Abstract
Cut vertices, a generalization of matrix elements of composite operators, are introduced. Their renormalization is discussed. The Bogolubov-Parasiuk-Hepp-Zimmermann method of renormalization of cut vertices allows one to obtain a generalization of the Wilson expansion where cut vertices multiplied by singular functions appear rather than local operators times singular functions. A Callan-Symanzik equation for the moments of the structure function in e++ehadron (p)+anything is derived. This equation is valid to all orders of perturbation theory in both gauge and nongauge theories. Examples of renormalization through the two-loop level are given.