Cambricon(SH:688256) Di Yi Cai Jing·2025-09-04 11:22Core Viewpoint - The significant drop in the stock price of Cambrian (688256) is primarily attributed to the upcoming quarterly adjustment of the Sci-Tech Innovation 50 Index, which may lead to a reduction in the company's weight in the index [1] Group 1: Stock Performance - On September 4, Cambrian's stock closed at 1202, down 203.00 yuan, representing a decline of 14.45%, with a market value loss exceeding 800 billion yuan [1] - The recent decline in Cambrian's stock price is linked to its weight exceeding the 10% limit for individual stocks in the Sci-Tech Innovation 50 Index [1] Group 2: Index Adjustment - The Shanghai Stock Exchange and China Securities Index announced that the next index adjustment will take place after the market closes on September 12 [1] - As of September 3, Cambrian's weight in the Sci-Tech Innovation 50 Index was 14.88%, necessitating a reduction to comply with the index's regulations [1] - Fund managers indicated that if Cambrian's weight is reduced to 10%, related ETF products will adjust their holdings, impacting Cambrian's stock price [1] Group 3: Regulatory Context - Recent communications from brokerage firms highlighted that the Sci-Tech Innovation 50 Index undergoes quarterly adjustments, with individual stock weights not exceeding 10% and the top five holdings not exceeding 40% [1] - Both Cambrian and SMIC (Semiconductor Manufacturing International Corporation) are required to complete their adjustments by September 12, with Cambrian's weight exceeding 15% and SMIC's at 10.21% [1]