As an authoritative statistical index widely used at home and abroad to measure the performance of China's securities market, Shanghai Stock Exchange has compiled and published a series of Shanghai Stock Exchange indexes, including Shanghai Stock Exchange 180 index, Shanghai Stock Exchange 50 index, Shanghai Composite Index, A-share index, B-share index, sub-index, bond index and fund index, among which Shanghai Composite Index was the earliest.

The Shanghai Composite Index series reflects the overall and different price changes of securities listed on the Shanghai Stock Exchange, and can reflect the prosperity of different industries and their overall price changes, thus providing investors with different reference frames for portfolio analysis. With the increasingly important position of the securities market in the national economy, the Shanghai Composite Index will gradually become a "barometer" for observing China's economic operation.

In order to ensure the scientificity of index compilation and the standardization of index operation, the Shanghai Stock Exchange set up the first domestic index expert committee to provide suggestions on index compilation methods and sample stock selection.

2. Shanghai Composite Index

In a narrow sense, the Shanghai Composite Index refers to the Shanghai Composite Index, the full name of which is "Shanghai Stock Exchange Composite Stock Index" or "Shanghai Composite Index" for short. Its sample stocks are all listed stocks, including A shares and B shares, which generally reflect the price changes of listed stocks on the Shanghai Stock Exchange, and are widely used statistical indicators at home and abroad to reflect the overall trend of the Shanghai Stock Exchange. The Shanghai Composite Index was officially released from July 199 1 to July 15. The index is in "points" and the benchmark date is 1990 19. The benchmark date is 100.

3. SSE 180 Index

Shanghai Stock Exchange officially released the SSE 1 80 index on July1day, 2002, replacing the original SSE 30 index. The sample number of the newly compiled Shanghai Stock Exchange 180 index has been expanded to 180, and the selected stocks are all large-scale, liquid and representative of the industry. The index not only made a breakthrough in the scientific compilation method, the representativeness of component selection and the openness of components, but also restored and improved the market representativeness of component indexes, thus reflecting the trend of stock prices more comprehensively. Statistics show that the circulating market value of SSE 180 index accounts for 50% of the circulating market value of SSE, and the turnover also accounts for 47%. Its launch will help to launch indexed investment, guide investors to invest rationally and promote the market's attention to "blue chips".

4. SSE 50 Index

According to scientific and objective methods, the SSE 50 Index selects 50 representative stocks with large scale and good liquidity in Shanghai, which comprehensively reflects the overall situation of a group of leading enterprises with the most market influence in Shanghai. The dividend index of Shanghai Stock Exchange selects 50 stocks with high cash dividend rate, stable dividend and certain scale and liquidity listed on Shanghai Stock Exchange as samples to reflect the overall situation and trend of high dividend stocks in Shanghai Stock Exchange.

5. Shenzhen Component Index

Shenzhen Stock Exchange Index refers to the weighted stock price index calculated by taking the stocks of 40 listed companies with market representativeness as the calculation object and the tradable shares as the weight, which comprehensively reflects the stock price trend of A and B shares listed on Shenzhen Stock Exchange. The benchmark date of this index is1July 20, 994, and the benchmark index is 1000 points. The constituent stock index/kloc-0 was released on October 23rd1995,65438+officially launched on May 5th. A-shares of 40 listed companies are used to calculate component A-share index and industry classification index, and B-shares of companies with B-shares among 40 listed companies are used to calculate component B-share index. Shenzhen Component Index also compiles classification indexes for A shares, including industry classification index, business classification index, financial classification index, real estate classification index, public utilities classification index and comprehensive enterprise classification index.

The factors that need to be considered when selecting the Shenzhen Stock Exchange Index sample are:

1. Length of listing date;

2. The listing scale is calculated according to the average total market value of each company in a period of time and the average market value of tradable shares;

3. Transaction activity is calculated according to the total transaction amount of each company in a period of time.

After determining the preliminary list, 40 listed companies will be selected as constituent stocks in combination with the following factors:

1. The average price-earnings ratio of the company's shares over a period of time;

2. The industry representativeness of the company and its industry development prospect;

3. The company's financial situation, profit record, development prospect and management quality in recent years;

4. Regional and sector representativeness of the company. In order to ensure the representativeness of the index, it is necessary to change the constituent stocks according to the changes of listed companies. The Shenzhen Stock Exchange is scheduled to check the representativeness of constituent stocks in June, May and September every year to discuss whether it is necessary to replace them.

6. Shenzhen Composite Index

Shenzhen Composite Index is a weighted composite stock price index compiled by Shenzhen Stock Exchange, which takes all the stocks listed on Shenzhen Stock Exchange as the calculation range and the circulation as the weight. The benchmark date of the index is1991April 3, and the index on the benchmark date is set to 100. The Shenzhen Composite Index comprehensively reflects the stock price trend of all A-share and B-share listed stocks in Shenzhen Stock Exchange. In addition, Shenzhen A-share index and Shenzhen B-share index were compiled to reflect the stock price trends of all A-shares and all B-shares respectively. The Shenzhen A-share index is based on April 3rd 199 1 and released on April 4th 1992. The benchmark index is set at 100. The Shenzhen B-share index is based on February 28th 1992, released on February 6th 1992. The benchmark date index is set at 100.

7. Shenzhen Stock Exchange 100 Index

Shenzhen Stock Exchange 100 Index (also known as Shenzhen Stock Exchange 100 Total Return Index) is the first index in China stock market that only locates the investment function and represents the multi-level market system. Shenzhen Stock Exchange entrusts Shenzhen Securities Information Company to compile and maintain. Shenzhen Stock Exchange 100 Index is a constituent stock index compiled by taking all the normally traded stocks in Shenzhen market (including SME board) as the sample range, selecting 100 A shares as the sample, and ensuring that the number of constituent stocks of SMEs is not less than 10. It is the core index to describe the multi-level market index system in Shenzhen.

8. Shanghai and Shenzhen 300 Index

The Shanghai and Shenzhen 300 Index is a constituent stock index compiled by selecting 300 A shares in Shanghai and Shenzhen stock markets as samples.

The sample of the Shanghai and Shenzhen 300 Index covers about 60% of the market value of the Shanghai and Shenzhen markets, which has a good market representation. The Shanghai and Shenzhen 300 Index is the first index jointly released by Shanghai and Shenzhen Stock Exchanges to reflect the overall trend of the A-share market. Its introduction enriches the existing index system of the market and adds an index to observe the market trend, which is beneficial for investors to fully grasp the market operation and further provides the basic conditions for the innovative development of index investment products.

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5. Stock index and investment income

The stock index is a proportional function of the market value of the index portfolio, and its fluctuation range is the return rate of this portfolio. However, in the calculation of the stock index, the transaction cost of the stock is not deducted, so the actual income of the shareholders will be less than the fluctuation range of the stock index (the fluctuation range of the stock index is the maximum return on investment of the index portfolio). There is often a proverb circulating in the stock market, which is called "the cow earns the bear's compensation", that is to say, investors make profits in the bull market and lose money in the bear market, but if they are analyzed as an investment as a whole, they may not be profitable in the bull market.

Ai Cai Tribal Finance College has a summary. Go and have a look for yourself.