智通财经网·2026-02-16 00:01Core Viewpoint - The report from CICC analyzes the impact of adjustments to the Hang Seng Index and Hong Kong Stock Connect, indicating a gradual increase in the number of constituent stocks and changes in sector weightings, with a notable shift towards new economy sectors [1][13]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will include Luoyang Molybdenum, Old Puhua Gold, and CATL, increasing the number of constituent stocks to 90 [7][6]. - The new economy's market capitalization share will slightly rise from 48.9% to 50.0%, regaining a position above 50% [13]. - The technology and industrial sectors will see increases in their weightings, from 14.9% to 15.9% and from 10.0% to 10.9%, respectively, while the financial sector and utilities/telecommunications will decline [13][1]. Group 2: Fund Flow Estimates - Positive impacts are expected for Luoyang Molybdenum, Beike-W, Horizon Robotics-W, and Old Puhua Gold, while negative impacts are anticipated for HSBC [3][10]. - Estimated passive fund inflows for the newly included stocks are approximately $150 million for Luoyang Molybdenum, $85 million for Old Puhua Gold, and $110 million for CATL, with varying timeframes for these inflows [9][10]. - For the Hang Seng Index, potential outflows from HSBC and CLP Holdings could reach $500 million and $50 million, respectively [9][10]. Group 3: Hong Kong Stock Connect Adjustments - An estimated 44 stocks are likely to meet the inclusion criteria for the Hong Kong Stock Connect, while 25 stocks may be removed [4][11]. - The adjustments to the Hang Seng Composite Index will serve as a primary basis for the investable range of the Hong Kong Stock Connect [11][12]. - New listings such as OSL Group and Hashkey Holdings may face uncertainties regarding their inclusion due to their nature as virtual asset platforms [12]. Group 4: Adjustment Timeline - The adjustments will officially take effect on March 9, with passive funds expected to rebalance on March 6 to minimize tracking errors [5][14]. - There may be significant trading volume on the last trading day before the adjustments take effect, particularly in the closing hours [14].