Also known as: 国证港股通科技指数 · 987008 (CNI code) · 987009 (CNI code, CNY)
At a glance
- Weighting schemeCapped market cap
- Review frequencyQuarterly
- Constituent count30
- Single cap15
- Buffer70 / 130
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| CNY variant | Local index name: 国证港股通科技指数（人民币）; Local index short name: 港股通科技（人民币）; Index name: CNI HK Connect Technology Index(CNY); Index short name: HKCTECH(CNY); Index code: 987009 | 指数名称：国证港股通科技指数（人民币）指数简称：港股通科技（人民币）英文名称：CNI HK Connect Technology Index(CNY)英文简称：HKCTECH(CNY)指数代码：987009Open p.1 ↗ |
The CNY-denominated variant is CNI HK Connect Technology Index(CNY), with code 987009. |
| Index name | CNI HK Connect Technology Index | 指数名称：国证港股通科技指数指数简称：港股通科技英文名称：CNI HK Connect Technology Index英文简称：HKCTECH指数代码：987008Open p.1 ↗ |
The official English index name is CNI HK Connect Technology Index. |
| Index short name | HKCTECH | 指数名称：国证港股通科技指数指数简称：港股通科技英文名称：CNI HK Connect Technology Index英文简称：HKCTECH指数代码：987008Open p.1 ↗ |
The English short name is HKCTECH. |
| Local index name | 国证港股通科技指数 | 指数名称：国证港股通科技指数指数简称：港股通科技英文名称：CNI HK Connect Technology Index英文简称：HKCTECH指数代码：987008Open p.1 ↗ |
The local Chinese index name is 国证港股通科技指数. |
| Index code | 987008 | 指数名称：国证港股通科技指数指数简称：港股通科技英文名称：CNI HK Connect Technology Index英文简称：HKCTECH指数代码：987008Open p.1 ↗ |
The index code is 987008. |
| Index family | 国证港股通科技指数 | 指数名称：国证港股通科技指数（人民币）指数简称：港股通科技（人民币）英文名称：CNI HK Connect Technology Index(CNY)英文简称：HKCTECH(CNY)指数代码：987009Open p.1 ↗ |
The document identifies the index family through the CNI HK Connect Technology index name and CNY variant. |
| Base date | 2014-12-31 | 指数基日为2014 年12 月31 日，基点为1000 点。Open p.1 ↗ |
The index base date is December 31, 2014. |
| Base value | 1,000 index points | 指数基日为2014 年12 月31 日，基点为1000 点。Open p.1 ↗ |
The index base value is 1000 points. |
| Market classification | Hk connect | 在香港交易所上市并满足以下条件的股票：
1．具备互联互通标的资格；Open p.2 ↗ |
The index targets Hong Kong-listed securities eligible as Stock Connect targets. |
| Index family type | Thematic | 5．公司主营业务属于科技相关领域，包括：互联网、电子、通信设备、生物科技、医疗器械、大数据、云服务、智能汽车、人工智能等；Open p.2 ↗ |
The index is thematic because constituents' main businesses must belong to technology-related fields. |
| Factor exposures | Growth | 6．公司近两年营业收入复合增长率大于10%，或近一年研发费用占营业收入比例大于5%。Open p.2 ↗ |
The index applies a growth exposure by requiring revenue growth or a high research-and-development expense ratio. |
| M2 Universe · 6 fields | |||
| Stock Connect target eligibility | Yes | 1．具备互联互通标的资格；Open p.2 ↗ |
Stocks must have eligibility as Stock Connect targets. |
| Technology related business scope | 互联网, 电子, 通信设备, 生物科技, 医疗器械, 大数据, 云服务, 智能汽车, 人工智能 | 5．公司主营业务属于科技相关领域，包括：互联网、电子、通信设备、生物科技、医疗器械、大数据、云服务、智能汽车、人工智能等；Open p.2 ↗ |
Eligible main businesses include internet, electronics, telecommunications equipment, biotechnology, medical devices, big data, cloud services, smart vehicles, and artificial intelligence. |
| Markets | Hong Kong | 在香港交易所上市并满足以下条件的股票：Open p.2 ↗ |
The universe covers stocks listed in Hong Kong. |
| Exchanges | Hong Kong Stock Exchange | 在香港交易所上市并满足以下条件的股票：Open p.2 ↗ |
Securities must be listed on the Hong Kong Stock Exchange. |
| Security types | Other | 在香港交易所上市并满足以下条件的股票：Open p.2 ↗ |
The universe consists of stocks, but the excerpt does not specify a more detailed security type. |
| Exclusions | Companies without Stock Connect target eligibility, Companies with a major violation in the latest year, Companies with material problems in financial reports, Companies with abnormal operations or major losses in the latest year, Companies with abnormal stock-price fluctuation during the review period, Companies whose main business is not technology-related, Companies not meeting the revenue-growth or R&D-expense threshold | 1．具备互联互通标的资格；
2．公司最近一年无重大违规、财务报告无重大问题；
3．公司最近一年经营无异常、无重大亏损；
4．考察期内股价无异常波动；Open p.2 ↗ |
The selection space excludes non-Connect, non-compliant, financially problematic, abnormally operating, price-abnormal, non-technology, and insufficient-growth companies. |
| M3 Eligibility screens · 5 fields | |||
| Revenue growth threshold | Metric: Two year revenue compound growth rate; Threshold: 10%; Comparison: Greater than | 6．公司近两年营业收入复合增长率大于10%，或近一年研发费用占营业收入比例大于5%。Open p.2 ↗ |
The company's two-year revenue compound growth rate must be greater than 10%. |
| Research development expense ratio threshold | Metric: Latest year research development expenses to revenue; Threshold: 5%; Comparison: Greater than; Alternative to: Two year revenue compound growth rate above 10 (%) | 6．公司近两年营业收入复合增长率大于10%，或近一年研发费用占营业收入比例大于5%。Open p.2 ↗ |
Alternatively, the latest-year R&D expense ratio must be greater than 5% of revenue. |
| Financial screens | No material problems in the latest-year financial reports, No abnormal operations in the latest year, No major losses in the latest year, Two-year revenue compound annual growth rate above 10%, or latest-year R&D expenses above 5% of revenue | 2．公司最近一年无重大违规、财务报告无重大问题；
3．公司最近一年经营无异常、无重大亏损；Open p.2 ↗ |
Companies must have sound financial reporting and operations, no major loss, and either two-year revenue CAGR above 10% or R&D expense ratio above 5%. |
| Business or ESG exclusions | Companies with a major violation in the most recent year, Companies whose main business is not in a technology-related field | 2．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 a major recent violation or a main business outside technology-related fields are excluded. |
| Extreme price screen | Metric: Abnormal stock price fluctuation; Window: Review period; Rule: Stock price must have no abnormal fluctuation during the review period | 4．考察期内股价无异常波动；Open p.2 ↗ |
Securities must not exhibit abnormal stock-price fluctuation during the review period. |
| M4 Selection and constituent count · 3 fields | |||
| Selection method | Rank by metric | 首先，剔除选样空间内最近一年日均成交金额排名位于后10%的股票；然后，对选样空间剩余股票按照最近一年日均总市值从高到低排序，选取前30 只股票作为指数样本股。Open p.2 ↗ |
After screening the selection universe, remaining stocks are ranked by average total market capitalization and the highest-ranked stocks are selected. |
| Ranking metrics | Name: Average daily turnover; Window: One year; Direction: Bottom 10pct excluded; Step order: 1, Name: Average daily total market capitalization; Window: One year; Direction: Descending; Step order: 2 | 剔除选样空间内最近一年日均成交金额排名位于后10%的股票；然后，对选样空间剩余股票按照最近一年日均总市值从高到低排序Open p.2 ↗ |
Stocks in the bottom 10% by average daily trading value over the past year are removed, and remaining stocks are ranked from high to low by average daily total market capitalization over the past year. |
| Target constituent count | 30 | 对选样空间剩余股票按照最近一年日均总市值从高到低排序，选取前30 只股票作为指数样本股。Open p.2 ↗ |
The index selects the 30 highest-ranked remaining stocks as constituents. |
| M5 Weighting and capping · 5 fields | |||
| Weighting scheme | Capped market cap | 在指数计算中，设置权重调整因子，使单只样本股在每次定期调整时的权重不超过15%，前五大样本股权重之和不超过60%。Open p.3 ↗ |
The index uses weight adjustment factors to impose constituent and top-five weight caps in index calculation. |
| Weight cap | 15% | 在指数计算中，设置权重调整因子，使单只样本股在每次定期调整时的权重不超过15%Open p.3 ↗ |
Each constituent's weight is capped at 15% at each periodic review through a weight adjustment factor. |
| Group cap | Top n: 5; Aggregate (%): 60 | 前五大样本股权重之和不超过60%。Open p.3 ↗ |
The aggregate weight of the five largest constituents is capped at 60%. |
| Cap application timing | At review | 权重调整因子每年调整4 次，于样本股定期调整时实施。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 constituent reviews and generally remain fixed until the next periodic review date. |
| Divisor adjustment rule | When the constituent list changes, the weight adjustment factor is adjusted accordingly. | 当样本股名单发生变化时，调整因子进行相应调整。Open p.4 ↗ |
The weight adjustment factor is adjusted correspondingly when the constituent list changes. |
| M6 Review and rebalance schedule · 4 fields | |||
| Review frequency | Quarterly | 指数样本股实施季度定期调整，于每年3 月、6 月、9 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 undergo scheduled quarterly reviews. |
| Review types | Quarterly review, Ad hoc | 指数样本股实施季度定期调整，于每年3 月、6 月、9 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 quarterly scheduled reviews and ad hoc constituent adjustments. |
| Review months | March, June, September, December | 指数样本股实施季度定期调整，于每年3 月、6 月、9 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
Scheduled reviews occur in March, June, September, and December. |
| Effective date rule | Changes take effect on the trading day after the second Friday in March, June, September, and December. | 指数样本股实施季度定期调整，于每年3 月、6 月、9 月和12 月的第二个星期五的下一个交易日实施。Open p.3 ↗ |
Scheduled constituent changes are implemented on the trading day following the second Friday of March, June, September, 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股按顺序入选，排名在样本数130%范围之内的原样本股按顺序优先保留。Open p.3 ↗ |
Non-constituents ranked within 70% of the sample size are selected in order, while existing constituents ranked within 130% are retained first in order. |
| Maximum turnover per review | 10% of constituents | 每次样本股调整数量不超过样本总数的10%。Open p.3 ↗ |
The number of constituents changed at each scheduled review may not exceed 10% of the total sample size. |
| M8 Corporate actions, IPOs, ad-hoc changes · 4 fields | |||
| Reserve list selection | After determining newly added constituents, stocks equal to 5% of the sample size are selected from remaining stocks by total market capitalization in descending order as reserve constituents. | 在确定新入选样本股后，在剩余股票中按总市值从高到低排序，选取样本数量5%的股票作为备选样本股。Open p.3 ↗ |
A reserve list equal to 5% of the sample size is selected from remaining stocks by descending total market capitalization after new constituents are determined. |
| Stock Connect removal timing | Synchronous removal | 当样本股退市或被调出港股通标的清单时，将其从指数样本中同步调出。Open p.3 ↗ |
When a constituent is removed from the Stock Connect eligible securities list, it is simultaneously removed from the index. |
| Ad-hoc deletion | Delisting, Other | 当样本股退市或被调出港股通标的清单时，将其从指数样本中同步调出。Open p.3 ↗ |
A constituent is removed ad hoc if it is delisted or removed from the Stock Connect eligible securities list. |
| Replacement policy | Reserve list | 产生的样本空缺由备选样本股名单中排序最靠前的股票补足。Open p.3 ↗ |
Any ad hoc vacancy is filled by the highest-ranked stock on the reserve constituent list. |
| M9 Calculation and return variants · 5 fields | |||
| Weighting method | Paasche weighted | 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 calculation uses a Paasche weighting method. |
| Share count adjustment reference | 指数计算与维护细则 | 其中，样本股权数调整方法参见指数计算与维护细则，权Open p.2 ↗ |
The method for adjusting constituent share counts refers to the index calculation and maintenance rules. |
| Weight adjustment factor reference | 七、样本股权重调整 | 重调整因子见“七、样本股权重调整”。Open p.2 ↗ |
Weight adjustment factors are specified in the section on constituent weight adjustment. |
| 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：Open p.2 ↗ |
The index uses the Paasche weighted method and is calculated in real time through daily chain-linking. |
| 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. |
Open points · 43Model-written, for reference
- 1ISIN is not stated.
- 2Third-party vendor tickers such as Bloomberg, Refinitiv, or Wind are not stated.
- 3Administrator or benchmark provider is not stated.
- 4Calculation agent is not stated.
- 5Launch date is not stated.
- 6Calculation currency for the primary index code 987008 is not explicitly stated; only a separate CNY variant code 987009 is shown.
- 7Methodology version and methodology date are not stated.
- 8Benchmark regulatory status is not stated.
- 9Stated objective and intended-use wording are not provided in the sections.
- 10Size segment is not stated.
- 11Specific listing boards or market segments are not stated.
- 12Company nationality assignment rule is not stated beyond Hong Kong listing and Stock Connect eligibility.
- 13Parent index or parent universe index is not stated.
- 14Minimum trading history or listing time is not stated.
- 15Liquidity screen using trading value, turnover rank, or trading frequency is not stated.
- 16Minimum market capitalization or rank is not stated.
- 17Minimum free float is not stated.
- 18Foreign ownership limit or foreign room is not stated.
- 19Minimum voting rights are not stated.
- 20Minimum share price is not stated.
- 21Suspension treatment at review is not stated.
- 22The review or observation period referenced by 考察期 is not numerically defined.
- 23The document does not state a tie-breaking rule for securities with equal ranking metrics.
- 24The document does not describe industry or sector neutrality in constituent selection.
- 25The document does not specify a reserve list or pre-ranked replacement candidates.
- 26The document does not specify the underlying base weighting formula, free-float methodology, or share-count source.
- 27The document does not state foreign ownership limits or domestic inclusion factors.
- 28The document does not provide sector-level or country-level weight caps.
- 29The cited sections do not explicitly describe a divisor continuity mechanism beyond adjustment of the weight factor when constituents change.
- 30No data cut-off or reference date rule for quarterly reviews is stated.
- 31No announcement timing or disclosure channel for review results is stated.
- 32No separate weight rebalancing or capped/factor weight reset frequency is stated.
- 33No size-segment buffer or relaxed liquidity threshold for existing constituents is stated.
- 34No fast-entry rule for large new listings is stated.
- 35No merger, acquisition, spin-off, deletion-price, share/float-change threshold, or separate corporate-actions guide reference is stated.
- 36M9 text does not specify the price source or treatment when no trade occurs.
- 37M9 text does not state the publication precision of the index level.
- 38M9 text does not identify price, gross total return, or net total return variants.
- 39M9 text does not specify withholding tax treatment or dividend reinvestment rules.
- 40M9 text does not list divisor-adjustment events.
- 41M9 text does not describe market disruption, closure, or recalculation policies.
- 42No governance or methodology-change rules were provided in the calculation and return variants section; M10 was not included.
- 43Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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