中文摘要：

利用巨灵数据库的分析师评级数据，从投资者角度建立动态组合，检验了按每日、每周、每两周、每月、每季度头寸调整频率后的超额收益，研究发现：“买入”评级组合在各种头寸调整频率策略下都获得了超越市场指数的超额回报率，其中按每周频率进行头寸调整策略获得的市场调整后平均超额回报率最高，按三个月频率进行头寸调整策略获得的市场调整后平均超额回报率最低。投资者在面对分析师一致认为“买入”评级股票时，可按照每周更新的频率构建组合，以获取较高的超额回报率。投资者如果按季度调整频率来卖出股票可能会错失投资机会，卖掉的股票很可能会跑赢市场，投资者可按每两周或每四周的频率调整投资组合中的股票，卖出负面推荐评级“减持／卖出”股票，降低投资亏损。

英文摘要：

Analysts＇ stock rating samples from Julin database are used to test if the average analysts＇ stock rating and day/week/half-month/month/quarter group can forecast the profit potential of analysts＇ recommendations, our research results show that different rebalance frequency have important reference value for investors to gain abnormal returns. When analyst＇s average rating is ＂Strong buy＂, investors should adopt to rebalance their portfolio by a week. Especially when analysts＇ recommendations are ＂sell＂ or ＂strong sell＂, uninformed investors should sell strategy. them with half-month or month rebalance frequency