- The Shenzhen Stock Exchange announced the revision of the "Compilation Plan for the ChiNext Composite Index" on July 11, 2025, introducing two exclusion mechanisms: monthly exclusion of risk warning stocks and ESG negative exclusion mechanism[3][6][11] - The monthly exclusion mechanism for risk warning stocks removes sample stocks that are announced to be under risk warning from the index starting from the next trading day after the second Friday of the following month. Stocks with risk warnings revoked are added back to the index under the same timeline[6][14] - The ESG negative exclusion mechanism removes sample stocks with ESG ratings downgraded to C or below from the index starting from the next trading day after the second Friday of the following month. Stocks with ESG ratings upgraded above C are added back to the index under the same timeline[6][14] - After the revision, the ChiNext Composite Index includes 1,316 sample stocks, covering 95% of ChiNext-listed companies and 98% of total market capitalization. The top three industries are industrials (32%), information technology (26%), and healthcare (12%). High-tech enterprises account for 92%, strategic emerging industries for 79%, and advanced manufacturing, digital economy, and green low-carbon sectors for 74%[6][11] - The monthly exclusion cycle enhances timeliness compared to the usual semi-annual index adjustment, while maintaining operational feasibility for passive products tracking the index[11] - Short-term impacts may include passive fund selling pressure on excluded stocks, while long-term effects could foster "survival of the fittest," encouraging listed companies to focus on financial stability and ESG performance, driving market valuation systems toward high-quality development[11]

Group 1 - The core viewpoint of the news is that TuoJing Life (300642.SZ) has disclosed its annual report for 2024, revealing significant changes in institutional and foreign investment holdings [1] - As of April 19, 2025, a total of 42 institutional investors hold shares in TuoJing Life, with a combined holding of 36.8578 million shares, accounting for 22.61% of the total share capital [1] - The top ten institutional investors collectively hold 22.38% of the shares, which represents a decrease of 5.93 percentage points compared to the previous quarter [1] Group 2 - In terms of public funds, 36 new public funds have been disclosed this period compared to the previous quarter, including several notable funds such as the Medical Device ETF and the West China Quantitative Growth Mixed A [1] - Regarding foreign investment, only one foreign fund, UBS AG, has reduced its holdings, with a decrease of 0.31% [2] - Several foreign institutions, including MERRILL LYNCH INTERNATIONAL and Goldman Sachs, have not disclosed their holdings this period [2]