In the third section, rate of return serial distributing character of SHI and SZI is studied.They are skewness, kurtosis and non-normal.Their rate of return are autocorrelation, stationary serial.

• 第三部分是对上证综指和深证成指的收益率序列的分布特征进行了研究，说明它们都是有偏的、尖峰厚尾的和非正态的，通过检验得出它们的收益率都是自相关的、平稳的序列。