A new model called GJRSK-M was created to study the volatility of the China stock market. This model looks at not just how prices change, but also how skewness and kurtosis change over time. The researchers found that the GJRSK-M model is the best at predicting future market movements compared to other models. This means that not only does volatility persist, but skewness and kurtosis also play a role in how the market behaves. The researchers suggest that using models like GJRSK-M can help manage financial risk more effectively.