicin, a naturally occurring polyphenol, is known to affect energy expenditure and muscle fatigue and modulate contractions in skeletal muscle. The L-type Ca2+ channels are known to be an important ion channel involved in the various muscle functions and the effect of [...] Read more.
Capsaicin, a naturally occurring polyphenol, is known to affect energy expenditure and muscle fatigue and modulate contractions in skeletal muscle. The L-type Ca2+ channels are known to be an important ion channel involved in the various muscle functions and the effect of capsaicin on the skeletal L-type Ca2+ channels is currently unknown. In this study, the effects of capsaicin and capsaicin analogs on depolarization-induced Ca2+ effluxes through L-type Ca2+ channels in transverse tubule membranes from rabbit skeletal muscle and L-type Ca2+ currents recorded using the whole-cell patch clamp technique in rat myotubes were examined. Capsaicin, in the concentration range of 3–100 µM, inhibited depolarization-induced Ca2+ effluxes. The effect of capsaicin was not reversed by TRPV1 antagonist SB-366791 (10 µM). While vanilloids (30 µM) including vanillin, vanillyl alcohol, and vanillylamine were ineffective, other capsaicinoids (30 µM) including dihydrocapsaicin, nonivamide, and nordihydrocapsaicin significantly inhibited Ca2+ effluxes, suggesting that hydrocarbon chains are required for inhibition. In rat myotubes, capsaicin inhibited L-type Ca2+ currents with an IC50 value of 27.2 μM in the presence of SB-366791. Furthermore, in docking studies and molecular dynamic simulations, capsaicinoids with an aliphatic tail showed stronger binding and stable bent conformations in CaV1.1, forming hydrogen bonds with Ser1011 and Thr935 and hydrophobic/π–alkyl contacts with Phe1008, Ile1052, Met1366, and Ala1369, resembling the binding mode of amlodipine. In conclusion, the results indicate that the function of L-type Ca2+ channels in mammalian skeletal muscle was inhibited by capsaicin and capsaicin analogs in a TRPV1-independent manner. Full article
(This article belongs to the Section Natural and Bio-derived Molecules)
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24 pages, 6192 KB  
Review
Metalloporphyrin-Based Covalent Organic Frameworks: Design, Construction, and Photocatalytic Applications
by Rui Liu, Yuting Jia, Yongqing Xia and Shengjie Wang
Catalysts 2026, 16(1), 76; https://doi.org/10.3390/catal16010076 - 8 Jan 2026
Viewed by 463
Abstract
Metalloporphyrin-based covalent organic frameworks (MPor-COFs) are emerging porous crystalline materials that combine the optoelectronic properties of metalloporphyrins with the highly ordered structure of COFs. Such a combination not only extends the light absorption spectrum of COFs by incorporating porphyrins but also improves the [...] Read more.
Metalloporphyrin-based covalent organic frameworks (MPor-COFs) are emerging porous crystalline materials that combine the optoelectronic properties of metalloporphyrins with the highly ordered structure of COFs. Such a combination not only extends the light absorption spectrum of COFs by incorporating porphyrins but also improves the separation and transport capabilities of photo-generated electrons and holes by leveraging the structural advantages of organic frameworks. At the same time, the metal ions embedded in the porphyrin ring provide abundant active sites and optimize charge transfer channels, showing particular advantages in photocatalysis. The molecular design, construction, and photocatalytic application of MPor-COFs were reviewed in this paper. The intrinsic relationship among the structure, optoelectronic properties, and specific photocatalytic application received special attention. First, the role of the metal center in regulating the electronic structure and photophysical property of porphyrin monomers was introduced, as well as the impact of bond type on framework stability and charge transport efficiency. Then, the synthesis strategies for MPor-COFs were summarized. Finally, the applications of these materials in photocatalysis were critically reviewed, and their prospects and challenges in energy conversion and environmental remediation were also discussed. Full article
(This article belongs to the Special Issue 15th Anniversary of Catalysts—Recent Advances in Photocatalysis)
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22 pages, 4547 KB  
Article
YOLO-DST: MEMS Small-Object Defect Detection Method Based on Dynamic Channel–Spatial Modeling and Multi-Attention Fusion
by Qianwen Su and Hanshan Li
Sensors 2026, 26(2), 369; https://doi.org/10.3390/s26020369 - 6 Jan 2026
Cited by 1 | Viewed by 290
Abstract
During the process of defect detection in Micro-Electro-Mechanical Systems (MEMSs), there are many problems with the metallographic images, such as complex backgrounds, strong texture interference, and blurred defect edges. As a result, bond wire breaks and internal cavity contaminants are difficult to effectively [...] Read more.
During the process of defect detection in Micro-Electro-Mechanical Systems (MEMSs), there are many problems with the metallographic images, such as complex backgrounds, strong texture interference, and blurred defect edges. As a result, bond wire breaks and internal cavity contaminants are difficult to effectively identify, which seriously affects the reliability of the whole machine. To solve this problem, this paper proposes a MEMS small-object defect detection method, YOLO-DST (Dynamic Channel–Spatial Modeling and Triplet Attention-based YOLO), based on dynamic channel–spatial blocks and multi-attention fusion. Based on the YOLOv8s framework, the proposed method integrates dynamic channel–space blocks into the backbone and detection head to enhance feature representation across multiple defect scales. The neck of the network integrates multiple triple attention mechanisms, effectively suppressing the background interference caused by complex metallographic textures. Combined with the small-object perception enhancement network based on a Transformer, this method improves the capture ability and stability of the model for the detection of bond wire breaks and internal cavity contaminants. In the verification stage, a MEMS small-object defect dataset covering typical metallographic imaging was constructed. Through comparative experiments with the existing mainstream detection models, the results showed that YOLO-DST achieved better performance in indicators such as Precision and mAP@50%. Full article
(This article belongs to the Section Industrial Sensors)
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26 pages, 2071 KB  
Article
Do Green Credit Bonds Enhance Green Total Factor Productivity? Evidence from China
by Mingxu Li, Guanqi Wang, Yixuan Song, Ruijing Luo and Nianyong Wang
Sustainability 2026, 18(1), 493; https://doi.org/10.3390/su18010493 - 4 Jan 2026
Viewed by 372
Abstract
Green finance is increasingly expected to support decarbonization while enhancing productivity, yet evidence on whether green credit bonds raise green total factor productivity (GTFP) remains limited. Using panel data for 29 provincial-level regions in China from 2016 to 2023, we compute GTFP using [...] Read more.
Green finance is increasingly expected to support decarbonization while enhancing productivity, yet evidence on whether green credit bonds raise green total factor productivity (GTFP) remains limited. Using panel data for 29 provincial-level regions in China from 2016 to 2023, we compute GTFP using a slacks-based measure Malmquist–Luenberger (SBM–ML) index and estimate two-way fixed-effects models. To address endogeneity, we employ a Bartik shift–share instrumental-variable strategy. We found that green credit bonds significantly increase GTFP, with gains driven mainly by technological change (TC) rather than efficiency change (EC). The effect is stronger in eastern and western regions, in provinces that are not low-carbon pilot areas, and in regions with stronger low-carbon governance orientation. Public environmental attention directly improves GTFP but dampens the marginal effect of green credit bonds. Mechanism analyses further indicate that the low-carbon transition of the energy mix (LCEM) is an important transmission channel. Overall, these findings suggest that scaling up and better targeting green credit bonds, alongside complementary governance and public scrutiny, can accelerate China’s transition toward higher green productivity. This provides sustainability-relevant evidence that market-based green finance can support decarbonization while sustaining productivity growth, contributing to long-term sustainable development. Full article
(This article belongs to the Section Economic and Business Aspects of Sustainability)
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30 pages, 3551 KB  
Article
Research on Bayesian Hierarchical Spatio-Temporal Model for Pricing Bias of Green Bonds
by Yiran Liu and Hanshen Li
Sustainability 2026, 18(1), 455; https://doi.org/10.3390/su18010455 - 2 Jan 2026
Viewed by 253
Abstract
Driven by carbon neutrality policies, the cumulative issuance volume of the global green bond market has surpassed $2.5 trillion over the past five years, with China, as the second largest issuer, accounting for 15%. However, there exists a yield difference of up to [...] Read more.
Driven by carbon neutrality policies, the cumulative issuance volume of the global green bond market has surpassed $2.5 trillion over the past five years, with China, as the second largest issuer, accounting for 15%. However, there exists a yield difference of up to 0.8% for bonds with the same credit rating across different policy regions, and the premium level fluctuates dramatically with market cycles, severely restricting the efficiency of green resource allocation. This study innovatively constructs a Bayesian hierarchical spatiotemporal model framework to systematically analyze pricing deviations through a three-level data structure: the base level quantifies the impact of bond micro-characteristics (third-party certification reduces financing costs by 0.15%), the temporal level captures market dynamics using autoregressive processes (premium volatility increases by 50% during economic recessions), and the spatial level reveals policy regional dependencies using conditional autoregressive models (carbon trading pilot provinces and cities form premium sinkholes). The core breakthroughs are: 1. Designing spatiotemporal interaction terms to explicitly model the policy diffusion process, with empirical evidence showing that the green finance reform pilot zone policy has a radiation radius of 200 km within three years, leading to a 0.10% increase in premiums in neighboring provinces; 2. Quantifying the posterior distribution of parameters using the Markov Chain Monte Carlo algorithm, demonstrating that the posterior mean of the policy effect in pilot provinces is −0.211%, with a half-life of 0.75 years, and the residual effect in non-pilot provinces is only −0.042%; 3. Establishing a hierarchical shrinkage prior mechanism, which reduces prediction error by 41% compared to traditional models in out-of-sample testing. Key findings include: the contribution of policy pilots is −0.192%, surpassing the effect of issuer credit ratings, and a 10 yuan/ton increase in carbon price can sustainably reduce premiums by 0.117%. In 2021, the “dual carbon” policy contributed 32% to premium changes through spatiotemporal interaction channels. The research results provide quantitative tools for issuers to optimize financing timing, investors to identify cross-regional arbitrage, and regulators to assess policy coordination, promoting the transformation of the green bond market from an efficiency priority to equitable allocation paradigm. Full article
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18 pages, 984 KB  
Article
The Impact of Green Bond Issuance on Corporate Risk-Taking: A Corporate Governance and Green Innovation Perspective
by Wei Xu and Jiarui Chen
Mathematics 2026, 14(1), 131; https://doi.org/10.3390/math14010131 - 29 Dec 2025
Viewed by 261
Abstract
Growing global awareness of climate change and environmental protection has fueled the rapid expansion of the green bond market. Building upon a theoretical framework that links green bond issuance with corporate governance and green innovation effects, this study employs a sample of Chinese [...] Read more.
Growing global awareness of climate change and environmental protection has fueled the rapid expansion of the green bond market. Building upon a theoretical framework that links green bond issuance with corporate governance and green innovation effects, this study employs a sample of Chinese A-share listed firms from 2014 to 2022 and applies a staggered difference-in-differences (DID) approach to empirically examine the impact of green bond issuance on corporate risk-taking and the underlying mechanisms. The results indicate that green bond issuance significantly reduces firms’ risk-taking levels. This effect operates primarily through three channels: increasing agency costs, enhancing information transparency, and exacerbating structural imbalances in green innovation. Furthermore, the risk-mitigating effect of green bonds is more pronounced in state-owned enterprises, firms with low audit quality, and firms operating in heavily polluting industries. These findings offer important implications for accelerating the diversification of China’s green financial system, improving firms’ risk management capabilities, and fostering the development of green productivity. Full article
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16 pages, 6280 KB  
Article
Allostery-Driven Substrate Gating in the Chlorothalonil Dehalogenase from Pseudomonas sp. CTN-3
by Grayson Gerlich, Judith Klein-Seetharaman and Richard C. Holz
Biology 2026, 15(1), 20; https://doi.org/10.3390/biology15010020 - 22 Dec 2025
Viewed by 292
Abstract
The catalytic mechanism of the Zn(II)-dependent chlorothalonil dehalogenase from Pseudomonas sp. CTN-3 (Chd) was examined using molecular dynamics (MD) simulations, Bayesian network analysis, and Markov state model analysis to quantify its motions. Chd selectively substitutes an aromatic chlorine-carbon bond in chlorothalonil (TPN; 2,4,5,6-tetrachloroisophtalonitrile) [...] Read more.
The catalytic mechanism of the Zn(II)-dependent chlorothalonil dehalogenase from Pseudomonas sp. CTN-3 (Chd) was examined using molecular dynamics (MD) simulations, Bayesian network analysis, and Markov state model analysis to quantify its motions. Chd selectively substitutes an aromatic chlorine-carbon bond in chlorothalonil (TPN; 2,4,5,6-tetrachloroisophtalonitrile) with an aromatic alcohol (4-hydroxytrichloro-isophthalonitrile; 4-OH-TPN). It is a homodimer with two solvent-accessible channels in each monomer, which are proposed to provide different routes for substrate and products to access/leave the catalytic Zn(II) site. Based on MD simulations, Chd exhibits allosteric behavior wherein a “Y”-shaped substrate channel exhibits a “flip flop” mechanism, where the “right” substrate channel opens to allow TPN to enter, after which it closes, followed by the “left” channel opening. The “right” channel then reopens, likely to allow the product, 4-OH-TPN, to leave the active site, but this reopening of the right channel drives the “left” channel to close. Coupled with the substrate channels alternately opening and closing, a corresponding possible Cl channel opens and closes. Although the dynamics of this process are fast, Chd needs to overcome a 5 kT free-energy barrier for this transition and to relax after opening. Additionally, exposed “wing” residues, hydrophilic residues at the ends of protruding α-helices, act as allosteric indicators, signaling the complex allosteric motions required to open the substrate channel. We propose, for the first time, a dynamic mechanism that drives substrate binding and product release, providing new insight into Chd’s catalytic mechanism. Full article
(This article belongs to the Section Biophysics)
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24 pages, 8113 KB  
Article
Incorporation of Temperature Impact on Hot-Carrier Degradation into Compact Physics Model
by Stanislav Tyaginov, Erik Bury, Alexander Grill, Ethan Kao, An De Keersgieter, Alexander Makarov, Michiel Vandemaele, Alessio Spessot, Adrian Chasin and Ben Kaczer
Micromachines 2025, 16(12), 1424; https://doi.org/10.3390/mi16121424 - 18 Dec 2025
Viewed by 479
Abstract
We extend our compact physics model (CPM) for hot-carrier degradation (HCD) to cover the impact of ambient temperature on HCD. Three components of this impact are taken into account. First, variations in temperature perturb carrier transport. Second, the thermal component of Si-H bond [...] Read more.
We extend our compact physics model (CPM) for hot-carrier degradation (HCD) to cover the impact of ambient temperature on HCD. Three components of this impact are taken into account. First, variations in temperature perturb carrier transport. Second, the thermal component of Si-H bond rupture becomes more prominent at elevated temperatures. Third, vibrational lifetime of the bond decreases with temperature. While the first and the third mechanisms impede HCD, the second one accelerates this detrimental phenomenon. The aforementioned mechanisms are consolidated in our extended CPM, which was verified against experimental data acquired from foundry quality n-channel transistors with a gate length of 28 nm. For model validation, we use experimental data recorded using four combinations of gate and drain voltages and across a broad temperature range of 150–300 K. We demonstrate that the extended CPM is capable of reproducing measured degradation ΔId,lin(t) (normalized change of the linear drain current with stress time) traces with good accuracy over a broad temperature range. Full article
(This article belongs to the Special Issue Reliability Issues in Advanced Transistor Nodes, Second Edition)
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15 pages, 3538 KB  
Article
Carbon Dots Synergizing with Phosphate Starch to Construct Dual Conduction Pathways for High-Performance Smart Packaging Films
by Xiaoxu Zhang, Chengguo Liu, Xiaoqin Yang, Qian Jiang, Can Liu, Ping Zhao and Jingyan Liu
Materials 2025, 18(24), 5644; https://doi.org/10.3390/ma18245644 - 16 Dec 2025
Viewed by 314
Abstract
The advancement of smart packaging technology demands high-performance and sustainable sensing materials. While starch is a biodegradable natural polymer, its inherent high crystallinity restricts charge transport capability. This study developed a novel smart sensing film by incorporating ellagic acid-derived blue, fluorescent carbon dots [...] Read more.
The advancement of smart packaging technology demands high-performance and sustainable sensing materials. While starch is a biodegradable natural polymer, its inherent high crystallinity restricts charge transport capability. This study developed a novel smart sensing film by incorporating ellagic acid-derived blue, fluorescent carbon dots (CDs) into phosphate starch (PS), which is rich in phosphorus. The effects of silver ions (Ag+), sodium carboxymethyl cellulose (CMC), and CDs on the film properties were systematically investigated. Results indicate that CDs act as flexible nano-crosslinkers, forming hydrogen bonds with PS molecular chains and effectively balancing strength and toughness—achieving a tensile strength of 5.1 MPa and an elongation at break of 24.1%. Phosphorus, in synergy with CDs, facilitates an efficient dual conduction pathway for ions and electrons: phosphate groups enable ion transport, while the conjugated carbon cores of the CDs provide electron transport channels. This synergistic effect significantly reduces the film’s electrical impedance from 6.93 × 106 Ω to 1.12 × 106 Ω (a reduction of 84%) and enhances thermal stability, increasing the char residue from 1.1% to 18.3%. The PS/CDs composite film exhibits a strong linear current response to pH in the range of 2–7 (R2 = 0.9450), and shows enhanced discrimination between fresh orange juice (pH = 3.38) and spoiled orange juice (pH = 2.68), with a current change of 0.62 × 10−5 A. Moreover, the film exhibits strong blue fluorescence at 427 nm, with an intensity that shows a pronounced pH-dependent response. This study elucidates the mechanism by which phosphorus and CDs synergistically enhance the sensing performance of starch-based films, offering a new strategy for developing high-performance starch-based materials for smart packaging. Full article
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18 pages, 7434 KB  
Article
Analysis of Decay-like Fracture Failure in Core Rods of On-Site Composite Interphase Spacers of 500 kV Overhead Power Transmission Lines
by Chao Gao, Xinyi Yan, Wei Yang, Lee Li, Shiyin Zeng and Guanjun Zhang
Electronics 2025, 14(23), 4750; https://doi.org/10.3390/electronics14234750 - 2 Dec 2025
Viewed by 339
Abstract
Composite interphase spacers are essential components in ultra-high-voltage (UHV) transmission lines to suppress conductor galloping. This study investigates the first reported case of a core-rod fracture in a 500 kV composite spacer and elucidates its degradation mechanism through multi-scale characterization, electrical testing combined [...] Read more.
Composite interphase spacers are essential components in ultra-high-voltage (UHV) transmission lines to suppress conductor galloping. This study investigates the first reported case of a core-rod fracture in a 500 kV composite spacer and elucidates its degradation mechanism through multi-scale characterization, electrical testing combined and electric field and mechanical simulation. Macroscopic inspection and industrial computed tomography (CT) show that degradation initiated at the unsheltered high-voltage sheath–core interface and propagated axially, accompanied by continuous interfacial cracks and void networks whose volume ratio gradually decreased along the spacer. Material characterizations indicate moisture-driven glass-fiber hydrolysis, epoxy oxidation, and progressive interfacial debonding. Leakage current test further indicates humidity-sensitive conductive paths in the degraded region, confirming the presence of moisture-activated interfacial channels. Electric-field simulations under two shed configurations demonstrated that local field intensification was concentrated within 20–30 cm of the HV terminal, where the sheath and core surface fields increased by approximately 9.3% and 5.5%. Mechanical modeling demonstrates a pronounced bending-induced stress concentration at the same end region. The combined effects of moisture ingress, electrical stress, mechanical loading, and chemical degradation lead to the decay-like fracture. Improving sheath hydrophobicity, enhancing interfacial bonding, and optimizing end-fitting geometry are recommended to mitigate such failures and ensure the long-term reliability of UHV composite interphase spacers. Full article
(This article belongs to the Special Issue Polyphase Insulation and Discharge in High-Voltage Technology)
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26 pages, 1661 KB  
Article
The Blue Finance Frontier: Mapping Sustainability, Innovation, and Resilience in Ocean Investment Research
by Imen Jellouli
Sustainability 2025, 17(23), 10751; https://doi.org/10.3390/su172310751 - 1 Dec 2025
Viewed by 620
Abstract
Blue Finance has rapidly emerged as a strategic frontier for channeling capital toward sustainable and resilient ocean economies, connecting financial innovation with environmental governance and climate responsibility. However, its conceptual foundations remain fragmented, hindering theoretical integration and policy application. This study conducts a [...] Read more.
Blue Finance has rapidly emerged as a strategic frontier for channeling capital toward sustainable and resilient ocean economies, connecting financial innovation with environmental governance and climate responsibility. However, its conceptual foundations remain fragmented, hindering theoretical integration and policy application. This study conducts a comprehensive bibliometric and science-mapping analysis of 217 Scopus-indexed publications (2007–2025), using Biblioshiny (Bibliometrix v4.2.2), VOSviewer v1.6.20, and Gephi v0.10.1 to trace the intellectual evolution, thematic configuration, and research agenda of Blue Finance. The analysis reveals a rapidly consolidating field that has evolved through three distinct phases, anchored in sustainability science but constrained by limited financial integration. The field’s cognitive structure is organized around three interlinked pillars: the climate–environmental interface, sustainability integration and governance, and innovative financial mechanisms enhancing economic resilience. Emerging research hotspots in blue bonds, sustainable finance, and blue justice signal a paradigm shift from normative ecological awareness to actionable, market-aligned resilience. The findings outline a forward-looking research agenda that strengthens theoretical consolidation, governance accountability, and sustainable investment frameworks. This study offers strategic guidance for researchers, investors, and policymakers, positioning Blue Finance as a transformative catalyst that unites innovation, resilience, and equity in shaping the future of sustainable finance. Full article
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23 pages, 513 KB  
Article
Financial Literacy, Financial Resilience and Participation in Securities Markets: Evidence from Portugal
by Margarida Abreu, Victor Mendes and Mário Coutinho dos Santos
J. Risk Financial Manag. 2025, 18(12), 677; https://doi.org/10.3390/jrfm18120677 - 28 Nov 2025
Viewed by 951
Abstract
Using a unique multi-wave dataset from nationally representative surveys in Portugal (2015, 2020, and 2023), this study extends the household finance literature by examining the mechanisms linking financial literacy to capital market participation. We propose and test a moderated mediation framework, arguing that [...] Read more.
Using a unique multi-wave dataset from nationally representative surveys in Portugal (2015, 2020, and 2023), this study extends the household finance literature by examining the mechanisms linking financial literacy to capital market participation. We propose and test a moderated mediation framework, arguing that the relationship is channeled through the mediating roles of financial resilience and self-efficacy and is contingent upon sociodemographic moderators. Our findings reveal a decline in average financial knowledge between 2015 and 2020/23, with persistent gaps across socioeconomic groups. Empirical results from count, logit, and ordered logit models provide strong evidence for partial mediation; financial literacy significantly enhances a household’s financial resilience, which in turn is a strong positive predictor of participation in stocks, bonds, and mutual funds. Furthermore, we find that perceived financial knowledge is a more powerful direct driver of participation than objective knowledge. Crucially, these pathways are powerfully moderated by income and education, highlighting that socioeconomic status is a fundamental boundary condition for converting knowledge into investment behavior. The results challenge simplistic direct-effects models and suggest that policy initiatives aimed at boosting market participation, such as the Portuguese National Plan for Financial Education, must look beyond knowledge dissemination to also foster financial resilience, self-efficacy, and address structural inequalities. Full article
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69 pages, 8353 KB  
Review
A Comprehensive Review of Printed Circuit Heat Exchangers: Fabrication, Thermal–Hydraulic Performance, and Reliability
by Zhe Li, Sheng Zhang and Xiaohong Yang
Energies 2025, 18(23), 6200; https://doi.org/10.3390/en18236200 - 26 Nov 2025
Viewed by 1288
Abstract
Printed circuit heat exchangers (PCHEs) represent a critical technology for application in advanced energy systems due to their compact configuration, exceptional thermal efficiency, and robustness under extreme temperatures and pressures. This review systematically examines PCHE technology, covering key fabrication processes—including material selection, channel [...] Read more.
Printed circuit heat exchangers (PCHEs) represent a critical technology for application in advanced energy systems due to their compact configuration, exceptional thermal efficiency, and robustness under extreme temperatures and pressures. This review systematically examines PCHE technology, covering key fabrication processes—including material selection, channel etching, and diffusion bonding—alongside the thermal–hydraulic performances of various channel geometries and optimization strategies. Although considerable progress has been made in geometric optimization—with reported heat transfer enhancements of up to 250% and flow resistance reductions of up to 84.7%—most of the available optimized designs remain confined to numerical analyses. A significant gap persists between these idealized models and real manufacturing constraints, where etching and inducing geometric deviations inherently affect both performance and mechanical integrity. Moreover, current Nusselt number and friction factor correlations lack universality, and mechanical integrity assessments often neglect long-term degradation mechanisms such as fouling. This review identifies these critical gaps and proposes that future research should prioritize integrating geometric optimization with fabrication feasibility and mechanical integrity. Also, there is a need to develop generalized correlations that incorporate both fluid property variations and geometric effects, and to systematically evaluate long-term performance via component-scale testing. Full article
(This article belongs to the Section B4: Nuclear Energy)
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