The point-reactor model with power reactivity feedback becomes a nonlinear system. Its dynamic characteristic shows great complexity. According to the mathematic definition of stability in differential equation qualitative theory, the model of a reactor with power reactivity feedback is judged unstable. The equilibrium point is a saddle-node point. A portion of the trajectory in the neighborhood of the equilibrium point is parabolic fan curve, and the other is hyperbolic fan curve. Based on phase locus near the equilibrium point, it is pointed out that the model is still stable within physical limits. The difference between stabilities in the mathematical sense and in the physical sense is indicated.