Also known as: 证券公司 · SH399975 Index (Bloomberg) · 399975 (CSI code) · .CSI399975 (RIC)
At a glance
- Review frequencySemi-annual
- Constituent countAt least 50 per industry
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| Industry classification levels | Level 1 industries: 11; Level 2 industries: 35; Level 3 industries: 90余个; Level 4 industries: 200余个 | 分为11 个一级行业、35 个二级行业、90 余个三级行业及200 余个四级行业Open p.1 ↗ |
The CSI industry classification divides the samples into 11 first-level, 35 second-level, more than 90 third-level, and more than 200 fourth-level industries. |
| Index selection scope | 进入各一、二、三、四级行业的全部证券 | 再以进入各一、二、三、四级行业的全部证券作为样本编制指数Open p.1 ↗ |
Each industry index uses all securities assigned to the corresponding first-, second-, third-, or fourth-level industry. |
| Index name | CSI All Share Industry Indices | 形成中证全指行业指数。Open p.1 ↗ |
The indices are named the CSI All Share Industry Indices. |
| Local index name | 中证全指行业指数 | 形成中证全指行业指数。Open p.1 ↗ |
The local index-family name is CSI All Share Industry Indices. |
| Administrator | 中证指数有限公司 | 为反映中证全指指数样本中不同行业公司证券的整体表现Open p.1 ↗ |
The index provider is CSI Indices, as indicated by the CSI index naming and methodology. |
| Index family | 中证全指行业指数 | 形成中证全指行业指数。Open p.1 ↗ |
The indices belong to the CSI All Share Industry index family. |
| Parent index | 中证全指指数 | 将中证全指指数样本按中证行业分类分为11 个一级行业、35 个二级行业、90 余个三级行业及200 余个四级行业Open p.1 ↗ |
The industry indices are constructed from securities in the CSI All Share Index samples. |
| Objective | 为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具 | 为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具Open p.1 ↗ |
The indices aim to reflect the overall performance of company securities in different industries within the CSI All Share Index and provide investors with analytical tools. |
| Market classification | China A | 同中证全指指数的样本空间Open p.1 ↗ |
The family is based on the CSI All Share Index and therefore represents China A-share market exposure. |
| Size segment | All cap | 再以进入各一、二、三、四级行业的全部证券作为样本编制指数Open p.1 ↗ |
The family uses all securities entering each industry within the CSI All Share Index, indicating an all-cap industry classification. |
| Index family type | Sector | 按中证行业分类分为11 个一级行业、35 个二级行业、90 余个三级行业及200 余个四级行业Open p.1 ↗ |
The family classifies CSI All Share Index securities into industry indices at four industry levels. |
| M2 Universe · 2 fields | |||
| Eligible universe | 同中证全指指数的样本空间 | 同中证全指指数的样本空间Open p.1 ↗ |
The eligible universe is identical to the sample space of the CSI All Share Index. |
| Parent universe index | 中证全指指数 | 同中证全指指数的样本空间Open p.1 ↗ |
The sample space is the same as that of the CSI All Share Index. |
| M4 Selection and constituent count · 4 fields | |||
| Selection method | Screen all eligible | 将样本空间证券按中证行业分类方法分类； （2）如果行业内证券数量少于或等于50 只，则全部证券作为相应全指行业指数的样本； （3）如果行业内证券数量多于50 只Open p.1 ↗ |
Securities in each CSI industry are selected by applying turnover and cumulative market-capitalization coverage screens within the industry. |
| Ranking metrics | Name: Turnover amount rank; Direction: Ascending removed; Step order: 1, Name: Cumulative total market capitalization coverage; Direction: Coverage threshold; Step order: 2 | 如果行业内证券数量多于50 只，则依次剔除行业内全部证券成交金额排名后10%的证券以及累积总市值占比达行业内全部证券98%以后的证券Open p.1 ↗ |
For industries with more than 50 securities, the bottom 10% by trading amount are removed first, followed by securities beyond those whose cumulative total market capitalization reaches 98% of the industry. |
| Target constituent count | At least 50 per industry | 如果行业内证券数量少于或等于50 只，则全部证券作为相应全指行业指数的样本； （3）如果行业内证券数量多于50 只，则依次剔除Open p.1 ↗ |
If an industry has no more than 50 securities, all are selected; if it has more than 50, the screening process prioritizes retaining at least 50 securities. |
| Industry neutrality rule | Each CSI industry is treated separately, and constituents are selected within that industry. | 将样本空间证券按中证行业分类方法分类； （2）如果行业内证券数量少于或等于50 只，则全部证券作为相应全指行业指数的样本Open p.1 ↗ |
Sample-space securities are first classified under the CSI industry classification, and each corresponding all-share industry index selects securities from within its own industry. |
| 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 | Semi-annual | 指数样本每半年调整一次，样本调整实施时间分别为每年6 月和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 every six months. |
| Review types | Semi annual review, Ad hoc | 指数样本每半年调整一次，样本调整实施时间分别为每年6 月和12 月的第二个星期五的下一交易日。Open p.2 ↗ |
The index uses semi-annual periodic reviews and may make ad hoc adjustments for special events. |
| Review months | June, December | 样本调整实施时间分别为每年6 月和12 月的第二个星期五的下一交易日。Open p.2 ↗ |
Periodic constituent changes are implemented in June and December each year. |
| Effective date rule | Changes become effective on the next trading day after the second Friday of June and December. | 样本调整实施时间分别为每年6 月和12 月的第二个星期五的下一交易日。Open p.2 ↗ |
Semi-annual constituent changes take effect on the trading day following the second Friday of June and December. |
| Weight reset frequency | Semi-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.2 ↗ |
Weighting factors are adjusted with the semi-annual constituent review and generally remain fixed until the next scheduled 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. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Parent index constituent change linkage | Yes | 当中证全指指数调整样本时，中证全指行业指数样本随之进行相应调整。Open p.2 ↗ |
When the CSI All Share Index changes its constituents, the CSI All Share industry index constituents are adjusted correspondingly. |
| Industry classification change adjustment | Yes | 在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指数样本进行相应调整。Open p.2 ↗ |
If a special event changes a constituent company's industry classification, the industry index constituents are adjusted accordingly. |
| 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.2 ↗ |
A constituent is removed upon delisting, and acquisition, merger, spin-off and industry-classification changes are handled on an ad hoc basis. |
| Replacement policy | Next review | 当中证全指指数调整样本时，中证全指行业指数样本随之进行相应调整。Open p.2 ↗ |
When the CSI All Share Index adjusts its constituents, the CSI All Share industry index constituents are adjusted accordingly; no separate reserve list is stated. |
| Merger spinoff rules | Acquisitions, mergers and spin-offs are handled in accordance with the index calculation and maintenance rules. | 样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。Open p.2 ↗ |
The treatment of constituent acquisitions, mergers and spin-offs follows the separate 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.2 ↗ |
The document refers to the Calculation and Maintenance Rules for corporate-action treatment. |
| 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 · 12 fields | |||
| Adjusted market capitalization formula | 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)。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 ↗ |
Adjusted market capitalization is the sum of each security's price multiplied by its adjusted share count and weight factor. |
| Index base multiplier | 1,000 | 指数计算公式为：报告期指数= × 1000报告期样本的调整市值除数Open p.2 ↗ |
The formula multiplies the ratio of adjusted market capitalization to the divisor by 1,000. |
| Rules reference | 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。各指数单个样本权重上限详见附录。Open p.2 ↗ |
The methods for adjusted share counts and divisor correction are set out in the calculation and maintenance rules. |
| Single constituent weight cap reference | Appendix | 各指数单个样本权重上限详见附录。Open p.2 ↗ |
The single-constituent weight caps for the indices are specified in the appendix. |
| Formula type | Divisor | 指数计算公式为：报告期指数= × 1000报告期样本的调整市值除数其中，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 an adjusted market capitalization divided by a divisor and multiplied by 1,000. |
| 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 · 29Model-written, for reference
- 1Individual index names and codes are stated to be in the appendix, which is not included.
- 2Base dates and base values are stated to be in the appendix, which is not included.
- 3No ISIN or third-party vendor tickers are stated.
- 4No calculation agent distinct from the administrator is explicitly stated.
- 5No launch date, calculation currency, methodology version, methodology date, or benchmark regulatory status is stated.
- 6No explicit markets, exchanges, listing boards, security types, nationality rule, or security-kind exclusions are stated beyond reference to the CSI All Share Index sample space.
- 7No trading-history, liquidity, size, free-float, foreign-room, voting-rights, price, financial, ESG, suspension, or abnormal-price eligibility screens are stated.
- 8Selection tie-breaking rule is not stated.
- 9No reserve list or replacement-candidate rule is stated.
- 10The measurement window for trading amount ranking is not stated.
- 11Weighting scheme, free-float treatment, share-count source, caps, and divisor adjustment rules are not stated.
- 12No data cut-off or reference date rule for periodic reviews was provided.
- 13No timing or channel for announcing review results was provided.
- 14No rank buffer, size-segment buffer, existing-constituent liquidity buffer, or maximum turnover cap was provided.
- 15No fast-entry rule for large new listings was provided.
- 16No deletion price for suspended or removed securities was provided.
- 17No threshold for interim share or free-float changes was provided.
- 18The document does not specify an explicit replacement mechanism or reserve list for ad hoc deletions.
- 19M9 does not specify the price source or reference-price treatment.
- 20M9 does not state the calculation frequency or real-time interval.
- 21M9 does not state the published index precision.
- 22M9 does not identify price, gross total return, or net total return variants.
- 23M9 does not specify withholding-tax treatment or dividend reinvestment rules.
- 24M9 does not list the events triggering divisor adjustments; it refers to separate calculation and maintenance rules.
- 25M9 does not provide market-disruption or market-closure calculation rules.
- 26M9 does not provide a recalculation or published-level error correction policy.
- 27No index-specific sections found for ['CSI All Share Investment Banking & Brokerage', '399975', 'SH399975', '.CSI399975', 'BBG00B6SV1V6', '399975', '证券公司', 'Brokerage']
- 28Not coveredM3 Eligibility screens: not covered by this edition
- 29Not 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 · 55 of 55 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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