Summary statistics of limit hits in the whole period (Panel A), in the bullish periods (Panel B), and in the bearish periods (Panel C).

N is the total number of trading days with limit hits. ⟨N⟩ is the average number of limit-hitting days for individual stocks. Ncon is the number of limit-hitting days with continued next-day opening prices (up-limit days with the next-day opening prices higher than the closing prices and down-limit days with the next-day opening price lower than the closing prices). Nrev is the number of limit-hitting days with price reversal on the next day. Nopen, Nam, Npm and Nclose are respectively the numbers of days with limit hits occurred in the opening call auction, in the continuous double auction in the morning, in the continuous double auction in the afternoon and at the closure of the trading days. Nclose,con and Nclose,rev are the numbers of trading days that closed at limit prices and the price continued rising or falling on the successive trading days.N为出现涨跌停的交易总天数。⟨N⟩为单只个股的平均涨跌停天数。Ncon为次日开盘价延续涨跌方向的涨跌停天数，即涨停个股次日开盘价高于当日收盘价、跌停个股次日开盘价低于当日收盘价的情形。Nrev为次日出现价格反转的涨跌停天数。Nopen、Nam、Npm与Nclose分别代表在开盘集合竞价时段、早盘连续竞价时段、午盘连续竞价时段以及当日收盘阶段出现涨跌停的交易天数。Nclose,con与Nclose,rev分别代表当日以涨跌停价格收盘且后续交易日价格延续同方向涨跌的交易天数。