Also known as: 国证生物医药指数 · 399441 (CNI code)
At a glance
- Weighting schemeCapped market cap
- Review frequencySemi-annual
- Constituent count30
- Single cap10
- Buffer70 / 130
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| Local short name | 生物医药 | 指数简称：生物医药Open p.1 ↗ |
The local-language short name is 生物医药. |
| Index name | CNI Biomedicine Index | 英文名称：CNI Biomedicine IndexOpen p.1 ↗ |
The official English index name is CNI Biomedicine Index. |
| Index short name | CNI Biomedicine | 英文简称：CNI BiomedicineOpen p.1 ↗ |
The official English short name is CNI Biomedicine. |
| Local index name | 国证生物医药指数 | 指数名称：国证生物医药指数Open p.1 ↗ |
The local-language index name is 国证生物医药指数. |
| Index code | 399441 | 指数代码：399441Open p.1 ↗ |
The index code is 399441. |
| Index family | 国证指数 | 指数名称：国证生物医药指数Open p.1 ↗ |
The index belongs to the CNI index family. |
| Base date | 2009-12-31 | 指数基日为2009 年12 月31 日Open p.1 ↗ |
The index base date is December 31, 2009. |
| Base value | 1,000 points | 基点为1000 点。Open p.1 ↗ |
The index base value is 1,000 points. |
| Objective | 选取业务领域属于生物医药产业的上市公司证券，以反映生物医药产业上市公司证券的整体表现。 | 公司业务领域属于生物医药产业。Open p.2 ↗ |
The index selects securities of listed companies operating in the biomedicine industry to represent that industry segment; this objective is inferred from the stated industry membership screen because no full objective sentence is provided. |
| Market classification | China A | 满足下列条件的A 股和红筹企业发行的存托凭证：Open p.1 ↗ |
The eligible securities are China A shares and depositary receipts issued by red-chip enterprises. |
| Index family type | Sector | 公司业务领域属于生物医药产业。Open p.2 ↗ |
The index targets companies whose business belongs to the biomedicine industry. |
| M2 Universe · 5 fields | |||
| Industry scope | Companies must operate in the biomedicine industry. | 公司业务领域属于生物医药产业。Open p.2 ↗ |
A company's business field must belong to the biomedicine industry. |
| Markets | China | 满足下列条件的A 股和红筹企业发行的存托凭证：Open p.1 ↗ |
The universe covers China A shares and depositary receipts issued by red-chip enterprises. |
| Boards | STAR Market, Beijing Stock Exchange, other boards | 科创板证券、北交所证券上市时间超过1 年；其他证券上市时间超过6 个月；Open p.2 ↗ |
The listing-history rule separately identifies STAR Market securities, Beijing Stock Exchange securities, and other securities. |
| Security types | A share, Dr | 满足下列条件的A 股和红筹企业发行的存托凭证：Open p.1 ↗ |
The eligible security types are A shares and depositary receipts issued by red-chip enterprises. |
| Exclusions | ST securities, *ST securities | 非ST、*ST 证券；Open p.1 ↗ |
Securities designated ST or *ST are excluded. |
| M3 Eligibility screens · 5 fields | |||
| St star st exclusion | Yes | 非ST、*ST 证券；Open p.1 ↗ |
ST and *ST securities are excluded from eligibility. |
| Trading history | Minimum value: 6 months; Exceptions: Scope: STAR Market securities; Minimum value: 1 year, Scope: Beijing Stock Exchange securities; Minimum value: 1 year | 科创板证券、北交所证券上市时间超过1 年；其他证券上市时间超过6 个月；Open p.2 ↗ |
Other securities must have been listed for more than six months, while STAR Market and Beijing Stock Exchange securities must have been listed for more than one year. |
| Financial screens | No major regulatory violations in the most recent year, No material problems in financial reports in the most recent year, No abnormal operations in the most recent year, No major losses in the most recent year | 公司最近一年无重大违规、财务报告无重大问题；Open p.2 ↗ |
Companies must have no major violations or material financial-reporting problems in the latest year, and their operations must be normal without major losses. |
| Business or ESG exclusions | Major regulatory violations in the most recent year, Business outside the biomedicine industry | 公司最近一年无重大违规、财务报告无重大问题；Open p.2 ↗ |
Companies with major violations in the latest year are excluded, and eligible companies must belong to the biomedicine industry. |
| Extreme price screen | Rule: Securities must have no abnormal price fluctuations during the review period | 考察期内证券价格无异常波动；Open p.2 ↗ |
Securities with abnormal price fluctuations during the review period are not eligible. |
| M4 Selection and constituent count · 4 fields | |||
| Liquidity screen bottom 10 removed | Metric: Average daily turnover; Window: Most recent half year; Remove bottom percent: 10 | 剔除选样空间内最近半年的日均成交金额排名位于后10%的证券Open p.2 ↗ |
Securities whose average daily turnover over the most recent half year ranks in the bottom 10% are excluded. |
| Selection method | Rank by metric | 首先，计算入围选样空间证券在最近半年的日均总市值和日均成交金额；其次，剔除选样空间内最近半年的日均成交金额排名位于后10%的证券；然后，对选样空间剩余证券按照最近半年的日均总市值从高到低排序Open p.2 ↗ |
Securities are screened for liquidity and ranked by average daily total market capitalisation to select constituents. |
| Ranking metrics | Name: Average daily turnover; Window: Most recent half year; Direction: Ascending for removal; Step order: 1, Name: Average daily total market capitalisation; Window: Most recent half year; Direction: Descending; Step order: 2 | 计算入围选样空间证券在最近半年的日均总市值和日均成交金额；其次，剔除选样空间内最近半年的日均成交金额排名位于后10%的证券；然后，对选样空间剩余证券按照最近半年的日均总市值从高到低排序Open p.2 ↗ |
The methodology first uses the most recent half-year average daily turnover to remove the bottom 10%, then ranks remaining securities by average daily total market capitalisation over the same period in descending order. |
| Target constituent count | 30 | 选取前30 名证券作为指数样本，数量不足则按实际数量选入。Open p.2 ↗ |
The index selects the 30 highest-ranked securities, or all eligible securities if fewer than 30 are available. |
| M5 Weighting and capping · 5 fields | |||
| Temporary adjustment incoming weight rule | Incoming securities inherit the weight of the removed security on the last trading day before adjustment, and their weight-adjustment factor is calculated accordingly. | 当出现样本临时调整时，新进样本继承被剔除样本在调整前最后一个交易日的权重，据此计算新进样本的权重调整因子。Open p.4 ↗ |
During a temporary constituent adjustment, the newly added security inherits the removed security's weight on the last trading day before the adjustment. |
| Weight adjustment frequency | 2 times a year | 权重调整因子每年调整2 次，于样本定期调整时实施。Open p.3 ↗ |
Weight-adjustment factors are adjusted twice per year. |
| Weighting scheme | Capped market cap | 在指数计算中，设置权重调整因子，使单只样本的权重不超过10%。Open p.3 ↗ |
The index uses a weight-adjustment factor so that no single constituent has a weight above 10%. |
| Weight cap | 10% | 使单只样本的权重不超过10%。Open p.3 ↗ |
Each single constituent's weight is capped at 10%. |
| Cap application timing | At review | 权重调整因子每年调整2 次，于样本定期调整时实施。在下一个定期调整日之前，权重调整因子一般固定不变。Open p.3 ↗ |
Weight-adjustment factors are adjusted twice per year at scheduled constituent reviews and generally remain fixed until the next scheduled review date. |
| M6 Review and rebalance schedule · 6 fields | |||
| Reserve list selection | After determining newly added constituents, securities equal to 5% of the constituent count are selected from the remaining securities, ranked by average daily total market capitalization from high to low, as reserve candidates. | 在确定新入选样本后，在剩余证券中按日均总市值从高到低排序选取样本数量5%的证券作为备选样本。Open p.3 ↗ |
After new constituents are chosen, reserve candidates equal to 5% of the constituent count are selected from remaining securities by descending average daily total market capitalization. |
| Review frequency | Semi-annual | 指数样本实施半年度定期调整，于每年6 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
The index constituents are reviewed on a semi-annual basis. |
| Review types | Semi annual review, Ad hoc | 指数样本实施半年度定期调整，于每年6 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
The index uses semi-annual periodic reviews and ad hoc adjustments between reviews. |
| Review months | June, December | 指数样本实施半年度定期调整，于每年6 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
Periodic adjustments are implemented in June and December each year. |
| Announcement rule | The constituent adjustment plan is usually announced two weeks before implementation. | 样本调整方案通常在实施前两周公布。Open p.3 ↗ |
The sample adjustment plan is usually published two weeks before it becomes effective. |
| Effective date rule | Changes take effect on the next trading day after the second Friday in June and December. | 指数样本实施半年度定期调整，于每年6 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
Semi-annual constituent changes take effect on the trading day after the second Friday of June and December. |
| M7 Buffers and turnover control · 2 fields | |||
| Buffer zone | Entry rank: 70%; Exit rank: 130% | 排名在样本数70%范围之内的非原样本按顺序入选，排名在样本数130%范围之内的原样本按顺序优先保留。Open p.3 ↗ |
Non-incumbent securities ranked within 70% of the constituent count enter in order, while incumbents ranked within 130% of the constituent count are retained first in order. |
| Maximum turnover per review | 20% of constituents | 每次样本调整数量不超过样本总数的20%。Open p.3 ↗ |
The number of securities changed in each periodic review may not exceed 20% of the total constituent count. |
| M8 Corporate actions, IPOs, ad-hoc changes · 4 fields | |||
| Ad-hoc deletion | Delisting, Risk warning, Acquisition | 样本出现终止上市时，将其从指数样本中剔除，选择备选样本名单中排序最靠前的证券补足。样本公司被实施风险警示，发生收购、合并、分拆情形的处理，同国证1000 指数。Open p.3 ↗ |
A constituent is removed upon termination of listing, and risk warning, acquisition, merger, or spin-off situations are handled by the referenced CNI 1000 rules. |
| Replacement policy | Reserve list | 样本出现终止上市时，将其从指数样本中剔除，选择备选样本名单中排序最靠前的证券补足。Open p.3 ↗ |
When a constituent is delisted, it is replaced by the highest-ranked security on the reserve list. |
| Merger spinoff rules | Risk warning, acquisition, merger, and spin-off cases are handled in the same way as in the CNI 1000 Index. | 样本公司被实施风险警示，发生收购、合并、分拆情形的处理，同国证1000 指数。Open p.3 ↗ |
Risk warning, acquisition, merger, and spin-off events are treated according to the CNI 1000 Index rules. |
| Corporate actions guide ref | 国证1000指数 | 样本公司被实施风险警示，发生收购、合并、分拆情形的处理，同国证1000 指数。Open p.3 ↗ |
The document refers corporate-action treatment to the CNI 1000 Index methodology. |
| M9 Calculation and return variants · 6 fields | |||
| Weighting method | Paasche weighted | 采用派氏加权法，依据下列公式逐日连锁实时计算：Open p.2 ↗ |
The index uses the Paasche weighting method. |
| Sample weight reference | Sample weight adjustments follow the separate Index Calculation and Maintenance Rules. | 其中，样本权数调整方法参见指数计算与维护细则，权重调整因子见“七、样本权重调整”。Open p.2 ↗ |
The method for adjusting sample weights refers to the Index Calculation and Maintenance Rules. |
| Weight adjustment factor reference | Weight adjustment factors are specified in the section on sample weight adjustment. | 权重调整因子见“七、样本权重调整”Open p.2 ↗ |
The weight adjustment factor is set out in the methodology's sample weight adjustment section. |
| Formula type | Chain linked | 采用派氏加权法，依据下列公式逐日连锁实时计算：Open p.2 ↗ |
The index is calculated in real time using a Paasche weighted, daily chain-linked formula. |
| Price source | real-time transaction prices and previous trading day closing prices | ∑（样本实时成交价× 样本权数× 权重调整因子）实时指数= 上一交易日收市指数× ∑（样本上一交易日收市价× 样本权数× 权重调整因子）Open p.2 ↗ |
The numerator uses sample stocks' real-time transaction prices, while the denominator uses their previous trading day closing prices. |
| Calculation frequency | real-time and daily | 采用派氏加权法，依据下列公式逐日连锁实时计算：Open p.2 ↗ |
The index is calculated daily on a chain-linked basis in real time. |
Open points · 46Model-written, for reference
- 1ISIN is not stated.
- 2Vendor codes for Bloomberg, Refinitiv, Wind, or other data vendors are not stated.
- 3Administrator or benchmark administrator is not explicitly stated, apart from the CNI naming evidence.
- 4Calculation agent is not stated.
- 5Parent index or parent universe index is not stated.
- 6Launch date is not stated; only the base date is provided.
- 7Calculation currency is not stated.
- 8Methodology version and methodology date are not stated.
- 9Benchmark regulatory status is not stated.
- 10Stated intended uses are not provided.
- 11Size segment is not stated.
- 12Factor exposures are not stated.
- 13Index limitations are not stated.
- 14Specific exchanges beyond the Beijing Stock Exchange reference are not comprehensively stated.
- 15Nationality or incorporation rule is not stated.
- 16No quantitative liquidity metric, window, or threshold is stated.
- 17No quantitative minimum market-capitalization or rank requirement is stated.
- 18No minimum free-float percentage is stated.
- 19No foreign-room or foreign-ownership requirement is stated.
- 20No minimum voting-rights requirement is stated.
- 21No minimum share price is stated.
- 22No separate suspension treatment at review is stated.
- 23The review period used to assess abnormal price fluctuations is not defined.
- 24The document does not state a tie-breaking rule for securities with equal average daily total market capitalisation.
- 25The document does not describe industry or sector neutrality in constituent selection.
- 26The document does not specify a reserve list or a size rule for reserve candidates.
- 27The document does not define the free-float-factor method or any factor bands.
- 28The document does not state a domestic inclusion factor or foreign ownership limit treatment.
- 29The document does not specify group, sector, or country aggregate weight caps.
- 30The document does not identify the source or update timing of shares outstanding.
- 31The document does not provide a divisor-adjustment continuity rule.
- 32No data cut-off or ranking reference date for semi-annual reviews is stated.
- 33No separate rebalancing frequency or capped-weight reset frequency is stated.
- 34No size-segment buffer or liquidity buffer for existing constituents is stated.
- 35No fast-entry rule for large new listings is stated.
- 36No deletion price is stated.
- 37No threshold for interim share or free-float changes is stated.
- 38The precise treatment of mergers and spin-offs is not provided because the section only refers to the CNI 1000 Index rules.
- 39No published index precision or number of decimal places is stated.
- 40No price, gross total return, or net total return variants are stated.
- 41No dividend treatment or withholding tax basis is stated.
- 42No divisor adjustment events are stated.
- 43No market disruption or market closure calculation rule is stated.
- 44No recalculation or error correction policy is stated.
- 45No oversight body, discretionary powers, methodology review frequency, external review, consultation procedure, notice period, disclosure channels, constituent publication schedule, or index cessation policy is stated.
- 46Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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