Core Viewpoint - The Shanghai 380 Index experienced a slight decline of 0.37% to 5332.24 points, with a trading volume of 69.297 billion yuan, reflecting a mixed performance over different time frames [1] Group 1: Index Performance - The Shanghai 380 Index has increased by 0.54% over the past month, decreased by 4.32% over the past three months, and has declined by 0.51% year-to-date [1] - The index is based on a sample of 380 securities selected from the Shanghai Stock Exchange, ranked by revenue growth, return on equity, trading volume, and total market capitalization [1] Group 2: Index Composition - The top ten weighted stocks in the Shanghai 380 Index include Hu Nong Commercial Bank (1.35%), Chengdu Bank (1.25%), and Chifeng Gold (1.22%) among others [1] - The index is exclusively composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 26.74%, information technology for 14.14%, and materials for 12.41%, among other sectors [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1 - The core point of the article is that FTSE Russell has announced an annual restructuring of the Russell US Index, effective after the market close on June 27, with plans to increase the adjustment frequency from once a year to twice a year starting in 2026 [1][6]. Group 2 - The restructuring will occur in three phases, with the first phase confirming the constituents based on market capitalization after the close on April 30. May and June will serve as transition months, with preliminary adjustment lists communicated to the market starting May 23 and updates provided on May 30, June 6, June 13, and June 20 [3][5]. - The Russell US Index comprises the Russell 1000 Index, which includes the largest 1,000 companies by market capitalization, accounting for 93% of the total investable US equity market, and the Russell 2000 Index, which includes the smallest 2,000 companies [3][5]. - The adjustments to the index have significant market implications, as approximately $10.5 trillion tracks the Russell US-related indices, making the restructuring day one of the largest trading volume days in the US market [5]. Group 3 - The changes are intended to ensure that the Russell US Index remains representative of the market, as market conditions and valuations evolve over time [6]. - On the 2024 adjustment day, the Nasdaq's closing cross-match system executed approximately 2.9 billion shares valued at $95.3 billion in just 0.878 seconds, setting a new record for Russell index restructuring days [5].

点击小程序查看报告原文 2025年5月16日盘后，恒生指数公司公布了其定期的一季度指数调整结果（此次审议考察截至2025年3月31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。 指数调整及影响：美的集团与中通快递-W纳入恒指，比亚迪股份纳入恒生科技 ► 成分股变化：美的集团与中通快递-W纳入恒生指数；比亚迪股份纳入恒生科技，阅文集团被剔除。 1) 恒生指数： 此次调整纳入美的集团与中通快递-W，纳入权重分别为0.33%与0.44%，调整后成分股数量增至85只。 2) 恒 生国 企： 此次无纳入剔除，成分股数量维持50只不变。 3) 恒生科 技 ： 此次调整纳入比亚迪股份，纳入权重为8%；阅文集团被剔除，剔除前权重为0.49%。成分股维持在30 只不变。 ► 被动资金流向测算：关注对网易-S、比亚迪股份与中通快递-W等的正面影响；对阅文集团与万洲国际的负面影响。 基于Bloomberg汇总，追踪恒生指数的ETF资金规模约为290.5亿美元，追踪国企和恒生科技指数ETF规 ...

重要新闻 1. 国务院关税税则委员会：调整对原产于美国的进口商品加征关税措施 国务院关税税则委员会公布公告，自2025年5月14日12时01分起，调整《国务院关税税则委员会关于对 原产于美国的进口商品加征关税的公告》（税委会公告2025年第4号）规定的加征关税税率，由34%调 整为10%，在90天内暂停实施24%的对美加征关税税率。自2025年5月14日12时01分起，停止实施《国 务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会公告2025年第5 号）和《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会公告 2025年第6号）规定的加征关税措施。 2. 市场监管总局等五部门约谈外卖平台企业 近日，市场监管总局会同中央社会工作部、中央网信办、人力资源社会保障部、商务部，针对当前外卖 行业竞争中存在的突出问题，约谈京东、美团、饿了么等平台企业。要求相关平台企业严格遵守《中华 人民共和国电子商务法》《中华人民共和国反不正当竞争法》《中华人民共和国食品安全法》等法律法 规规定，严格落实主体责任，主动履行社会责任，加强内部管理，合法规范经营，公平有序竞争，共同 ...

Core Points - The Shanghai Composite Index opened high and the China Securities Hong Kong 100 Energy Index (H100 Energy) reported at 2211.74 points [1] - The China Securities Hong Kong 100 Energy Index has seen a decline of 6.97% over the past month, 6.89% over the past three months, and 10.44% year-to-date [2] Industry Analysis - The China Securities Hong Kong 100 Energy Index is fully composed of stocks listed on the Hong Kong Stock Exchange, with fuel refining accounting for 48.23%, integrated oil and gas companies for 35.85%, and coal for 15.93% of the index [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Core Points - The Hong Kong 300 Local Stock Index (HK300) reported a decline of 2.46% over the past month, an increase of 5.69% over the past three months, and a year-to-date increase of 3.57% [1] - The index is designed to reflect the overall performance of mainland and local Hong Kong listed companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted stocks in the HK300 Local Stock Index include AIA Group (26.03%), Hong Kong Exchanges and Clearing (18.74%), CLP Holdings (5.81%), Bank of China (Hong Kong) (5.63%), Cheung Kong Holdings (5.06%), Sun Hung Kai Properties (4.58%), Link REIT (4.01%), Hang Seng Bank (3.44%), Hong Kong and China Gas (3.43%), and Power Assets Holdings (3.3%) [1] Industry Breakdown - The industry composition of the HK300 Local Stock Index shows that finance accounts for 53.84%, real estate for 17.64%, utilities for 14.25%, communication services for 6.77%, consumer staples for 3.25%, industrials for 1.51%, consumer discretionary for 1.45%, information technology for 0.66%, and healthcare for 0.62% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In cases of delisting, mergers, or acquisitions, the index samples will be adjusted according to specific maintenance guidelines [2]

Core Points - The Shanghai Composite Index opened lower and fluctuated, while the China Securities Hong Kong 100 Energy Index (H100 Energy) reported at 2218.52 points [1] Group 1: Index Performance - The China Securities Hong Kong 100 Energy Index has decreased by 6.72% over the past month, 6.51% over the past three months, and 10.03% year-to-date [2] Group 2: Index Composition - The Hong Kong Stock Exchange accounts for 100.00% of the holdings in the China Securities Hong Kong 100 Energy Index [3] - The industry composition of the index includes 48.29% in oil refining, 34.98% in integrated oil and gas companies, and 16.72% in coal [3] Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Core Points - The China Securities Index Hong Kong 100 Communication Services Index (H100 Communication, L11188) reported a value of 1509.37 points, with a recent decline of 3.49% over the past month, an increase of 16.17% over the past three months, and a year-to-date rise of 12.64% [1] Group 1 - The H100 Communication Services Index is categorized based on the China Securities Index classification standards, with a base date of December 31, 2004, set at 1000.0 points [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100.00% allocation [1] - The sector composition of the index includes 63.68% in interactive media, 21.42% in telecommunications services, 9.36% in gaming, and 5.54% in video media [1] Group 2 - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Adjustments to the index sample occur in response to changes in the parent index, special events affecting industry classification, or the delisting of sample companies [2]

Core Viewpoint - The China Securities Index Hong Kong Stock Connect Overseas 50 Index has shown a decline of 8.85% over the past month, while it has increased by 1.31% over the last three months and decreased by 0.09% year-to-date [1] Group 1: Index Performance - The current value of the China Securities Index Hong Kong Stock Connect Overseas 50 Index is reported at 2363.02 points [1] - The index was established on November 14, 2014, with a base value of 3000.0 points [1] Group 2: Index Holdings - The top ten weighted stocks in the index include HSBC Holdings (11.19%), Hong Kong Exchanges and Clearing (10.96%), AIA Group (9.61%), Standard Chartered (8.31%), Prudential (7.05%), Techtronic Industries (4.58%), CLP Holdings (4.3%), Bank of China (Hong Kong) (4.07%), CK Hutchison Holdings (3.72%), and Sun Hung Kai Properties (3.38%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index shows that financials account for 55.33%, real estate for 11.96%, utilities for 10.48%, consumer discretionary for 10.47%, communication services for 4.98%, industrials for 2.92%, consumer staples for 2.47%, information technology for 0.53%, healthcare for 0.44%, and energy for 0.41% [2] Group 4: Sample Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples ranked within the top 40 are prioritized for inclusion, while those ranked below 60 are prioritized for removal [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample is delisted or when a new overseas company meets the criteria for inclusion [2]

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]