This paper manually collected data of analysts’recommendations published in the three largest Chi-nese security newspaper and investigates the potential investment value and market impact of media recommen-dations． Empirical results show that: 1) media recommendations have significant impacts on the trading be-haviors of individual investors; 2) there are significant negative abnormal returns after the release of media recommendations，which is particularly prominent in the bearish market; 3) media recommendations affect the transfer of market wealth and lead to a direct loss of individual investors． Our study indicates that security ana-lysts in the Chinese market have a poor ability in discovering market information and that there is a possibility of insider trading and interest transfer behavior in the emerging markets．