Also known as: 国证港股通创新药指数 · 987018 (CNI code) · 987019 (CNI code, CNY) · 98701811 (CNI code, TR)
At a glance
- Weighting schemeCapped market cap
- Review frequencyQuarterly
- Constituent count50
- Single cap10
- Buffer70 / 130
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 16 fields | |||
| CNY index name | 国证港股通创新药指数（人民币） | 指数名称：国证港股通创新药指数（人民币）Open p.1 ↗ |
The CNY version is named 国证港股通创新药指数（人民币）. |
| CNY index short name | 港股通创新药（人民币） | 指数简称：港股通创新药（人民币）Open p.1 ↗ |
The short name of the CNY version is 港股通创新药（人民币）. |
| CNY english name | CNI HK Connect Innovative Drug Index(CNY) | 英文名称：CNI HK Connect Innovative Drug Index(CNY)Open p.1 ↗ |
The English name of the CNY version is CNI HK Connect Innovative Drug Index(CNY). |
| CNY english short name | HKCIDI(CNY) | 英文简称：HKCIDI(CNY)Open p.1 ↗ |
The English short name of the CNY version is HKCIDI(CNY). |
| CNY index code | 987019 | HKCIDI(CNY)指数代码：987019Open p.1 ↗ |
The CNY version has index code 987019. |
| Index name | CNI HK Connect Innovative Drug Index | 英文名称：CNI HK Connect Innovative Drug IndexOpen p.1 ↗ |
The official English index name is CNI HK Connect Innovative Drug Index. |
| Index short name | HKCIDI | 英文简称：HKCIDIOpen p.1 ↗ |
The English short name is HKCIDI. |
| Local index name | 国证港股通创新药指数 | 指数名称：国证港股通创新药指数Open p.1 ↗ |
The local Chinese index name is 国证港股通创新药指数. |
| Index code | 987018 | 指数代码：987018Open p.1 ↗ |
The index code is 987018. |
| Vendor codes | Local: 987018, 987019 | 指数代码：987018
指数名称：国证港股通创新药指数（人民币）指数简称：港股通创新药（人民币）英文名称：CNI HK Connect Innovative Drug Index(CNY)英文简称：HKCIDI(CNY)指数代码：987019Open p.1 ↗ |
The document lists local index codes 987018 and 987019, the latter for the CNY version. |
| Index family | 国证指数 | 指数名称：国证港股通创新药指数Open p.1 ↗ |
The index belongs to the CNI index family. |
| Base date | 2018-12-31 | 指数基日为2018 年12 月31 日Open p.1 ↗ |
The index base date is December 31, 2018. |
| Base value | 1,000 points | 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 under Stock Connect. |
| Size segment | Custom | 公司主营业务涉及创新药研发、生产等领域，不含医药外包服务。Open p.2 ↗ |
The provided sections do not specify a standard market-cap size segment. |
| Index family type | Thematic | 公司主营业务涉及创新药研发、生产等领域，不含医药外包服务。Open p.2 ↗ |
The index is thematic, focusing on companies whose main business involves innovative drug research, development, or production. |
| M2 Universe · 6 fields | |||
| Stock Connect eligibility | Yes | 具备互联互通标的资格；Open p.2 ↗ |
Stocks must be eligible Connect targets. |
| Innovative drug business scope | Main business involves innovative drug research, development, production, or related fields; pharmaceutical outsourcing services are excluded. | 公司主营业务涉及创新药研发、生产等领域，不含医药外包服务。Open p.2 ↗ |
The company's main business must involve innovative drug research, development, production, or related fields, excluding pharmaceutical outsourcing services. |
| 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 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 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 document refers generally to listed stocks without specifying a narrower security type. |
| Exclusions | Pharmaceutical outsourcing services companies, Companies with major violations in the latest year, Companies with material problems in financial reports in the latest year, Companies with abnormal operations or major losses in the latest year, Securities with abnormal stock-price fluctuations during the review period | 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；
5. 公司主营业务涉及创新药研发、生产等领域，不含医药外包服务。Open p.2 ↗ |
The selection universe excludes pharmaceutical outsourcing services and companies with violations, financial-reporting problems, abnormal operations, major losses, or abnormal price movements. |
| M3 Eligibility screens · 3 fields | |||
| Financial screens | No major 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；
3. 公司最近一年经营无异常、无重大亏损；Open p.2 ↗ |
Companies must have no major violations, no material financial-reporting problems, no abnormal operations, and no major losses in the most recent year. |
| Business or ESG exclusions | Companies with major violations in the latest year, Pharmaceutical outsourcing services companies | 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 and pharmaceutical outsourcing services companies are excluded. |
| Extreme price screen | Rule: Securities must have no abnormal stock-price fluctuations during the review period | 考察期内股价无异常波动；Open p.2 ↗ |
Stocks with abnormal price fluctuations during the review period are not eligible. |
| M4 Selection and constituent count · 4 fields | |||
| Liquidity screen | Metric: Average daily turnover; Window: Last one year; Minimum: 10,000,000; Currency: HKD; Action: Remove | 首先，剔除选样空间内最近一年日均成交金额低于1000 万港元的股票Open p.2 ↗ |
Stocks in the selection universe with average daily turnover below HK$10 million over the most recent year are excluded before ranking. |
| Selection method | Rank by metric | 首先，剔除选样空间内最近一年日均成交金额低于1000 万港元的股票；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50 只股票作为指数样本股。Open p.2 ↗ |
The index excludes illiquid stocks, ranks the remaining stocks by average daily total market capitalization over the last year in descending order, and selects the top stocks. |
| Ranking metrics | Name: Average daily total market capitalization; Window: Last one year; Direction: Descending; Step order: 2 | 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50 只股票作为指数样本股。Open p.2 ↗ |
After the liquidity screen, remaining stocks are ranked by average daily total market capitalization over the most recent year from highest to lowest. |
| Target constituent count | 50 | 选取前50 只股票作为指数样本股。样本数量不足时按实际数量纳入。Open p.2 ↗ |
The index targets 50 constituent stocks, but includes the actual number available if fewer than 50 qualify. |
| M5 Weighting and capping · 5 fields | |||
| Weight adjustment frequency | 4 times a year | 权重调整因子每年调整4 次，于样本股定期调整时实施。Open p.3 ↗ |
The weight adjustment factors are adjusted four times per year at periodic constituent reviews. |
| Weight factor fixed between reviews | Yes | 在下一个定期调整日之前，权重调整因子一般固定不变。当样本股名单发生变化时，调整因子进行相应调整。Open p.3 ↗ |
The weight adjustment factor generally remains unchanged before the next periodic review date, except for corresponding adjustments when the constituent list changes. |
| 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10%。Open p.3 ↗ |
Index calculation uses a weight adjustment factor to cap each constituent's weight, implying a capped market-capitalization weighting arrangement. |
| Weight cap | 10% | 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10%。Open p.3 ↗ |
Each constituent's weight may not exceed 10% at each periodic review. |
| 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。当样本股名单发生变化时，调整因子进行相应调整。Open p.3 ↗ |
Weight adjustment factors are set at periodic reviews, generally remain fixed until the next periodic review date, and are adjusted when constituent membership changes. |
| M6 Review and rebalance schedule · 7 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 reviews constituents quarterly. |
| 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 index has quarterly regular 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 ↗ |
Quarterly reviews occur in March, June, September, and December. |
| Announcement rule | — | — (not found verbatim in the PDF) |
|
| Effective date rule | next trading day after the second Friday of 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 ↗ |
Changes take effect on the next trading day after the second Friday in March, June, September, and December. |
| Rebalance frequency | — | — (not found verbatim in the PDF) |
|
| Weight reset frequency | — | — (not found verbatim in the PDF) |
|
| M7 Buffers and turnover control · 4 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 constituent count enter, while existing constituents ranked within 130% are retained first. |
| Size segment buffer | — | — (not found verbatim in the PDF) |
|
| Liquidity buffer existing | — | — (not found verbatim in the PDF) |
|
| Maximum turnover per review | 20% of constituents | 每次样本股调整数量不超过样本总数的20%。Open p.3 ↗ |
The number of constituent changes at each review may not exceed 20% of the total constituent count. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| Reserve list size | 5% of constituents | 在确定新入选样本股后，在剩余股票中按照日均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 ↗ |
After selecting new constituents, stocks equal to 5% of the constituent count are selected as reserve stocks. |
| Reserve list ranking metric | Daily average total market capitalization | 在确定新入选样本股后，在剩余股票中按照日均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 ↗ |
Reserve stocks are selected from remaining stocks ranked by daily average total market capitalization from high to low. |
| 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 ↗ |
A constituent removed from the Stock Connect eligible securities list is removed from the index simultaneously. |
| Fast entry | — | — (not found verbatim in the PDF) |
|
| 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 ↗ |
Vacancies are filled by the highest-ranked stock on the reserve list. |
| Merger spinoff rules | — | — (not found verbatim in the PDF) |
|
| Deletion price | — | — (not found verbatim in the PDF) |
|
| Share or float change threshold | — | — (not found verbatim in the PDF) |
|
| Corporate actions guide ref | — | — (not found verbatim in the PDF) |
|
| 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计算：Open p.2 ↗ |
The index calculation uses the Paasche weighting method. |
| Share count adjustment reference | 样本股权数调整方法参见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
重调整因子见“七、样本股权重调整”。Open p.2 ↗ |
Adjustment methods for constituent share counts refer to the separate Index Calculation and Maintenance Rules. |
| Weight adjustment factor reference | 权重调整因子见“七、样本股权重调整” | 其中，样本股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、样本股权重调整”。Open p.2 ↗ |
Weight adjustment factors are specified in Section 7, 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计算：Open p.2 ↗ |
The index uses the Paasche weighting method and is calculated daily by chain-linking. |
| Calculation frequency | Daily | 指数采用派氏加权法，依据下列公式逐日连锁计算：Open p.2 ↗ |
The index is calculated on a daily basis. |
Open points · 56Model-written, for reference
- 1ISIN is not stated.
- 2Third-party vendor tickers for Bloomberg, Refinitiv, or Wind are not stated.
- 3Administrator or benchmark provider entity is not explicitly stated beyond the CNI naming.
- 4Calculation agent is not stated.
- 5Parent index is not stated.
- 6Launch date is not stated; only base date and base value are provided.
- 7Calculation currency of primary code 987018 is not explicitly stated, although a separate CNY version 987019 is listed.
- 8Methodology version and methodology date are not stated.
- 9Benchmark regulatory status is not stated.
- 10Explicit objective or intended-use sentence is not provided in the sections.
- 11Listing board or market segment is not stated.
- 12Company nationality or incorporation rule is not stated beyond Hong Kong listing and Connect eligibility.
- 13Minimum trading history is not stated.
- 14Liquidity metric, window, threshold, and existing-constituent buffer are not stated.
- 15Minimum market capitalization or rank requirement is not stated.
- 16Minimum free float percentage is not stated.
- 17Foreign ownership limit or foreign room requirement is not stated.
- 18Minimum voting rights requirement is not stated.
- 19Minimum share price requirement is not stated.
- 20Suspension treatment at review is not stated.
- 21Tie-breaking rule for equal average daily total market capitalization is not stated.
- 22Industry or sector neutrality rule is not stated.
- 23Reserve list or pre-ranked replacement candidates are not stated.
- 24The exact base weighting measure before the 10% cap and the treatment of free float are not stated.
- 25Domestic inclusion factor and foreign ownership limit treatment are not stated.
- 26Group, sector, and country weight caps are not stated.
- 27Share count source and update timing are not stated.
- 28Divisor adjustment rule for maintaining index continuity is not stated.
- 29No data cutoff or reference date rule for quarterly reviews is stated.
- 30No announcement timing or publication channel for review results is stated.
- 31No separate weight rebalancing or weight reset frequency is stated.
- 32No fast-entry rule for large new listings is stated.
- 33No merger, acquisition, or spin-off treatment is stated.
- 34No deletion price rule is stated.
- 35No share or free-float change threshold is stated.
- 36No reference to a separate corporate-actions guide is stated.
- 37Price source not stated
- 38Calculation returns.precision not stated
- 39Return variants not stated
- 40Withholding tax basis not stated
- 41Dividend treatment not stated
- 42Divisor adjustment events not stated
- 43Market disruption rule not stated
- 44Recalculation policy not stated
- 45Oversight body not stated
- 46Discretion points not stated
- 47Methodology review frequency not stated
- 48External review not stated
- 49Material change definition not stated
- 50Consultation procedure not stated
- 51Notice period not stated
- 52Error correction policy not stated
- 53Disclosure channels not stated
- 54Constituents published not stated
- 55Cessation policy not stated
- 56Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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