The Shanghai and Shenzhen 300 Index is a financial index jointly issued by the Shanghai and Shenzhen Stock Exchanges on April 8, 2005, which reflects the compilation goal and operation status of the Shanghai and Shenzhen 300 Index, and can be used as an evaluation standard of investment performance, providing basic conditions for indexed investment and innovation of index derivatives.
Main features of CSI 300:
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.
Adopt free circulation as the 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.
Determine the weight of constituent stocks by grading and relying on documents
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.
Sample stocks have high stability. Adjust and set the buffer.
The sample stocks of Shanghai and Shenzhen 300 Index are adjusted twice a year, and the buffer technology is adopted in the adjustment, which not only ensures the regular adjustment range of samples, improves the stability of sample stocks, but also enhances the predictability of adjustment and the transparency of index management. Sample stocks have strong stability, which can improve the accuracy of copying and enhance operability. Be strengthened. According to the 300 index, the new samples with comprehensive ranking within 240 are given priority, and the old samples with ranking before 360 are given priority. When a sample stock company withdraws from the market, the stock will be removed from the index sample from the delisting date and replaced by the highest ranked stock in the sample when the index was last adjusted regularly.
The distribution of index industry is basically the same as that of market industry.
The industry proportion index of the index measures the industry structure in the index, while the industry proportion of the market measures the overall economic structure of the market. If the deviation between the two is too large, it shows that the industry structure of the index is unbalanced. Through statistics, it is found that although there is no clear industry selection standard for the Shanghai and Shenzhen 300 Index, the industry distribution of sample stocks is basically close to the market, which is quite representative.