五一假期刚结束，大家都要收拾行囊重新启程，投资的航程也有新动向——深交所日前宣布对创业板指数的编制方案进行优化，引入个股权重上限机制与 ESG负面剔除机制，有助于进一步提升指数表征作用和投资功能，更好满足各类投资者的资金配置需求。 具体来看，作为A股市场重要标尺指数之一、中国创新创业企业的代表性指数，创业板指数此次修订后引入个股权重上限机制，如同旅行箱的"限重法 则"——通过设置权重调整因子，使单只样本股权重在每次定期调整时不超过20%，将单只样本股对指数的影响控制在合理范围内，有助于避免单个企业 股价大幅波动时造成指数如过山车般大起大落，可以更客观地反映板块整体走势。 另一道新增的机制是ESG负面剔除。如同投资中的"断舍离"，修订方案明确剔除国证ESG评级在B级以下的企业，这将有助于降低发生重大负面风险事件 的概率。当前，创业板指数成份股的ESG评级均处于B级以上。 总体而言，本次创业板指数编制方法的优化兼顾了风险防控与质量提升。权重限制机制有助于增强指数的稳定性，让投资者不必过于担忧头部个股波动带 来的风险；ESG剔除机制则进一步强化了责任投资的导向，引导资本市场更加关注企业的可持续发展。两者相辅相成，共 ...

Core Viewpoint - The Shenzhen Stock Exchange is revising the ChiNext Index compilation method to enhance its investability, with the new scheme set to be implemented on June 16, 2025 [2][3]. Group 1: Revision Details - The revised ChiNext Index compilation scheme introduces an ESG negative exclusion mechanism, removing stocks rated below B in the national ESG rating to reduce the likelihood of significant risk events [3]. - A stock weight cap mechanism is introduced, ensuring that no single stock's weight exceeds 20% during periodic adjustments, thereby controlling the influence of individual stocks on the index [3]. - The optimization measures are assessed to not cause significant adjustments to the index sample stocks or their weights, maintaining the index's operational characteristics and not affecting the operation of index sample stocks and tracking products [3]. Group 2: Market Context and Future Plans - The Shenzhen Stock Exchange is accelerating investment end construction under the unified leadership of the China Securities Regulatory Commission, focusing on enhancing the service capacity for medium- and long-term funds [4]. - The exchange is researching index iteration patterns and key factors affecting index performance, while exploring new products to meet diverse risk preferences [4]. - Future plans include continuing to implement the spirit of recent national meetings and policies, enhancing broad-based indices and related products, and providing diversified investment options to attract more medium- and long-term capital [4].

Group 1 - The core viewpoint of the article is the revision of the ChiNext Index compilation method by the Shenzhen Stock Exchange to enhance its investability and risk management [1][2] - The introduction of an ESG negative exclusion mechanism will remove stocks rated below B from the index, thereby reducing the likelihood of significant risk events [1][2] - A stock weight cap mechanism will be implemented, ensuring that no single stock can exceed 20% of the index weight during periodic adjustments, thus controlling the influence of individual stocks on the index [1][2] Group 2 - The revised measures will take effect on June 16, 2025, and are expected to have minimal impact on the current index constituents and their weights [2] - The ChiNext Index, launched on June 1, 2010, consists of 100 stocks with high market capitalization and liquidity, serving as a key benchmark for the A-share market and representing innovative enterprises in China [2] - The Shenzhen Stock Exchange has emphasized that the revisions are based on market feedback and aim to enhance the index's representation and investment functionality to better meet the asset allocation needs of various investors [2]

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has announced revisions to the ChiNext Index compilation scheme, introducing an ESG negative screening mechanism and a stock weight cap to enhance index investment quality and meet diverse investor needs [2][4]. Group 1: Index Compilation Revisions - The revised scheme includes the introduction of an ESG negative screening mechanism, which will exclude stocks rated below B in the national ESG rating, thereby reducing the probability of significant risk events affecting the index [2][4]. - A stock weight cap mechanism will be implemented, ensuring that no single stock can exceed 20% of the index weight during periodic adjustments, thus controlling the influence of individual stocks on the index [2][4]. Group 2: Impact and Objectives - The implementation of these optimization measures is not expected to cause significant adjustments to the index constituents or their weights, nor will it alter the operational characteristics of the index [4]. - The revisions aim to enhance the index's investability and better satisfy the capital allocation needs of various investors, reflecting market feedback and recent innovations in broad-based index compilation [4][5]. Group 3: Market Context and Future Plans - The ChiNext Index, launched on June 1, 2010, consists of 100 stocks with high market capitalization and liquidity, serving as a key benchmark for the A-share market and representing China's innovative enterprises [4][5]. - The SZSE is committed to improving broad-based indices and related products, focusing on enhancing the service capabilities for medium- to long-term capital, and will continue to develop diverse investment options to attract more capital into the market [5]. - As of April 28, the rolling price-to-earnings ratio of the index stands at 29.1 times, indicating a 7.9% percentile since its inception, highlighting its investment value [5].

优化创业板指数方案。 为进一步优化完善指数编制方法，提升指数可投资性，深圳证券交易所及其子公司深圳证券信息公司于2025年4 月30日发布公告，修订创业板指数编制方案，并将于2025年6月16日正式实施。 创业板指数编制方案修订内容包括： 一是引入ESG负面剔除机制，剔除国证ESG评级在B级以下的股票，降低指数样本发生重大风险事件概率； 二是引入个股权重上限机制，通过设置权重调整因子，使单只样本股权重在每次定期调整时不超过20%，将 单只样本股对指数的影响控制在合理范围内。 经评估，优化措施实施后不会造成指数样本股及权重大幅调整，不改变指数运行特征，对指数样本股和跟踪产 品运作不产生影响。 资料显示，创业板指数发布于2010年6月1日，选取总市值大、流动性好的100只创业板股票作为样本，是A股市 场重要标尺指数之一，也是中国创新创业企业的代表性指数，产品丰富、交易活跃、关注度高。深交所表示， 本次修订充分听取市场意见建议，充分吸收借鉴近年来宽基指数编制创新理念，进一步提升指数表征作用和投 资功能，更好满足各类投资者的资金配置需求。 近年来，深交所在中国证监会统一领导下，不断加快投资端建设，持续提升中长期资金服 ...