It probably can not guarantee abnormal profit to use contrarian strategy in Shanghai stock market.
在上海股市使用反转策略，可能无法保证一定获得超额利润。
The Contrarian Strategy implies buying the "value stock" which is priced too low and selling the "glamour stock" which is priced too high.
证券市场中的反向策略是指购买价格被低估的“价值股票”和抛售价格被高估的“热门股票”。
In this paper I combine these two aspects together. On the one hand, I do deeper research on short-term price momentum and contrarian strategy in Chinese stock market.
所以本论文将上述两方面结合起来，一方面深入研究中国股市短期动量与反转策略的盈利性，如果存在，分别有哪些特点；
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
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