Core Viewpoint - The Shenzhen Stock Exchange announced a revision to the ChiNext Composite Index, set to be implemented on July 25, 2025, which aims to enhance the index's investment quality and attract long-term capital inflow [1][2]. Group 1: Index Revision Details - The revision introduces a monthly removal mechanism for stocks under risk warning (ST or *ST) and an ESG negative screening mechanism for stocks rated C or below, which is expected to improve the quality of sample stocks without altering the index's positioning [2][3]. - The ChiNext Composite Index has been operational since August 2010, reflecting the overall performance of all stocks listed on the ChiNext, characterized by balanced industry distribution and strong growth potential [2][4]. Group 2: Fund Company Responses - Several fund companies, including Penghua Fund and Bosera Fund, have quickly submitted applications for ChiNext Composite Index-related ETFs, indicating strong recognition of the index's long-term investment value [1][5]. - Fund managers highlighted that the index's comprehensive coverage allows it to reflect the overall market trends, benefiting both large and small growth companies, and facilitating the inclusion of potential "unicorn" companies [4][5]. Group 3: Investment Opportunities - The ChiNext Composite Index is seen as a vital tool for investors to participate in China's economic transformation, with its three unique advantages: balanced industry distribution, a complete growth ladder, and superior historical performance compared to the ChiNext Index [5][6]. - The introduction of enhanced ETFs is expected to improve liquidity in the sector and uncover potential stocks, providing investors with innovative investment tools [6].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) announced revisions to the ChiNext Index compilation method to enhance investability and introduce an ESG negative screening mechanism, which will exclude stocks rated below B from the index [1][4]. Group 1: Index Compilation Revisions - The revisions include the introduction of an ESG negative screening mechanism to maintain the purity of sample stocks by excluding companies with significant environmental, social, and governance issues [1][4]. - A weight adjustment factor will be implemented to ensure that no single stock's weight exceeds 20% during periodic adjustments, aimed at reducing the influence of individual stocks on the index [1][2]. Group 2: Implications for the ChiNext Index - The ChiNext Index selects 100 stocks with high market capitalization and liquidity from approximately 1,380 listed companies, making inclusion prestigious for those companies [1]. - The introduction of the ESG screening mechanism is expected to enhance the investability of the index and mitigate related investment risks [1]. Group 3: Recommendations for the Shanghai Stock Exchange - The approach taken by the SZSE for the ChiNext Index could serve as a model for revising the Shanghai Composite Index, which currently suffers from distortion due to the overwhelming influence of a few large-cap stocks [4][5]. - To address the distortion in the Shanghai Composite Index, it is suggested to implement a similar exclusion mechanism for poorly rated companies and to limit the weight of individual stocks to a maximum of 1% or even 0.5% [5].

Group 1 - The Shenzhen Stock Exchange (SZSE) announced revisions to the ChiNext Index compilation scheme to enhance index methodology and investment quality [1] - The revisions include the introduction of an ESG negative exclusion mechanism, which will remove stocks rated below B in the national ESG rating during regular adjustments [1] - A weight adjustment factor has been set, capping the weight of any single constituent stock at 20%, aimed at preventing excessive influence from individual stocks on the index [1] Group 2 - The ChiNext Index selects 100 stocks with large market capitalization and good liquidity from approximately 1380 listed companies, making inclusion a mark of honor for companies [1] - The introduction of the ESG exclusion mechanism is expected to maintain the quality of constituent stocks, mitigate investment risks, and enhance the index's investment value [1] - The proposed weight limit of 20% may be too lenient, and a reduction to 10% or even 5% could more effectively prevent dominance by a single stock [1] Group 3 - The article suggests that the Shanghai Stock Exchange (SSE) could learn from the SZSE's revision approach to address the distortion issues in the SSE Composite Index [2] - The SSE Composite Index has been criticized for its structural imbalance, where major weighted stocks disproportionately influence the index, leading to a situation where the index remains stable while many individual stocks decline [2][3] - Recommendations for the SSE include establishing a negative exclusion mechanism and implementing stricter weight limits, potentially capping individual stock weights at 1% or even 0.5% to reduce the impact of heavyweight stocks [3] Group 4 - Implementing these reforms in the SSE Composite Index is expected to better reflect the true market conditions and enhance its representativeness and investment value [4]

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 ...

1、 引入ESG负面剔除机制 ，在每次定期调整时剔除国证ESG评级在B级以下的股票； 2、在指数计算中，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2 0% 。 本 次 修 订 于 2 0 2 5 年 6 月 1 6 日 起 实 施 。 修 订 后 的 指 数 编 制 方 案 可 参 见 深 圳 证 券 交 易 所 网 站 （www.s z s e . c n）和国证指数网。 4月3 0日，深交所发布公告，为进一步完善指数编制方法，提升指数可投资性，深圳证券交易 所和深圳证券信息有限公司决定对创业板指数的编制方案进行以下修订： 来 源 | 深圳证券交易所官网 SFC 本期编辑 刘雪莹 21君荐读 1.65万亿元！A股超3600家公司狂撒红包雨，28家公司分红超100亿 A股最赚钱的行业：银行一年赚2万亿元，工商银行日赚近10亿元 更多精彩内容,点击下载21财经客户端 - 21微信矩阵 - 1世纪 空济报道 21世纪经济报道 21财闻汇 21金融圈 21新健康 21世纪资管研究院 21 21世纪商业评论 21能闻 21世纪资管研究院 21世纪商业评论 21Tech 微信搜一搜 Q 21世纪经济报道 ...