Core Points - The periodic adjustment of major indices such as CSI 300, CSI A500, SSE 50, and others will take place in December, with significant changes in constituent stocks attracting market attention [1][3] - The adjustments will officially take effect on December 12 or December 15, with corresponding ETF rebalancing occurring around the same time [3] Group 1: Index Adjustments - The CSI 300 index will replace 11 constituent stocks, including the addition of Shenghong Technology and Dongshan Precision, while stocks like Foster and TCL Zhonghuan will be removed [4] - The CSI A500 index will see 20 new additions, including Guiding Compass and Yongtai Energy, with 20 stocks such as Zhangqu Technology being removed [4] - The SSE 50 index will change 5 stocks, adding SAIC Motor and Northern Rare Earth, while removing China Mobile and Poly Development [4] Group 2: Market Impact - The total scale of ETFs tracking these indices is substantial, with the CSI 300 ETF reaching 1,168.3 billion yuan, indicating a significant potential impact on market liquidity [9][10] - The market representation of these indices is strong, with the CSI 300 covering 51.92% of total market capitalization, making them critical for market stability [10][11] - The adjustments are expected to influence investor sentiment and may lead to increased passive fund inflows into newly added stocks [14] Group 3: Selection Criteria - The selection criteria for index adjustments include average daily trading volume, total market capitalization, free float market capitalization, and ESG evaluation results [9] - The adjustments reflect a shift towards a more balanced industry representation, particularly in technology and communication sectors [13]

（文章来源：证券时报） 对此，一位市场人士向记者释疑称，根据指数编制方案，上证50指数对样本空间内的证券按照过去一年 的A股日均总市值、日均成交金额进行综合排名。中国移动今年以来股价复权后小幅下跌约5%，A股总 市值约为1000亿元，最新排名位于沪市第100名左右，结合成交金额后的综合排名不满足上证50指数的 纳入条件，因此在本次调样中被调出。 值得指出的是，本次调样实施后，中国移动仍为上证180、沪深300、中证A500等主要指数的成份股， 调出上证50指数并不代表其基本面发生了变化。上述市场人士表示，因权重有限，亦不会对中国移动股 价产生显著影响。 11月28日，上交所与中证指数公司公告了2025年下半年的指数调样安排。证券时报记者注意到，含H股 的总市值居沪市第四位的中国移动被调出上证50指数，引发市场关注。 ...

11月28日，上交所与中证指数公司公告了2025年下半年的指数调样安排。证券时报记者注意到，含H股的 总市值位居沪市第4位的中国移动被调出上证50指数，引发市场关注。 对此，一位市场人士向证券时报记者释疑称，根据指数编制方案，上证50指数对样本空间内的证券按照过去 一年的A股日均总市值、日均成交金额进行综合排名。中国移动今年以来股价复权后小幅下跌约5%，A股总 市值约为1000亿元，最新排名位于沪市第100名左右，结合成交金额后的综合排名不满足上证50指数的纳入条 件，因此在本次调样中被调出。 值得指出的是，本次调样实施后，中国移动仍为上证180、沪深300、中证A500等主要指数的成份股，调出上 证50指数并不代表其基本面发生了变化。上述市场人士表示，因权重有限，亦不会对中国移动股价产生显著 影响。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 75亿元在建项目被指偷工减料，中国电建：全面调查 丨 002689，将被"ST"！明日停牌！ 丨 金 价、银价，突然飙涨！ 丨 这一赛道，利好！ 丨 国家最新部署！事关高层建筑重大火灾风险 ...

- The report introduces a **comprehensive impact coefficient model** to measure the impact of multiple index adjustments on individual stocks. The model is defined as follows: $effect\_total_{s}=\sum_{i=1}^{n}\frac{wt\_chg_{s_{i}}\times fund\_size_{i}}{amount\_avg_{s_{i}}20}$ where $effect\_total_{s}$ represents the comprehensive impact coefficient of stock $s$ across sample indices, $wt\_chg_{s_{i}}$ is the estimated weight change of stock $s$ in index $i$, $fund\_size_{i}$ is the tracking scale of index $i$, and $amount\_avg_{s_{i}}20$ is the average trading volume of stock $s$ over the past 20 days[11] - The report highlights the **impact of index sample stock adjustments** on individual stocks, focusing on the December 2025 periodic adjustments of major indices such as CSI 300, CSI A500, and SSE 50. The analysis includes the calculation of the comprehensive impact coefficient for stocks being added or removed from indices, as well as the potential passive trading impact due to weight adjustments[13][14][16] - The report identifies **stocks with significant positive and negative impact coefficients** due to index adjustments. For example, stocks like Tower Group, Jiangzhong Pharmaceutical, and Zhengbang Technology have positive impact coefficients above 2, while stocks like Deep Expressway and Wanhe Electric have significant negative impact coefficients[16][17][18] - The report evaluates the **impact of weight cap adjustments** for stocks like Zhongji Xuchuang and Xinyisheng in thematic indices such as CS Artificial Intelligence and Communication Equipment. Due to exceeding the weight cap, these stocks are expected to experience passive outflows of approximately 6.3 billion yuan and 2.7 billion yuan, respectively. However, the report concludes that the negative impact is limited due to sufficient liquidity and potential inflows from other indices[5][19][20]

Group 1: Financial Engineering Research - The report predicts the adjustment list for the constituent stocks of major indices in December 2025 based on the adjustment rules of the CSI and Guozheng indices, and measures liquidity shocks from a market-wide perspective [1][30] - As of the end of October 2025, the ETF sizes for major market indices such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext have reached 192.6 billion, 180.1 billion, 1,254.7 billion, 181.9 billion, 170.2 billion, and 141.0 billion respectively, indicating a 4.7 times growth compared to the end of 2021 [2][30] - The report outlines the periodic adjustment rules for core indices, noting that adjustments occur twice a year for SSE 50, CSI 300, CSI 500, CSI 1000, and ChiNext, and four times a year for STAR 50 [2][30] Group 2: New Stock Research - In the first three quarters of 2025, IPO support policies have been frequent, leading to a recovery in the issuance pace and fundraising scale, with a total of 773.02 billion raised, a 61% year-on-year increase [5][6] - The report anticipates an acceleration in IPO issuance over the next year, estimating that A-class/B-class accounts with a scale of 500 million will see additional yield increases of approximately 2.82% and 2.20% respectively [7][6] - The approval pace for existing projects is tight, with a high-quality project reserve expanding, indicating a positive outlook for future IPOs [6][7] Group 3: Company Research - Yum China - Yum China's Q3 2025 revenue reached 3.206 billion USD, a year-on-year increase of 4%, with operating profit at 400 million USD, up 8% [9][10] - Same-store sales continued to show positive growth, with KFC and Pizza Hut same-store sales increasing by 2% and 1% respectively [9][10] - The company plans to return 3 billion USD to shareholders through dividends and buybacks from 2025 to 2026, with projected EPS for 2025-2027 at 2.50, 2.88, and 3.16 USD [8][9] Group 4: Company Research - Nanwei Medical - Nanwei Medical achieved revenue of 2.381 billion CNY in the first three quarters of 2025, a year-on-year increase of 18.29%, with net profit of 509 million CNY, up 12.90% [17][18] - The company’s overseas sales maintained strong growth, with revenue reaching approximately 1.4 billion CNY, a 42% year-on-year increase [18][19] - The company is focusing on integrating its CME operations, with a new production facility in Thailand expected to be operational by the end of 2025 [19] Group 5: Company Research - Yongxing Materials - Yongxing Materials reported revenue of 5.547 billion CNY in the first three quarters of 2025, a year-on-year decrease of 10.98%, with net profit down 45.25% [21][22] - The decline in performance is attributed to falling lithium prices, with the average price of lithium carbonate showing fluctuations throughout the year [22] - The company maintains a high dividend payout, planning to distribute 528 million CNY in cash dividends in 2024, representing over 50% of its net profit [23] Group 6: Company Research - I Love My Home - I Love My Home reported a revenue of 8.165 billion CNY in the first three quarters of 2025, a year-on-year decrease of 6.81%, while net profit surged by 398.75% [24][26] - The company’s transaction volume increased significantly, with total housing transaction amounts reaching 196.2 billion CNY, a 5.2% year-on-year increase [26][27] - The company continues to focus on core cities, with a total of 2,549 operational stores as of Q3 2025 [26]

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].

Group 1 - The adjustment of the STAR 50 Index sample stocks will take place after the market closes on September 12, which includes the popular stock Cambricon [1] - Cambricon's recent significant stock price decline is perceived to be related to its weight exceeding 10% in the STAR 50 Index, potentially forcing passive funds to reduce their holdings [1][2] - The Shanghai Stock Exchange's educational video explains that the quarterly adjustment of the STAR series indices is a routine action aimed at ensuring the representativeness of the index and enhancing the investability of index products [1] Group 2 - The rule of limiting individual stock weight to a maximum of 10% is not unique to A-shares; it is a common practice both domestically and internationally to reduce concentration risk [2] - High concentration of individual stocks can lead to significant volatility in index performance, which is why the STAR series indices have set a 10% weight limit for individual stocks [2] - The adjustment process for ETFs is designed to minimize market impact, with fund companies typically making changes close to the implementation date while considering market liquidity [3] Group 3 - Concerns about a large outflow of funds from Cambricon, estimated at over 10 billion yuan, are addressed by stating that the funds will be redistributed among other index samples, maintaining the overall fund scale [4] - Investors are advised not to overly worry about short-term volatility, as the core value of index funds lies in tracking long-term returns rather than reacting to short-term adjustments [5]

Core 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].

Core Viewpoint - The adjustment of the STAR Market 50 Index sample stocks is a routine action aimed at maintaining the index's representativeness and enhancing the investability of index products, with specific rules established in advance [2][3]. Group 1: Index Adjustment and Rules - The STAR Market 50 Index undergoes quarterly adjustments, with the latest one scheduled for September 12, which is a standard procedure to ensure the index reflects current market conditions [2]. - The individual stock weight in the index is capped at 10% to reduce concentration risk, a practice common in both domestic and international indices [2][3]. - The adjustment aims to prevent the index from being overly influenced by a few stocks, which could lead to significant volatility in index performance [2][3]. Group 2: Impact on ETFs and Market Dynamics - Concerns about large-scale ETF sell-offs due to weight reductions are addressed, indicating that fund managers typically adjust their holdings gradually and consider market liquidity [3]. - The funds that are redistributed from the stock experiencing a weight reduction will remain within the index, ensuring that the overall capital remains unchanged, described as "肥水不流外人田" [4]. - Investors are encouraged to focus on the long-term benefits of index tracking rather than short-term fluctuations caused by periodic adjustments [5].

Group 1 - The adjustment of the STAR Market 50 Index sample stocks will take place after the market closes on September 12, which includes the popular stock Cambricon [2] - Cambricon's recent significant stock price decline is perceived to be related to its weight exceeding 10% in the STAR 50 Index, potentially forcing passive funds to reduce their holdings [2][3] - The Shanghai Stock Exchange's educational video addresses investor concerns regarding the index weight adjustment and its implications for stock prices [3] Group 2 - The STAR Market Index undergoes quarterly adjustments to ensure its representativeness and enhance the investability of index products, with rules published in advance [3] - The individual stock weight limit of 10% is a common practice both domestically and internationally, aimed at reducing concentration and preventing the index from being overly influenced by a few stocks [3] - Concerns about large-scale ETF sell-offs due to weight reductions are addressed, indicating that fund companies typically adjust their holdings gradually and consider market liquidity [4] Group 3 - The funds that flow out from a stock due to weight reduction will be redistributed among other index samples, maintaining the overall fund scale [5] - Investors are advised not to overly worry about short-term volatility, as the core value of index funds lies in tracking long-term returns rather than reacting to short-term adjustments [6]