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CSI CSI code 000685

STAR Chip 科创芯片

General rules (8) ↗

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Also known as: 科创芯片 · 000685 (CSI code)

At a glance

  • Review frequencyQuarterly
  • Constituent count50
  • Next dates
    • 2026-12 (month) rebalance effective (estimated from the review rule)
    • 2027-03 (month) rebalance effective (estimated from the review rule)
    +2 more
    • 2027-06 (month) rebalance effective (estimated from the review rule)
    • 2027-09 (month) rebalance effective (estimated from the review rule)
Profile fields by outline item
FieldValueSource textReading (model)
M1 Identity, objective, classification · 12 fields
Local short name 科创芯片
指数简称:科创芯片Open p.1 ↗
The local Chinese short name is Ke Chuang Xin Pian, or STAR Chip.
Index name SSE STAR Chip Index
英文名称:SSE STAR Chip IndexOpen p.1 ↗
The official English index name is SSE STAR Chip Index.
Index short name STAR Chip Index
英文简称:STAR Chip IndexOpen p.1 ↗
The English short name is STAR Chip Index.
Local index name 上证科创板芯片指数
指数名称:上证科创板芯片指数Open p.1 ↗
The local Chinese index name is 上证科创板芯片指数.
Index code 000685
指数代码:000685Open p.1 ↗
The index code is 000685.
Administrator 上海证券交易所
指数名称:上证科创板芯片指数指数简称:科创芯片英文名称:SSE STAR Chip IndexOpen p.1 ↗
The index is an SSE index, as indicated by the Chinese name and STAR Market scope.
Index family 上证科创板芯片指数
上证科创板芯片指数从科创板上市公司中选取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本Open p.1 ↗
The document identifies the STAR Chip index methodology family.
Base date 2019-12-31
该指数以2019 年12 月31 日为基日Open p.1 ↗
The index base date is December 31, 2019.
Base value 1,000
以1000 点为基点。Open p.1 ↗
The index base value is 1000 points.
Objective 反映科创板代表性芯片产业上市公司证券的整体表现
以反映科创板代表性芯片产业上市公司证券的整体表现。Open p.1 ↗
The index reflects the overall performance of securities of representative chip-industry companies listed on the STAR Market.
Market classification China A
从科创板上市公司中选取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本Open p.1 ↗
The index covers securities listed on China's STAR Market.
Index family type Sector
选取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本Open p.1 ↗
The index is a sector thematic index focused on the chip industry.
M2 Universe · 5 fields
Eligible universe scope STAR Market stocks and red-chip depositary receipts satisfying listing-history and risk-warning conditions
指数样本空间由满足以下条件的科创板上市的股票和红筹企业发行的存托凭证组成Open p.1 ↗
The sample universe consists of STAR Market stocks and red-chip depositary receipts meeting the stated conditions.
Markets China A-share STAR Market
指数样本空间由满足以下条件的科创板上市的股票和红筹企业发行的存托凭证组成Open p.1 ↗
The eligible universe is restricted to securities listed on the STAR Market.
Boards STAR Market
科创板上市的股票和红筹企业发行的存托凭证组成Open p.1 ↗
The listing board covered is the Science and Technology Innovation Board, known as the STAR Market.
Security types A share, Dr
科创板上市的股票和红筹企业发行的存托凭证组成Open p.1 ↗
The universe includes STAR Market-listed stocks and depositary receipts issued by red-chip enterprises.
Exclusions delisting risk warning securities
(2)非退市风险警示证券。Open p.1 ↗
Securities under delisting risk warning are excluded from the sample universe.
M3 Eligibility screens · 4 fields
Large new listing exception Minimum age: Minimum value: 3 months; Average daily total market cap rank: top 5 in STAR Market since listing
除非上市以来日均总市值排名在科创板市场前5 位且上市时间超过3 个月Open p.1 ↗
A security listed for more than three months may satisfy the history rule if its average daily total market capitalization since listing ranks in the STAR Market's top five.
Risk warning eligibility Must not be a delisting risk warning security.
(2)非退市风险警示证券。Open p.1 ↗
Securities subject to delisting risk warning are not eligible.
Trading history Minimum value: 6 months; Exceptions: Securities ranked among the top five on the STAR Market by average daily total market capitalization since listing need only be listed for more than three months
上市时间超过6 个月,除非上市以来日均总市值排名在科创板市场前5 位且上市时间超过3 个月Open p.1 ↗
Securities must generally be listed for more than six months, except top-five average daily total market capitalization securities listed for more than three months.
Liquidity screen Metric: Liquidity ratio; Window: past one year; Threshold: rank in the top 90% of the sample space
过去一年日均成交金额排名位于样本空间前90%。Open p.2 ↗
The past-year average daily trading value rank must be in the top 90% of the sample space.
M4 Selection and constituent count · 4 fields
Selection method Rank by metric
对待选样本按照过去一年日均总市值由高到低排名,当待选样本数量不足50 只时,全部纳入;当待选样本数量超过50 只时,选取排名前50 的证券作为指数样本。Open p.2 ↗
Eligible semiconductor-related securities are ranked by a metric and the highest-ranked securities are selected.
Ranking metrics Name: Average daily total market capitalization; Window: Past one year; Direction: Descending; Step order: 1
对待选样本按照过去一年日均总市值由高到低排名,当待选样本数量不足50 只时,全部纳入;当待选样本数量超过50 只时,选取排名前50 的证券作为指数样本。Open p.2 ↗
Candidates are ranked from highest to lowest by average daily total market capitalization over the past year.
Target constituent count 50
当待选样本数量不足50 只时,全部纳入;当待选样本数量超过50 只时,选取排名前50 的证券作为指数样本。Open p.2 ↗
The index targets 50 constituents; if there are fewer than 50 candidates, all candidates are included.
Industry neutrality rule Candidates must be listed companies whose businesses cover semiconductor materials and equipment, chip design, chip manufacturing, and chip packaging and testing.
对于样本空间内符合可投资性筛选条件的证券,选取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试等领域的上市公司证券作为待选样本;Open p.2 ↗
Selection is restricted to companies involved in specified semiconductor industry areas, but no industry-neutral balancing rule is stated.
M5 Weighting and capping · 3 fields
Free float factor Method: Banded; Bands: To: 15; Method: Round the free-float ratio up to the nearest whole percentage value, From: 15; To: 20; Factor: 0.2, From: 20; To: 30; Factor: 0.3, From: 30; To: 40; Factor: 0.4, From: 40; To: 50; Factor: 0.5, From: 50; To: 60; Factor: 0.6, From: 60; To: 70; Factor: 0.7, From: 70; To: 80; Factor: 0.8, From: 80; Factor: 1; Examples: Security: A; Free float ratio (%): 9; Weighting ratio (%): 9; Adjusted shares: 9,000, Security: B; Free float ratio (%): 43.8; Weighting ratio (%): 50; Adjusted shares: 4,000, Security: C; Free float ratio (%): 82; Weighting ratio (%): 100; Adjusted shares: 5,000
除非特别说明,中证指数在计算自由流通股本时,采用分级靠档的方法,根据自由流通量所占证券总股本的比例(即自由流通比例)赋予证券总股本一定的加权比例From CSI Free Float Rules for Equity Indices ↗
Unless otherwise specified, a banded weighting factor is applied; free-float ratios up to 15% are rounded up to the nearest whole percentage, while higher bands use fixed factors from 20% to 100%.
Shares outstanding Total issued shares of the security; free-float-adjusted share capital is total share capital multiplied by the banded weighting factor.
自由流通量等于证券总股本剔除限售股份以及以下基本不流通的股份From CSI Free Float Rules for Equity Indices ↗
Free float is measured against the security's total share capital, and adjusted share capital is calculated using a weighting factor applied to total share capital.
Divisor adjustment rule The new divisor equals the prior divisor multiplied by the post-adjustment adjusted market capitalization divided by the pre-adjustment adjusted market capitalization, calculated after the close before the change becomes effective.
为保证指数的连续性,当指数样本、股本结构发生变化或样本的市值出现非交易因素的变动时,指数在变动生效日前一日收盘后采用除数修正法修正原除数。From CSI Calculation Rules for Equity Indices ↗
The divisor is corrected after the close before the effective date so that the new divisor equals the old divisor times the ratio of adjusted post-change market value to pre-change market value.
M6 Review and rebalance schedule · 6 fields
Review frequency Quarterly
指数样本每季度调整一次,样本调整实施时间分别为每年3 月、6 月、9 月和12 月的第二个星期五的下一交易日。Open p.2 ↗
Index constituents are reviewed and adjusted once every quarter.
Review types Quarterly review, Ad hoc
指数样本每季度调整一次,样本调整实施时间分别为每年3 月、6 月、9 月和12 月的第二个星期五的下一交易日。Open p.2 ↗
The index is subject to quarterly regular reviews and ad hoc adjustments in special circumstances.
Review months 3, 6, 9, 12
指数样本每季度调整一次,样本调整实施时间分别为每年3 月、6 月、9 月和12 月的第二个星期五的下一交易日。Open p.2 ↗
Regular sample adjustments are implemented in March, June, September and December.
Effective date rule The next trading day after the second Friday of March, June, September and December.
样本调整实施时间分别为每年3 月、6 月、9 月和12 月的第二个星期五的下一交易日。Open p.2 ↗
Regular constituent changes take effect on the next trading day after the second Friday of March, June, September and December.
Weight reset frequency Quarterly
权重因子随样本定期调整而调整,调整时间与指数样本定期调整实施时间相同。在下一个定期调整日前,权重因子一般固定不变。Open p.2 ↗
Weighting factors are adjusted with the regular constituent review and generally remain fixed until the next regular adjustment date.
Data cutoff rule For commonly used periodic review cycles, the general data cutoff is normally the last calendar day of the second calendar month before the periodic adjustment effective date.
通常情况下适用常用定期调整周期的指数的通用数据截止日为定期调整生效日前第二个自然月的最后一个自然日。From CSI Constituent Adjustment Rules for Equity Indices ↗
For commonly used review cycles, base data generally use the last calendar day of the second natural month before the adjustment effective date as the cutoff.
M8 Corporate actions, IPOs, ad-hoc changes · 4 fields
Ad-hoc deletion Delisting, Acquisition, Other
当样本退市时,将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理,参照计算与维护细则处理。Open p.3 ↗
A constituent is removed ad hoc upon delisting, while acquisitions, mergers and spin-offs are handled under the calculation and maintenance rules.
Merger spinoff rules Acquisitions, mergers, spin-offs and similar events are handled by reference to the calculation and maintenance rules.
样本公司发生收购、合并、分拆等情形的处理,参照计算与维护细则处理。Open p.3 ↗
When constituent companies undergo acquisitions, mergers, spin-offs or similar events, treatment follows the index calculation and maintenance rules.
Corporate actions guide ref 计算与维护细则
样本公司发生收购、合并、分拆等情形的处理,参照计算与维护细则处理。Open p.3 ↗
Corporate-event treatment refers to the index calculation and maintenance rules.
Deletion price Default price: latest closing price; Major negative event suspended price: 0.00001; Currency for a share example: CNY
原则上,以最新收盘价剔除指数样本。当决定剔除指数样本时,剔除证券处于停牌状态且停牌原因为触及交易类强制退市情形等重大负面事件的,一般以系统最低价格(目前为0.00001)剔除。From CSI Constituent Adjustment Rules for Equity Indices ↗
Constituents are generally removed at the latest closing price; if a removed security is suspended because of a trading-related mandatory delisting trigger or other major negative event, it is removed at the system minimum price, currently 0.00001.
M9 Calculation and return variants · 13 fields
Adjusted market capitalization formula Σ(security price × adjusted share count × weighting factor)
调整市值=∑(证券价格×调整股本数×权重因子)。Open p.2 ↗
Adjusted market capitalization is the sum of each security's price multiplied by its adjusted share count and weighting factor.
Index formula base multiplier 1,000
报告期指数= 报告期样本的调整市值 × 1000除数Open p.2 ↗
The index formula multiplies the adjusted market capitalization of the samples by 1,000 before dividing by the divisor.
Weight factor range 0, 1
权重因子介于0 和1 之间Open p.2 ↗
The weighting factor ranges from 0 to 1.
Single constituent weight limit 10%
以使单个样本权重不超过10%。Open p.2 ↗
The weighting factor is set so that no single constituent's weight exceeds 10%.
Calculation and maintenance rules reference 调整股本数的计算方法、除数修正方法参见计算与维护细则。
调整股本数的计算方法、除数修正方法参见计算与维护细则。Open p.2 ↗
The methods for calculating adjusted share counts and revising the divisor are set out in the calculation and maintenance rules.
Formula type Divisor
指数计算公式为:报告期指数= 报告期样本的调整市值 × 1000除数其中,调整市值=∑(证券价格×调整股本数×权重因子)。Open p.2 ↗
The index is calculated using adjusted market capitalization multiplied by 1,000 and divided by a divisor.
Price source Real-time prices come from exchange market-data systems such as SSE and SZSE or from data vendors designated by CSI; the latest trade is used when traded and the opening reference price is used when there is no trade.
指数的实时计算,样本实时成交价格来自上海证券交易所、深圳证券交易所等交易所行情系统,或来自由中证指数不时指定的数据供应商提供的交易行情。From CSI Calculation Rules for Equity Indices ↗
Real-time calculation uses exchange or designated-vendor market prices, taking the latest traded price or, if no trade occurs, the opening reference price.
Calculation frequency Real-time index updates follow the interface definition used by CSI, the exchange, or another third-party market-data system; closing indices are published every index trading day.
实时指数计算和发布:指数更新频率以中证指数通、交易所或其他第三方行情发布系统接口定义为准。收盘指数计算和发布:指数发布频率为指数交易日每日发布。From CSI Calculation Rules for Equity Indices ↗
Real-time indices are updated according to the relevant publication interface, and closing indices are calculated and published on each index trading day.
Return variants PR, GTR, NTR
价格指数以样本的市场价格,计算指数的表现。为满足投资者的需要,中证指数同时计算部分指数的全收益指数和净收益指数。From CSI Calculation Rules for Equity Indices ↗
The rulebook identifies price, gross total return, and net total return indices, with gross and net versions calculated for some indices.
Withholding tax basis A 10% cash-dividend tax rate is generally used for Shanghai, Shenzhen, Beijing, and Hong Kong securities.
对沪深京港证券,现金分红的税率一般设置为10%。From CSI Calculation Rules for Equity Indices ↗
For Shanghai, Shenzhen, Beijing, and Hong Kong securities, the cash-dividend tax rate is generally set at 10%.
Dividend treatment Gross total return indices reinvest pre-tax cash dividends and net total return indices reinvest after-tax cash dividends on the ex-dividend date; the price index does not adjust the divisor for cash dividends.
全收益指数和净收益指数是价格指数的辅指数,与价格指数的区别在于全收益指数、净收益指数的计算中考虑了样本税前、税后现金红利的再投资收益,不会在样本除息日按照样本分红金额自然回落From CSI Calculation Rules for Equity Indices ↗
Gross and net total return indices assume reinvestment of pre-tax and after-tax cash dividends on the ex-dividend date, while the price index falls naturally on cash dividends.
Divisor adjustment Cash dividend for gross and net total return indices, Bonus issue, Rights issue, Stock split, Reverse stock split, Other share changes at or above 5 percent, Accumulated small share changes in semi annual adjustment, Periodic or ad hoc constituent adjustment
当样本现金分红时,价格指数除数不予修正,任其自然回落。全收益指数、净收益指数在样本除息日前一交易日收盘后修正指数除数。当样本送股、配股、拆股或缩股时,价格指数、全收益指数、净收益指数在样本除权日前一交易日收盘后修正指数除数。From CSI Calculation Rules for Equity Indices ↗
Divisor adjustments are triggered by total-return cash dividends, bonus issues, rights issues, splits, reverse splits, qualifying other share changes, scheduled small share-change updates, and constituent adjustments.
Recalculation policy Where recalculation or republication is involved, CSI will promptly notify index clients; in complex cases CSI reserves discretion to recalculate the index or republish related data products.
公司保留在复杂情况下自行决定重新计算指数或重新发布相关数据产品的权利。涉及指数重新计算或发布的情形,公司将及时向指数客户发布通知。From CSI The Primary Policy of Index Management ↗
If an index is recalculated or related data products are republished, CSI will promptly notify index clients, with the decision reserved to CSI in complex situations.
M10 Governance, change policy, disclosure · 10 fields
Oversight body Index Business Supervisory Committee, Index Expert Committee
指数业务监督委员会负责定期对指数编制方案审阅工作进行监督。From CSI The Primary Policy of Index Management ↗
The Index Business Supervisory Committee supervises methodology review, rule changes, index terminations, and complaint reports; the Index Expert Committee provides recommendations and discusses Category I index terminations.
Discretion points decide whether and how to correct an index error within six months, decide whether to recalculate an index or republish related data products in complex cases, terminate an index after prudent evaluation, consider providing a replacement index when regulatory requirements and feasibility permit, issue emergency notices depending on the impact of a calculation abnormality, use targeted rather than public consultation where appropriate for material changes
对于六个月以内的指数错误,需综合评估指数错误影响、指数产品情况、距离下次指数调整时间、指数可投资性与可复制性等因素,慎重决定处理方案。From CSI The Primary Policy of Index Management ↗
CSI retains discretion over error handling and recalculation, index termination after evaluation, replacement-index considerations, emergency notification based on impact, and consultation format in appropriate cases.
Methodology review frequency periodic internal review
公司负责根据内部定期审阅、审视市场环境、听取指数专家委员会建议、接受市场反馈、外部投诉等途径对指数规则进行必要的修订。From CSI The Primary Policy of Index Management ↗
Index rules are revised based on periodic internal reviews, market developments, expert committee advice, market feedback, and complaints; the review interval is not specified.
External review Material changes: Market opinions must be sought in advance; Category I indices: Public consultation is the principle; targeted consultation may be used with scope commensurate with the index's actual impact; Non Category I indices: Targeted consultation is the principle
指数规则修订涉及的重大变更应事先征求市场意见。其中,一类指数1的重大变更原则上采用公开征求意见的形式,若采用定向方式的,征求范围应与指数的实际影响相适应;非一类指数的重大变更原则上采用定向征求意见的形式。From CSI The Primary Policy of Index Management ↗
Material rule changes require prior market consultation: Category I indices normally use public consultation, while non-Category I indices normally use targeted consultation.
Material change definition Material changes are referenced as major changes to index rules, but the document does not define the criteria for materiality.
指数规则修订涉及的重大变更应事先征求市场意见。From CSI The Primary Policy of Index Management ↗
The rulebook requires market consultation for material index-rule changes but does not state a definition or criteria for materiality.
Consultation procedure Material changes are consulted with the market before implementation; Category I indices normally use public consultation, non-Category I indices normally use targeted consultation, and targeted scope must match the index's actual impact.
其中,一类指数1的重大变更原则上采用公开征求意见的形式,若采用定向方式的,征求范围应与指数的实际影响相适应;非一类指数的重大变更原则上采用定向征求意见的形式。From CSI The Primary Policy of Index Management ↗
CSI conducts prior market consultation for material changes, normally publicly for Category I indices and on a targeted basis for other indices, with targeted scope aligned to impact.
Notice period 1 business day
第十七条 指数规则的修订根据指数分类不同须在正式实施前至少一个交易日于公司官网进行公告,公告内容包括指数规则修订的背景、内容及实施时间表。From CSI Measures for the Implementation of Change of Index Methodologies ↗
Unless otherwise specified, rule revisions must be announced on the company website at least one trading day before formal implementation.
Error correction policy Error definition: A published index level deviates from the correct level; Causes: data errors, maintenance errors, software or hardware technical failures, other causes; Older than six months: generally not handled; Within six months factors: impact of the error, index-linked products, time until the next index adjustment, index investability and replicability; Complex cases: CSI reserves the right to decide whether to recalculate the index or republish related data products
指数错误指已向市场发布的指数点位与正确点位发生偏离。引起指数错误的原因包括但不限于:数据错误、维护错误、软硬件技术故障等。公司经过审慎评估,可能对指数错误进行修正,并遵循以下原则:如指数错误发现时距离发生已超过六个月,一般不予处理。From CSI The Primary Policy of Index Management ↗
Errors are deviations between published and correct levels; errors older than six months are generally not addressed, while newer errors are assessed by impact, linked products, timing, investability, and replicability, and complex cases may be recalculated or republished at CSI's discretion.
Change announcement market disclosure before formal implementation of rule revisions, CSI Index Express, Exchanges, other third-party market-data publication systems, CSI website, CSI data service platform, notices to index clients for recalculation or republication
指数规则修订经内部评审后,将在正式实施前向市场披露。From CSI The Primary Policy of Index Management ↗
CSI discloses rule revisions to the market before implementation, publishes levels through market-data systems and its website or data platform, and notifies clients for recalculations or republication.
Cessation policy After prudent evaluation, CSI may terminate an index, meaning cessation of calculation, maintenance, and external publication; factors outside CSI's control may, in extreme cases, lead to termination.
公司经过审慎评估后,可能会进行指数终止的操作,即终止指数的计算、维护和对外发布。From CSI The Primary Policy of Index Management ↗
An index may be terminated after prudent evaluation, stopping its calculation, maintenance, and external publication; extreme market, data, liquidity, environmental, or geopolitical factors may also result in termination.

Open points · 30Model-written, for reference

  1. 1ISIN is not stated.
  2. 2Third-party vendor tickers for Bloomberg, Refinitiv, or Wind are not stated.
  3. 3Launch date is not stated; only base date and base value are provided.
  4. 4Calculation currency is not explicitly stated.
  5. 5Methodology version and methodology date are not stated.
  6. 6Calculation agent is not separately identified from the administrator.
  7. 7Parent index or parent universe index is not stated.
  8. 8No explicit minimum free-float, foreign-room, voting-rights, share-price, financial, ESG, suspension-at-review, or abnormal-price screen appears.
  9. 9The text says months for listing history but does not define the day-count convention for those months.
  10. 10No free-float factor, inclusion factor, foreign-ownership treatment, share-count source, or divisor-adjustment rule is stated.
  11. 11No tie-breaking rule is stated for securities with identical average daily total market capitalization rankings.
  12. 12No reserve-list size or replacement-candidate rule is stated.
  13. 13No data cutoff or review reference date rule is stated.
  14. 14No announcement timing or disclosure channel for review results is stated.
  15. 15No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
  16. 16No fast-entry rule for large new listings is stated.
  17. 17No replacement policy or reserve-list rule for ad hoc deletions is stated.
  18. 18No deletion price for removed or suspended securities is stated.
  19. 19No threshold for interim share or free-float changes is stated.
  20. 20The separate document titled 计算与维护细则 is referenced but its full corporate-action treatment is not included.
  21. 21Price source and treatment of securities without trades are not specified.
  22. 22Real-time or end-of-day calculation frequency is not specified.
  23. 23Published index precision is not specified.
  24. 24Price, gross total return, and net total return variants are not specified.
  25. 25Withholding tax basis and dividend reinvestment treatment are not specified.
  26. 26Specific divisor adjustment events are not listed, although the section refers to separate calculation and maintenance rules.
  27. 27Market disruption or market-closure calculation rules are not specified.
  28. 28Recalculation and error-correction policy for published index levels is not specified.
  29. 29Governance, oversight body, consultation, notice, disclosure, constituent publication, and index cessation rules are not specified.
  30. 30Not coveredM7 Buffers and turnover control: not covered by this edition

Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 61 of 61 quotes found word for word in the PDF · includes general rules: Calculation Rules for Equity Indices v1.1, Free Float Rules for Equity Indices v1.1, Constituent Adjustment Rules for Equity Indices v1.2, The Primary Policy of Index Management v3.0, Measures for the Implementation of Change of Index Methodologies v3.0

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