What does the Shanghai and Shenzhen 300 Index mean?
On April 8, 2005, the Shanghai and Shenzhen Stock Exchanges jointly released the Shanghai and Shenzhen 300 Index, which reflected the compilation goal and operation status of the Shanghai and Shenzhen 300 Index, and can be used as the evaluation standard of investment performance, providing the basic conditions for indexed investment and innovation of index derivative products.
1998 launched the first phase research plan of 200 1 Shanghai Stock Exchange. The CSRC coordinates the development of the Shanghai and Shenzhen stock exchanges. In 2003, the detailed design of * * * knowledge was officially launched on April 8, 2005.
Where there is a market, there is an index. 199 1, Shanghai Composite Index and Shenzhen Composite Index were born, 1992, Shanghai A-share and B-share indices were launched one after another, from 1995 to 2004. The Shenzhen Stock Exchange has successively launched Shenzhen Stock Exchange Index, Shanghai Stock Exchange Index 180 (formerly known as Shanghai Stock Exchange Index 30), Shenzhen Stock Exchange Index 100, Tide Index 100 and Shanghai Stock Exchange Index 50. China stock market index system has made great breakthroughs and progress under the impetus of Shanghai and Shenzhen Stock Exchanges. The index development with constituent stocks as samples makes China index market a truly stylized and investment-oriented index product. In the stock markets of major developed countries in the world today, the indexes that are widely accepted by investors and can represent market changes are basically constituent stock indexes. However, industry expert Dao Fu Investment pointed out that China's existing index system is not enough to meet the investment demand of the market, and the market urgently needs some index products covering the Shanghai and Shenzhen stock markets.
Main features of Shanghai and Shenzhen 300 Index:
1. Strict sample selection criteria, located in the trading component index.
The Shanghai and Shenzhen 300 Index takes scale and liquidity as two basic criteria for sample selection, which gives greater weight to liquidity, in line with the characteristics of the index positioning as a transactional index. After sorting listed companies, they are selected, and detailed selection conditions are also stipulated. For example, the listing of new shares (except a few large-cap stocks) will not enter the index soon. Generally speaking, stocks listed after a quarter are likely to be selected as sample stocks of the index; Exclude stocks suspended from listing, ST stocks, stocks with abnormal operating conditions or serious losses, and stocks with large stock price fluctuations that obviously manipulate market performance. Therefore, the 300 index reflects the comprehensive changes of the stock prices of representative stocks with strong liquidity and large scale, which can provide investors with authoritative investment direction, facilitate investors to track and combine, and ensure the stability, representativeness and operability of the index.
2. Use free loop as weight.
The so-called free circulation is simply the circulation after excluding unlisted share capital. Specifically, free circulation is the circulation after excluding the long-term shares, state-owned shares, strategic investor shares, frozen shares, restricted employee shares and cross-shareholdings held by the founders, families and senior managers of the company. This not only ensures that the index reflects the overall dynamic evolution of stock prices in the circulation market, but also facilitates investors to hedge, portfolio and index investment.
3. Determine the weight of constituent stocks through classification and filing methods.
The weights of the constituent stocks of the 300 Index are determined, and * * * is divided into nine grades. This takes into account the particularity of China's stock market structure and possible structural changes in the future, and at the same time can avoid abnormal fluctuations in the stock price index. The specific value and proportion of nine-level collateral are clearly defined. From the point of view of index replication, the adoption of graded collateral technology can reduce the increase in the cost of tracking investment caused by frequent changes in share capital, which is convenient for investors to track investment.