Rational traders and noise traders, including the fundamental and feedback investor, were introduced and equilibrium model without the market maker was built. On the basis of the model, I get a testable hypothesis of difference of price series was gotten.  The results show that there are evident noise component in Chinese stock market, and the individual invest would fellow positive feedback and don't based on the fundamental value.  The further results find that the volume, list ages and whether hold by mutual fund or not have a more effect on the individual invest Strategies, however, the size and industries have no effect.