上证50调仓，龙头企业逆周期穿行

Core Viewpoint - The adjustment of the SSE 50 Index reflects a shift between traditional and emerging industries, indicating changes in market liquidity rather than a direct correlation with the fundamental performance of the companies involved [1][5]. Group 1: Index Adjustment Details - The SSE 50 Index will see the removal of China Mobile, Poly Developments, China Aluminum, and CRRC, while SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang will be added, effective December 12 [1]. - The index is based on the SSE 180 Index, selecting the top 50 securities with the largest market capitalization and liquidity, with adjustments occurring semi-annually [2]. Group 2: Performance of Removed Companies - China Mobile reported a net profit of 842 billion yuan in the first half of the year, a 5% increase year-on-year, but was removed due to low average daily trading volume [3]. - Poly Developments, despite being the highest market cap in the real estate sector with a market value of 760.12 billion yuan, was also removed for similar liquidity reasons, although it demonstrated strong sales recovery and cash flow capabilities [3]. - China Aluminum and CRRC's removal is attributed to decreased trading activity linked to macroeconomic cycles affecting their respective industries [4]. Group 3: Market Reactions and Future Outlook - Analysts view the index adjustment as a normal operation within the rules, emphasizing that it does not strongly correlate with the companies' fundamentals [5]. - Both China Mobile and Poly Developments remain industry leaders, with China Mobile having 980 million mobile users and a significant role in 5G infrastructure [5][6]. - Poly Developments is transitioning from merely selling properties to managing them, aligning with national economic goals, and continues to hold a substantial market share in the real estate sector [6]. - Historical data shows that companies removed from indices can still perform well based on their fundamentals, indicating that long-term value is determined by core business performance rather than index inclusion [7].