Also known as: 一带一路 · SH399991 Index (Bloomberg) · 399991 (CSI code) · .CSI399991 (RIC)
At a glance
- Review frequencyQuarterly
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 14 fields | |||
| Local short name | 一带一路 | 指数简称：一带一路Open p.1 ↗ |
The local-language short name is 一带一路. |
| Theme selection dimensions | Average daily total market capitalization over the past year, Current overseas business revenue share, Newly signed orders in belt and road regions, Geographic location of main business | 在综合考虑过去一年日均总市值、现有海外业务占比、新签一带一路地区订单、主营业务所在地域等四个维度的基础上Open p.1 ↗ |
Selection considers four dimensions: past-year average daily total market capitalization, existing overseas business share, newly signed Belt and Road orders, and the geography of the main business. |
| Theme industries | Infrastructure construction, Transportation, High end equipment, Electric power and telecommunications, Resource development | 从基础建设、交通运输、高端装备、电力通信、资源开发等五大产业中选取较具主题代表性的上市公司证券作为指数样本Open p.1 ↗ |
The index selects companies from five industries: infrastructure construction, transportation, high-end equipment, electric power and communications, and resource development. |
| Index name | CSI One Belt & One Road Index | 英文名称：CSI One Belt & One Road IndexOpen p.1 ↗ |
The official English index name is CSI One Belt & One Road Index. |
| Index short name | CSI OBOR | 英文简称：CSI OBOROpen p.1 ↗ |
The official English short name is CSI OBOR. |
| Local index name | 中证一带一路主题指数 | 指数名称：中证一带一路主题指数Open p.1 ↗ |
The local-language index name is 中证一带一路主题指数. |
| Index code | 399991 | 指数代码：399991Open p.1 ↗ |
The index code is 399991. |
| Index family | CSI One Belt & One Road | 中证一带一路主题指数在综合考虑过去一年日均总市值、现有海外业务占比、新签一带一路地区订单、主营业务所在地域等四个维度的基础上Open p.1 ↗ |
The index belongs to the CSI One Belt & One Road thematic index family. |
| Base date | 2012-12-31 | 该指数以2012 年12 月31 日为基日Open p.1 ↗ |
The index base date is December 31, 2012. |
| Base value | 1,000 index points | 以1000 点为基点。Open p.1 ↗ |
The index base value is 1000 points. |
| Objective | 以反映一带一路主题上市公司证券的整体表现。 | 从基础建设、交通运输、高端装备、电力通信、资源开发等五大产业中选取较具主题代表性的上市公司证券作为指数样本，以反映一带一路主题上市公司证券的整体表现。Open p.1 ↗ |
The index is designed to reflect the overall performance of securities of listed companies representative of the Belt and Road theme. |
| Market classification | China A | 同中证全指指数的样本空间Open p.1 ↗ |
The index is based on listed company securities within the CSI All Share sample space, indicating the China A-share market. |
| Size segment | Custom | 在综合考虑过去一年日均总市值、现有海外业务占比、新签一带一路地区订单、主营业务所在地域等四个维度的基础上Open p.1 ↗ |
The index does not target a standard market-cap size tier and instead uses thematic selection after considering average daily total market capitalization. |
| Index family type | Thematic | 中证一带一路主题指数在综合考虑过去一年日均总市值、现有海外业务占比、新签一带一路地区订单、主营业务所在地域等四个维度的基础上Open p.1 ↗ |
The index is a thematic index focused on the Belt and Road theme. |
| M2 Universe · 2 fields | |||
| Eligible universe | same_sample_space_as_CSI_All_Share_Index | 同中证全指指数的样本空间Open p.1 ↗ |
The eligible universe is 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 · 5 fields | |||
| Liquidity screen | Metric: Average daily turnover; Window: Past one year; Ranking: Descending; Exclude bottom (%): 10 | 对样本空间内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；Open p.1 ↗ |
Securities ranked in the bottom 10% by one-year average daily turnover are excluded from the sample universe. |
| Industry selection cap | 20 securities per industry | 并确保每个产业入选的证券总数不超过20 只。Open p.2 ↗ |
Each of the five industries may contribute no more than 20 index constituents. |
| Selection method | Rank by metric | 对样本空间内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；Open p.1 ↗ |
Securities in the sample universe are first ranked by liquidity, then selected within industries based on multiple theme-representation criteria. |
| 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: 3, Name: Existing overseas business proportion; Direction: Theme representation; Step order: 3, Name: New orders in belt and road regions; Direction: Theme representation; Step order: 3, Name: Geographic location of main business; Direction: Theme representation; Step order: 3 | 对样本空间内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；Open p.1 ↗ |
The initial screen ranks securities by one-year average daily turnover in descending order, while final industry selection considers market capitalization, overseas business share, new Belt and Road orders, and main-business geography. |
| Industry neutrality rule | The Belt and Road theme is divided into five related industries—infrastructure, transportation, high-end equipment, power and communications, and resource development—and no more than 20 securities may be selected from each industry. | 对样本空间内剩余证券，将一带一路主题划分为五大相关产业，分别为：基础建设、交通运输、高端装备、电力通信、资源开发Open p.1 ↗ |
Selection is organized into five theme-related industries, with a maximum of 20 securities selected from each 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 · 7 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 ↗ |
The index samples 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 undergoes quarterly periodic adjustments and, in special circumstances, ad hoc adjustments. |
| Review months | March, June, September, December | 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 ↗ |
Periodic 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. | 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 ↗ |
Sample changes take effect on the next trading day after the second Friday in March, June, September, and December. |
| Rebalance 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。Open p.2 ↗ |
Weighting factors are adjusted together with the quarterly periodic sample adjustments. |
| 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 reset at the quarterly periodic review and generally remain fixed until the next periodic 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 · 1 field | |||
| Maximum turnover per review | 20% of constituents | 每次调整的样本比例一般不超过20%。Open p.2 ↗ |
The proportion of samples changed at each periodic adjustment is generally no more than 20%. |
| M8 Corporate actions, IPOs, ad-hoc changes · 5 fields | |||
| Ad hoc adjustment condition | special circumstances | 特殊情况下将对指数进行临时调整。Open p.2 ↗ |
The index may be adjusted on an ad hoc basis under special circumstances. |
| Ad-hoc deletion | Delisting, Acquisition | 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 ad hoc when it is delisted, while acquisition-related situations are handled under the calculation and maintenance rules. |
| Merger spinoff rules | Acquisitions, mergers, spin-offs, and similar cases are handled by reference to 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 ↗ |
Acquisitions, mergers, spin-offs, and similar constituent-company events are handled according to the calculation and maintenance detailed 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 treatment of acquisition, merger, and spin-off events refers to the separate calculation and maintenance detailed 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 · 10 fields | |||
| Weight factor bounds | Minimum: 0; Maximum: 1 | 权重因子介于0 和1 之间，以使单个样本权重不超过3%。Open p.2 ↗ |
The weight factor is between 0 and 1. |
| Single constituent weight limit | 3% | 权重因子介于0 和1 之间，以使单个样本权重不超过3%。Open p.2 ↗ |
The weight factor is set so that no single constituent has a weight exceeding 3%. |
| 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 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 · 41Model-written, for reference
- 1No ISIN is stated.
- 2No third-party data-vendor tickers such as Bloomberg, Refinitiv, or Wind are stated.
- 3No administrator or calculation agent is explicitly identified.
- 4No launch date is stated; only the base date and base value are provided.
- 5No calculation currency is stated.
- 6No methodology version or methodology date is stated.
- 7No benchmark regulatory status is stated.
- 8No intended use such as ETF or derivatives underlying is stated.
- 9No factor exposures are stated.
- 10No index limitations are stated.
- 11The provided sections do not specify markets, exchanges, boards, security types, nationality rule, or explicit universe exclusions beyond reference to the CSI All Share Index sample space.
- 12No trading-history requirement is stated.
- 13No liquidity eligibility screen or threshold is stated.
- 14No minimum market-capitalization or rank threshold is stated, although past-year average daily total market capitalization is listed as a selection consideration.
- 15No minimum free-float requirement is stated.
- 16No foreign ownership limit or foreign-room requirement is stated.
- 17No minimum voting-rights requirement is stated.
- 18No minimum price screen is stated.
- 19No financial screens are stated.
- 20No business, controversy, or ESG exclusion criteria are stated.
- 21No suspension treatment rule is stated.
- 22No abnormal or extreme price screen is stated.
- 23No fixed total target constituent count is stated; the text only limits each of the five industries to no more than 20 securities.
- 24No tie-breaking rule is stated.
- 25No reserve list or pre-ranked replacement candidate rule is stated.
- 26No weighting scheme, free-float factor, share-count source, weight cap, or divisor adjustment rule is stated.
- 27Data cut-off or reference date for quarterly sample reviews was not stated.
- 28Timing and publication channel for review announcements were not stated.
- 29No rank buffer, size-segment buffer, or liquidity buffer for existing constituents was stated.
- 30Fast-entry rule for large newly listed securities was not stated.
- 31Ad hoc replacement policy or reserve list was not stated.
- 32Deletion price for suspended or removed securities was not stated.
- 33Share or free-float change implementation threshold was not stated.
- 34Price source is not stated.
- 35Calculation frequency and real-time publication interval are not stated.
- 36Published index precision is not stated.
- 37Return variants, dividend treatment, and withholding-tax basis are not stated.
- 38Specific divisor adjustment events are not listed and are deferred to the calculation and maintenance rules.
- 39Market disruption and recalculation policies are not stated.
- 40Oversight body, discretion, methodology review, external consultation, notice period, error correction, disclosure channels, constituent publication, and cessation policy are not stated.
- 41Not coveredM3 Eligibility screens: not covered by this edition
Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 57 of 57 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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