تحلیل همبستگی شاخص های بخشی در بازار سهام چین

China's stock market has experienced a big bull market in 2007 and a bear market in 2008. Since then, with the influence of the global economy, China's stock market exhibits ups and downs as usual. We examine the relationship between the stock market sector indices from the meso level, and divide the periods into two stages. One stage represents the drastic shock periods in 2007 and 2008, and the other represents the general ups and downs periods. In the first stage when the market experiences drastic ups and downs, the sector indices tend to rise or fall together, and exhibit very close correlations between each other. In the second stage, however, much smaller correlations appear, and the stock price indices reflect the cyclical characteristics of the real sector economy.