Abstract: To study the problem where the profit of individual stock  momentum mainly comes from in our stock market,the author modifies the models of producing the stock profit presented by Jegadeesh and Titman(1993)and Moskowitz and Grinblatt(1999),and then provides a profit decomposing method of the individual stock momentum of the  stock market in China.The empirical study indicates that the profit of individual momentum mainly comes from the industry momentum.

Key words: profit decomposing, individual momentum, industry momentum