Cambricon(SH:688256) Shang Hai Zheng Quan Bao·2025-09-09 06:08Core Viewpoint - The stock price of Cambricon has experienced significant fluctuations, raising concerns about potential selling pressure due to index fund rebalancing [1][4]. Rebalancing Fund Situation - As of September 8, Cambricon's weight in the STAR 50 Index has decreased to 13.15%, while SMIC's weight is at 10.63% [1]. - The Shanghai Stock Exchange and China Securities Index Co. have announced adjustments to the STAR 50 Index, effective after market close on September 12, limiting individual stock weights to a maximum of 10% [1]. - The total estimated outflow from Cambricon due to the STAR 50 Index rebalancing is approximately 54.5 billion yuan, based on the current ETF scale of 1728.79 billion yuan [1]. Chip Index Rebalancing - In addition to the STAR 50 Index, the STAR Chip Index will also undergo quarterly adjustments, with Cambricon's weight currently at 14.9% [2]. - The estimated selling pressure from the STAR Chip Index is around 21 billion yuan [2]. Total Selling Pressure - The combined estimated selling pressure from both the STAR 50 and STAR Chip Indices is approximately 75.5 billion yuan [4]. - The selling pressure has decreased from 94 billion yuan to 75.5 billion yuan following the adjustments and changes in ETF scale [4]. Impact of Index Funds - Index fund managers prioritize tracking error control, aiming to align fund performance closely with index performance [5]. - The rapid growth of index fund scales has increasingly influenced stock prices, with notable presence in the top ten shareholders of some stocks [6]. - Cambricon's top ten circulating shareholders include four ETFs, with a total holding value exceeding 17 billion yuan as of the end of June [6].