中文摘要：

为了研究中国新兴产业市场股票价格的可预测性，提高投资收益率，借鉴Jegadeesh and Titman的方法，对样本区间内股票价格和成交量数据进行研究。结果表明：高成交量股票在短期内存在动量效应而长期内则表现为反转，低成交量股票在长期内表现为动量效应。

英文摘要：

In order to study the predictability of market stock prices of the emerging industry in China and increase the return of investment, this paper adopts Jegadeesh and Titman＇s method to analyze the data of stock price and trading volume in the sample interval. The result indicates that the high-volume stocks exhibit short-term momentum effect but long-term eontrarian effect, while the low volume stocks exhibit momentum effect in the long term.