Cambricon(SH:688256) 第一财经·2025-09-07 07:55Core Viewpoint - The adjustment of the STAR Market 50 Index sample stocks, particularly regarding the weight of Cambricon (688256.SH), has led to significant stock price fluctuations, raising concerns among investors about the implications of such changes on passive fund management and market dynamics [2][3]. Group 1: Index Adjustment Rationale - The STAR Market series index undergoes quarterly adjustments to maintain its representativeness and enhance the investability of index products, ensuring that stocks not meeting index criteria are removed and replaced with suitable candidates [3]. - The weight of individual stocks in the index is capped at 10% to reduce concentration risk, a practice common in both domestic and international indices, aimed at preventing the index from being overly influenced by a few stocks [3]. Group 2: Impact on ETFs and Market Dynamics - Concerns about large-scale ETF sell-offs due to weight reductions are overstated; ETF managers typically adjust their holdings gradually and in a manner that considers market liquidity, minimizing abrupt market impacts [4]. - The funds that flow out from a stock due to weight adjustments are redistributed among other index constituents, maintaining the overall capital within the index and preventing external outflows [5]. Group 3: Investor Sentiment and Long-term Focus - Investors are advised not to overly worry about short-term volatility, as the primary value of index funds lies in tracking long-term returns rather than reacting to temporary fluctuations caused by periodic adjustments [6].