The Shanghai and Shenzhen 300 Index was officially released on April 8, 2005, which is the first cross-market index jointly released by the Shanghai and Shenzhen Stock Exchanges. After the establishment of CSI Index Company in September 2005, the CSI 300 Index was handed over to CSI Index Company for management and operation. The Shanghai-Shenzhen 300 Index consists of 300 large-scale, highly liquid and most representative stocks in the Shanghai-Shenzhen A-share market to comprehensively reflect the overall performance of the Shanghai-Shenzhen A-share market. The Shanghai and Shenzhen 300 Index is the first benchmark index of stock index futures in the Mainland. It has been developed into index funds and ETF products by many institutions at home and abroad, and the tracking assets rank first in the A-share stock index.
Investability of Shanghai and Shenzhen 300 Index
When determining the sample space of the Shanghai and Shenzhen 300 Index, ST and *ST stocks, stocks with abnormal stock price fluctuations or market manipulation, and stocks with major violations of laws and regulations were excluded, which ensured the quality of the sample companies to a great extent. In the sample selection, the Shanghai and Shenzhen 300 Index selects the top 300 stocks in the top 50% listed companies to form sample stocks. Therefore, the sample stocks of the Shanghai and Shenzhen 300 Index represent the core high-quality assets in the Shanghai and Shenzhen A-share markets, with strong growth and low valuation level, which is very attractive to investors from the overall operating performance and valuation level.
The Shanghai and Shenzhen 300 Index takes the adjusted share capital after the classification of free floating share capital as the weight. The adoption of grading filing technology ensures that the amount of share capital used for index calculation is relatively stable when the share capital of the sample company changes little, thus effectively reducing the tracking cost caused by frequent changes in share capital. The Shanghai and Shenzhen 300 Index takes the adjusted free floating share capital as the weight instead of all the share capital, which can more truly reflect the stock price changes of the actual circulating shares in the market, thus effectively avoiding the situation of manipulating the index by manipulating large-cap stocks.
In order to improve the representativeness and investability of the index, the CSI 300 Index also allows large-cap stocks to enter the index quickly. Since the introduction of the rules in July 2006, listed companies such as China Bank, Daqin Railway, China Industrial and Commercial Bank, China Life Insurance, Industrial Bank, China Ping An, Bank of Communications, China CITIC Bank, China Shenhua, China Petroleum, etc. have met the conditions for large-cap new shares to quickly enter the index, and became sample stocks of the Shanghai and Shenzhen 300 Index after the 10 trading day.
The Shanghai and Shenzhen 300 Index is adjusted once every six months, and the proportion of each adjustment shall not exceed 10%. In order to ensure the stability of index stocks, a buffer is set for sample adjustment.
In order to enhance the transparency and predictability of the Shanghai and Shenzhen 300 Index, the Shanghai and Shenzhen 300 Index has also set up a 15 candidate list. When the sample of constituent stocks is vacant due to delisting, merger and other reasons, the stocks on the candidate list will enter the constituent stocks in the ranking order.
Composition characteristics of sample stocks of Shanghai and Shenzhen 300 index
The sample stocks of the Shanghai and Shenzhen 300 Index are large in scale and the market value distribution is balanced. Taking 1 in July 2009 as an example, there are 33 companies with a total market value exceeding 100 billion yuan, 225 companies with a total market value exceeding 100 billion yuan, and the average total market value of sample shares is 53 billion yuan. China Merchants Bank, the first heavyweight, has a free market value of 654.38+094.2 billion yuan, with a weight of 3.86%. The cumulative weight of the former 10 heavyweights is 27.5 1%, and the cumulative weight of the top 20 heavyweights is 39.6%. Sample stocks have a balanced weight distribution and strong anti-manipulation ability.