Weight! Shanghai stock index changed science and technology innovation 50 index also came (big guy interpretation)

category:Finance
 Weight! Shanghai stock index changed science and technology innovation 50 index also came (big guy interpretation)


New shares can be included in the index only after three months, excluding st and * ST shares

In terms of sample selection, the sample stock of Shanghai Stock Exchange is composed of stocks listed on Shanghai Stock Exchange and depository receipts issued by red chip enterprises. If the index sample is subject to risk warning, it shall be removed from the index sample from the next trading day on the second Friday of the next month in which the risk warning measures are implemented. The securities whose risk warning measures have been revoked shall be included in the index from the next trading day on the second Friday of the next month.

In terms of sample adjustment, the securities ranking in the top 10 of Shanghai stock market in terms of daily average market value after listing are revised to be included in the index three months after listing, and other securities are included in the index one year after listing. The depository receipts issued by red chip enterprises listed on the Shanghai Stock Exchange and the securities listed on the science and Technology Innovation Board will be included in the Shanghai composite index according to the revised compilation plan.

This revision will be implemented from July 22.

Shanghai Science and technology innovation 50 index also came, and the list of constituent stocks was released

Taking into account the objective development and institutional characteristics of the science and technology innovation board, the new stock market will be included in the sample space for 6 months at the present stage, and 100 -150 will be listed for 12 months after the launch of the new stock exchange. After that, it will be adjusted to be 12 months after the listing. After the liquidity screening, we select samples by market value index to realize the objective representation of the market. In order to avoid the influence of too much individual equity weight on the index, a certain proportion of individual equity weight upper limit is set. In order to adapt to the characteristics of the rapid development stage of the plate, the representative listed companies shall be incorporated in time, and the quarterly regular adjustment mechanism shall be established.

Comments on the sample adjustment of Shanghai Composite Index

Zhang Anyuan: the revision of the Shanghai composite index is conducive to the longer-term and healthy development of a shares

Zhang Anyuan, chief economist of CSCI securities, told the associated press that with the expansion of opening up and the acceleration of the pace of capital market reform, the value of A-share allocation has significantly increased. However, this years stock market is characterized by index bull market. Both foreign capital and domestic incremental capital are mostly passive allocation. It can be said that the revision of the Shanghai composite index compilation plan is one of the important contents of deepening the reform of the capital market, which is conducive to the longer-term and healthy development of the A-share market.

Before that, A-share new shares had the basic qualification to be included in the index on the 11th trading day after listing. However, for a long time, due to the 23 times of P / E ratio limit in the pricing of new shares and the limit of 10% up and down limit in a single day, the new shares showed the characteristics of continuous up and down limit, high volatility and valuation deviation after listing. The adjustment of Shanghai stock index compilation plan fully refers to the practice of international representative index, prolongs the time for high market weight stocks and other new shares to be included in the index after listing, which is conducive to smoothing the interference of sharp fluctuation of new listed stock prices on the index, and improves the representativeness and stability of Shanghai stock index. On the other hand, the revised plan will help Shanghai Composite Index to better play its investment function and better reflect the overall performance of Listed Companies in Shanghai.

The introduction of Shanghai Science and technology innovation 50 Index solves the problem that science and technology innovation board has not represented the index for more than one year since its opening, and will provide important reference for investors to participate in science and technology innovation board investment. Moreover, the index includes 50 cost targets with high market value representation and strong liquidity in the design process, which can fully reflect the latest achievements in science and technology innovation and key technology fields in China.

In addition, it will further improve the market representation and composition diversity of the Shanghai Composite Index and better reflect the structural changes of the Shanghai stock market. If we consider that the secondary listing of some Chinese stocks in Hong Kong is beneficial, it will also help investors at home and abroad to share the dividend of high-speed growth of domestic and overseas listed technological innovation enterprises, and more fit the performance of high-speed growth in Chinas economy.

Li Zhan: Shanghai stock index is more reasonable, which is conducive to transmitting the correct price signal

Li Zhan, chief economist of Zhongshan securities, told the associated press that as the first index compiled by Chinas stock market, the Shanghai Composite Index has a great influence on the investor group, especially the retail investor group, but the Shanghai Composite Index has not risen for ten years and is often criticized by investors. This is related to the fact that the stock index is relatively low under the influence of epidemic situation and other factors, but compared with other major indexes of a share, the increase of Shanghai index is also significantly low, indicating that the rules of Shanghai index establishment are not reasonable and the index has distortion problems.

This time, the Shanghai Stock Exchange revised the compilation method of the Shanghai Composite Index, removed the component stocks with risk warning, and postponed the incorporation of the new listed stocks, which will make the compilation of the Shanghai composite index more reasonable and improve the efficiency of the indexs representation of the stock market.

At present, the capital market is undertaking more and more important responsibilities in the economic system of our country. It is necessary to adjust and optimize the irrationality of the capital market. The optimization of Shanghai stock index compilation mode and the improvement of index representation efficiency are conducive to transmitting correct price signals and boosting investors confidence in Chinas capital market and economic development.

Wu chaoming: the Shanghai Composite Index adjusts grounding, some problems still exist but will gradually improve

Wu chaoming, chief economist of Caixin securities, told the associated press that the revision of the compilation method of the Shanghai composite index is an improvement of the original compilation scheme, which is conducive to enhancing the representativeness of the stock market to the real economy and ensuring the smooth transition and connectivity of the Shanghai Composite Index.

It is more scientific to take different measures to extend the time for new shares to be included in the Shanghai Composite Index. The newly listed securities with daily average market value ranking in the top 10 of the Shanghai stock market will be included in the Shanghai Composite Index after three months of listing, and other newly listed securities will be included in the index after one year of listing. This is conducive to changing the original scheme, which included the index earlier, the virtual high problem of the index under the promotion of playing new and speculation new, while the later price adjustment will form a downward pressure effect on the index, making the index distorted. This revision is expected to solve this problem, which is conducive to restoring the normal trend of index change.

It will help to reflect the effect of Chinas economic restructuring and enhance the representativeness of the rising index. At present, the total market value of science and technology innovation board is more than 1.7 trillion yuan, and the total market value of 50 index components of science and technology innovation board is more than 1 trillion yuan. Therefore, it is necessary to include them in the index.

Removing risk warning stocks from the new index is conducive to reducing the volatility of the index, improving the delisting system and promoting the implementation of the registration system.

Song Qinghui: it is of great practical significance for Shanghai Composite Index to be included in science and Technology Innovation Board

Song Qinghui, a well-known economist, told the associated press that he observed that there were two significant highlights in the revised Shanghai Stock Exchanges plan for the preparation of the Shanghai Composite Index. One was to eliminate the st group, and the other was to include the listed securities in the science and technology innovation board. In particular, it is of great practical significance to include the listed securities of science and technology innovation board.

With the rapid development of science and technology innovation board market, the number and scale of listed companies on science and technology innovation board continue to grow rapidly. Science and technology innovation board listed securities are included according to the revised rules, which can greatly improve the representativeness of Shanghai Composite Index and reflect the general trend of the market. The implementation of the revision of Shanghai composite index is of great significance. On the one hand, this is to reflect the overall performance of Listed Companies in Shanghai more objectively and truly, to play the role of survival of the fittest in the capital market, so as to better show the market change trend and serve the majority of investors. On the other hand, improving the index compilation plan is also a common practice of the international mainstream index, which will help to make it a barometer of the macro-economy in the future.

Wu Zhaoyin: the adjustment of Shanghai stock index has three major significance, and the new revised index has stronger vitality

Wu Zhaoyin, director of macro strategy of AVIC trust, said that the sample adjustment of the Shanghai Composite Index has three meanings. First, the newly revised index has stronger vitality and can better reflect the direction of economic transformation and industrial upgrading, and guide capital market funds to invest in advanced industries more effectively. Second, the newly revised index is not only for the eliminated enterprises, but also for the non-compliance and non adaptive development of the company, In this way, it ensures that the new index can eliminate the bad and save the good, bring out the old and bring forth the new, and guide investors to make sound investment; third, the new index pays more attention to the trading volume index, that is, considering the contribution of listed companies to the trading, which is also the common practice of some international stock exchanges.

Li Xunlei, chief economist of Zhongtai securities, said that with the further promotion of A share delisting system and survival of the fittest, the exit of poor performing shares may increase significantly, and it is also necessary to exclude ST and other stocks with greater delisting risk from the index, so as to avoid the stock with delisting and clearing causing drag and distortion to the index. Yang Delong, chief economist of Qianhai Kaiyuan, told the associated press that the Shanghai Stock Exchanges adjustment of Shanghai stock index makes the index more reasonable and reflects the real situation of the market, which also responds to some demands of the market. Of course, this adjustment belongs to fine-tuning, which has little impact on the index and maintains the continuity of the index. Some market participants told the associated press that the sample adjustment of the Shanghai Composite Index has three important meanings: first, the sample shares will add science and technology innovation board shares and depository receipts; second, to some extent, the adjustment will avoid the situation that PetroChina and other new shares rose sharply at the initial stage of listing, and then the stock price plummeted, dragging down the index; to some extent, the elimination of ST shares plays a role in survival of the fittest. Source: Zhang Mei, editor in charge of Financial Association_ NF2100

Li Xunlei, chief economist of Zhongtai securities, said that with the further promotion of A share delisting system and survival of the fittest, the exit of poor performing shares may increase significantly, and it is also necessary to exclude ST and other stocks with greater delisting risk from the index, so as to avoid the stock with delisting and clearing causing drag and distortion to the index.

Yang Delong, chief economist of Qianhai Kaiyuan, told the associated press that the Shanghai Stock Exchanges adjustment of Shanghai stock index makes the index more reasonable and reflects the real situation of the market, which also responds to some demands of the market. Of course, this adjustment belongs to fine-tuning, which has little impact on the index and maintains the continuity of the index.

Some market participants told the associated press that the sample adjustment of the Shanghai Composite Index has three important meanings: first, the sample shares will add science and technology innovation board shares and depository receipts; second, to some extent, the adjustment will avoid the situation that PetroChina and other new shares rose sharply at the initial stage of listing, and then the stock price plummeted, dragging down the index; to some extent, the elimination of ST shares plays a role in survival of the fittest.