Table 4. Data portfolios of stocks in the chemical-pharmaceutical subsector with significant ATT and passing the PSM test.

Stocks	ATT	Mean propensity score
Hengrui-Huana	5.55	0.53
Fuxing-Hengrui	5.44	0.51
Fuxing-Huana	9.95	0.56
Renfu-Chengdu	5.48	0.50
Huahai-Renfu	4.13	0.50

Notes.

ATT, Average Treatment Effect on the Treated; PSM, Propensity Score Matching.