| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Version change summary | V1.2 revised the treatment of securities expected to be delisted by adding review rules for securities with trading-related mandatory delisting risk and made wording adjustments. | 1.2 2025 年11 月审计意见的考察规则。修订“拟退市证券的处理”相关内容，新增对存在交易类强制退市风险等相关证券的考察规则，并微调部分条款表述。Open p.1 ↗ (not found verbatim in the PDF) |
Version 1.2 revised the treatment of securities expected to be delisted, added rules for trading-related mandatory delisting risk, and adjusted some wording. |
| Covered indices | Domestic and overseas equity indices managed by China Securities Index Co., Ltd. | 《样本调整规则》原则上适用于中证指数所管理的境内外股票指数。Open p.4 ↗ |
The rules generally apply to domestic and overseas equity indices managed by CSI. |
| Precedence rule | The index-specific compilation methodology prevails where it provides different treatment; for uncovered special situations, CSI determines an appropriate method under its index compilation and management principles. | 当指数编制方案对于处理规则另有说明时，以编制方案所述规则为准。对于《样本调整规则》未能涵盖的其他特殊情况，中证指数将根据《中证指数有限公司指数编制与管理原则》，确定适当的处理方法。Open p.4 ↗ |
If an index methodology specifies another treatment rule, that methodology prevails; otherwise, CSI handles uncovered special cases under its index compilation and management principles. |
| Principles | Representativeness, Investability, Stability | 主要目的是保持指数的代表性和可投资性，同时兼顾指数稳定性。Open p.4 ↗ |
The rules aim to maintain index representativeness and investability while taking index stability into account. |
| Administrator | China Securities Index Co., Ltd. (CSI) | 中证指数有限公司（以下简称“中证指数”）在定期或临时调整股票指数样本时所遵循的规则Open p.4 ↗ |
The administrator is China Securities Index Co., Ltd. |
| Rulebook version | V1.2 | 股票指数样本调整规则
V1.2
2025 年11 月Open p.1 ↗ |
The rulebook version is V1.2. |
| Effective date | 2025-11-01 | V1.2
2025 年11 月Open p.1 ↗ |
The document is the November 2025 version, but no explicit day-level effective date is stated. |
| G7 Review and constituent changes · 20 fields | |||
| Financial loss rule | For indices applying loss-treatment rules, loss-making Shanghai, Shenzhen, and Beijing securities generally cannot be candidate additions, except STAR Market securities and except where inclusion is needed for representativeness. | 定期调整时，对于适用亏损处理规则的指数，除科创板上市证券外，沪深京亏损证券原则上不列为候选新样本，除非该证券影响指数的代表性。Open p.9 ↗ |
Subject to the index's opt-in, loss-making securities are generally excluded as new candidates, except STAR Market securities and cases needed for representativeness. |
| Potential risk warning rule | Securities that may be placed under risk warning by the Shanghai, Shenzhen, or Beijing exchanges are generally not selected as index constituents. | 定期调整时，对于可能被沪深京交易所实施风险警示的证券，原则上不列为指数样本。Open p.9 ↗ |
At periodic reviews, securities that may become subject to exchange risk warning are generally not selected. |
| Violation rule | Within one year before the data cutoff and between cutoff and disclosure, Shanghai, Shenzhen, and Beijing securities under CSRC investigation or publicly censured by the exchanges are generally not added and are prioritized for deletion if in the candidate-deletion list. | 定期调整时，对于定期调整数据截止日过去一年内以及数据截止日至指数定期调整结果披露日期间，公司被中国证券监督管理委员会立案调查或被沪深京交易所公开谴责等的沪深京证券，原则上不予新进指数，若上述证券落入候选剔除名单，原则上将其优先剔除。Open p.9 ↗ |
Securities involved in CSRC investigations or exchange public censure during the specified periods are generally barred from new inclusion and prioritized for deletion. |
| Periodic weight rebalancing rule | For indices with standard March, June, September, and December effective dates, weights are generally rebalanced using prices after the close on the fifth trading day before the effective date and share capital scheduled to take effect on the effective date. | 一般情况下，对样本定期调整生效日为每年3 月、6 月、9 月和12 月的第二个星期五的下一交易日的指数，一般使用生效日前第五个交易日收盘后价格和生效日拟生效的股本进行权重再平衡。Open p.9 ↗ |
Standard quarterly-effective indices generally rebalance weights using the close after the fifth trading day before implementation and the effective share capital. |
| Fast entry example | For the SSE Composite Index and similar indices, newly issued securities satisfying universe conditions and ranking in the market's top ten by average daily total market capitalization are included after three months since listing. | 对于上证综合指数（000001）等，符合样本空间条件且日均总市值排名在市场前十位的新发行证券（新发行证券的日均总市值（指上市第六个交易日（含）至上市满三个月前两周区间的日均总市值）和全部证券同区间的日均总市值进行比较），于上市满三个月后计入指数。Open p.11 ↗ |
The rulebook gives an SSE Composite Index example in which qualifying top-ten newly issued securities are included after three months since listing. |
| Temporary adjustment timing near periodic review | When a temporary constituent adjustment is close to the next periodic review effective date, it is generally implemented together with that periodic review. | 当指数样本临时调整接近下一次样本定期调整生效日时，原则上于下一次定期调整时一并实施。Open p.10 ↗ |
Temporary adjustments occurring near the next scheduled review are generally deferred to and implemented with that review. |
| Temporary weight rebalancing rule | For capped-weight indices, temporary changes are generally rebalanced after the close on the third trading day before implementation; Shanghai, Shenzhen, and Beijing market indices using weight inheritance assign the new security the removed security's closing weight from the third trading day before implementation. | 对有权重限制的指数，当出现样本临时调整，一般在临时调整生效日前三个交易日收盘后进行权重再平衡。Open p.12 ↗ |
Temporary constituent changes in capped-weight indices generally trigger weight rebalancing three trading days before implementation, with weight inheritance used by certain domestic market indices. |
| Review frequency | annual | semi_annual | quarterly | 指数样本按既定周期进行定期调整，常用周期为年度、半年度和季度，详见各指数编制方案。Open p.4 ↗ |
Periodic reviews follow a set schedule, with annual, semi-annual, and quarterly cycles commonly used as specified in each index methodology. |
| Effective date rule | Annual: Next trading day after the second Friday of June or December; Semi annual: Next trading day after the second Friday of June and December; Quarterly: Next trading day after the second Friday of March, June, September, and December | 年度定期调整：除非编制方案中特别说明，样本定期调整生效日原则上为每年6 月或12 月的第二个星期五的下一交易日。Open p.4 ↗ |
Unless an index methodology says otherwise, changes generally take effect on the next trading day after the second Friday in the applicable review month. |
| 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。Open p.5 ↗ |
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. |
| Announcement rule | — | 指数定期调整时生成的备选名单自定期调整结果披露后立即生效。Open p.8 ↗ |
The supplied sections refer to the periodic review result disclosure date but do not state a fixed announcement lead time or publication channel. |
| Universe eligibility | New listings generally must meet the listing-history requirement in the index methodology, although qualifying securities may be exempt; an example is more than one quarter since listing unless average daily total market capitalization ranks in the top 30 since listing., Shanghai, Shenzhen, and Beijing securities are generally ineligible if the company fails to timely disclose a semi-annual report or audited annual report, or if the latest annual financial report or internal control over financial reporting receives a disclaimer of opinion or adverse opinion., Securities under risk warning, or whose risk warning was removed less than three months before the data review cutoff, are generally ineligible., Securities that have triggered or are expected to trigger trading-related mandatory delisting criteria, or that have published share termination announcements, are generally ineligible; securities with trading-related mandatory delisting risk or announced expected delisting dates generally cannot be candidate additions. | 对于新上市证券，一般需满足指数编制方案的上市时间要求，其中，对于符合一定条件的证券或可豁免上市时间要求，详见各指数编制方案。Open p.6 ↗ |
The default universe conditions cover listing history, financial reporting and audit opinions, risk-warning status, and trading-related mandatory delisting or delisting-announcement status. |
| Buffer rule | Some indices use a buffer; with X constituents and buffer Y%, nonconstituents ranked at or above X(1-Y%) enter first and existing constituents ranked at or above X(1+Y%) are retained first. | 定期调整时，为有效降低指数样本周转率，部分指数采用缓冲区规则，具体缓冲区比例详见各指数编制方案。例如，若指数样本总数为X，缓冲区比例为Y%，排名小于或等于X(1-Y%)名的候选新样本优先进入指数，排名小于或等于X(1+Y%)名的老样本优先保留。Open p.7 ↗ |
For indices that adopt a buffer, the specific buffer percentage is set in the index methodology, and the rule gives priority to higher-ranked new candidates and existing constituents within the buffer bands. |
| Reserve list | Used: Yes; Scope: Some indices; Formation: Formed at each periodic review according to the index methodology; Effective: Immediately after disclosure of periodic review results; Usage: Used for ad hoc adjustments between periodic reviews; the highest-ranked eligible security is selected sequentially; Replenishment: When more than half has been used, CSI replenishes the list from the prior periodic review selection results | 为提高指数样本临时调整的可预期性和透明性，部分指数设置备选名单，用于样本定期调整之间发生的临时调整。Open p.7 ↗ |
Some indices maintain a reserve list formed at each periodic review, effective immediately after disclosure and used sequentially for temporary replacements, with replenishment when more than half is used. |
| Turnover limit | Some indices cap the number of replacements at a methodology-specified proportion, generally based on the number of old constituents on the periodic review result disclosure date. | 定期调整时，为有效降低指数样本周转率，部分指数设定调整比例限制，指数样本更换数量原则上不超过设定比例，具体调整比例限制详见各指数编制方案。可调整样本数量上限一般取决于定期调整结果披露日指数老样本数量。Open p.7 ↗ |
Some indices set a methodology-specific turnover cap; the maximum number of replaceable constituents generally depends on the number of old constituents as of the result disclosure date. |
| Fast entry rule | Timing: If a newly listed security qualifies but fewer than 20 trading days remain before the next periodic review effective date, fast entry is not used and inclusion is handled at the periodic review | 为及时提升指数的代表性，针对大市值的新上市证券，部分指数编制方案设置了快速进入指数规则，详见各指数编制方案。Open p.10 ↗ |
Fast entry is available only where an index methodology provides it for large newly listed securities; if fewer than 20 trading days remain before the next review, the security waits for the periodic review. |
| Ad hoc deletion triggers | Acquisition, Prolonged suspension, Risk warning, Delisting, Bankruptcy, Other | 在指数定期调整之外，指数样本资格将持续受到事件的影响，包括但不限于：收购合并、分立、停牌、风险警示、退市、破产等公司事件以及快速进入、行业分类变更、互联互通名单调整、ESG 评级变更等其他情形。Open p.10 ↗ |
Outside periodic reviews, constituent eligibility continues to be affected by events including mergers and acquisitions, suspensions, risk warnings, delisting, bankruptcy, and other specified situations. |
| Replacement policy | reserve_list | none | 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符合指数编制方案且排序最靠前的证券作为样本。Open p.8 ↗ |
Indices with a reserve list replace vacancies sequentially from that list; unless an index methodology provides a reserve list or otherwise states, vacancies caused by temporary adjustments are generally not filled. |
| 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。Open p.10 ↗ |
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. |
| Suspended constituent rule | For indices applying the suspension rules, existing constituents suspended continuously for more than 25 trading days and still suspended at the data cutoff are prioritized for removal if they fall in the candidate-deletion list; suspended nonconstituents are restricted from entry depending on resumption expectations or must resume trading for three months after a 25-trading-day review-window suspension. | 对于指数样本，一般而言，至数据考察截止日已连续停止交易超过二十五个交易日且仍未恢复交易的样本，如果落入候选剔除名单，则原则上列为优先剔除证券。Open p.8 ↗ |
At periodic reviews, long-suspended existing constituents are prioritized for deletion in applicable indices, and suspended nonconstituents cannot generally be added unless they meet the stated resumption conditions. |
Open points · 11Model-written, for reference
- 1No explicit day-level effective date for V1.2 is stated beyond November 2025.
- 2No fixed announcement lead time or publication channel for periodic review results is stated.
- 3No universal numerical fast-entry size threshold or excluded-board list is stated; the rule refers to each index methodology.
- 4No universal numerical buffer percentage or turnover cap is stated; both are set by the relevant index methodology.
- 5The review-frequency field permits one enum, whereas the rulebook states annual, semi-annual, and quarterly cycles depending on the index methodology.
- 6Not coveredG2 Calculation and publication: not covered by this edition
- 7Not coveredG3 Prices and market data: not covered by this edition
- 8Not coveredG4 Corporate events: not covered by this edition
- 9Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 10Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
- 11Not coveredG8 Governance, changes and termination: not covered by this edition
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