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股票收益率最大回撤计算 java 市场中的股票投资者通常会通过计算股票的收益率来评估其投资的盈利情况。
然而,仅仅计算收益率是不够的,因为它无法反映出股票价格的波动性和风险。
为了更全面地评估股票投资的风险和回报,我们需要计算股票收益率的最大回撤。
最大回撤是指从股票价格曲线的最高点到最低点之间的最大百分比下跌幅度。
换句话说,最大回撤是投资组合或股票价格波动的峰谷差距的最大值。
它可以衡量投资的波动性和风险,并指示投资的潜在损失。
股票收益率的最大回撤计算可以通过以下步骤完成:1.获取股票每日的价格数据,包括日期和股票收盘价。
2.计算每日的收益率。
收益率可以通过以下公式计算:收益率= (当日股票价格-前一日股票价格) /前一日股票价格。
3.根据每日的收益率计算出每一天的最大收益率。
最大收益率可以通过遍历每日的收益率,找到其中的最大值。
4.计算每一天的回撤金额。
回撤金额可以通过遍历每日的股票价格,找到距离最大收益率对应的最低股票价格,然后计算出差值。
5.根据每一天的回撤金额计算出每一天的回撤百分比。
回撤百分比可以通过将回撤金额除以最大收益率得到。
6.计算整个历史期间的最大回撤。
最大回撤可以通过遍历每一天的回撤百分比,找到其中的最大值。
下面是一个简单的Java代码例子来计算股票收益率的最大回撤:```javaimport java.util.ArrayList;import java.util.List;public class MaxDrawdownCalculator {public static double calculate(List<Double> prices) {double maxDrawdown = 0;for (int i = 0; i < prices.size() - 1; i++) {double maxPrice = prices.get(i);for (int j = i + 1; j < prices.size(); j++) {double currentPrice = prices.get(j);double drawdown = (currentPrice - maxPrice) / maxPrice; if (drawdown < maxDrawdown) {maxDrawdown = drawdown;}if (currentPrice > maxPrice) {maxPrice = currentPrice;}}}return maxDrawdown;}public static void main(String[] args) {List<Double> prices = new ArrayList<>();prices.add(100.0);prices.add(120.0);prices.add(80.0);prices.add(110.0);prices.add(90.0);prices.add(130.0);double maxDrawdown = calculate(prices);System.out.println("最大回撤: " + maxDrawdown);}}```在以上代码中,我们使用一个双重循环来计算股票价格的最大回撤。
中国证券登记结算公司开放式基金数据接口规范中国证券登记结算公司开放式基金系统工作小组二○○三年六月二十三日目录1.引言 (2)2.数据类型定义 (2)3.数据处理 (3)4.加密 (3)5.数据接口 (3)5.1.管理信息格式 (3)5.2.业务数据 (5)5. 3 . 基本信息及部分汇总数据 (47)6.数据字典 (52)7.业务数据组织形式 (62)附录A:交易处理返回代码的取值及含义 (77)附录B:基金帐号编码 (97)附录C:销售人编码 (98)附录D:文件方式接口及通讯草案 (99)附录E:文件类型与业务类型对照表 (102)1.引言为了更好的适应开放式基金市场的需要,使更多的银行和券商顺利的加入到中国证券登记结算公司(以下简称“本公司”)的开放式基金登记结算系统中,推动中国开放式基金市场的发展,本公司以中国证监会制定的开放式基金业务数据接口规范的基础,结合目前主要银行实际应用的开放式基金系统和本公司的系统,制定出开放式基金系统数据接口规范(征求意见稿)。
本公司制定出的开放式基金数据接口规范,是一套应用接口标准,考虑到各家银行和券商系统还存在各自不同的差异,现将数据接口(征求意见稿)发送给各家银行和券商,希望银行和券商能够结合自身的系统特点和改动量,对本公司的数据接口提出宝贵的参考意见,以便本公司对该数据接口做进一步的修改。
本规范适用的当事人包括基金销售代理人,TA系统。
本规范由中国证券登记结算公司技术部开放式基金系统工作小组负责起草。
2.数据类型定义本规范使用的数据类型定义如下:3.数据处理本规范参照中国证券监督委员会开放式基金数据接口规范的数据组织和中国结算开放式基金业务的要求组织相关数据。
数据处理规则:(1)有申请,必须有确认。
(2)数字相关字段左补零右对齐,字符相关字段右补空格左对齐。
(3)字符不区分大小写。
(4)若以文件方式交换数据,则:1)以文本文件定长记录方式;2)每行一条完整记录;3)换行必须用换行(ODH)、回车(OAH)字符;4)带有小数点的数值型数据,传输时不传小数点,小数点在数据字典中指定,传送一默认字典中格式进行。
单位净值1.023什么意思
单位净值1.023是指当日该基金的每份额价值是1.023。
是基金净资产除以基金总份额,得出的每份额基金当日的价值。
单位净值是股市术语,全称基金单位净值,是指开放式基金申购份额及赎回金额计算的基础,计算公式为:基金单位净值=(基金资产总值-基金负债)/基金总份额。
每个营业日根据基金所投资证券市场收盘价计算出基金总资产价值,扣除基金当日的各类成本及费用后,得出该基金当日的资产净值。
除以基金当日所发生在外的基金单位总数,就是每单位基金净值。
30-8016-9833-20-00000-8016-038-000-00800-8016-038-000-00230-8016-9827-20-00000-8016-056-000-007Varicon®Series 8016 – Basic Components CONECTORS:COVERS:CONTACTS:Crimp Solder Tab Wire Wrap14.4mmWire Wrap19.3mmWire Wrap.567Solder 217 Style218 Style750 Style296 Style504 Style Male, Jackscrew Male, Fixed Nut Female, Fixed Nut Female, JackscrewMale Female(Exposed Contacts)(Recessed Contacts)001/601 Style002/602 Style007/607 Style008/608 StyleTop Opening Side Opening Top/side Opening(Removable Side Plate)Contact Termination*000 = Contacts not fitted and ordered separately,see page 23 for full list of options 217 = Solder 0.098" x 2.49mm218 = Wire Wrap –0.025 x 0.050 x 0.567" / 0.64 x 1.27 x 14.4mm 296 = Wire Wrap –0.025 x 0.026 x 0.579" / 0.64 x 1.27 x 19.3mm 504 = Solder T ail –750 = Wire Wrap –0.025 x 0.050 x 0.760" / 0.64 x 1.27 x 19.3mm Varicon ®Series 8016 – Rectangular Connector – 20 ContactORDERING CODEScrew00Prefix8016Series Number020Number of Contacts217601See table below*Crimp contacts always ordered separately.See page 25 for details.*Select the column desired and replace the XXX with the numbers from column.**United Course ThreadSee page 26 for assembly tools.PIN LAYOUT20Way20 CONTACTS InsulatorBody Type Male 00 8016 020 000 XXX Male 00 8016 020 000 XXXMale 00 8016 020 000 XXX Male 00 8016 020 000 XXX Female 00 8016 020 000 XXX Female 00 8016 020 000 XXX Female 00 8016 020 000 XXX Female 00 8016 020 000 XXX*Select the column desired and replace the XXX with the numbers from column.**United Course ThreadVaricon ®Series 8016 – Rectangular Connector – 38 Contact00Prefix8016Series Number038Number of Contacts217601See table belowORDERING CODEScrewContact T ermination*000 = Contacts not fitted and ordered separately,see page 23 for full list of options 217 = Solder 0.098" x 2.49mm218 = Wire Wrap –0.025 x 0.050 x 0.567" / 0.64 x 1.27 x 14.4mm 296 = Wire Wrap –0.025 x 0.026 x 0.579" / 0.64 x 1.27 x 19.3mm 504 = Solder T ail –750 = Wire Wrap –0.025 x 0.050 x 0.760" / 0.64 x 1.27 x 19.3mm *Crimp contacts always ordered separately.See page 25 for details.PIN LAYOUT38WayHardware No Top Std Side Std **Thread Cover Clamp UNC 601603UNC 602605UNC 001903UNC 002905UNC 608609UNC 607611UNC 008909UNC 007911See page 26 for assembly tools.Varicon ®Series 8016 – Rectangular Connector – 56 Contact00Prefix8016Series Number056Number of Contacts217601See tablebelowORDERING CODEPLUG – Fixed NutSOCKET – Fixed NutPIN LAYOUT56WayContact T ermination*000 = Contacts not fitted and ordered separately,see page 23 for full list of options 217 = Solder 0.098" x 2.49mm218 = Wire Wrap –0.025 x 0.050 x 0.567" / 0.64 x 1.27 x 14.4mm296 = Wire Wrap –0.025 x 0.026 x 0.579" / 0.64 x 1.27 x 19.3mm 504 = Solder T ail –750 = Wire Wrap –0.025 x 0.050 x 0.760" / 0.64 x 1.27 x 19.3mm *Crimp contacts always ordered separately.See page 25 for details.56 CONTACTS Hardware No Top Std Side Std Top Lge Basic P/N*Color **Thread Cover Clamp ClampClamp 00 8016 056 000 XXX Green UNC 60160360461900 8016 056 000 XXX Green UNC 60260560662100 8016 056 000 XXX Gray UNC 00190390491900 8016 056 000 XXX Gray UNC 00290590692100 8016 056 000 XXX Green UNC 60860961062300 8016 056 000 XXX Green UNC 60761161262500 8016 056 000 XXX Gray UNC 00890991092300 8016 056 000 XXXGray UNC 007911912925See page 26 for assembly tools.Varicon ®Series 8016 – Rectangular Connector – 90 Contact00Prefix8016Series Number090Number of Contacts217601See tablebelowORDERING CODEPLUG - Actuating ScrewPLUG – Fixed Nut SOCKET - Actuating ScrewSOCKET – Fixed NutPIN LAYOUT90WayContact T ermination*000 = Contacts not fitted and ordered separately,see page 23 for full list of options 217 = Solder 0.098" x 2.49mm218 = Wire Wrap –0.025 x 0.050 x 0.567" / 0.64 x 1.27 x 14.4mm296 = Wire Wrap –0.025 x 0.026 x 0.579" / 0.64 x 1.27 x 19.3mm 504 = Solder T ail –750 = Wire Wrap –0.025 x 0.050 x 0.760" / 0.64 x 1.27 x 19.3mm *Crimp contacts always ordered separately.See page 25 for details.See page 26 for assembly tools.Varicon ®Series 8016 – Rectangular Connector – 120 Contact00Prefix8016Series Number120Number of Contacts217601See tablebelowORDERING CODEPLUG - Actuating ScrewPLUG – Fixed Nut SOCKET - Actuating ScrewSOCKET – Fixed NutPIN LAYOUT120WayContact T ermination*000 = Contacts not fitted and ordered separately,see page 23 for full list of options 217 = Solder 0.098" x 2.49mm218 = Wire Wrap –0.025 x 0.050 x 0.567" / 0.64 x 1.27 x 14.4mm 296 = Wire Wrap –0.025 x 0.026 x 0.579" / 0.64 x 1.27 x 19.3mm 504 = Solder T ail –750 = Wire Wrap –0.025 x 0.050 x 0.760" / 0.64 x 1.27 x 19.3mm *Crimp contacts always ordered separately.See page 25 for details.RECOMMENDED LAYOUT FOR FRONT CHASSISMOUNTING & PCB LAYOUTSee page 26 for assembly tools.Varicon®Series 8016 CoversCLAMPING AND COVER DIMENSIONSOPTIONAL REMOVABLE SIDE PLATE COVER Varicon ®Series 8016 Covers38 CONTACTS56 CONTACTSCLAMPMinimum Size 5 x 10 (0.197 x 0.394)5 x 10 (0.197 x 0.394)Maximum Size10 x 10 (0.394 x 0.394)10 x 10 (0.394 x 0.394)CLAMPMinimum Size 6 x 14 (0.236 x 0.551)6 x 14 (0.236 x 0.551)Maximum Size 17 x 14 (0.669 x 0.551)17 x 14 (0.669 x 0.551)23CLAMPING AND COVER DIMENSIONSVaricon ®Series 8016 Covers 90 CONTACTS 120 CONTACTSSee page 21 for part numbers00-8016-020-000-00800-8016-056-000-00200-8016-090-000-00230-8016-9825-20-00000-8016-056-000-00800-8016-090-000-00700-8016-090-000-00800-8016-120-000-00830-8016-9829-20-00030-8016-9833-20-00000-8016-038-000-00800-8016-038-000-00230-8016-9827-20-00000-8016-056-000-007。
Human cord blood-derived multipotent stem cells (CB-SCs)treated with all-trans-retinoic acid (ATRA)give rise to dopamine neuronsXiaohong Li a ,⇑,1,Heng Li a ,1,Jianfen Bi b ,Yana Chen c ,Sumit Jain d ,Yong Zhao d ,⇑aDepartment of Neurology,Jinan Central Hospital,Shandong University,105Jiefang Road,Jinan 250013,PR China bDepartment of Medicine,Jinan Central Hospital,Shandong University,105Jiefang Road,Jinan 250013,PR China cDepartment of Obstetrics,Jinan Central Hospital,Shandong University,105Jiefang Road,Jinan 250013,PR China dSection of Endocrinology,Diabetes &Metabolism,Department of Medicine,University of Illinois at Chicago,Chicago,IL 60612,USAa r t i c l e i n f o Article history:Received 23January 2012Available online 4February 2012Keywords:All-trans retinoic acid DifferentiationDopamine neurons Parkinson’s disease Stem cellsUmbilical cord blooda b s t r a c tParkinson’s disease (PD)results from the chronic degeneration of dopaminergic neurons.A replacement for these neurons has the potential to provide a clinical cure and/or lasting treatment for symptoms of the disease.Human cord blood-derived multipotent stem cells (CB-SCs)display embryonic stem cell charac-teristics,including multi-potential differentiation.To explore their therapeutic potential in PD,we exam-ined whether CB-SCs could be induced to differentiate into dopamine neurons in the presence of all-trans retinoic acid (ATRA).Prior to treatment,CB-SCs expressed mRNA and protein for the key dopaminergic transcription factors Nurr1,Wnt1,and En1.Following treatment with 10l M ATRA for 12days,CB-SCs displayed elongated neuronal-like morphologies.Immunocytochemistry revealed that 48±11%of ATRA-treated cells were positive for tyrosine hydroxylase (TH),and 36±9%of cells were positive for dopamine transporter (DAT).In contrast,control CB-SCs (culture medium only)expressed only back-ground levels of TH and DAT.Finally,ATRA-treated CB-SCs challenged with potassium released increased levels of dopamine compared to control.These data demonstrate that ATRA induces differentiation of CB-SCs into dopaminergic neurons.This finding may lead to the development of an alternative approach to stem cell therapy for Parkinson’s disease.Ó2012Elsevier Inc.All rights reserved.1.IntroductionParkinson’s disease (PD)results from the dysfunction and chronic degeneration of dopamine neurons in the substantia nigra of the mesencephalon.Dopamine neurons play key roles in con-trolling voluntary movements and regulating body gestures.To date,pharmacological agents have shown only limited therapeutic potential for slowing the progression of PD [1].Therefore,finding alternative therapies may be necessary to provide a cure or a long-lasting,effective treatment of symptoms.Stem cells,which possess the ability to self-renew and give rise to different celllineages to replenish the damaged and aged tissue cells,may pro-vide a solution [1–4].While embryonic stem (ES)cells have been successfully induced to generate dopamine neurons [5,6],ethical concerns have limited their practical application.Similarly,in-duced pluripotent stem cells (iPSCs)hold promise,but the use of lentiviral,retroviral,and reprogramming-protein approaches to develop iPSCs raise concerns about the safety and complexity of the technology [7].Some evidence suggests that bone marrow-derived mesenchymal stem cells (MSCs)may differentiate into dopamine neurons [8,9],and autologous MSCs can be used to overcome concerns about rejection.However,MSCs from older PD patients may have reduced capacity for proliferation and differ-entiation [10–12],which limits their availability and utility as a source of stem cell derived dopamine neurons.Stem cells derived from human cord blood have unique advan-tages over other stem cell sources including (1)a large source,(2)no ethical concerns,(3)no risk to the donors,and (4)low risk of graft-versus-host disease (GVHD)[2].We identified a novel type of stem cells from human cord blood,designated cord blood multipotent stem cells (CB-SCs)[13].CB-SCs display ES-like cell characteristics,including multi-potential differentiation [2,13].Of particular relevance to neurodegenerative disease research,CB-SCs have been shown to differentiate into neurons when exposed0006-291X/$-see front matter Ó2012Elsevier Inc.All rights reserved.doi:10.1016/j.bbrc.2012.01.142Abbreviations:ATRA,all-trans retinoic acid;CB-SCs,cord blood-derived multipotent stem cells;DA,dopamine;DAT,dopamine transporter;ES,embryonic stem cell;GFAP,glial fibrillary acidic protein;iPSCs,induced pluripotent stem cells;MAP2,microtubule-associated protein 2;MSCs,mesenchymal stem cells;PD,Parkinson’s disease;TH,tyrosine hydroxylase.⇑Corresponding authors.Address:Department of Neurology,Jinan Central Hospital,Shandong University,105Jiefang Road,Jinan,Shandong 250013,PR China (X.Li).Section of Endocrinology,Diabetes &Metabolism,Department of Medicine,University of Illinois at Chicago,1819W.Polk Street,Chicago,IL 60612,USA.Fax:+8653182661058(X.Li),+13124130437(Y.Zhao).E-mail address:yongzhao@ (Y.Zhao).1These authors contributed equally to this work and should be considered joint first authors.to neuronal growth factor(NGF)[13].We recently demonstrated the safety and efficacy of CB-SCs in human patients in clinical trials evaluating a treatment for diabetes[14,15].To explore the thera-peutic potential of CB-SCs in PD,we examined whether CB-SCs could be induced to differentiate toward dopamine neurons in the presence of all-trans retinoic acid(ATRA),a well-established inducer involved in neuronal patterning,neural differentiation and axon outgrowth[16],and the differentiation of dopamine neurons[17].We found that exposure to ATRA induced CB-SC dif-ferentiation into functional dopamine neurons.2.Materials and methods2.1.CB-SC preparationsHuman umbilical cord blood samples(50–100ml/unit)were collected from healthy donors at Jinan Central Hospital.Mononu-clear cells were isolated with Ficoll-Hypaque(c=1.077,Sigma), and red blood cells were removed using red blood cell lysis buffer (eBioscience).The remaining mononuclear cells were washed three times with PBS and seeded in150Â15mm Style Petri dishes (Becton Dickinson Labware,Franklin Lake,NJ)at1Â106cells/ml. Cells were cultured in serum-free culture medium(Lonza,Allendale, NJ)and incubated at37°C with8%CO2[13].2.2.Cell differentiationCB-SCs grown to70%confluence were treated with5l M or 10l M ATRA(Acros Organics)in the presence of Neurobasal-A medium(Invitrogen)combined with1ÂB27supplement(Invitro-gen).CB-SCs cultured in Neurobasal-A medium with1ÂB27 supplement served as control.CB-SCs cultured in serum-free culture medium served as an additional control.After treatment for12days at37°C,8%CO2conditions,cells were subjected to examination for specific markers of dopamine neurons.2.3.Quantitative real-time PCRQuantitative real-time PCR was used to quantify mRNA expres-sion for specific markers of dopamine neurons.Total RNA was extracted using a Qiagen kit(Valencia,CA).First-strand cDNAs were synthesized from total RNA using a QuantiTect Reverse Tran-scription kit according to the manufacturer’s instructions(Qiangen, Valencia,CA).Real-time PCR was performed on each sample in triplicate with the ABI Prism7900HT Fast Real-Time PCR System (Applied Biosystems,CA)using the following protocol:95°C for 10min,40cycles of(95°C for15s,60°C for60s).The validated gene-specific RT2PCR Primer sets for each gene were designed and purchased from SABiosciences(Frederick,MD).Expression lev-els were determined relative to b-actin as an internal control[18].2.4.Western blot analysisTo determine the expression of dopaminergic transcription fac-tors,we performed Western blotting as previously described [14,19].Briefly,cells were washed with cold PBS and solubilized with a lysis buffer(20mM pH7.5Tris,150mM NaCl1mM EGTA, 1mM EDTA,1%TritonX-100,1mM b-glycerophosphate,2.5mM sodium pyrophosphosphate,1l g/ml leupeptin,1mM Na3VO4) and a cocktail of protease inhibitors(Sigma).Samples(20l g pro-tein each)were mixed with a loading buffer(2%SDS,10%glycerol,62.5mM Tris–HCl(pH6.8),2mg Bromophenol blue,50mM DTT)ata volume ratio of1:1,then boiled,loaded,and separated by electro-phoresis on a10%SDS gel.The separated proteins were transferred to a nitrocellulose membrane and blocked with5%non-fat dry milk in TBST for1h followed by incubation with rabbit anti-human Nurr1,En1,or Wnt1Abs(Abcam,Cambridge,MA)at1:1000 dilutions.b-Actin served as an internal loading control.2.5.ImmunocytochemistryThe ATRA-treated CB-SCs and cells from control groups were fixed with4%paraformaldehyde and subsequently permeabilized with0.5%Triton X-100(Invitrogen)for15min,incubated with 3%hydrogen peroxide for10min,and blocked with2.5%horse serum for20min.Fixed cells were immunostained with rabbit anti-human TH Ab,rat anti-DAT Ab,mouse anti-NeuN(Neuronal nuclear)Ab,mouse anti-GFAP(glialfibrillary acidic protein)Ab, mouse anti-b III tubulin Ab(Abcam),or mouse anti-MAP-2(micro-tubule-associated protein-2)Ab(Millipore,Billerica,MA).Appro-priate secondary antibodies anti-rabbit/rat IgG-TRITC,anti-mouse IgG-FITC(Jackson ImmunoResearch Laboratories),and mounting medium with DAPI(Invitrogen)were used for detection and visu-alization.Images were acquired using an Olympus IX710Camera with the manufacturer’s software and edited using Adobe Photo-shop CS3.2.6.Dopamine enzyme-linked immunosorbent assayFollowing12days of treatment with ATRA or control medium, cells were examined for dopamine release.Dopamine levels were quantitated using an enzyme-linked immunosorbent assay(ELISA) kit(R&D Systems,Minneapolis,MN).Briefly,cells were washed twice with PBS to remove all culture medium and then placed in Hank’s balanced salt solution(Solarbio,Beijing,China)containing 5.33mM K+or56mM K+concentration.High concentrations of potassium induce secretion of dopamine through cell depolariza-tion[17].After incubation for5min at37°C,supernatants were collected for ELISA following the manufacturer’s instructions.2.7.Statistical analysisData were analyzed with a two-tailed Student’s t-test to deter-mine statistical significance.Values are given as mean±SD(stan-dard deviation).3.Results3.1.CB-SCs possess the potential for dopaminergic differentiationCB-SC cultures were established from multiple human cord blood preparations.To evaluate the CB-SCs’potential for differen-tiation into dopamine neurons,we examined basal expression of the dopamine neuron-specific transcription factors Nurr1,Wnt1, and En1.Real time PCR analysis showed that untreated CB-SCs ex-pressed Nurr1,Wnt1,and En1mRNA(Fig.1(A)).Western blot anal-ysis further confirmed protein expression of all three(Fig.1(B)). Real-time PCR analysis also revealed that CB-SCs displayed a low level of TH mRNA,a key enzyme responsible for catalyzing the con-version of the tyrosine to dihydroxyphenylalanine(DOPA,a precursor for dopamine).The presence of these markers indicated that CB-SCs possess the potential for dopaminergic differentiation.3.2.Differentiation of CB-SCs into neuron-like cells after treatment with ATRAWe evaluated the response of CB-SCs to exposure to two ATRA concentrations.Both concentrations induced morphological changes consistent with differentiation to neurons,and the higher concentration induced changes in a larger proportion of cells.MostX.Li et al./Biochemical and Biophysical Research Communications419(2012)110–116111cells($90%)exposed to10l M ATRA displayed typical neuronal morphologies within5–8days,followed by the formation of more elongated and branched cell processes after10–12days(Fig.2, top left panel).In contrast,35%of cells in5l M ATRA group also turn into neuron-like morphologies after10–12days,but with relatively shorter cell processes(Fig.2,top right panel).Most of the Neuro-medium control cells(>95%)failed to display neuronal differentiation(Fig.2,bottom left panel).CB-SCs cultured in serum-free culture medium continued to grow with round mor-phologies at high confluence(Fig.2,bottom right panel).Cells from each group were immunostained for specific neuro-nal markers including b III tubulin,microtubule-associated protein 2(MAP2)(structural proteins of neurons),NeuN(mature neuronal marker),and glialfibrillary acidic protein(GFAP,an astrocyte mar-ker).Immunostaining showed that90±4%of ATRA-treated cells strongly expressed b III tubulin(Fig.3(A),top panels)and MAP-2CB-SC#2CB-SC#1112X.Li et al./Biochemical and Biophysical Research Communications419(2012)110–116X.Li et al./Biochemical and Biophysical Research Communications419(2012)110–116113 MAP-2DAPI MergedNeuro-mediumATRA-treated D o p a m i n e l e v e l s (p g /m l )5.33 mM K +56 mM K +P <0.0001P <0.001114X.Li et al./Biochemical and Biophysical Research Communications 419(2012)110–116(Fig.3(B),top panels),about70±7%of ATRA-treated cells were positive for NeuN(Fig.3(C),top left panel),and only a few cells (5±2%)expressed GFAP(Fig.3(C),top right panel).In contrast,a few cells($5%)in the Neuro-medium-treated group displayed only background levels of b III tubulin,MAP-2,NeuN,and GFAP (Fig.3(A)–(C)).These data indicate that treatment with10l M ATRA induces differentiation of CB-SCs into neuronal-like cells. 3.3.CB-SCs gave rise to functional dopamine neurons after treatment with ATRA,and these cells release dopamine in response to stimulationWe performed immunocytochemical analysis to examine the expression of dopamine neuron-specific proteins including TH(a marker of dopamine neurons)and DAT(a dopamine transporter). Immunostaining results revealed that48±11%of ATRA-treated cells expressed TH(Fig.4(A)),while36±9%of ATRA-treated cells were positive for DAT(Fig.4(B)).In contrast,CB-SCs in the medium control groups only showed background levels of TH and DAT expression(5±1%)(Fig.4(A)and(B)).These data indicate that CB-SCs exposed to ATRA produce proteins indicative of dopamine neurons.To examine whether ATRA-induced CB-SCs produce and are capable of secreting dopamine,we stimulated the cultured cells with potassium to initiate depolarization.Results from ELISA demonstrated that dopamine levels were markedly increased in the10l M ATRA-treated groups compared to the control groups (Fig.4(C),P<0.001and P<0.0001,respectively).These data con-firm that CB-SCs can give rise to functional dopamine neuron-like cells after treatment with10l M ATRA in Neuro-medium.4.DiscussionReestablishing populations of DA neurons is essential for the reversal of PD.This study demonstrated that CB-SCs can be in-duced to differentiate into functional DA neurons in the presence of10l M ATRA combined with B27+Neurobasal medium.These ATRA-induced CB-SCs displayed neuronal morphology,expressed tyrosine hydroxylase(TH)and other DA neuron-specific molecular markers,and secreted DA in response to potassium.Thesefindings indicate ATRA-induced CB-SCs may provide an alternative to other stem cell-based approaches to generating DA neurons for the treat-ment of PD.DA neurons are essential for the control of voluntary movement and the regulation of emotion[20].The limited success of pharma-cological treatments for PD suggest that only the replacement of lost DA neurons will provide a complete and lasting cure for the disease.To date,researchers have evaluated the replacement potential of DA neurons derived from embryonic stem(ES)cells [5,21],induced pluripotent stem cells(iPS)[7],bone marrow -derived mesenchymal stem cells(MSC)[8],and cord blood-derived unrestricted somatic stem cells,which are leukocyte com-mon antigen CD45negative and different from CB-SCs[2,22,23]. While the results of these studies are promising,the immunologi-cal,ethical,and safety concerns associated with these cells will likely limit their utility in PD treatment for the foreseeable future. CB-SCs derived from human cord blood are not limited by these concerns and have the additional advantages of very low immuno-genicity[13]and plentiful worldwide availability.In addition,our clinical trials in diabetic patients have demonstrated that CB-SCs are safe for use in human subjects[2,14].Notably,untreated CB-SCs possess the potential to differentiate into DA neurons,as confirmed by expression of dopaminergic tran-scription factors(e.g.,Nurr1,Wnt1,and EN1[20]).This study revealed that ATRA treatment can promote the differentiation of CB-SCs into functional DA neurons without the use of sonic hedgehog (SHH),fibroblast growth factor8(FGF8),or basicfibroblast growth factor(bFGF)[17].This represents a significant advance in the development of usable sources of DA neurons,sidestepping concerns about the use of these factors to initiate differentiation in other types of stem cells[5,6,8,9,22–24].We tested the combina-tion of ATRA with FGF8and/or bFGF but did notfind synergistic effects on the differentiation of DA neurons(data not shown).Thus, treatment with ATRA is sufficient to provide the key signal or sig-nals leading to the differentiation of CB-SCs into functional DA neu-rons.Interestingly,we found a low percentage of DA neurons in the B27control group.The differentiation of a small number of cells in the population was probably due to the low concentration of all-trans retinol(about6.7Â10À3l M)in B27NeuroMix[25,26]and the basal expression of dopaminergic transcription factors in the CB-SCs.As expected,CB-SCs cultured in serum-free medium did not differentiate and proliferated constantly.In this study,we demonstrated an efficient,effective approach for developing functional DA neurons from a stem cell source that does not carry the immunological,ethical,or safety concerns com-mon to other stem cell sources.Further evaluation of CB-SC-derived DA neurons in animal models may facilitate the translation of this finding into a clinical treatment for 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