而在长期采用动量策略，其年化超额收益率虽然较低，但也显著为正，并维持在5%左右。
In the long term, when choosing positive feedback strategy, we can obtain about 5% returns in excess of market average return.
在风险补偿的实证研究中，多因素模型在一定程度上还是能对动量策略产生的超额利润进行解释。
The multifactor model is used to measure the profitability of the Momentum strategy after accounting for risk, and it can explain t...
说明：股票动量效应和反转效应的函数。输出利用这两种策略的持有期累计收益。
Stocks Momentum and Contrarian Effects of the function. Output use of these two strategies cumulative gain holding period.
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；
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.
交易员用价格交叉来鉴别动量转移并作为一个基本的进入和退出策略。
Price crossovers are used by traders to identify shifts in momentum and can be used as a basic entry or exit strategy.
然而，我国对动量交易策略的交易成本方面的研究目前还处于空白阶段，还没有学者考察过考虑交易成本之后动量效应的盈利性。
However, the transaction cost research in our country blank at present, and no scholar has inspected the momentum strategy's profitability after transaction cost.
因此，真正的动量交易策略需要稳定的出场规则，保护利润但又要尽量地获得更多的利润。
Therefore, a true momentum strategy needs to have solid exit rules to protect profits while still being able to ride as much of the extension move as possible.
因此，真正的动量交易策略需要稳定的出场规则，保护利润但又要尽量地获得更多的利润。
Therefore, a true momentum strategy needs to have solid exit rules to protect profits while still being able to ride as much of the extension move as possible.
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