事关A股，重大调整

Core Viewpoint - FTSE Russell announced adjustments to several indices, including the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [1] Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum (603993) and Sungrow Power (300274), while excluding Jiangsu Bank (600919) and SF Holding (002352) [4][6] - The FTSE China 50 Index will add China Hongqiao, CATL (300750), and Hengrui Medicine (600276), and remove CITIC Securities (601066), Great Wall Motors (601633), and Li Auto [4][8] - The FTSE China A150 Index will incorporate Ying Shi Innovation, Jiangsu Bank, Huadian New Energy (600930), SF Holding, Jiangbolong (301308), and Huayou Cobalt (603799), while excluding Luoyang Molybdenum, Desay SV (002920), Changdian Technology (600584), Baoxin Software (600845), Shanghai Pharmaceuticals (601607), and Sungrow Power [10][12] - The FTSE China A200 Index will add Ying Shi Innovation, Huadian New Energy, Jiangbolong, and Huayou Cobalt, while removing Desay SV, Changdian Technology, Baoxin Software, and Shanghai Pharmaceuticals [12] - The FTSE China A400 Index will see a broader adjustment, including Anji Technology, Silver Industry (601212), Yitang Co., BlueFocus (300058), and others, while excluding Chipbond Technology, Yipin Hong (300723), Guanghui New Network (300383), and Huaxi Biological [13][14] Group 2: Market Impact - The adjustments by FTSE Russell are expected to attract passive fund allocations to the included stocks and increase overseas interest in Chinese assets [17] - FTSE Russell, established in 1984, is a leading global index provider, with approximately $20 trillion in assets benchmarked to its indices [17] - In the context of a market recovery, foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, significantly exceeding the $11.4 billion for the entire year of 2024, marking an increase of over three times [17] - UBS forecasts that A-share earnings growth will rise from 6% this year to 8% next year, driven by improved nominal GDP growth and narrowing PPI declines [17] - Morgan Stanley has set a target of 4,840 points for the CSI 300 Index by December 2026, indicating a stable outlook for Chinese stocks amid moderate earnings growth and higher valuation levels [18]