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Foreign literatures are mainly about analyst forecast dispersion, liquidity risk, equity market volatility, default risk, taxes, credit risk, and the interaction of credit risk and default risk and other factors that influence bond spread. The literatures including the research on the impact of equity market index, but little literatures refer to the impact of bond complex index on bond spread. There are different opinions about the impact of systemic risk on bond spread

To investigate the differences between industrial pairs trading in different classification levels, explore the compatibility between pure statistical pairs and industrial pairs, the article based on the 50 stock’s data of Index 50 SSE in China from 2004 to 2010, implemented the GGR trading strategy, and paired the sample stocks with pure statistical, primary industry and secondary industry pairing methods. It discovered that primary industrial pairs make no significantly difference with pure statistical pairs, but the secondary industry pairs do and improve markedly with the possibility of ruling out the best pairs arbitrarily. With GGR trading strategy established, stock selection criteria would impact on the trading results.