国泰海通 · 晨报1107｜金工

Core Viewpoint - The article discusses the periodic adjustments of major market index ETFs and the liquidity impact of these adjustments, highlighting the increasing trend of index-based investment in the market [3][4]. Market Index ETF Scale - As of the end of October 2025, the scales of major index ETFs are as follows: - SSE 50: 192.6 billion - STAR 50: 180.1 billion - CSI 300: 1,254.7 billion - CSI 500: 181.9 billion - CSI 1000: 170.2 billion - ChiNext Index: 141.0 billion - The overall scale of these index ETFs has increased by 4.7 times compared to the end of 2021, indicating a more pronounced trend towards index-based investment [3]. Index Component Stock Adjustment Predictions - Predictions for adjustments in core index components include: - SSE 50: 4 stocks expected to be added (Hua Dian New Energy, SAIC Motor, Zhongke Shuguang, Northern Rare Earth) and 4 stocks expected to be removed (Poly Development, CRRC, Guodian Nanjing, Shaanxi Coal) [4]. - STAR 50: 2 stocks expected to be added (Aojie Technology -U, Shengke Communication -U) and 2 stocks expected to be removed (Huaxi Biological, Hangcai Co.) [4]. - CSI 300: 10 stocks expected to be added (Hua Dian New Energy, Shenghong Technology, Ningbo Port) and 10 stocks expected to be removed (Flaite, TCL Zhonghuan, Nasda) [4]. - CSI 500: 50 stocks expected to be added (O-film, Supor, Yingjia Gongjiu) [4]. - CSI 1000: 100 stocks expected to be added (Wan Energy Power, Laofengxiang, Xiamen Guomao) [4]. - ChiNext Index: 8 stocks expected to be added (Yinzhijie, Robot Technology, Changshan Pharmaceutical) [4]. Market Index Adjustment Liquidity Impact - The article tracks the ETF fund scales of the CSI and National Series indices and the predicted adjustments in component stock weights to construct a liquidity impact factor for the entire market index adjustments. - The highest liquidity impact from additions includes stocks like Dongshan Precision, Shenghong Technology, and Zhongke Shuguang; while the highest liquidity impact from removals includes stocks like Tangrenshen, Beiyuan Group, and Suneng Shares [4].