Also known as: 中证红利 · 000922 (CSI code) · .CSI000922 (RIC)
At a glance
- Weighting schemeDividend yield
- Review frequencyAnnual
- Constituent count100
- Single cap10
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Index name | CSI Dividend Index | 英文名称：CSI Dividend IndexOpen p.1 ↗ |
The official English index name is CSI Dividend Index. |
| Index short name | CSI Dividend | 英文简称：CSI DividendOpen p.1 ↗ |
The English short name is CSI Dividend. |
| Local index name | 中证红利指数 | 指数名称：中证红利指数Open p.1 ↗ |
The local-language index name is 中证红利指数. |
| Index code | 000922 | 指数代码：000922Open p.1 ↗ |
The index code is 000922. |
| Administrator | 中证指数有限公司 | 中证红利指数编制方案Open p.1 ↗ |
The index provider is indicated by the document title as CSI, or China Securities Index Co., Ltd. |
| Index family | 中证红利 | 指数简称：中证红利Open p.1 ↗ |
The index belongs to the CSI Dividend index family. |
| Base date | 2004-12-31 | 该指数以2004 年12 月31 日为基日Open p.1 ↗ |
The index base date is December 31, 2004. |
| Base value | 1,000 | 以1000 点为基点。Open p.1 ↗ |
The index base value is 1000 points. |
| Objective | 选取100只现金股息率高、分红较为稳定，并具有一定规模及流动性的上市公司证券作为指数样本，以反映高股息率上市公司证券的整体表现。 | 中证红利指数选取100 只现金股息率高、分红较为稳定，并具有一定规模及流动性的上市公司证券作为指数样本，以反映高股息率上市公司证券的整体表现。Open p.1 ↗ |
The index selects 100 listed-company securities with high cash dividend yields, relatively stable dividends, and一定的规模和流动性，以反映高股息上市公司证券的整体表现。 |
| Market classification | China A | 中证全指指数样本空间中满足以下条件的A 股和红筹企业发行的存托凭证Open p.1 ↗ |
The index covers China A-shares and depositary receipts issued by red-chip enterprises within the CSI All Share sample space. |
| Size segment | Custom | 过去一年日均总市值排名在前80%Open p.1 ↗ |
The index targets securities meeting a top-80% average daily market-capitalization rank rather than a standard large-, mid-, or small-cap segment. |
| Index family type | Dividend yield | 现金股息率高、分红较为稳定Open p.1 ↗ |
The index is a dividend-yield index selecting securities with high cash dividend yields and stable dividends. |
| Factor exposures | Yield | 现金股息率高、分红较为稳定Open p.1 ↗ |
The index provides exposure to the dividend-yield factor. |
| M2 Universe · 4 fields | |||
| Eligible universe | 中证全指指数样本空间内满足条件的A股和红筹企业发行的存托凭证 | 中证全指指数样本空间中满足以下条件的A 股和红筹企业发行的存托凭证Open p.1 ↗ |
The eligible universe comprises A-shares and red-chip depositary receipts in the CSI All Share Index sample space that satisfy the stated conditions. |
| Markets | China | 中证全指指数样本空间中满足以下条件的A 股和红筹企业发行的存托凭证Open p.1 ↗ |
The universe consists of China A-shares and depositary receipts issued by red-chip enterprises. |
| Security types | A share, Dr | A 股和红筹企业发行的存托凭证Open p.1 ↗ |
Eligible securities are A-shares and depositary receipts issued by red-chip enterprises. |
| Parent universe index | 中证全指指数 | 中证全指指数样本空间中满足以下条件的A 股和红筹企业发行的存托凭证Open p.1 ↗ |
The sample universe is drawn from the CSI All Share Index sample space. |
| M3 Eligibility screens · 5 fields | |||
| Target constituent count | 100 securities | 选取100 只现金股息率高、分红较为稳定Open p.1 ↗ |
The index selects 100 securities as index samples. |
| Dividend stability requirement | Consecutive cash dividends for three years; payout ratios above 0 and below 1. | 过去三年连续现金分红且过去三年股利支付率的均值和过去一年股利支付率均大于0 且小于1。Open p.1 ↗ |
Candidates must have stable dividend records demonstrated by three consecutive years of cash dividends and qualifying payout ratios. |
| Liquidity screen | Metric: Turnover rank (%); Window: Past one year; Threshold: Rank percentile top: 80 | 过去一年日均成交金额排名在前80%Open p.1 ↗ |
A security must rank in the top 80% by average daily trading value over the past year. |
| Minimum size | Metric: Rank; Threshold: Window: Past one year; Basis: Average daily total market capitalization; Rank percentile top: 80 | 过去一年日均总市值排名在前80%Open p.1 ↗ |
A security must rank in the top 80% by average daily total market capitalization over the past year. |
| Financial screens | Rule: Consecutive cash dividends over the past three years; Window: Past three years, Rule: Average dividend-payout ratio over the past three years must be greater than 0 and less than 1; Window: Past three years, Rule: Dividend-payout ratio over the past year must be greater than 0 and less than 1; Window: Past one year | 过去三年连续现金分红且过去三年股利支付率的均值和过去一年股利支付率均大于0 且小于1。Open p.1 ↗ |
Securities must have paid cash dividends consecutively over the past three years, and both the three-year average payout ratio and the latest one-year payout ratio must be greater than 0 and less than 1. |
| M4 Selection and constituent count · 3 fields | |||
| Selection method | Rank by metric | 对样本空间内证券，按照过去三年平均现金股息率由高到低排名，选取排名靠前的100 只上市公司证券作为指数样本。Open p.2 ↗ |
Securities in the sample space are ranked and the highest-ranked securities are selected. |
| Ranking metrics | Name: Average cash dividend yield; Window: Past 3 years; Direction: Descending; Step order: 1 | 对样本空间内证券，按照过去三年平均现金股息率由高到低排名，选取排名靠前的100 只上市公司证券作为指数样本。Open p.2 ↗ |
Securities are ranked from high to low by their average cash dividend yield over the past three years. |
| Target constituent count | 100 | 对样本空间内证券，按照过去三年平均现金股息率由高到低排名，选取排名靠前的100 只上市公司证券作为指数样本。Open p.2 ↗ |
The index selects the 100 highest-ranked listed company securities as constituents. |
| M5 Weighting and capping · 10 fields | |||
| Small company single cap (%) | 0.5% | 权重因子介于0 和1 之间，以使样本采用股息率加权，且单个样本权重不超过10%，总市值在100 亿元以下的单个样本权重不超过0.5%。Open p.2 ↗ |
A constituent with total market capitalization below RMB 10 billion may not have a weight greater than 0.5%. |
| Small company market cap threshold | 10,000,000,000 CNY | 权重因子介于0 和1 之间，以使样本采用股息率加权，且单个样本权重不超过10%，总市值在100 亿元以下的单个样本权重不超过0.5%。Open p.2 ↗ |
The lower 0.5% single-security weight cap applies when total market capitalization is below RMB 10 billion. |
| Adjusted market capitalization formula | adjusted_market_capitalization = sum(security_price × adjusted_share_count × weight_factor) | 调整市值＝∑(证券价格×调整股本数×权重因子)。Open p.2 ↗ |
Adjusted market capitalization equals the sum of security price multiplied by adjusted share count and weight factor. |
| Index formula multiplier | 1,000 | 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Open p.2 ↗ |
The reporting-period index equals the constituents' adjusted market capitalization multiplied by 1000 and divided 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 weight factor is between 0 and 1. |
| Weighting scheme | Dividend yield | 权重因子介于0 和1 之间，以使样本采用股息率加权，且单个样本权重不超过10%，总市值在100 亿元以下的单个样本权重不超过0.5%。Open p.2 ↗ |
The index uses dividend-yield weighting through a weight factor. |
| Weight cap | 10% | 权重因子介于0 和1 之间，以使样本采用股息率加权，且单个样本权重不超过10%，总市值在100 亿元以下的单个样本权重不超过0.5%。Open p.2 ↗ |
No single constituent may have a weight greater than 10%. |
| Divisor adjustment rule | The adjusted market capitalization uses the adjusted share count and weight factor; the calculation and maintenance rules specify the adjusted-share and divisor-correction methods. | 调整市值＝∑(证券价格×调整股本数×权重因子)。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 methodology refers to separate calculation and maintenance rules for the adjusted-share-count and divisor-correction methods. |
| 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. |
| M6 Review and rebalance schedule · 6 fields | |||
| Review frequency | Annual | 指数样本每年调整一次，样本调整实施时间为每年12 月的第二个星期五的下一交易日。Open p.2 ↗ |
The index constituents are reviewed and adjusted once a year. |
| Review types | Annual review, Ad hoc | 指数样本每年调整一次，样本调整实施时间为每年12 月的第二个星期五的下一交易日。Open p.2 ↗ |
The index is subject to an annual periodic review and may undergo ad hoc adjustments in special circumstances. |
| Review months | December | 指数样本每年调整一次，样本调整实施时间为每年12 月的第二个星期五的下一交易日。Open p.2 ↗ |
The periodic constituent adjustment is implemented in December. |
| Effective date rule | The next trading day after the second Friday in December each year. | 指数样本每年调整一次，样本调整实施时间为每年12 月的第二个星期五的下一交易日。Open p.2 ↗ |
Constituent changes take effect on the next trading day after the second Friday in December. |
| Weight reset frequency | Annual | 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.3 ↗ |
Weighting factors are adjusted with the annual periodic constituent review and generally remain fixed until the next review. |
| 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 | |||
| Existing constituent buffer conditions | Conditions: Metric: Past one year cash dividend yield; Threshold: 0.5; Operator: >, Metric: Past one year daily average total market capitalization rank; Threshold: 90%; Operator: <=, Metric: Past one year daily average trading value rank; Threshold: 90%; Operator: <=, Metric: Past three year average dividend payout ratio; Lower bound: 0; Upper bound: 1; Rule: Existing constituents that fail any condition lose sample-space eligibility; the remaining existing constituents retain sample-space eligibility | 对原样本的样本空间资格设置缓冲区，即在新一轮样本调整中，将不满足以下任一条件的原样本从样本空间中剔除，剩余的原样本符合样本空间资格：Open p.2 ↗ |
For existing constituents, a sample-space buffer removes those that fail any of four eligibility conditions relating to dividend yield, market-value rank, trading-value rank, and three-year average dividend payout ratio. |
| Maximum turnover per review | 20% of constituents | 每次调整的样本比例一般不超过20%，除非因不满足过去一年现金股息率大于0.5％而被剔除的原样本数量超过20%。Open p.3 ↗ |
The proportion of constituents changed at each review generally may not exceed 20%, unless more than 20% of existing constituents are removed for failing the past-year cash dividend yield requirement. |
| M8 Corporate actions, IPOs, ad-hoc changes · 4 fields | |||
| Ad-hoc deletion | Delisting, Acquisition | 特殊情况下将对指数进行临时调整。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 on an ad hoc basis when it is delisted; 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 ↗ |
Treatment of constituent acquisitions, mergers, spin-offs, and similar events 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 ↗ |
The document refers corporate-action treatment 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 · 8 fields | |||
| Formula type | Divisor | 原则上，指数采用派许加权方法进行计算，计算方法分为除数算法和链式算法。From CSI Calculation Rules for Equity Indices ↗ |
Indices are generally calculated using the Paasche weighted method, with calculation methods categorized as the divisor method and chain method. |
| 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 · 34Model-written, for reference
- 1ISIN was not stated.
- 2Third-party vendor tickers for Bloomberg, Refinitiv, or Wind were not stated.
- 3Calculation agent was not explicitly stated if different from the administrator.
- 4Launch date was not stated; only the base date and base value were provided.
- 5Calculation currency was not stated.
- 6Methodology version and methodology date were not printed.
- 7Benchmark regulatory status was not stated.
- 8Stated intended uses were not provided.
- 9Specific exchanges and listing boards were not named.
- 10A nationality-assignment rule beyond A-shares and red-chip depositary receipts was not stated.
- 11A minimum listing-history rule was not stated.
- 12A minimum free-float percentage was not stated.
- 13Foreign ownership limits or foreign room were not stated.
- 14Minimum voting rights and minimum share price were not stated.
- 15Business, controversy, or ESG exclusions were not stated.
- 16Suspension treatment and abnormal-price screening were not stated.
- 17The document does not state a tie-breaking rule for securities with identical three-year average cash dividend yields.
- 18The document does not state any industry or sector neutrality requirement in constituent selection.
- 19The document does not state a reserve-list size or replacement-candidate rule.
- 20The document does not specify whether the free-float adjustment uses a direct free-float factor or banded free-float factors.
- 21The document does not specify foreign ownership limits or their treatment in weighting.
- 22The document does not state when weight caps are applied, such as at review, daily, or quarterly.
- 23The document does not identify the source or update timing for total shares outstanding.
- 24The divisor-correction method is only referenced as being contained in separate calculation and maintenance rules.
- 25The document does not specify the data cut-off or reference date used for the annual review.
- 26The document does not specify when or how review results are announced.
- 27The document does not specify a separate weight-rebalancing frequency apart from the annual review.
- 28The document does not define numeric entry and exit rank buffers.
- 29The document does not define a size-segment buffer.
- 30The document does not define a relaxed liquidity threshold specifically for existing constituents beyond the buffer eligibility condition.
- 31The document does not specify a fast-entry rule for large new listings.
- 32The document does not specify a replacement policy or reserve list for ad hoc deletions.
- 33The document does not specify the deletion price for removed constituents.
- 34The document does not specify a threshold for interim share or free-float changes.
Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 65 of 65 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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