| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 8 fields | |||
| Rulebook scope | The rulebook sets out business rules for index research and development, revision, termination, error correction, calculation and maintenance, emergency mechanisms, index use, enquiries, and complaints. | 旨在阐述中证指数有限公司（以下简称“公司”）的指数业务在研发、修订、终止、错误修正、计算与维护、指数应急机制、指数使用、咨询与投诉等环节的业务规则。Open p.4 ↗ |
The basic rules describe the full lifecycle of CSI's index business, including development, revision, termination, error correction, calculation, emergency response, use, and complaint handling. |
| Rule hierarchy | general index compilation rules covering sample review, events, share capital including free float, and index calculation, specific index methodologies, Basic Rules for Index Management | 包括指数样本审核规则、事件规则、股本（含自由流通量）规则、指数计算规则等通用性指数编制规则、各具体指数编制方案及《指数管理基本规则》。Open p.4 ↗ |
CSI indices are governed by general compilation rules, each specific index methodology, and these Basic Rules for Index Management. |
| Covered indices | equity indices, bond indices, multi-asset indices, commodity indices, other indices | 本规则所称指数是指公司管理的股票指数、债券指数、多资产指数、商品指数及其他指数。Open p.4 ↗ |
The rules apply to equity, bond, multi-asset, commodity, and other indices managed by China Securities Index Co., Ltd. |
| Precedence rule | Where general index rules or a specific index methodology do not cover a matter, or potentially conflict with CSI's Index Compilation and Management Principles, the Index Compilation and Management Principles take precedence. | 若遇到样本调整规则、公司事件处理规则、指数计算规则等通用性指数编制规则、指数编制方案没有涵盖或与《中证指数有限公司指数编制与管理原则》存在潜在冲突之情形时，优先考虑依据《中证指数有限公司指数编制与管理原则》进行处理。Open p.7 ↗ |
Uncovered or potentially conflicting calculation and maintenance matters are handled primarily under CSI's Index Compilation and Management Principles. |
| Principles | Representativeness, Investability, Transparency, rules-based methodology, accurate objective and scientific reflection of the relevant market or asset class | 指数研发应进行严谨的论证研究，遵循代表性、可投资性的目标，基于透明的、规则化的方法构建，以准确、客观、科学地反映特定市场、资产类别等方面的表现。Open p.4 ↗ |
Index development follows representativeness and investability objectives and uses transparent, rules-based methods to accurately, objectively, and scientifically reflect market or asset-class performance. |
| Administrator | China Securities Index Co., Ltd. (CSI) | 公司作为指数管理人，负责确定指数编制方案，并依据指数编制方案计算与维护及发布指数。Open p.4 ↗ |
China Securities Index Co., Ltd. is the index administrator responsible for determining index methodologies and calculating, maintaining, and publishing indices. |
| Rulebook version | V3.0 | 中证指数有限公司指数管理基本规则
V3.0
2024 年3 月Open p.1 ↗ |
The rulebook version is V3.0. |
| Effective date | 2024-03 | V3.0
2024 年3 月Open p.1 ↗ |
This version is dated March 2024; no specific effective day is stated. |
| G2 Calculation and publication · 7 fields | |||
| Market data source | Exchange market data or market data supplied by data vendors designated by CSI from time to time. | 指数计算采用的行情数据来自于交易所行情或者公司不时指定的数据供应商提供的行情。Open p.6 ↗ |
Index calculations use exchange quotations or quotations from data vendors that CSI may designate. |
| Bond valuation source | Some bond indices use CSI Valuation prices, a third-party bond valuation dataset recognized by regulators and market institutions. | 部分债券指数采用的价格信息来自于中证估值，中证估值是监管机构和市场机构认可的第三方债券估值数据，在国内市场上已有广泛应用。Open p.6 ↗ |
Price information for some bond indices comes from CSI Valuation, a widely used third-party bond valuation source recognized by regulators and market institutions. |
| Maintenance data sources | Objective information obtained directly or through CSI-designated vendors, including prospectuses, listing announcements, periodic reports, and temporary announcements. | 指数维护采用的数据为直接或通过公司不时指定的数据供应商获得的客观信息，例如招股说明书、上市公告书、定期报告、临时公告相关数据等。Open p.6 ↗ |
Index maintenance uses objective information from sources such as prospectuses, listing announcements, periodic reports, and temporary announcements, obtained directly or through designated vendors. |
| Methodology basis | Indices are calculated and maintained according to their specific index methodologies. | 指数依据指数编制方案进行计算与维护，指数计算与维护中所涉及的指数修正、指数调整、公司行为处理、指数汇率、债券事件处理等详见指数样本审核规则Open p.6 ↗ |
Each index is calculated and maintained in accordance with its index compilation methodology. |
| Delivery scope | Index publication means publishing calculation results externally or delivering them to specified recipients according to index classification and use. | 指数发布是指结合指数分类与用途，制定指数发布方案，将指数相关计算结果对外发布或交付特定对象的过程。Open p.7 ↗ |
Publication covers external release or delivery of index calculation results to specified recipients based on index classification and purpose. |
| Calculation frequency | Real time: frequency as agreed; Closing: generally once per index trading day | 实时指数点位通过中证指数通、交易所或其他第三方行情发布系统对外发布，更新频率以约定为准。收盘指数点位可通过公司官网和/或中证指数数据服务平台对外发布，发布频率一般为指数交易日每日发布。Open p.7 ↗ |
Real-time index levels are updated at the agreed frequency, while closing index levels are generally published on each index trading day. |
| Publication channels | CSI Index Express, Exchanges, other third-party market-data publication systems, CSI website, CSI data service platform | 实时指数点位通过中证指数通、交易所或其他第三方行情发布系统对外发布，更新频率以约定为准。收盘指数点位可通过公司官网和/或中证指数数据服务平台对外发布Open p.7 ↗ |
Real-time levels are distributed through CSI Index Express, exchanges, or other third-party market-data systems; closing levels may be published on the CSI website and/or CSI data service platform. |
| G6 Disruption, emergencies and corrections · 3 fields | |||
| Emergency procedure | CSI maintains a tiered emergency-response plan; the responsible department classifies the abnormality, reports and requests instructions according to the tier, prepares an emergency response plan, obtains approval, implements business or technical measures promptly, and issues a notice depending on the impact. | 公司建立指数计算应急机制，设置分级管理应急预案。当发生突发情形时，由预案主办部门组织开展异常情况的分级定级，根据分级管理对应要求进行汇报请示，并按照预案场景准备应急处置方案，经审批后尽快实施业务或技术应急处理措施，在综合考虑指数计算异常的影响程度后，视情况发布通知。Open p.7 ↗ |
Upon an emergency, CSI classifies the incident under its tiered contingency plan, follows reporting and approval procedures, implements business or technical measures, and may publish a notice based on the impact. |
| 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。Open p.6 ↗ |
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. |
| 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。Open p.6 ↗ |
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. |
| G8 Governance, changes and termination · 15 fields | |||
| Development process | formulate research and development plans based on business plans and market demand, conduct feasibility and research work, assign a project manager, submit the feasibility study and research report for internal review, determine the index methodology, calculate and publish the index | 公司根据指数业务发展规划和市场需求制定指数研究开发计划。指数研发应进行严谨的论证研究Open p.4 ↗ |
New index development follows planning, rigorous feasibility research, project ownership, internal review, methodology finalization, and then calculation and publication. |
| Category I index definition | Category I indices are important benchmark indices representing the market. | 1 一类指数为表征市场的重要基准指数。Open p.5 ↗ |
A Category I index is defined as an important benchmark index that represents the market. |
| Risk factors disclosed to users | underlying market structural changes, missing or erroneous data sources, low market liquidity, sharp changes in market conditions, geopolitical changes | 这些不受控制的因素包括但不限于：基础市场结构调整、数据源缺失或错误、市场低流动性、市场环境剧烈变化及地缘政治改变等。Open p.8 ↗ |
CSI identifies market structural changes, missing or erroneous data, low liquidity, severe market-environment changes, and geopolitical changes as factors outside its control that may affect indices. |
| 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。Open p.5 ↗ |
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。Open p.6 ↗ |
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。Open p.5 ↗ |
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。Open p.5 ↗ |
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。Open p.5 ↗ |
The rulebook requires market consultation for material index-rule changes but does not state a definition or criteria for materiality. |
| Change procedure | identify need through periodic internal review, market monitoring, expert committee advice, market feedback, or complaints, revise the index rules as necessary, seek prior market opinions for material changes, submit the revision to internal review, disclose the revision to the market before formal implementation, implementation may coincide with a periodic sample review or periodic weight rebalancing | 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。指数规则修订涉及的重大变更应事先征求市场意见。Open p.5 ↗ |
Rule changes originate from reviews, market conditions, expert advice, feedback, or complaints; material changes are consulted, changes undergo internal review and pre-implementation disclosure, and implementation may occur at a periodic review or rebalancing. |
| 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。Open p.5 ↗ |
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. |
| 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。Open p.5 ↗ |
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. |
| Termination procedure | submit the termination proposal for internal review, consult stakeholders where the index has stakeholders, submit Category I index terminations to the Index Expert Committee for discussion, include consideration of a replacement index in Category I termination proposals, have the Index Business Supervisory Committee confirm procedural compliance and review the termination plan, provide a replacement index when regulatory requirements and compilation/publication feasibility permit | 指数终止提案将先行提交内部评审。当指数存在利益相关方时，公司将就终止提案征询利益相关方的意见。涉及一类指数终止的，还将提交指数专家委员会进行讨论。Open p.5 ↗ (not found verbatim in the PDF) |
Termination requires internal review, stakeholder consultation where applicable, Index Expert Committee discussion for Category I indices, replacement-index consideration, and supervisory committee confirmation and review. |
| Complaints procedure | Contact channel: public enquiries and complaints email mailbox and dedicated CSI staff; Covered matters: index input/output data, data services, index methodologies, index review results, corporate-event handling for index constituents, industry classification, other business-related matters; Handling: The responsible person prepares a plan, dedicated staff reply through the public mailbox, and important enquiries or complaints require company approval before handling; Oversight: The Index Business Supervisory Committee periodically reviews the quarterly index-business complaint report | 用户针对公司业务的咨询和投诉，可通过咨询与投诉公共邮箱与公司专岗人员联系。咨询和投诉的范围包括指数输入/输出数据、数据服务、指数编制方案、指数调样结果、指数样本股公司事件处理、行业分类及其他业务相关事项。Open p.8 ↗ |
Users may contact dedicated staff through the public enquiries and complaints mailbox; responsible staff prepare responses, important matters require approval, and the supervisory committee reviews quarterly complaint reports. |
| Disclosure channels | 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。Open p.5 ↗ |
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. |
| Usage restrictions | Users must independently judge whether an index is suitable for their purpose; CSI does not assume responsibility for users' research or financial-product use, and users should reflect index risks in financial-product terms. | 指数用户涵盖各种类型的市场参与者，用户应自行判断以选择符合其特定使用目的的指数。Open p.7 ↗ |
Index users bear responsibility for selecting indices suitable for their purposes and reflecting relevant risks in product terms; CSI is not responsible for use in research or financial products. |
Open points · 14Model-written, for reference
- 1No specific index calculation formula or divisor formula is stated.
- 2No price return, gross total return, or net total return variants are specified.
- 3No cash-dividend reinvestment treatment or withholding-tax basis is specified.
- 4No list of divisor-adjustment events is provided beyond references to separate general calculation rules.
- 5No exact real-time calculation times or closing calculation time are provided.
- 6No published index-level precision or calculation currency is stated.
- 7No rule specifically addresses market closure or market disruption; only a general calculation emergency mechanism is provided.
- 8No quantitative notice period for methodology changes or index termination is stated.
- 9No definition or criteria for a material/major index-rule change are provided.
- 10No exact effective day for V3.0 is stated; only March 2024 is shown.
- 11Not coveredG3 Prices and market data: not covered by this edition
- 12Not coveredG4 Corporate events: not covered by this edition
- 13Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 14Not coveredG7 Review and constituent changes: not covered by this edition
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