In allusion to some contradicting results in existing research, this paper selects China's latest stock data from 2005 2020 for empirical analysis. paper, the redundant factors (HML, CMA) are orthogonalized, and regression analysis of 5*5 portfolio Size-B/M Size-Inv is carried out with these two orthogonalized factors. It found that HML CMA still significant many portfolios, indicating they hav...