Could the analysts¡¦ forecasting be the important investment decision of the naive investors? This is the significant issue of the study. The study shows the following, in the short run, recommendations have information value; in the long run, forecasting earnings have information value. And electronic industry is the most valuable of all industries in the long run and short run. Although recommendations also have information value in the long run, but the industry returns aren¡¦t consistent. In addition, analysts over predict about the forecasting earnings. Finally, the study also shows the following, forecasting price or recommendation has negative coefficient and statistically significant in large scale company. Because large scale companies are more attentive than small scale companies, and information superiority trader already get the information before analysts¡¦ release. So they can trade the stocks before analysts¡¦ release, naive investors can¡¦t get returns with the analysts¡¦ forecasting.