The　paper　adopts　the　financial　physics　approach　to　investigate　influence　of　trading　volume,　market　trend,　as　well　as　monetary　policy　on　characteristics　of　the　Chinese　Stock　Exchange.　Utilizing　1-minute　high-frequency　data　at　various　time　intervals,　the　study　examines　the　probability　distribution　density,　autocorrelation　and　multi-fractal　of　the　Shanghai　Composite　Index.　Our　study　finds　that　the　scale　of　trading　volume,　stock　market　trends,　and　monetary　policy　cycles　all　exert　significant　influences　on　micro　characteristics　of　Shanghai　Composite　Index.　More　specifically,　under　the　conditions　of　large　trading　volumes,　loose　monetary　policies,　and　downward　stock　trends,　the　market　possesses　better　fitting　on　Levy＇s　distribution,　the　volatility　self-correlation　is　stronger,　and　multifractal　trait　is　more　salient.　We　hope　our　study　could　provide　better　guidance　for　investment　decisions,　and　form　the　basis　for　policy　formulation　aiming　for　a　healthy　growth　of　the　financial　market.　©　2019　M.　Ran　et　al.,　published　by　De　Gruyter.