Abstract: 10 stock sectors are selected in Shanghai and Shenzhen stock market’s as samples. By event study, the change of stock’s cumulative abnormal return rate around the data of annual report disclosure was analyzed among the year 2004-2008. The market reaction pattern of such kind of news was summarized in order to test the efficiency of China’s stock market and its trend before and after the comprehensive completion of the Share-trading Reform and the implementation of new Accounting Standards. The conclusion is that Chinese stock markets response more accurately to ROE and EPS; its efficiency continued to decline in 2005 and 2006, but there was a gradual increase in 2007 and in 2008; and in general the capital market do not reach the semi-strong efficiency, but the machinery industry and biopharmaceutical industry have done. 全文查看链接 　　3.1Financial information 全文查看链接 　　4.1.7Significance test 全文查看链接 　　(3) China’s total of more than 6300 pharmaceutical companies, ranking second in the world. Chinese biopharmaceutical companies have been doing limit invest in research and development of new medicines; most companies imitate foreign products, and the same production is produced by many enterprises, which results in the phenomenon of high competition in this industry. 全文查看链接