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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