  This paper conducts an empirically study on the trade package composed of a
sequence of consecutive purchases or sales of 23 stocks in Chinese stock
market. We investigate the probability distributions of the execution time, the
number of trades and the total trading volume of trade packages, and analyze
the possible scaling relations between them. Quantitative differences are
observed between the institutional and individual investors. The trading
profile of trade packages is investigated to reveal the preference of large
trades on trading volumes and transaction time of the day, and the different
profiles of two types of investors imply that institutions may be more informed
than individuals. We further analyze the price impacts of both the entire trade
packages and the individual transactions inside trade packages. We find the
price impact of trade packages is nonnegligible over the period of the
execution time and it may have a power-law relation with the total trading
volume. The price impact of the transactions inside trade packages displays a
U-shaped profile with respect to the time $t$ of the day, and also shows a
power-law dependence on their trading volumes. The trading volumes of the
transactions inside trade packages made by institutions have a stronger impact
on current returns, but the following price reversals persist over a relatively
shorter horizon in comparison with those by individuals.
