Also known as: 科创50 · STAR50 Index (Bloomberg) · 000688 (CSI code) · .STAR50 (RIC)
At a glance
- Review frequencyQuarterly
- Constituent count50
- Buffer40 / 60
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Local short name | 科创50 | 指数简称：科创50Open p.1 ↗ |
The local short name is 科创50. |
| Index name | SSE Science and Technology Innovation Board 50 Index | 英文名称：SSE Science and Technology Innovation Board 50 IndexOpen p.1 ↗ |
The official English index name is SSE Science and Technology Innovation Board 50 Index. |
| Index short name | STAR 50 | 英文简称：STAR 50Open p.1 ↗ |
The official English short name is STAR 50. |
| Local index name | 上证科创板50成份指数 | 指数名称：上证科创板50 成份指数Open p.1 ↗ |
The local index name is 上证科创板50成份指数. |
| Index code | 000688 | 指数代码：000688Open p.1 ↗ |
The index code is 000688. |
| Administrator | 上海证券交易所 | 上证科创板50 成份指数由上海证券交易所科创板中市值大、流动性好的50只证券组成Open p.1 ↗ |
The document identifies the index with the Shanghai Stock Exchange and the STAR Market. |
| Index family | 上证科创板50成份指数 | 指数名称：上证科创板50 成份指数指数简称：科创50Open p.1 ↗ |
The index belongs to the SSE STAR Market index series identified in the document. |
| 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 index points | 以1000 点为基点。Open p.1 ↗ |
The index base value is 1000 points. |
| Objective | 上证科创板50成份指数由上海证券交易所科创板中市值大、流动性好的50只证券组成，反映最具市场代表性的一批科创企业的整体表现。 | 上证科创板50 成份指数由上海证券交易所科创板中市值大、流动性好的50只证券组成，反映最具市场代表性的一批科创企业的整体表现。Open p.1 ↗ |
The index comprises 50 large and liquid securities on the Shanghai Stock Exchange STAR Market and reflects the overall performance of a representative group of science and technology innovation enterprises. |
| Market classification | China A | 由上海证券交易所科创板中市值大、流动性好的50只证券组成Open p.1 ↗ |
The index covers securities listed on the Shanghai Stock Exchange STAR Market in China. |
| Size segment | Large | 市值大、流动性好的50只证券组成Open p.1 ↗ |
The index targets large-capitalization securities within the STAR Market. |
| Index family type | Market cap | 市值大、流动性好的50只证券组成Open p.1 ↗ |
The index is a market-capitalization-oriented representative index selecting large and liquid securities. |
| M2 Universe · 6 fields | |||
| Eligible universe description | 科创板上市证券，含股票和红筹企业发行的存托凭证 | 样本空间由满足以下条件的科创板上市证券（含股票、红筹企业发行的存托凭证）组成Open p.1 ↗ |
The sample space consists of STAR-listed securities, including stocks and depositary receipts issued by red-chip enterprises. |
| Markets | China | 上证科创板50 成份指数样本空间由满足以下条件的科创板上市证券Open p.1 ↗ |
The sample universe covers securities listed on the Shanghai Stock Exchange STAR Market in China. |
| Exchanges | 上海证券交易所 | 由上海证券交易所科创板中市值大、流动性好的50只证券组成Open p.1 ↗ |
The universe is limited to securities listed on the Shanghai Stock Exchange STAR Market. |
| Boards | STAR | 科创板上市证券（含股票、红筹企业发行的存托凭证）组成Open p.1 ↗ |
The eligible listing board is the Science and Technology Innovation Board, or STAR Market. |
| Security types | A share, Dr | 科创板上市证券（含股票、红筹企业发行的存托凭证）组成Open p.1 ↗ |
The universe includes stocks and depositary receipts issued by red-chip enterprises listed on the STAR Market. |
| Exclusions | Companies subject to delisting risk warning, Companies with major illegal or noncompliant events, major operational problems, or seriously abnormal market performance that make them unsuitable as samples | 存在以下情形的公司除外： i. 被实施退市风险警示； ii. 存在重大违法违规事件、重大经营问题、市场表现严重异常等不宜作为样本的情形。Open p.2 ↗ |
Companies subject to delisting risk warnings or with major violations, major operational problems, or seriously abnormal market performance are excluded. |
| M3 Eligibility screens · 6 fields | |||
| Accelerated entry observation time | Trading day after data cutoff: 10 | 定期调整数据考察截止日后第10 个交易日时，上市时间超过3 个月Open p.1 ↗ |
For the top-five market-cap pathway, listing history is assessed as of the tenth trading day after the periodic adjustment data cutoff. |
| Listing history adjustment threshold | Securities listed for 12 months minimum: 100; Securities listed for 12 months maximum: 150 | 待科创板上市满12 个月的证券数量达100 只至150 只后，上市时间调整为超过12 个月Open p.1 ↗ |
When the number of STAR Market securities listed for 12 months reaches 100 to 150, the general listing-history threshold changes to more than 12 months. |
| Trading history | Minimum value: 6 months; Exceptions: After the number of securities listed on STAR Market for 12 months reaches 100 to 150, the general listing-history requirement changes to more than 12 months., Securities whose average daily total market capitalization since listing ranks in the top 5 of the STAR Market may qualify after more than 3 months at the tenth trading day after the periodic review data cutoff., Securities ranking in the top 3 that do not meet the second condition may qualify after more than 1 month with expert committee approval | 上市时间超过6 个月；待科创板上市满12 个月的证券数量达100 只至150 只后，上市时间调整为超过12 个月Open p.1 ↗ |
The general minimum listing history is more than 6 months, with shorter pathways for top-ranked large securities and a future shift to more than 12 months. |
| Minimum size | Metric: Rank; Threshold: Top 5 average daily total market capitalization since listing for the 3-month pathway; top 3 for the 1-month expert-committee pathway | 上市以来日均总市值排名在科创板市场前5 位，定期调整数据考察截止日后第10 个交易日时，上市时间超过3 个月Open p.1 ↗ |
Accelerated eligibility uses average daily total market capitalization rank since listing: top 5 for the 3-month pathway and top 3 for the 1-month pathway. |
| Business or ESG exclusions | Delisting risk warning, Major illegal or noncompliant events, Major operational problems, Seriously abnormal market performance or other circumstances making the company unsuitable as a sample | 被实施退市风险警示； ii. 存在重大违法违规事件、重大经营问题、市场表现严重异常等不宜作为样本的情形。Open p.2 ↗ |
Companies are excluded for delisting risk warnings, major violations, major operating problems, serious market-performance abnormalities, or other unsuitability. |
| Extreme price screen | Applies: Yes; Description: Securities with seriously abnormal market performance may be excluded as unsuitable samples | 存在重大违法违规事件、重大经营问题、市场表现严重异常等不宜作为样本的情形。Open p.2 ↗ |
The document excludes companies with seriously abnormal market performance that make them unsuitable as index samples. |
| M4 Selection and constituent count · 4 fields | |||
| Liquidity screen | Metric: Average daily turnover; Window: Past one year; Ranking direction: Descending; Exclude bottom (%): 10 | 对样本空间内的证券按照过去一年的日均成交金额由高到低排名，剔除排名后10%的证券作为待选样本Open p.2 ↗ |
Securities in the bottom 10% when ranked by past-year average daily turnover are excluded from the candidate sample. |
| Selection method | Rank by metric | （1）对样本空间内的证券按照过去一年的日均成交金额由高到低排名，剔除排名后10%的证券作为待选样本； （2）对待选样本按照过去一年的日均总市值由高到低排名，选取排名前50的证券作为指数样本。Open p.2 ↗ |
The index selects constituents by ranking eligible securities first by liquidity and then by market capitalization. |
| Ranking metrics | Name: Average daily turnover; Window: Past one year; Direction: Descending; Step order: 1, Name: Average daily total market capitalization; Window: Past one year; Direction: Descending; Step order: 2 | （1）对样本空间内的证券按照过去一年的日均成交金额由高到低排名，剔除排名后10%的证券作为待选样本； （2）对待选样本按照过去一年的日均总市值由高到低排名，选取排名前50的证券作为指数样本。Open p.2 ↗ |
Securities are ranked by past-year average daily turnover in descending order, and remaining candidates are then ranked by past-year average daily total market capitalization in descending order. |
| Target constituent count | 50 | 选取排名前50的证券作为指数样本。Open p.2 ↗ |
The index selects the 50 highest-ranked securities from the candidate sample. |
| 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 · 7 fields | |||
| Review frequency | Quarterly | 上证科创板50 成份指数的样本每季度调整一次，样本调整实施时间为每年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 reviews its constituents once every quarter. |
| Review types | Quarterly review, Ad hoc | 上证科创板50 成份指数的样本每季度调整一次，样本调整实施时间为每年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 uses quarterly regular reviews and may make ad hoc adjustments in special circumstances. |
| Review months | 3, 6, 9, 12 | 样本调整实施时间为每年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 changes are implemented in March, June, September, and December. |
| Announcement rule | — | — (not found verbatim in the PDF) |
|
| 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 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 at each regular sample 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. |
| M7 Buffers and turnover control · 2 fields | |||
| Buffer zone | Entry rank: 40; Exit rank: 60 | 采用缓冲区规则，排名在前40 名的候选新样本优先进入指数，排名在前60 名的老样本优先保留。Open p.2 ↗ |
New candidates ranked in the top 40 receive priority entry, while existing constituents ranked in the top 60 receive priority retention. |
| Maximum turnover per review | 10% of constituents | 每次调整数量比例原则上不超过10%。采用缓冲区规则，排名在前40 名的候选新样本优先进入指数，排名在前60 名的老样本优先保留。Open p.2 ↗ |
The number of securities changed in each review is in principle no more than 10% of constituents. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Fast entry | — | — (not found verbatim in the PDF) |
|
| Ad-hoc deletion | Delisting, Acquisition | 当样本发生退市时，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，参照指数计算与维护细则处理。Open p.3 ↗ |
A constituent is removed upon delisting, and vacancies caused by events such as delisting or mergers may trigger replacement. |
| Replacement policy | Reserve list | 上证科创板50 成份指数定期审核时设置备选名单，具体规则参见指数计算与维护细则。当指数因为样本退市、合并等原因出现样本空缺或其他原因需要临时更换样本时，依次选择备选名单中排序靠前的证券作为样本。Open p.3 ↗ |
When an ad hoc replacement is needed, securities are selected sequentially from the highest-ranked candidates on the reserve list. |
| Merger spinoff rules | Acquisitions, mergers, spin-offs, and similar events are handled according to the separate index calculation and maintenance rules. | 样本公司发生收购、合并、分拆等情形的处理，参照指数计算与维护细则处理。Open p.3 ↗ |
Treatment of constituent-company acquisitions, mergers, spin-offs, and similar events follows the index calculation and maintenance rules. |
| Share or float change threshold | — | — (not found verbatim in the PDF) |
|
| Corporate actions guide ref | 指数计算与维护细则 | 样本公司发生收购、合并、分拆等情形的处理，参照指数计算与维护细则处理。Open p.3 ↗ |
The document refers corporate-action treatment and reserve-list details 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 · 14 fields | |||
| Adjusted market capitalisation formula | 调整市值＝∑(证券价格×调整股本数×权重因子) | 其中，调整市值＝∑(证券价格×调整股本数×权重因子)。Open p.2 ↗ |
Adjusted market capitalisation is the sum of each security's price multiplied by 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 capitalisation of the samples by 1,000 before dividing by the divisor. |
| Weight factor range | Minimum: 0; Maximum: 1 | 权重因子介于0 和1 之间Open p.2 ↗ |
The weighting factor is between 0 and 1. |
| Single sample 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 each single sample's weight does not exceed 10%. |
| Top five aggregate weight limit | 40% | 前五大样本权重合计不超过40%。Open p.2 ↗ |
The weighting factor is set so that the aggregate weight of the five largest samples does not exceed 40%. |
| Adjusted share and divisor reference | See the calculation and maintenance rules for adjusted share-count calculation and divisor correction methods. | 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 correcting the divisor are specified in the calculation and maintenance rules. |
| Formula type | Divisor | 上证科创板50 成份指数的计算公式为：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 as adjusted market capitalisation multiplied by 1,000 and divided by the 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 · 35Model-written, for reference
- 1ISIN is not stated.
- 2Third-party vendor tickers for Bloomberg, Refinitiv, Wind, or other platforms are not stated.
- 3Index launch date is not stated; only the base date is provided.
- 4Calculation currency is not explicitly stated.
- 5Methodology version and methodology date are not stated.
- 6Benchmark regulatory status is not stated.
- 7Stated intended uses such as ETF or derivatives underlyings are not provided.
- 8Explicit factor exposures and stated limitations are not provided.
- 9No standalone numerical liquidity threshold or liquidity metric beyond the phrase '流动性好' is stated.
- 10Minimum free float, foreign ownership room, voting-rights, share-price, and financial-health screens are not stated.
- 11Suspension treatment at review is not stated.
- 12No tie-breaking rule is stated.
- 13No industry or sector neutrality rule is stated.
- 14No reserve list rule or size is stated.
- 15No weighting scheme, free-float factor, share-count source, weight cap, or divisor adjustment rule is stated.
- 16No data cutoff or reference date rule for quarterly reviews is stated.
- 17No announcement timing or publication channel for review results is stated.
- 18No separate rebalance frequency distinct from the quarterly sample review is stated.
- 19No size-segment buffer or liquidity buffer for existing constituents is stated.
- 20No fast-entry rule for large newly listed securities is stated.
- 21No deletion price for suspended or removed securities is stated.
- 22No threshold for interim share or free-float changes is stated.
- 23The detailed ad hoc treatment of acquisitions, mergers, and spin-offs is deferred to the separate Index Calculation and Maintenance Rules.
- 24M9 does not specify the price source or treatment of securities without traded prices.
- 25M9 does not specify the calculation frequency or real-time publication interval.
- 26M9 does not specify the decimal precision of the published index level.
- 27M9 does not specify price, gross total return, or net total return index variants.
- 28M9 does not specify any withholding tax basis for net total return variants.
- 29M9 does not specify cash dividend reinvestment or dividend treatment.
- 30M9 does not list the corporate-action events that trigger divisor adjustment; it only refers to separate calculation and maintenance rules.
- 31M9 does not specify market disruption, market closure, or suspension calculation rules.
- 32M9 does not specify a recalculation or error-correction policy for published index levels.
- 33The provided sections do not identify an oversight body or governance committee.
- 34The provided sections do not describe discretionary powers, methodology review frequency, external review, material-change definition, consultation procedure, or notice period.
- 35The provided sections do not specify disclosure channels, constituent-list publication frequency, or index cessation policy.
Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 69 of 69 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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