本文利用動能策略的選股方法篩選近年來台灣證券交易所於每日收盤過後公布之營業券商買賣超明細，買入(賣出)形成期為期一個月以及兩個月所篩選出來的主力買(賣)方個股，形成一個新的投資組合。試圖檢驗其新的投資組合是否可為投資人帶來豐厚的報酬。 資料期間為2011年7月1日至2013年12月31日，共661個交易日，頻率為日資料。研究結果顯示：不論買(賣)形成期一個月、兩個月之主力買(賣)方個股，持有一個月、兩個月、三個月、六個月以及一年皆有顯著的正向報酬。再者，將同時存在於追漲(殺跌)策略以及營業券商買(賣)超篩選出來的個股，買入(賣出)贏(輸)家個股，結果顯示此投資策略不但具有顯著正報酬，績效更勝於前面的交易策略。 This thesis used the daily net buying and the daily net selling data of broker branches from the TWSE (Taiwan Stock Exchange). Sum of the daily net buying (selling) of top 30 brokers trading dollars in one month to consider as formation period and ranked them by net buying (selling) at the formation period as a new investment portfolios, we were test the new investment portfolios may bring a huge profit. The sample covers the daily period from July 1, 2011 to December 31, 2013, including 661 trading days. First, to found the new investment portfolios may bring forward returns however holding winners and selling losers in one to twelve months. Second, adding to the momentum strategy, it is found that the returns of buying the new winners and selling the new losers also were bring forward returns however holding winners and selling losers in one to twelve months. More importantly the second trading strategy may bring profit more than the first one.