Also known as: 国证半导体芯片指数 · SZ980017 Index (Bloomberg) · 980017 (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 · 10 fields | |||
| Local short name | 国证芯片 | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The Chinese short name is 国证芯片. |
| Index name | CNI Semiconductor Chips Index | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The official English index name is CNI Semiconductor Chips Index. |
| Index short name | CNI Chips | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The English short name is CNI Chips. |
| Local index name | 国证半导体芯片指数 | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The local-language index name is 国证半导体芯片指数. |
| Index code | 980017 | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The index code is 980017. |
| Administrator | CNI | 英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The index naming indicates CNI as the index provider, although the supplied sections do not state an administrator separately. |
| Index family | 国证指数 | 指数名称：国证半导体芯片指数指数简称：国证芯片英文名称：CNI Semiconductor Chips Index英文简称：CNI Chips指数代码：980017Open p.1 ↗ |
The index belongs to the CNI (国证) index family, as indicated by its Chinese and English names. |
| Base date | 2002-12-31 | 指数的基日为2002 年12 月31 日，基点为1000 点。Open p.1 ↗ |
The index base date is December 31, 2002. |
| Base value | 1,000 | 指数的基日为2002 年12 月31 日，基点为1000 点。Open p.1 ↗ |
The index base value is 1000 points. |
| Index family type | Sector | 公司业务范畴属于芯片产业中材料、设备、设计、制造、封装和测试等。Open p.2 ↗ |
The index targets companies whose business belongs to the semiconductor chip industry chain. |
| M2 Universe · 5 fields | |||
| Eligible universe | 满足下列条件的A股和红筹企业发行的存托凭证 | 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 universe consists of A shares and depositary receipts issued by red-chip enterprises that satisfy the listed conditions. |
| Industry scope | Materials, Equipment, Design, Manufacturing, Packaging, Testing | 公司业务范畴属于芯片产业中材料、设备、设计、制造、封装和测试等。Open p.2 ↗ |
The company's business must fall within chip-industry materials, equipment, design, manufacturing, packaging, or testing. |
| Markets | China A-share market | 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 selection universe covers A shares and depositary receipts issued by red-chip enterprises that meet the stated conditions. |
| 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 ↗ |
Eligible instruments are A shares and depositary receipts issued by red-chip enterprises. |
| Exclusions | ST securities, *ST securities | 1. 非ST、*ST 证券；Open p.1 ↗ |
ST and *ST securities are excluded from the universe. |
| M3 Eligibility screens · 6 fields | |||
| St and star st exclusion | ST, *ST | 1. 非ST、*ST 证券；Open p.1 ↗ |
Securities designated ST or *ST are excluded. |
| Trading history | Minimum value: 6 months; Exceptions: Applicable securities: STAR Market securities and Beijing Stock Exchange securities; Minimum value: 1 year, Applicable securities: Other securities ranking among the top 3 in the selection universe by average daily total market capitalization since listing; Minimum value: 3 months | 2. 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，或上市以来日均总市值排名在选样空间前3 位，上市时间超过3 个月；Open p.1 ↗ |
STAR Market and Beijing Stock Exchange securities must be listed for more than one year; other securities must be listed for more than six months, except top-three average daily total market capitalization securities, which need more than three months. |
| Minimum size | Metric: Rank; Threshold: Top 3 by average daily total market capitalization since listing within the selection universe | 或上市以来日均总市值排名在选样空间前3 位，上市时间超过3 个月；Open p.1 ↗ |
Other securities may qualify under the shortened three-month listing history if their average daily total market capitalization since listing ranks in the top three of the selection universe. |
| 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 | 3. 公司最近一年无重大违规、财务报告无重大问题；Open p.1 ↗ |
The company must have had no major violations, no material financial-reporting problems, no abnormal operations, and no major losses during the most recent year. |
| Business or ESG exclusions | Companies whose business scope is not within the chip industry's materials, equipment, design, manufacturing, packaging, or testing segments | 6. 公司业务范畴属于芯片产业中材料、设备、设计、制造、封装和测试等。Open p.2 ↗ |
Companies must operate in chip-industry materials, equipment, design, manufacturing, packaging, or testing; other companies are not eligible. |
| Extreme price screen | Rule: Securities must have no abnormal price fluctuations during the review period | 5. 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 rank screen | Bottom percent eliminated: 20; Window: 最近一年; Metric: 日均成交金额; Scope: 对应交易所 | 剔除选样空间内最近一年的日均成交金额排名位于对应交易所后20%的证券Open p.2 ↗ |
Securities whose one-year average daily traded value ranks in the bottom 20% on the corresponding exchange are excluded before market-capitalisation ranking. |
| Selection method | Rank by metric | 首先，计算入围选样空间证券在最近一年的日均成交金额和最近半年的日均总市值；其次，剔除选样空间内最近一年的日均成交金额排名位于对应交易所后20%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，选取前30 名证券作为指数样本。Open p.2 ↗ |
Securities are screened by liquidity and then ranked by average total market capitalisation to select the largest names. |
| Ranking metrics | Name: 日均成交金额; Window: 最近一年; Direction: Ascending rank elimination; Step order: 1, Name: 日均总市值; Window: 最近半年; Direction: Descending; Step order: 2 | 首先，计算入围选样空间证券在最近一年的日均成交金额和最近半年的日均总市值；其次，剔除选样空间内最近一年的日均成交金额排名位于对应交易所后20%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，选取前30 名证券作为指数样本。Open p.2 ↗ |
The first step removes securities in the bottom 20% by one-year average daily traded value, and the second ranks remaining securities by six-month average total market capitalisation from high to low. |
| Target constituent count | 30 securities | 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，选取前30 名证券作为指数样本。Open p.2 ↗ |
The index selects the 30 highest-ranked remaining securities as constituents. |
| M5 Weighting and capping · 6 fields | |||
| Weight factor review 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. |
| Temporary adjustment incoming weight | Inherits the removed security's weight from the last trading day before the adjustment. | 当出现样本临时调整时，新进样本继承被剔除证券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 ↗ |
In a temporary constituent adjustment, the newly added security inherits the removed security's weight from the last trading day before the adjustment, and its weight adjustment factor is calculated accordingly. |
| Weighting scheme | Capped market cap | 在指数计算中，设置权重调整因子，使单只样本在每次定期调整时的权重不超过10%，前五大权重样本合计权重不超过60%。Open p.3 ↗ |
The index uses weight adjustment factors to cap constituent weights in market-capitalisation-based index calculation. |
| Weight cap | 10% | 在指数计算中，设置权重调整因子，使单只样本在每次定期调整时的权重不超过10%，前五大权重样本合计权重不超过60%。Open p.3 ↗ |
Each single constituent may not exceed 10% weight at each periodic review. |
| Group cap | Top n: 5; Aggregate (%): 60 | 在指数计算中，设置权重调整因子，使单只样本在每次定期调整时的权重不超过10%，前五大权重样本合计权重不超过60%。Open p.3 ↗ |
The aggregate weight of the five largest-weight constituents may not exceed 60%. |
| 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 implemented at periodic reviews and generally remain fixed until the next periodic review date. |
| M6 Review and rebalance schedule · 6 fields | |||
| Reserve list construction | After determining newly added samples, securities equal to 5% of the sample count are selected from the remaining securities, ranked by the sample-selection indicator from high to low, as reserve samples. | 在确定新入选样本后，在剩余证券中按选样指标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 selected, reserve securities equal to 5% of the constituent count are chosen from the remaining securities in descending order of the selection indicator. |
| Review frequency | Semi-annual | 指数样本实施半年定期调整，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 samples are reviewed semiannually. |
| Review types | Semi annual review, Ad hoc | 指数样本实施半年定期调整，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 methodology provides for semiannual periodic reviews and interim sample adjustments. |
| Review months | June, December | 指数样本实施半年定期调整，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 sample changes occur in June and December. |
| Announcement rule | The sample 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 announced two weeks before implementation. |
| 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 ↗ |
Changes take effect on the trading day following the second Friday in 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 sample size are added in order, while incumbents ranked within 130% of the sample size 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 samples changed in each periodic review may not exceed 20% of the total sample count. |
| M8 Corporate actions, IPOs, ad-hoc changes · 3 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 and spin-off situations follow the treatment of the CNI 1000 Index. |
| 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 deleted because of delisting, the highest-ranked security on the reserve sample list is selected to replace it. |
| Merger spinoff rules | Treatment of risk warnings, acquisitions, mergers and spin-offs follows 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 cases are handled in the same way as in the CNI 1000 Index. |
| M9 Calculation and return variants · 5 fields | |||
| Weighting method | Paasche weighted method | 指数采用派氏加权法，依据下列公式逐日连锁实时计算：Open p.2 ↗ |
The index calculation uses the Paasche weighting method. |
| Weight adjustment reference | Weight adjustment methods refer to the index calculation and maintenance rules, and weight adjustment factors are specified in section seven on constituent weight adjustment. | 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 ↗ |
Constituent weight adjustment follows the index calculation and maintenance rules, while the weight adjustment factors are set out in section seven. |
| Formula type | Chain linked | 指数采用派氏加权法，依据下列公式逐日连锁实时计算： ∑（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 index uses a Paasche weighting method and is calculated in real time each day by chain-linking from the previous trading day's closing index level. |
| Price source | real-time transaction prices; 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 ↗ |
Real-time index calculation uses constituent real-time transaction prices, with constituent previous-trading-day closing prices in the denominator. |
| Calculation frequency | real-time, Daily | 指数采用派氏加权法，依据下列公式逐日连锁实时计算：Open p.2 ↗ |
The index is calculated in real time on each trading day and is chained daily from the prior close. |
Open points · 49Model-written, for reference
- 1Index ISIN is not stated.
- 2Third-party vendor tickers such as Bloomberg, Refinitiv, or Wind are not stated.
- 3Calculation agent is not explicitly identified.
- 4Launch date is not stated.
- 5Calculation currency is not stated.
- 6Methodology version and methodology date are not stated.
- 7Benchmark regulatory status is not stated.
- 8Explicit objective sentence and intended uses are not provided.
- 9Specific exchanges or boards beyond references to STAR Market and Beijing Stock Exchange securities are not fully enumerated.
- 10No nationality-assignment rule is stated beyond inclusion of A shares and red-chip depositary receipts.
- 11No quantitative liquidity-ratio threshold is stated.
- 12No minimum free-float percentage is stated.
- 13No foreign-room or foreign-ownership-limit requirement is stated.
- 14No minimum voting-rights requirement is stated.
- 15No minimum share price is stated.
- 16No treatment of suspended securities at review is stated.
- 17The abnormal-price-fluctuation screen does not define quantitative thresholds or the exact review period.
- 18The document does not state how ranking ties are resolved.
- 19The document does not state any industry or sector neutrality rule.
- 20The document does not state a reserve list or replacement-candidate rule.
- 21The document does not specify the underlying weighting formula beyond weight adjustment factors, such as free-float or full market-capitalisation weighting.
- 22The document does not state a free-float factor methodology or free-float bands.
- 23The document does not state domestic inclusion factors or foreign ownership limit treatment.
- 24The document does not state sector or country caps.
- 25The document does not state the source or update timing of shares outstanding.
- 26The document does not state a divisor adjustment rule.
- 27No data cut-off or reference date rule for periodic reviews is stated.
- 28No separate weight-rebalancing or weight-reset frequency is stated.
- 29No size-segment buffer, liquidity buffer for existing constituents, fast-entry rule, deletion price, share or free-float change threshold, or separate corporate-actions guide is stated.
- 30The provided text refers to the CNI 1000 Index for detailed treatment of risk warnings, acquisitions, mergers and spin-offs, but does not reproduce those rules.
- 31Precision: published index level decimal places were not stated.
- 32Return variants: price, gross total return, or net total return variants were not stated.
- 33Withholding tax basis: no net-return tax rate basis was stated.
- 34Dividend treatment: cash dividend reinvestment or treatment was not stated.
- 35Divisor adjustment events: events triggering divisor adjustments were not stated.
- 36Market disruption rule: treatment of market closure or disruption was not stated.
- 37Recalculation policy: correction or restatement of published index levels was not stated.
- 38Oversight body: no index oversight committee or governing body was stated.
- 39Discretion points: administrator discretion situations were not stated.
- 40Methodology review frequency: no methodology review cycle was stated.
- 41External review: external review or consultation arrangements were not stated.
- 42Material change definition: no definition of material methodology change was stated.
- 43Consultation procedure: no consultation procedure was stated.
- 44Notice period: no advance notice period for changes was stated.
- 45Error correction policy: no governance-level error correction policy was stated.
- 46Disclosure channels: publication channels were not stated.
- 47Constituents published: whether and how often constituents are published was not stated.
- 48Cessation policy: index discontinuation policy was not stated.
- 49Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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