- 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]

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即UBS AG。本期较上一季未再披露的外资 机构包括高盛公司有限责任公司、MORGAN STANLEY & CO. INTERNATIONAL PLC.、法国巴黎银 行-自有资金。 公募基金方面本期较上一季度持股减少的公募基金共计2个，包括国泰中证动漫游戏ETF、华夏中证动 漫游戏ETF，持股减少占比达0.43%。本期较上一季度新披露的公募基金共计14个，主要包括游戏动 漫、南方中证2000ETF、广发中证2000ETF、华夏创业板综合ETF、华夏中证2000ETF等。 2025年4月24日，天舟文化(300148.SZ)发布2024年年度报告。截至2025年4月23日，共有18个机构投资 者披露持有天舟文化A股股份，合计持股量达1.27亿股，占天舟文化总股本的15.17%。其中，前十大机 构投资者包括湖南佳创投资有限公司、中国民生银行股份有限公司-华夏中证动漫游戏交易型开放式指 数证券投资基金、UBS AG、上海浦东发展银行股份有限公司-国泰中证动漫游戏交易型开放式指数证券 投资基金、游戏动漫、南方中证2000ETF、广发中证2000ETF、华夏创业 ...