Mei Ri Jing Ji Xin Wen·2025-09-03 06:15Core Viewpoint - The upcoming periodic adjustment of the Sci-Tech Innovation 50 Index may lead to a reduction in the holdings of the "new stock king" Cambricon by related funds due to its current weight exceeding the index's limits [1][5]. Group 1: Index Adjustment Details - The weight of a single sample in the Sci-Tech Innovation 50 Index cannot exceed 10%, and the combined weight of the top five samples must not exceed 40% [3][5]. - As of September 2, 2023, Cambricon's weight in the index reached 15.42%, while the second-largest stock, SMIC, was at 10.21%, resulting in a total weight of the top five stocks at 46.23%, exceeding the 40% limit [3][4]. - The adjustment will take effect on September 15, 2023, requiring Cambricon's weight to be reduced to no more than 10%, necessitating a sell-off of approximately 10 billion CNY worth of Cambricon shares by related funds [5][7]. Group 2: Fund Tracking and Market Impact - There are currently 72 products tracking the Sci-Tech Innovation 50 Index, with a total tracking scale of 189.03 billion CNY [5][7]. - The two largest ETFs tracking the index have scales of 78.795 billion CNY and 73.905 billion CNY, respectively [7]. - The adjustment may lead to a rebalancing of funds within the index, as other stocks may also see adjustments in their weights, potentially affecting market liquidity [8][9]. Group 3: Investor Perspective - Industry insiders suggest that ordinary investors need not overly worry about short-term fluctuations, as the core value of index funds lies in tracking long-term returns rather than short-term adjustments [1][9]. - The adjustment process is based on the index's compilation rules and does not respond to market changes, ensuring that all ETFs will passively follow the new weights [8].