本文源自：市场资讯 作者：观察君 MSCI表示，区分"投资公司"与那些将数字资产等非经营性资产作为核心经营活动组成部分而非单纯用 于投资的公司，仍需要进一步研究并与市场参与者展开更多磋商。该公司将就如何对待非经营性公司启 动更广泛的咨询。 此次MSCI的决定，是对其于2025年10月提出的一项咨询的最终回应。该提议曾考虑将数字资产财库公 司从其指数体系中剔除，引发了相关行业和投资者的广泛关注。在咨询期间，Strategy公司曾向MSCI提 交公开信，对该提议表示坚决反对。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 全球指数编制公司MSCI于1月7日公布了针对数字资产财库公司相关咨询的结果。根据MSCI发布的声 明，该公司决定在即将于2026年2月进行的指数评审中，暂不实施将数字资产财库公司排除出其全球可 投资市场指数的提案。 MSCI在声明中指出，针对这类公司的指数适格性，可能在未来需要引入额外的评估标准，例如基于财 务报表或其他指标的判断。在现阶段，MSCI将维持其初步名单上相关公司的现有指数处理方式。这些 公司被定义为数字资产持有量占总资产50%或以上的企业。这 ...

市场普遍认为，这一决定暂时缓解了投资者对相关公司被动资金流出风险的担忧。对于以数字资产作为 资产负债表重要组成部分的企业而言，继续留在主要指数中，有助于维持机构资金配置和市场流动性。 MSCI在一份声明中表示，区分"投资公司"与那些将数字资产等非经营性资产作为核心经营活动组成部 分而非单纯投资用途持有的公司，仍需要进一步研究并与市场参与者展开更多磋商。MSCI指出，在评 估这类公司的指数适格性时，可能需要引入额外的纳入评估标准，例如基于财务报表或其他指标的判 断。 MSCI同时强调，在现阶段，其此前公布的初步名单中、数字资产持有规模占总资产50%或以上的相关 公司，其现有指数处理方式将保持不变。 智通财经APP获悉，周二盘后交易中，Strategy(MSTR.US)股价一度上涨6%。此前，指数编制机构MSCI 决定暂不将"数字资产财库公司"(DATs)从其指数体系中剔除。 ...

每经AI快讯，据中证指数网站12月31日消息，为丰富基金产品业绩比较基准，中证指数有限公司 将于2026年1月5日首次发布中证全债指数（全价）等15条债券全价指数。此次发布的15条全价指数为现 有指数的全价算法衍生指数，其编制方案与现有指数保持一致，涵盖境内债券核心品种，包括市场广泛 关注的宽基指数，以及分期限、分类别的细分指数。其中，中证全债指数样本券涵盖银行间市场和交易 所市场的国债、金融债、企业债及公司债等券种，反映中国债券市场整体表现，是具有广泛市场代表性 的债券综合指数。 每日经济新闻 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

人民财讯12月31日电，为丰富基金产品业绩比较基准，中证指数有限公司（简称"中证指数"）将于2026 年1月5日首次发布中证全债指数（全价）等15条债券全价指数。此次发布的15条全价指数为现有指数的 全价算法衍生指数，其编制方案与现有指数保持一致，涵盖境内债券核心品种，包括市场广泛关注的宽 基指数，以及分期限、分类别的细分指数。其中，中证全债指数样本券涵盖银行间市场和交易所市场的 国债、金融债、企业债及公司债等券种，反映中国债券市场整体表现，是具有广泛市场代表性的债券综 合指数。 ...

事情已经过去两三个月了，深证信息公司还是没有给药捷安康纳入指数这事出说明。 当时药捷安康纳入指数，闹出新闻（图二），有记者采访指数编制方深圳证券信息有限公司，工作人员 回复说是正在研究，稍后公司会给回复，新闻报道截图参见图1。 这两三个月过去了，还有一天2025年就过去了，这个深证信息公司的说明在哪里？我没看到啊，我去官 网看了，都是指数修改公告或是新闻，药捷安康这事的说明没看到。 来源：投基摸狗 这个说明还要拖到2026年嘛？ 作为我国资本市场的重要基础设施之一，国证指数市场认可度、关注度都很高，所以希望深证信息公司 在药捷安康这件事上，肩负起自身使命与担当，真诚与投资者沟通，共同促进中国指数化投资大潮蓬勃 发展，希望不要把这事拖到2026年了，真的，拖下去没有必要。 我们作为投资者相信，国证指数和深证信息公司有自己的担当，会公开直面这个问题，不会淡化处理这 个问题。 药捷安康当时的解析可以看这里 来源：投基摸狗 事情已经过去两三个月了，深证信息公司还是没有给药捷安康纳入指数这事出说明。 当时药捷安康纳入指数，闹出新闻（图二），有记者采访指数编制方深圳证券信息有限公司，工作人员 回复说是正在研究，稍后公司会 ...

文 | 银行螺丝钉 （转载请注明出处） 这些 股债恒定比例指数，更具体的信息如下图所示。 | 指数名称 | 推出时间 | 股/债比 | 指数代码 | 底层股票指数 | 底层债券指数 | 调仓频率 | | --- | --- | --- | --- | --- | --- | --- | | | | 例设置 | | | | | | 上证红利股债恒定比例 | | 10/90 | 950347.SH | | 上证0-5年高等级信用 | | | | 2024/11/21 | 20/80 | 950348.SH | 上证红利全收益指数 | | 季度再平衡机制 | | 指数 | | 30/70 | 950349.SH | | 债票息策略指数 | | | 中证红利股债恒定比例 | | 10/90 | 932411 CSI | | 中证0-5年中高等级信 | | | | 2024/11/21 | 20/80 | 932412.CSI | 中证红利全收益指数 | | 季度再平衡机制 | | 指数 | | | | | 用债票息策略指数 | | | | | 30/70 | 932413.CSI | | | | | 中证红利低波股债 ...

Group 1 - The article discusses the introduction of a series of stock-bond constant proportion indices by the China Securities Index Company since 2024, highlighting their characteristics and investment value [3][4][6] - The stock-bond constant proportion indices are designed to maintain a fixed allocation between stocks and bonds, with periodic rebalancing to uphold this ratio [6][7] - The indices include various configurations such as 10/90, 20/80, and 30/70 stock-bond ratios, similar to "fixed income +" indices [8][12] Group 2 - The characteristics of the stock-bond constant proportion indices include simultaneous investment in stocks and bonds, application of target risk strategies, a bond-heavy allocation, and regular rebalancing [7][8] - The China Securities A500 stock-bond constant proportion index series is highlighted as a representative example, reflecting the performance of 500 large-cap stocks across various industries [9][10] - Historical performance data indicates that the returns and risks of these indices depend on the stock-bond ratio, with higher stock allocations leading to greater potential returns but also increased volatility [15][16] Group 3 - The article explains that the stock-bond constant proportion strategy is a form of target risk strategy, where the asset allocation remains fixed, triggering rebalancing when deviations occur [17][19] - The "Monthly Treasure" and "365-day Combination" investment products are mentioned as practical applications of this strategy, with specific stock-bond ratios and rebalancing mechanisms [21][27] - Recent rebalancing actions for both investment products are detailed, showcasing how they adjust their allocations in response to market movements [24][30] Group 4 - The article addresses common questions regarding the investment value of stock-bond constant proportion indices, emphasizing the importance of aligning stock-bond ratios with individual risk tolerance and evaluating underlying asset valuations [34][35] - It notes the significant growth in "fixed income +" fund sizes since 2024, attributed to declining deposit rates and low yields on 10-year government bonds [37] - The article concludes with suggestions on how to combine different indices for a diversified investment approach [39]

Core Viewpoint - MSCI's proposal to exclude companies with over 50% of their balance sheet in cryptocurrency from its global investable market index is facing strong opposition from the cryptocurrency community, particularly targeting MicroStrategy and Morgan Stanley for their involvement in disseminating this information [1][2][7]. Group 1: MSCI Proposal and Market Impact - MSCI has announced a policy change that will take effect in January 2026, which could lead to the exclusion of "digital asset treasury companies" from its index if they hold more than 50% of their assets in cryptocurrency [1]. - Morgan Stanley's report on this proposal has drawn backlash from the cryptocurrency community, with calls for a boycott against the bank [2][7]. - Analysts from Morgan Stanley warn that if MicroStrategy is removed from the index, it could face significant valuation pressure, with an estimated $2.8 billion of its $59 billion market cap held by funds tracking the MSCI index [1][9]. Group 2: Reactions from the Cryptocurrency Community - The cryptocurrency community has reacted strongly against Morgan Stanley, with prominent figures like Grant Cardone and Max Keiser publicly expressing their discontent and urging others to withdraw funds from the bank [2][7]. - The backlash highlights the sensitivity of the cryptocurrency community towards traditional financial institutions and their interventions [7]. Group 3: MicroStrategy's Position - MicroStrategy's founder, Michael Saylor, has responded to the proposed policy change, emphasizing that MicroStrategy is not a fund or trust but a "Bitcoin-supported structured finance company" that actively creates and operates rather than passively holding assets [8]. - The company is set to enter the Nasdaq-100 index in December 2024, which could provide it with passive capital inflows from funds tracking the index [8]. Group 4: Potential Consequences of Exclusion - Companies that are excluded from the MSCI index will lose passive fund inflows, leading to forced sell-offs by funds and asset management companies, which could negatively impact both their stock prices and the cryptocurrency market [1][9]. - Analysts suggest that the speculation around the MSCI proposal may have already contributed to recent pressure on MicroStrategy's stock price [9].

Core Points - China Securities Index Co., Ltd. plans to launch two new indices on November 7, 2025, namely the China Securities Innovation Drug Index and the China Securities Medical Device Index, to provide additional investment options for the market [1][2]. Group 1 - The China Securities Innovation Drug Index will select listed companies from the Sci-Tech Innovation Board and the ChiNext Board that are involved in innovative drug research and related services, reflecting the overall performance of this sector [1][2]. - The China Securities Medical Device Index will select listed companies from the Sci-Tech Innovation Board and the ChiNext Board that provide medical devices and related services, reflecting the overall performance of the medical device sector [1][2].

Core Viewpoint - The article highlights the increasing difficulty in market investment since October due to various factors, including the escalation of China-US trade tensions, uncertainty in tariff policies, and China's export controls on rare earth-related technologies. It emphasizes the need for investors to capture alpha returns in a complex market environment and introduces the Debon Quantitative Team's newly launched index-enhanced fund, the Debon CSI 800 Index Enhanced Fund, which aims to provide intelligent investment tools for A-share core blue chips and growth leaders [1][18]. Group 1: Fund Overview - The Debon CSI 800 Index Enhanced Fund is designed to closely track the CSI 800 Index while continuously seeking stable excess returns through AI-driven quantitative strategies [1][12]. - The CSI 800 Index includes stocks from the CSI 500 and the Shanghai and Shenzhen 300, covering 30 primary industries, effectively blending value and growth, as well as large-cap and mid-cap stocks [3][10]. Group 2: Historical Performance - Historically, the CSI 800 Index has outperformed the Shanghai and Shenzhen 300 Index, with a cumulative increase of 398.60% since its base date (December 31, 2004) compared to 352.10% for the Shanghai and Shenzhen 300 Index, surpassing it by 46.5% [5]. - The top five weighted industries in the CSI 800 Index are electronics, power equipment, non-bank financials, banking, and pharmaceuticals, with effective risk diversification due to the distribution of individual stocks and industries [7]. Group 3: Investment Strategy - The index-enhanced strategy employs a "Beta + Alpha" dual-drive approach, aiming to track the index closely while actively managing to achieve excess returns [12]. - The Debon Quantitative Team utilizes advanced AI algorithms, high-quality factors, strict risk control, powerful computing capabilities, and efficient trading processes to enhance investment performance [11][14][15]. Group 4: Management Team - The fund is managed by Li Rongxing, who has a strong academic background in engineering and computer science, along with 14 years of industry experience, including 11 years in investment management [17]. - The overall research and investment capabilities of the company have been recognized, ranking highly in absolute return performance among equity funds [17].