• 宽基指数 • 策略指数 • 行业指数 • 主题指数 • 海外指数 1브工什汉 中国互联网50 生物科技 港股通科技 中证医疗 医药 行业指数 中证中药 纳斯达克100 恒生医疗保健 标普500 恒生港股通医疗保健 标普科技 海外指数 恒生生物科技 美股消费 全球医疗 恒生创新药 港股通创新药 地产行业 基建行业 地产 建筑材料 银行行业 金融 证券行业 中证半导体 信息技术 文 | 银行螺丝钉 （转载请注明出处） 之前有朋友问，如何快速查看投资中常用的各个指数呢？ 螺丝钉也做了指数地图，包括各个常见指数的代码、选股规则、行业分布、成分股的市值平均数和中位数等，会定期更新，方便大家查看。 螺丝钉指数地图，主要包括以下几类股票指数： 长图片后面，有详细的介绍。 宽基指数 | 指数代码 | 指数名称 | | 上市交易所 | | | | | 持仓市值排名分布 | | | | 市值平均数 | | 市值中位数 | | 成分股数量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The article emphasizes that annual rebalancing of indices is a systematic process governed by transparent rules rather than subjective market judgments, highlighting the importance of understanding these rules for effective investment strategies [5][8][11]. Group 1: Annual Rebalancing - The second Friday of December marks the annual rebalancing day for most indices, leading to changes in sample stocks and their valuations [5][6]. - Criticism often arises regarding the inclusion of high-performing stocks and the exclusion of underperforming ones, but these changes are a result of established rules rather than market speculation [6][10]. - Understanding that rebalancing reflects adherence to rules rather than market sentiment is crucial for investors [8][35]. Group 2: Market Capitalization Indices - Market capitalization indices, such as the CSI 300 and SSE 50, aim to represent key companies in the market based on size and liquidity, rather than seeking to capitalize on market fluctuations [16][17]. - These indices naturally exhibit a tendency to include companies that have increased in size and performance while excluding those that have declined, which can be misinterpreted as "buying high and selling low" [18][19]. - The design of market cap indices prioritizes transparency and alignment with economic structures over short-term gains [20][21]. Group 3: Strategy Indices - Strategy indices, like dividend indices, focus on specific factors such as dividend yield rather than market capitalization [24][25]. - These indices adjust their components based on the stability of dividend payments, leading to a different risk-return profile compared to market cap indices [28]. - The mechanism of strategy indices allows for continuous alignment with predetermined financial metrics, rather than predicting future market movements [27][28]. Group 4: Understanding Index Characteristics - Market capitalization indices and strategy indices serve different purposes and are not mutually exclusive; they address distinct investment needs [31][32]. - Market cap indices provide a baseline for market returns, while strategy indices can be used for risk management and income generation [32][33]. - Misinterpretation of indices often stems from short-term emotional reactions rather than a proper understanding of their long-term rules [34][35].

以下文章来源于六亿居士 ，作者六亿居士 六亿居士 . 雪球2024年度十大影响力用户。每周发布指数估值表，坚持指数基金(ETF)低估定投，分享指数基金基础分析，让我们：买入有依，持有有底，卖出有 据。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：六亿居士 来源：雪球 每年12月的第二个星期五的下一交易日 ， 是大部分指数的年度调仓日 。 如果平常注意指数编制规则 ， 我相信对此会有较深印象 。 今天正是这样的一个调仓日 ， 收盘之后不少指数的样本将发生变化 ， 指数的估值情况 、 行业分布 ， 也会随之产生一些调整 。 01 这几天 ， 我们可能会看到一些批判的声音 。 比如 ： 上证50又追涨杀跌啦 ， 沪深300纳入了某些涨幅巨大的科技股 ， 市值规模指数怎么剔除 了某个跌了很久的大白马 ？ 而与之相对的 ， 一些策略指数因为编制特性 ， 会出现高抛低吸的状态 。 比如红利类指数基于编制策略 ， 会剔除股息率下降较大的成份股 ， 纳入股息率较高的成份股 ， 从而完成指数的新老更替 。 这些现象 ， 本身并不假 ， 但如果 ...

Core Viewpoint - The article discusses the investment strategies for index funds, emphasizing the importance of understanding index rebalancing and its impact on investment performance [6][7][8]. Group 1: Index Rebalancing - Index rebalancing refers to the adjustment of constituent stocks in an index according to specific rules, which can lead to buying high and selling low during market fluctuations [6][7]. - Regular rebalancing can cause indices like the CSI 500 and CSI 1000 to follow a pattern of buying stocks that have risen significantly and selling those that have fallen, potentially exacerbating market volatility [7][8]. Group 2: Historical Context - The phenomenon of indices chasing performance was observed during the 1990s tech bubble in the U.S., where stocks associated with the internet saw significant price increases, leading to their inclusion in major indices like the Nasdaq 100, which later suffered during the market correction [8]. Group 3: Solutions to Mitigate Risks - Two strategies are proposed to mitigate the risks associated with index rebalancing: 1. Consider strategy indices that do not rely on market capitalization for stock selection, thus avoiding the pitfalls of performance chasing [11][12]. 2. Explore enhanced index funds, which invest 80% in index constituents while using 20% for active management to avoid stocks with clear bubbles [13][14].

Core Viewpoint - Index rebalancing is a process that ensures the vitality of indices by removing stocks that do not meet criteria and adding new ones, which can impact the valuation of various indices [3][4][5]. Group 1: Index Rebalancing Types - Index rebalancing can be categorized into two types: temporary adjustments due to special events and regular adjustments based on sample stability [6][9]. - Temporary adjustments are rare, while regular adjustments occur periodically, such as every quarter or semi-annually [7][12]. Group 2: Frequency and Timing of Regular Rebalancing - Regular rebalancing occurs at different frequencies: quarterly, semi-annually, or annually, with specific dates for major indices like the CSI 300 and CSI 500 [13][14][16]. Group 3: Impact on Valuation - The recent rebalancing has led to changes in average valuations for various indices, with the CSI 300 and CSI 500 seeing increases in both price-to-earnings (P/E) and price-to-book (P/B) ratios [17][22][23]. - The CSI 2000 index, however, experienced a decrease in valuation due to the removal of loss-making companies, which increased the average earnings denominator [26]. Group 4: Strategy Indices Valuation Changes - Strategy indices like the CSI A500 and CSI Dividend have shown varying impacts on valuations post-rebalancing, with some indices experiencing increases while others, like the CSI Value, typically see decreases [31][32][39]. Group 5: Investor Considerations - Investors do not need to take action during index rebalancing, as it is managed by fund managers, and they should continue to hold their investments [59][61]. - The rebalancing process can lead to changes in index valuations, which may enhance the investment value of certain indices, particularly those with value strategies [62].

Group 1 - The core concept of index rebalancing is the adjustment of constituent stocks according to the index's compilation rules, ensuring the index's vitality by removing stocks that do not meet the criteria and adding new ones [3][4] - There are two main types of index rebalancing: temporary rebalancing, which occurs due to special events affecting the index's representativeness, and regular rebalancing, which is conducted periodically based on sample stability and dynamic tracking [5][9] - Regular rebalancing occurs at different frequencies, such as quarterly, semi-annually, or annually, with specific dates for major indices like the CSI 300 and others [14][15] Group 2 - The impact of the latest rebalancing on index valuations shows that the average price-to-earnings (P/E) ratios for the CSI 300 and other indices have increased, while the CSI 2000's valuation has decreased [18][20] - Value and low-volatility strategy indices tend to see a decrease in valuation after rebalancing, which may enhance their investment attractiveness [19][20] - The issue of "buying high and selling low" is prevalent in market capitalization-weighted indices, where stocks that have risen significantly are included, while those that have fallen are excluded, leading to potential pitfalls during market corrections [21][26] Group 3 - Solutions to mitigate the drawbacks of market capitalization-weighted indices include considering strategy indices that do not rely on market cap for stock selection, thus avoiding the "buy high, sell low" scenario [27][32] - Index-enhanced funds, which invest 80% in index constituents and 20% in enhanced operations, can help avoid stocks with clear bubbles [34] - Despite their drawbacks, market capitalization-weighted indices like the CSI 300 remain significant due to their capacity to accommodate large amounts of capital, making them essential in the market [37][39]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, highlighting its significance in a diversified portfolio [2] Group 2 - The article explains the concept of industry indices, which focus on stocks within specific sectors such as consumer, healthcare, and finance [5] - It outlines the need to manage investment proportions in individual industries due to their higher volatility, which can average between 30%-50% annually, compared to broader indices like the CSI 300, which typically sees volatility around 20%-25% [5] - It advises investors to limit exposure to any single industry to 15%-20% to mitigate risk [5] - The article also stresses the importance of selecting strong industries for investment and ensuring a diversified allocation across different sectors [6][7]

Core Viewpoint - The article presents an index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be updated regularly for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][2]. Group 2: Index Details - The article provides detailed information on specific indices, including: - CSI 300 Index (000300.SH): Average market cap of ¥214.64 billion, median market cap of ¥108.39 billion, consisting of 300 stocks [7]. - CSI 500 Index (000905.SH): Average market cap of ¥33.42 billion, median market cap of ¥29.64 billion, consisting of 500 stocks [7]. - CSI 800 Index (000906.SH): Average market cap of ¥101.38 billion, median market cap of ¥40.13 billion, consisting of 800 stocks [7]. - CSI 1000 Index (000852.SH): Average market cap of ¥14.66 billion, median market cap of ¥12.79 billion, consisting of 1000 stocks [7]. - CSI 2000 Index (932000.CSI): Average market cap of ¥6.06 billion, median market cap of ¥5.32 billion, consisting of 2000 stocks [7]. Group 3: Industry Distribution - The article outlines the industry distribution across various indices, highlighting the following: - Materials: 8.86% in broad-based indices, 18.14% in strategy indices, and 11.44% in industry indices [11]. - Real Estate: 0.65% in broad-based indices, 1.34% in strategy indices, and 0.83% in industry indices [11]. - Financials: 25.45% in broad-based indices, 33.98% in strategy indices, and 4.49% in industry indices [11].

Group 1 - Funds are suitable investment products for ordinary people [2] - New investors should consider what type of funds are appropriate for them [2] - There is a free course available to help new investors understand fund investment from scratch [2] Group 2 - Dividend indices are a common type of strategy index [5] - Strategy indices are based on specific investment strategies and cover a wide range of industries [6] - There are four main types of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 3 - The core strategy of dividend indices is to select stocks with high dividend yields [8] - Dividend yield is calculated by dividing the total cash dividends by the company's market capitalization [8] - For example, a company with a market cap of 10 billion and annual dividends of 500 million has a dividend yield of 5% [8]

Core Viewpoint - The recent draft of the "Public Fund Performance Comparison Benchmark Element Library Operation Explanation" has been distributed, establishing a benchmark library divided into two categories, aimed at enhancing the comparability of fund performance and encouraging standardized selection and use of indices by fund managers [1][2]. Group 1: Benchmark Library Structure - The benchmark library consists of two categories: Category One includes 69 core indices, while Category Two includes 72 indices, totaling 141 indices that cover mainstream investment targets in A-shares and Hong Kong stocks [1][2]. - Category One focuses on highly representative and widely recognized indices, while Category Two aims to balance innovation and differentiation, including indices with significant usage frequency and market capitalization [1][2]. Group 2: Inclusion Criteria - The inclusion criteria for Category Two indices require that single constituent security weight does not exceed 20% for broad-based indices, and for non-broad-based indices, there must be at least 30 constituent securities with specific weight limitations [5]. - For Category One indices, they must meet the standards of Category Two and have an average daily free float market capitalization of at least 10,000 billion yuan over the past year, along with other relevant standards [5]. Group 3: Dynamic Adjustment Mechanism - The benchmark library is not static; it will undergo quarterly evaluations for the entry and exit of benchmark elements and semi-annual assessments for adjustments between the two categories [9]. - Elements in Category Two that meet the standards for Category One can be moved up, while those in Category One that no longer meet the criteria can be moved down, based on expert committee evaluations [9].