Index Adjustments - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to various indices, effective after market close on December 12 and December 15, 2025 [1][3] - The adjustments include changes to the sample stocks of indices such as the SSE 50, SSE 180, SSE 380, and STAR 50 [1][3] SSE 50 Index - The SSE 50 index will replace 4 stocks: SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang [1] - The stocks being removed from the SSE 50 index include Poly Development, China Mobile, China Aluminum, and CRRC [1] SSE 180 Index - The SSE 180 index will add 7 new stocks: Guotou Capital, Zhongtian Technology, Huadian New Energy, Guolian Minsheng, Ruixin Micro, Shengmei Shanghai, and Jinghe Integrated [1] - The removed stocks from the SSE 180 index are COSCO Shipping Energy, Nanshan Aluminum, Sailun Tire, Lu'an Environmental Energy, CNOOC Services, Stone Technology, and Trina Solar [1] SSE 380 Index - The SSE 380 index will add 38 stocks, including COSCO Shipping Energy, Jinfa Technology, Nanshan Aluminum, Southwest Securities, and WISCO Capital [2] - The removed stocks from the SSE 380 index include Guotou Capital, Furuida, Pudong Construction, Tibet Summit, Jiangshan Shares, Anhui Construction, Yuguang Gold Lead, Jinjing Technology, Hangmin Shares, and Green Power [2] STAR 50 Index - The STAR 50 index will replace 2 stocks: Aojie Technology and Shengke Communication, while removing Huaxi Biological and Hangcai Shares [3] Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange will also adjust the sample stocks for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [3] - The Shenzhen Component Index will add 17 stocks, including Deep Shenzhen A, Deming Li, Guohua Aviation, and Wolong Nuclear Material, while removing stocks like China National Pharmaceutical and Tibet Mining [3] ChiNext Index - The ChiNext Index will add 8 stocks, including Shuanglin Shares, Changshan Pharmaceutical, and Fulian Precision, while removing stocks like Bihui Source, Yihua Record, and Tianhua New Energy [3] Other Indices - The Shenzhen 100 Index will add 7 stocks, including Cangge Mining and Guohua Aviation, while removing stocks like Tianshan Shares and Shanxi Coking Coal [3] - The ChiNext 50 Index will add 5 stocks, including Changshan Pharmaceutical and Feiliwa, while removing stocks like Terui De and Mango Super Media [3] Additional Index Adjustments - The China Securities Index Company announced adjustments to the CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 indices, effective after market close on December 12, 2025 [3] - The CSI 300 index will replace 11 stocks, including Huadian New Energy and Dongshan Precision [4] - The CSI 500 index will replace 50 stocks, including Heertai and Huahong Semiconductor [5] - The CSI 1000 index will replace 100 stocks, including Shijia Photon and Yongding Shares [6] - The CSI A50 index will replace 4 stocks, including Huagong Technology and Guangqi Technology [7] - The CSI A100 index will replace 6 stocks, including Dongfang Fortune and Shenghong Technology [8] - The CSI A500 index will replace 20 stocks, including Guotai Haitong and Chip Origin [9]

每经AI快讯，据深交所11月28日消息，根据指数编制规则，深圳证券交易所和深圳证券信息有限公司 决定于2025年12月15日对深证成指、创业板指、深证100、创业板50等指数实施样本股定期调整。上述 指数样本股调整名单见下表。 ...

- The report predicts the adjustment of sample stocks for the CSI 300, CSI 500, and STAR 50 indices in December 2025[1][6] - The CSI 300 Index selects companies with good operating conditions, no violations, no major financial report issues, and no significant stock price anomalies[7] - The CSI 500 Index excludes CSI 300 sample stocks and the top 300 stocks by average market value, selecting companies with good operating conditions and no major issues[9][10] - The STAR 50 Index selects companies listed on the STAR Market with good operating conditions, no violations, and no major financial report issues[13] - The report provides detailed predictions for stocks to be included and excluded from each index based on average market value and average trading volume[8][11][14]

- The report utilizes an event study framework to analyze the effects of index sample stock adjustments, focusing on the short-term positive abnormal returns observed before the announcement date of the adjustments[4][7][12] - The prediction model for the CSI 300 Index sample stock adjustments follows the methodology outlined in the CSI 300 Index Compilation Scheme, which includes the following steps: 1. Define the sample space: The sample space consists of A-shares listed on the Shanghai and Shenzhen stock exchanges that meet specific criteria, such as listing duration and market capitalization[29][33] 2. Filter by trading volume: Stocks are ranked by average daily trading volume from November 1, 2024, to October 31, 2025, and the bottom 40% of old samples are excluded[29][33] 3. Filter by market capitalization: Stocks are ranked by average daily market capitalization, retaining the top 240 new samples and the top 360 old samples, considering buffer zone rules[29][30] 4. Exclude stocks penalized by the CSRC, financially unprofitable stocks, and stocks suspended for a long time[30] - The prediction model for the CSI 500 Index sample stock adjustments follows the methodology outlined in the CSI 500 Index Compilation Scheme, which includes the following steps: 1. Define the sample space: The sample space consists of A-shares listed on the Shanghai and Shenzhen stock exchanges that meet specific criteria, such as listing duration and market capitalization[34][39] 2. Filter by trading volume: Securities are ranked by average daily trading volume over the past year, and the bottom 20% are excluded[35] 3. Filter by market capitalization: Remaining securities are ranked by average daily market capitalization over the past year, and the top 500 are selected as index samples[35] 4. Apply adjustment and buffer rules: New samples ranked within the top 400 by market capitalization are prioritized for inclusion, while old samples ranked within the top 600 are prioritized for retention[39] - The historical prediction accuracy for the CSI 300 Index sample stock adjustments from June 2019 to November 2025 is as follows: - Correct predictions for sample stock additions: 178 out of 229, with an accuracy rate of 78%[26] - Correct predictions for sample stock removals: 219 out of 229, with an accuracy rate of 96%[26] - The historical prediction accuracy for the CSI 500 Index sample stock adjustments from June 2023 to November 2025 is as follows: - Correct predictions for sample stock additions: 177 out of 250, with an accuracy rate of 71%[28] - Correct predictions for sample stock removals: 230 out of 250, with an accuracy rate of 92%[28] - The backtesting results for the June 2025 CSI 300 Index sample stock adjustments show: - Predicted additions: Average cumulative excess return of 2.29% before the announcement date and -2.24% after the announcement date[18][20] - Predicted removals: Average cumulative excess return of -0.67% before the announcement date and 0.22% after the announcement date[18][20] - The backtesting results for the June 2025 CSI 500 Index sample stock adjustments show: - Predicted additions: Average cumulative excess return of -0.73% before the announcement date and 0.60% after the announcement date[24][25] - Predicted removals: Average cumulative excess return of 2.65% before the announcement date and -0.13% after the announcement date[24][25]

Core Viewpoint - The stock of the innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility after being included in multiple indices, raising concerns about its liquidity and the implications for related ETFs [1][2][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 77.09% on September 12 and 115.58% on September 15, before plummeting by 53.73% on September 16, resulting in a market capitalization drop from nearly 270 billion HKD to 76.2 billion HKD [2]. - On September 17, the stock continued to show volatility, with an intraday increase of over 30% and a closing rise of 8.96% [1][2]. Group 2: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect Innovative Drug Index led to passive buying by ETFs tracking this index, which has a total asset size of 35.963 billion HKD across seven products [3][6]. - The largest ETF tracking this index is the Huatai-PineBridge Hong Kong Stock Connect Innovative Drug ETF, with a size of 21.739 billion HKD [3]. Group 3: Industry Concerns and Future Adjustments - Industry insiders have expressed concerns regarding the liquidity of Yaojie Ankang, suggesting that the index's methodology needs optimization to account for liquidity issues when including stocks [4][6]. - Fund companies have begun discussions with index providers to address these concerns, indicating that adjustments to the index methodology may be forthcoming [5][6].

Core Viewpoint - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for various indices, including the Shenzhen Component Index and the ChiNext Index, with Sanquan Foods being removed from the index due to declining financial performance [1][2]. Financial Performance - Sanquan Foods reported a total revenue of 6.63 billion yuan for 2024, a decrease of 6.00% compared to 7.05 billion yuan in 2023 and 7.43 billion yuan in 2022 [3]. - The net profit attributable to shareholders was 542 million yuan, down 27.64% from 749 million yuan in 2023 and 802 million yuan in 2022 [3]. - The net profit after deducting non-recurring gains and losses was 415 million yuan, reflecting a 35.80% decline from 646 million yuan in 2023 [3]. - The net cash flow from operating activities was 1.14 billion yuan, showing a significant increase of 213.72% compared to 365 million yuan in 2023 [3]. Business Segment Performance - The core business of frozen noodle and rice products saw a revenue decline of 3.95% in 2024, with the combined revenue from dumplings, tangyuan, and zongzi decreasing by 5.84% compared to 2023 [4]. - This marks the second consecutive year of revenue decline in this segment, with a 9.46% drop in 2023 and a 15.74% decline in the combined revenue of the three main products [4].

Group 1 - The article discusses the potential impact of President Trump's announcement to raise import tariffs on steel and aluminum to 50%, which has increased uncertainty in the foreign trade environment and may disrupt the operations of export-related companies [2] - The adjustment of various stock indices, including the Shanghai 50 and CSI 300, is set to take effect on June 13, with several construction and building materials companies being removed from key indices, which may lead to stock price impacts for those companies [3]

Core Viewpoint - The Shenzhen Stock Exchange announced adjustments to the sample stocks of major indices including the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025, with a total of 20, 8, and 3 stocks being adjusted respectively [1][3]. Group 1: Shenzhen Component Index Adjustments - The Shenzhen Component Index will see 20 stocks added, including Zhongtung High-tech, Gansu Energy, Sichuan Jiuzhou, and others [4][5]. - Stocks being removed from the Shenzhen Component Index include Nanbo A, Tianmao Group, and others [5]. Group 2: ChiNext Index Adjustments - The ChiNext Index will add 8 stocks, such as BlueFocus and Changying Precision [6]. - Stocks being removed from the ChiNext Index include Anke Bio and Gangyan High-tech [6]. Group 3: Shenzhen 100 Index Adjustments - The Shenzhen 100 Index will add 3 stocks, including Lingyi Zhi Zao and Runze Technology [7]. - Stocks being removed from the Shenzhen 100 Index include TCL Zhonghuan and Nasda [7]. Group 4: Other Index Adjustments - The ChiNext 50 Index will add stocks like Robot and BlueFocus, while removing stocks such as Lepu Medical and Oriental Sunrise [7]. - The Shenzhen 50 Index and Shenzhen Main Board 50 Index also underwent adjustments, with various stocks being added and removed [12]. Group 5: Hong Kong Stock Connect Adjustments - The Hong Kong Stock Connect also saw adjustments, with changes to the eligible securities list effective June 3, 2025, including the addition of Fuzhikang Group and Junda Shares [9].

Group 1 - The Shenzhen Stock Exchange announced a regular adjustment of sample stocks for the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025 [1] - The adjustments are based on the index compilation rules set by the Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd [1] Group 2 - A partial list of the adjusted sample stocks for the mentioned indices was provided in the announcement [1]

Core Viewpoint - The Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. will implement regular adjustments to the sample stocks of various indices, including the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, on June 16, 2025 [1] Group 1 - The announcement includes a list of sample stock adjustments for certain indices [1]