中国股市不仅具有显著的节日效应,并且节日效应在牛市熊市下分别具有不同的表现。在牛市中,由于大盘股的拉升作用,上证A指与深A成指节后收益高于节前收益;在熊市中,由于大盘股的拖累,上证A指与深A成指的节后收益低于节前收益,且节后风险较大。 China’s stock market not only has a significant holiday effect, and the holiday effect has its own performance under bull bear market. In the bull market, due to the role of large-cap stocks pulled up, the Shanghai A refers to the deep A into knuckle gains higher than pre-holiday earnings; in the bear market, dragged down by the broader market stocks, the Shanghai A refers to the deep A into means after the holiday Income is lower than the pre-holiday earnings, and the risks are greater after the holiday.