MSCI近期发布声明提议，将持有超过50%资产负债表为加密货币的"数字资产财库公司"从其指数中剔除，该政策变动预计于2026年1月 生效。摩根大通在一份研究报告中分享了这一消息，随即遭到比特币社区的猛烈抨击，多位币圈人士呼吁"抵制"这家金融服务巨头。 摩根大通分析师Nikolaos Panigirtzoglou团队警告称，若MicroStrategy最终被剔除，其估值将面临"相当大的压力"。分析师估计，在 MicroStrategy约590亿美元的市值中，约28亿美元由明确追踪MSCI指数的资金持有，剔除决定一旦生效，将可能触发规模达28亿美元的 强制性卖盘。 指数编制巨头MSCI提议将持有大量加密资产的公司剔除出其全球可投资市场指数，这一潜在变动正在引发币圈的强烈反对。持有巨额 比特币的MicroStrategy首当其冲，而因发布相关研报的摩根大通意外成为抵制目标。 这一指数调整可能引发连锁反应。被剔除的加密财库公司将失去来自被动型基金的资金流入，相关基金和资产管理公司将被迫自动抛售 这些公司的股票，进而可能对加密货币市场造成负面冲击。 币圈掀起抵制浪潮 摩根大通因发布MSCI指数调整的研究报告而成为币圈怒 ...

点击小程序查看报告原文 2025年11月21日盘后，恒生指数公司公布了其定期的季度指数调整结果（此次审议考察日截至2025年9月30日，一般在考察日期后的8周内公布）。此次调 整范围涵盖港股主要旗舰指数如恒生、国企指数和恒生科技指数。此外，直接决定港股通可投资范围的恒生综合指数也有局部调整。我们综合分析影响供 投资者参考。 恒生系列指数调整：恒指纳入信达生物；恒生国企纳入百胜中国、信达生物与中国宏桥；恒生科技纳入零跑汽车 ► 成分股变化：信达生物纳入恒生指数；百胜中国、信达生物与中国宏桥纳入恒生国企，零跑汽车纳入恒生科技。 1) 恒生指数： 此次调整纳入信达生物，权重为0.91%；没有成分股被剔除，调整后成分股数量提升至89只。 2) 恒生国企： 此次调整纳入信达生物、百胜中国与中国宏桥，纳入权重分别为1.30%、1.21%与0.91%；新奥能源、新东方-S与海底捞被剔除，剔除前权重 分别为0.49%、0.28%与0.24%。调整后成分股数量维持50只不变。 3) 恒生科技： 此次调整纳入零跑汽车，纳入权重为0.98%；ASMPT被剔除，剔除前权重为0.66%。调整后成分股数量维持30只不变。 ► 资金流向测 ...

下周超200亿元市值限售股解禁，南方航空解禁56.89亿元居首 Wind数据统计显示，下周（11月24日-11月28日）共有40家公司限售股陆续解禁。按11月21日收盘价计算，解禁总市值超200亿 元。 【重磅新闻】 成品油将迎调价窗口 根据"十个工作日"原则，本轮调价窗口为11月24日24时。据金联创测算，截至11月21日第九个工作日，参考原油品种均价为61.83 美元/桶，变化率为-0.97%，对应的国内汽柴油零售价应下调50元/吨。 MSCI 11月指数调整24日生效 国际指数编制公司MSCI公布了11月指数审核变更结果。在本次调整中，MSCI中国A股指数新纳入17只标的，剔除16只。本次调整 结果将于2025年11月24日收盘后生效。 华为全场景新品发布会定档11月25日 华为Mate 80系列 | Mate X7及全场景新品发布会将于11月25日14:30举行。据了解，华为Mate 80系列共有4款机型，分别是Mate 80、Mate 80 Pro、Mate 80 Pro Max、Mate 80 RS非凡大师。 2025中国汽车供应链大会等会议将召开 中国汽车工业协会发布通知，定于2025年11月2 ...

Core Viewpoint - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share Index and the removal of 16 stocks, effective after the market close on November 24 [1] Group 1: MSCI Index Changes - 17 new stocks were added to the MSCI China A-share Index, while 16 stocks were removed [1] - Dong-E E-Jiao, known for its generous dividend policy, is among the stocks being removed from the index [1][4] Group 2: Dong-E E-Jiao Financial Performance - In the first three quarters, Dong-E E-Jiao reported revenue of 4.766 billion CNY, a year-on-year increase of 10.10%, and a net profit of 1.274 billion CNY, up 10.58% [3] - For Q3 alone, the company achieved revenue of 1.716 billion CNY and a net profit of 456 million CNY, with year-on-year growth rates of 8.50% and 10.29%, respectively [3] Group 3: Dividend Policy - Since its listing in 1996, Dong-E E-Jiao has maintained a strong dividend tradition, with a total of 28 dividends amounting to 10.104 billion CNY, averaging a payout ratio of nearly 70% [4] - In 2023, the company has maintained a dividend payout ratio close to 100%, with a recent proposal to distribute 12.69 CNY per 10 shares, totaling approximately 817 million CNY, which is 99.94% of its net profit for the first half of the year [4] - Despite the generous dividend, the company's stock price has declined over 5% since the dividend announcement, with a year-to-date drop exceeding 20% [4] Group 4: Stock Performance Metrics - As of November 6, the latest closing price for Dong-E E-Jiao was 47.63 CNY per share, with a year-to-date decline of over 20% [4] - The stock's market capitalization is approximately 30.673 billion CNY, with a price-to-earnings ratio of 18.27 and a dividend yield of 5% [5]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][6]. Summary of Adjustments - **Newly Added Stocks**: The list includes stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) among others [4]. - **Removed Stocks**: Stocks such as Zhongzhi Co., Ltd. (600038.SH), Bertli (603596.SH), and Dong'e Ejiao (000423.SZ) are among those being removed from the index [4]. - **Hong Kong Stocks**: In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Global Index Adjustments - **Global Standard Index Changes**: MSCI's global standard index (ACWI) added 69 stocks and removed 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [5]. - **Emerging Markets Index**: The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy from Indonesia, Zijin Mining International, and GF Securities [5]. Adjustment Frequency and Impact - MSCI conducts four routine adjustments annually, with the May and November adjustments typically being more significant. Adjustments are based on objective quantitative metrics such as market capitalization and liquidity [6].

Core Insights - MSCI announced the results of its November index adjustments, which will take effect after the market closes on November 24, 2025 [2] Group 1: MSCI Index Adjustments - The MSCI Global Standard Index series will add 69 securities and remove 64 securities [5] - The largest three additions to the MSCI Global Index by market capitalization are CoreWeave A (USA), Nebius Group A (Netherlands), and Insmed (USA) [5] - The MSCI Emerging Markets Index will add three major securities: Barito Renewables Energy (Indonesia), Zijin Mining International (China), and GF Securities H Shares (China) [6] Group 2: Other MSCI Index Changes - The MSCI Global Small Cap Index will add 207 securities and remove 224 securities [6] - The MSCI Global Investable Market Index will add 199 securities and remove 211 securities [6] - The MSCI Global All Cap Index will add 175 securities and remove 71 securities [6] - The MSCI Frontier Markets Index will add 8 securities and remove 2 securities, with the largest additions being Vietnam Airlines, MCB Bank (Pakistan), and Jordan's Arab Bank [6][7] Group 3: MSCI China A-Shares Index Adjustments - The MSCI China A-Shares Index series will add 17 securities and remove 16 securities [8] - Notable additions include Qianli Technology, Dongyang Sunshine, Changchuan Technology, and Huahong Semiconductor [9] - The list of removed securities includes Dong'e Ejiao, Hailan Home, and Nanjing Securities [9][10] Group 4: Market Reactions and Implications - According to China International Capital Corporation (CICC), there may be arbitrage opportunities as funds position themselves based on the announced results before the official implementation date [11] - However, there have been instances where newly added or increased weight stocks experienced price declines on the adjustment implementation date, indicating potential risks for less liquid stocks [11]

Core Viewpoint - MSCI announced changes to its indices, including the addition and removal of various stocks in the China A-shares and Hong Kong markets, effective after the market close on November 24, 2025 [3][4]. Group 1: MSCI China A-shares Index Changes - The MSCI China A-shares Index will include 17 new stocks and remove 16 existing ones [3]. - New additions include stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [5]. - Stocks removed from the index include Zhongzhi Co., Ltd. (600038.SH) and Dong'e Ejiao (000423.SZ) [5]. Group 2: MSCI China Index Changes - The MSCI China Index will add 9 new Hong Kong stocks, including Zijin Mining International and Ganfeng Lithium [3]. - The index will remove 4 stocks, such as Beijing Enterprises Water Group and China Everbright Bank [3]. Group 3: Global MSCI Index Changes - The MSCI All Country World Index (ACWI) will add 69 stocks and remove 64 stocks globally [4].

Core Insights - MSCI announced the results of its November index review, which includes the addition of 69 stocks and the removal of 64 stocks from the ACWI index [1][4] - In the MSCI China A-shares index, 17 stocks were added while 16 stocks were removed, with the changes effective after the market close on November 24, 2025 [1][3] A-Shares Adjustments - Newly added A-shares include companies such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [3] - Removed A-shares include Zhongzhi Co., Ltd. (600038.SH), Dong'e Ejiao (000423.SZ), and Hailan Home (600398.SH) [3] Hong Kong Stocks Adjustments - The MSCI China index also added 9 Hong Kong stocks, including Zijin Mining International and GF Securities, while removing 4 stocks such as Beijing Enterprises Water Group [3][4] Global Index Adjustments - The MSCI Global Standard Index (ACWI) added 69 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [4] - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities [4] Adjustment Frequency and Impact - MSCI conducts four routine adjustments annually, with May and November being the more significant semi-annual reviews, while February and August involve smaller quarterly reviews [5] - Adjustments are based on objective quantitative metrics such as market capitalization and liquidity, with historical analysis indicating that these adjustments have a controllable impact on the overall market [5]

Group 1 - The Hang Seng Index Company announced the renaming of the Hang Seng Information Technology Index to the Hang Seng Semiconductor Industry Theme Index, effective November 7, 2025 [1] - The calculation method of the index will be updated, including changes to the index objectives, stock selection criteria, industry requirements, stock selection methods, weighting methods, and weight limits [1] - The number of constituent stocks in the Hang Seng Semiconductor Industry Theme Index will be fixed at 40, with a reduction from 45 to 33 stocks, adding 11 new stocks including China Electronics Huada Technology and Suzhou Beike Microelectronics [1] Group 2 - 23 stocks will be removed from the index, including China Civil Aviation Information Network and Tencent Holdings [1]

Group 1 - The core point of the article highlights significant stock movements in the A-share market, with several companies experiencing sharp fluctuations during the closing auction [1] - New companies such as Baijiazhenshou-U, New Yisheng, WuXi AppTec, and Zhongji Xuchuang are being added to the FTSE China A50 Index, while companies like China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical are being removed [1] - The changes announced by FTSE Russell on September 3 will take effect after the market closes on September 19 [1]