其一，从本土对标维度来看，DM50"合规框架+市值筛选+价值导向"的编制逻辑，为中国构建本土数字 资产相关指数提供了重要参考。当前中国在区块链技术应用、数字人民币研发等领域已形成显著优势， 但数字资产领域仍缺乏统一、权威的基准工具，DM50的经验可助力中国在兼顾监管要求的前提下，探 索建立适配本土市场的数字资产及区块链相关企业评价体系，推动行业从"无序探索"向"规范发展"转 型，引导资金流向真正具备技术创新与价值创造能力的企业。 ■田鹏 近日，标普全球旗下标普道琼斯指数公司正式推出全球首个同时追踪数字资产与区块链相关股票综合表 现的基准指数——标普数字市场50指数(以下简称"DM50")。据悉，该指数采用"数字资产+上市公司股 票"的综合编制逻辑，具体涵盖15种领先加密币与35只区块链生态相关上市公司股票，且对样本设定明 确市值门槛：加密币需满足市值超300亿美元，上市公司股票需满足市值超100亿美元。 在笔者看来，这种将区块链相关上市公司纳入指数样本并叠加严格市值筛选的编制方式，具备双重核心 价值：一方面，借助上市公司成熟的合规运营框架，既能有效降低普通投资者参与数字资产相关领域的 投资门槛，又能引导资金有 ...

9月29日，据中证指数有限公司消息，中证指数有限公司将于2025年9月30日正式发布中证国企绿色债券 指数系列和中证交易所国企绿色债券指数系列，为市场提供多样化业绩基准与投资标的。 中证国企绿色债券指数系列和中证交易所国企绿色债券指数系列分别从交易所或银行间市场上市的、交 易所上市的绿色债券中，选取由国有企业发行的相应信用评级的债券作为指数样本，以反映相应市场相 应信用等级国企绿色债券的整体表现。 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘下跌，中证全指下跌1.2%，截止到收盘，还在4.2星。 大中小盘股都下跌，小盘股波动大一些。 红利等价值风格略涨。月薪宝含价值风格比较多，也略微上涨。 港股也出现波动。港股红利微涨，港股科技股下跌超2%。 螺丝钉也汇总了关于港股指数的估值，供参考，见文章下方图片。 今天市场波动，也跟特朗普重提加关税有关。 上半年4月份也来过一轮，也主要是影响市场短期的情绪。 上半年螺丝钉也提到过，对美元来说，关税是一把双刃剑。 关税提升，不利于美元通货膨胀降低； 庞大的美元负债，较高的利息支出，对美元压力也比较大。 所以关税来回扯皮，真正落地的高关税并不多。 这几天市场还是风格轮动。 今天成长风格下跌较多。创业板下跌超2%。 如果美元通货膨胀降不下去，那美联储降息节奏会放缓。 提高关税更多的是一个谈判工具，而非最终的目的。 同时看市场短期波动，是不是可以带来一些品种低估的机会。 像今年4月份关税危机的时候，也是今年A股港股很好的投资阶段。 1. 有朋友问港股科技类指数好像有很多，它们有啥区别呢？ 这里面涉及到几个名词。 （1）中概 意思是中国概念股票。 在美股、港股上市，但主营 ...

中经记者 孙汝祥 夏欣 实习生 周雨北京报道 （编辑：夏欣 审核：何莎莎 校对：翟军） 中证指数有限公司公告，将于9月24日正式发布20条指数，为市场提供多样化的业绩比较基准与投资标 的。 中证西部地区AAA信用债指数和中证成渝地区AAA信用债指数从交易所或银行间上市的债券中，分别 选取西部地区企业和成渝地区企业发行的信用评级为AAA且中证隐含评级为AA+及以上的信用债作为 指数样本，以反映相应地区相应信用等级信用债的整体表现。 中证A500交易所0—7年股债恒定比例指数系列、中证现金流交易所0—7年股债恒定比例指数系列和中 证红利低波交易所0—7年股债恒定比例指数系列均包含股债两类资产，其中股票资产分别选取中证 A500指数、中证800自由现金流指数和中证800红利低波动指数，债券资产选取中证交易所0—7年国债 及政策性金融债指数。每个系列均采用恒定比例进行股债资产配置，为投资者提供不同股债配置比例的 资产配置工具。 20条指数具体包括：中证全球算力主题指数、中证全球生物科技指数、中证沪深港算力主题指数、中证 西部地区AAA信用债指数、中证成渝地区AAA信用债指数、中证A500交易所0—7年股债恒定比例指数 ...

在美联储重启降息周期的背景下，具备增长潜力的中国资产对内外资机构的吸引力均在提升。中信建投 最新研报指出，美联储降息周期重启，此次降息为"风险管理式"降息，延续既往降息框架，后续降息路 径或更为清晰，对经济增长提供有力支撑。同时中美经贸谈判也有新进展，为中美关系带来积极信号。 （资料来源：《中信建投：美联储如期降息》-2025/9/21） 此外外资方面，Wind资讯数据显示，今年以来截至9月21日已有729家外资机构合计调研A股公司6923 次，9月以来外资机构调研次数已超400余次，体现了外资机构对于中国资产的积极关注。 在此背景下，中证A500指数作为A股宽基指数体系的重要一员成为助力把握中国资产整体机遇的重要工 具。其中Wind数据显示，目前同类规模居首的A500ETF华泰柏瑞（563360）近10个交易日（2025/9/8- 2025/9/19）累计获10.33亿元资金加仓，助推其最新规模增长至223.51亿元。（规模数据来源：交易 所；其他数据来源：Wind；均截至2025/9/19） 伴随着资金的密集流入，A500ETF华泰柏瑞（563360）流动性也同步提升，Wind数据显示，9月以来截 至9月 ...

Group 1 - As of August 2025, the Shanghai Stock Exchange, in collaboration with the China Securities Index Company, has released a total of 155 ESG (Environmental, Social, and Governance) related indices [1] - The indices cover a variety of themes, including ESG series indices based on the China Securities ESG evaluation system, green energy and new energy vehicle indices focusing on green and low-carbon industries, carbon neutrality series indices depicting corporate carbon emissions and decarbonization trajectories, and bond series indices based on the ESG evaluation of bond issuers and the environmental benefits of bonds [1] - Nearly 100 products tracking these indices have been launched, with a total scale exceeding 70 billion yuan [1]

Group 1 - The U.S. Treasury Secretary is interviewing candidates for the next Federal Reserve Chair, with 11 candidates including current Fed governors and former officials [2] - The U.S. military conducted a strike against a drug trafficking vessel linked to Venezuelan drug cartels, resulting in 11 deaths, amidst increased military presence in the region [2] - International gold prices have reached a historical high of $3546.919 per ounce, with domestic gold jewelry prices also rising to 1053 yuan per gram [2] Group 2 - The China Automobile Manufacturers Association reported that in July, automobile exports reached 694,000 units, a month-on-month increase of 12.1% and a year-on-year increase of 25.6%, with export value at $11.84 billion [3] - From January to July 2025, automobile exports totaled 4.166 million units, a year-on-year increase of 19.6%, with export value reaching $71.5 billion, up 9.7% [3] Group 3 - The China Securities Index Company will launch the CSI A500 Growth Index and CSI A500 Value Index on September 10, 2025, focusing on companies with growth and value characteristics [4] - The new indices will reflect the overall performance of selected securities based on growth and value factors from the CSI A500 index [4] Group 4 - The State-owned Assets Supervision and Administration Commission is accelerating the development of the central enterprises' biopharmaceutical industry, aiming to create a national team in this sector [5][6] - The focus is on innovation-driven development and collaboration with research institutions to enhance the quality of China's biopharmaceutical industry [6]

Core Viewpoint - The China Securities Index Co., Ltd. has developed the CSI A500 Index, which is designed to reflect the overall performance of the most representative listed companies in the A-share market, similar to the S&P 500 in the U.S. [3][4] Group 1: Index Characteristics - The CSI A500 Growth Index selects the top 100 securities based on growth factor scores from the CSI A500 Index sample, weighted by free float market capitalization adjusted for growth factors [3] - The CSI A500 Value Index selects the top 100 securities based on value factor scores from the CSI A500 Index sample, also weighted by free float market capitalization adjusted for value factors [3] - The CSI A500 Index employs an industry-balanced sampling method, selecting 500 large-cap securities while maintaining industry market capitalization distribution [4] Group 2: Investment Appeal - The CSI A500 Index is characterized by its aggregation of core A-share assets, with the top ten weighted stocks being industry leaders [4] - The index has a broad market capitalization coverage, balancing strength and growth potential [4] - The index includes a high proportion of "new productive forces," combining growth, innovation, and value attributes, aligning with China's long-term economic development trends [4] Group 3: Market Outlook - Fund managers believe that the CSI A500 Index has long-term allocation value, especially as leading companies in various sectors benefit from ongoing high-quality economic development [5] - There is an expectation for a significant upward turning point in corporate earnings in the second half of the year, suggesting stronger upward momentum for the CSI A500 Index [5]

Core Points - The Hang Seng Index constituents will increase from 85 to 88 stocks, with the addition of China Telecom, JD Logistics, and Pop Mart [3] - The changes will take effect after the market closes on September 5, 2025, and will be implemented on September 8, 2025 [2][6] - The Hang Seng Composite Index will also see an increase in constituents from 502 to 504 stocks [5] Index Changes - The Hang Seng Technology Index will maintain its constituent count at 30 stocks [4] - The Hang Seng China Enterprises Index will keep 50 stocks, adding Pop Mart and removing J&T Express [5] - The Hang Seng Biotechnology Index will decrease from 50 to 30 stocks, adding InnoCare Pharma and removing 21 stocks including WuXi AppTec and Sinovac Biotech [5] Market Performance - The Hong Kong stock market has shown relatively weak performance compared to the A-share market, with the Hang Seng Index up 0.27% and the Hang Seng Technology Index up 1.89% this week [7] - Notable stock performances include Anta Sports up 11.53% and NIO up 27.75%, while stocks like Bilibili and Meituan saw declines [7] - Southbound trading through the Stock Connect continues to show strong interest, with net purchases exceeding HKD 50 billion on August 22, 2023, and a total of approximately HKD 900 billion in net purchases for August 2023 [8]

Core Viewpoint - The China Securities Index ESG 40 Index experienced a decline of 0.66%, closing at 1712.97 points, with a trading volume of 49.973 billion yuan, despite a monthly increase of 1.83% and a quarterly increase of 2.87% [1]. Group 1 - The China Securities Index ESG 40 Index is composed of 40 listed companies selected based on high ECPI ESG ratings from the Shanghai 180 Corporate Governance Index sample [1]. - The index was established on June 30, 2010, with a base value of 1000.0 points [1]. - The index reflects the overall performance of high ECPI ESG rated listed companies within the Shanghai 180 Corporate Governance Index [1]. Group 2 - The index samples are adjusted biannually, specifically on the second Friday of January and July, with sample adjustments generally not exceeding 10% [2]. - In cases where the average total market value of old samples remains in the top 60% of the sample space, they will be prioritized for retention during adjustments [2]. - Temporary adjustments to the index can occur if there are significant changes in the ECPI ESG ratings of the samples [2].