The second part: Chapter 4 deals with the model of test for China stock market segmentation, and use the model to test market segmentation for A and H stock market.

第二部分：第4章介绍了中国证券市场分割一体化检验的模型，并利用该模型对我国A股和H股市场进行了实证检验。

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In March, a report revealed that H&M was struggling with $4.3 billion worth of unsold stock.

今年3月，一份报告显示，H&M 因价值43亿美元的滞销存货而倍感纠结。

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Now if you had spent $3,500 for Hewlett-Packard stock in 1997 instead of an H-P laptop, you’d have shares worth $4,560.

现在如果你在1997年把买惠普笔记本的3500美元换做买惠普的股票的话，你股票就值4560美元。

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Now if you had spent $3, 500 for Hewlett-Packard stock in 1997 instead of an H-P laptop, you’d have shares worth $4, 560.

现在如果你在1997年把买惠普笔记本的3500美元换做买惠普的股票的话，你股票就值4560美元。

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The fund manager has certainly selects the stock ability, but regardless of with the T-M model or the H-M model, demonstrated that the fund manager does not have selects when ability.

基金经理人具有一定的择股能力，但是无论是用t - M模型还是H - M模型，都显示基金经理人不具有择时能力。

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The fund manager has certainly selects the stock ability, but regardless of with the T-M model or the H-M model, demonstrated that the fund manager does not have selects when ability.

基金经理人具有一定的择股能力，但是无论是用t - M模型还是H - M模型，都显示基金经理人不具有择时能力。

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