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This paper aims to analyze the green efficiency performance of the logistics industry in China's 30 provinces from 2008 to 2017. We first evaluate the green efficiency of the logistics industry through the non-directional distance function method. Then, we use the functional clustering method funHDDC, which is one of the popular machine learning methods, to divide 30 provinces into 4 clusters and analyze the similarities and differences in green efficiency performance patterns among different groups. Further, we explore the driving factors of dynamic changes in green efficiency through the decomposition method. The main conclusions of this paper are as follows: (1) in general, the level of green efficiency is closely related to the geographical location. From the clustering results, we can find that most of the eastern regions belong to the cluster with higher green efficiency, while most of the western regions belong to the cluster with lower green efficiency. However, the green efficiency performance in several regions with high economic levels, such as Beijing and Shanghai, is not satisfactory. (2) Based on the analysis of decomposition results, the innovation effect of China's logistics industry is the most obvious, but the efficiency change still needs to be improved, and technical leadership should be strengthened. Based on these conclusions, we further propose some policy recommendations for the green development of the logistics industry in China. [ABSTRACT FROM AUTHOR]

Investigating the co-movements between crude oil futures helps to understand the integration of the global markets. This paper focuses on Shanghai crude oil futures (INE) and study its co-movements with the international benchmarks of WTI and Brent crude oil futures in intra-day day and night trading sessions. A complex network model framework is proposed to analyse the intra-day co-movement patterns labelled by a functional data clustering approach on intra-day return curves. Our findings indicate INE is more integrated with the global market during the night session, but it shows a regional fractional effect during the day session. Based on the revealed dynamics of co-movement patterns, we further design a pairs trading strategy between INE crude oil futures and the international benchmarks. The simulation results show that the pairs trading strategy can be promisingly profitable, even during market turmoil phases. [ABSTRACT FROM AUTHOR]