The Shanghai Stock Exchange responded in an article published on the evening of May 29 to the topic of the recent changes in the compilation method of the Shanghai Composite Index, which is very concerned by the market.

The Shanghai Stock Exchange stated that the Shanghai Stock Exchange has always been concerned about market concerns. All along, the Shanghai Stock Exchange and China Securities Index Co., Ltd. have followed the development trend of international index compilation methods in a scientific, objective and open attitude, and have conducted in-depth research on the improvement of index functions while continuously consulting market opinions and suggestions. Based on China’s investor structure and the unique landmark status of the Shanghai Composite Index, the adjustment and optimization of the index requires careful evaluation and comprehensive consideration.

Next, when the SSE studies the perfect scheme for the compilation method of the Shanghai Composite Index, it will fully listen to the opinions of all parties in the market and draw on international best practice experience to revise the index representation At the same time, it should try to ensure seamless connection with the existing index, ensure the continuity and stability of the index, and maintain the normal trading order.


Born in July 1991, witnessed the stock market’s ups and downs for nearly 30 years

The Shanghai Composite Index is the oldest index in the A-share market, which was released At the beginning, the index took December 19, 1990 as the base day and 100 points as the base point. Since its official launch on July 15, 1991, the Shanghai Composite Index has witnessed the ups and downs of the Chinese stock market for nearly 30 years.

To this day, the Shanghai Composite Index is still one of the most important indexes in China ’s capital market. Speaking of “big market 3000 points”, investors will unwittingly say the Shanghai Composite Index, which shows the benchmark significance of this index.

The Shanghai Stock Exchange also said that the stock index is a reflection of the overall price level of the stock market, and it has an important symbolic significance for reflecting the overall development of listed companies on the Shanghai stock market. Investment decision-making and wealth management have important practical effects.

As the first index in the A-share market, the Shanghai Composite Index has been in line with the overall macroeconomic trend since its launch, basically reflecting the development of the national economy. In recent years, as the pace of the transformation and upgrading of the macroeconomic structure has accelerated, while the scale of the A-share market has grown rapidly, the internal structure of the stock market has undergone profound changes, resulting in a phased deviation of the short-term trend of the index from the economic operation. Since the Shanghai Composite Index has become the most representative index of A shares, more and more market participants believe that it is necessary to adjust the current index compilation methodIn order to more accurately characterize the performance of the Shanghai stock market and stabilize investor expectations.


Six of the top ten heavyweights belong to financial real estate

According to the official website of China Securities Index, the Shanghai Composite Index is traded by Shanghai Stock Exchange All the listed stocks constitute sample stocks, including A shares and B shares. The index is weighted by the total share capital and reflects the overall performance of the stock prices listed on the Shanghai Stock Exchange.

The specific calculation method is to divide the total market value of the sample stocks in the reporting period by the divisor and multiply by 100 to obtain the reporting period index.

From January 6, 2007, new shares will be included in the index on the 11th trading day of listing. When the sample stock is suspended from listing or delisted, it will be removed from the index sample. For the handling of situations such as acquisitions, mergers, spin-offs, and suspensions of sample stock companies, refer to the calculation and maintenance rules.

As of May 28, the top ten weighted stocks of the Shanghai Composite Index are Guizhou Moutai (600519), Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), China Ping An (601318), Bank of China (601988), China Merchants Bank (600036), PetroChina (601857), China Life (601628), Hengrui Medicine (600276), Sinopec (600028).

Among them, six stocks including ICBC belong to the financial real estate industry, and PetroChina and Sinopec belong to the energy industry. Among the top ten heavyweights, only Guizhou Moutai has one stock from the consumer industry, and Hengrui Pharmaceutical has one stock from the medical and health industry.


Recently, many experts have proposed to revise the method for compiling the Shanghai Stock Exchange Index

During the just-concluded “two sessions”, there were members and representatives targeting the Shanghai Composite Index The proposal made amendments.

Zhu Jiandi, deputy to the National People ’s Congress and chairman of Lixin Certified Public Accountants, suggested adjusting the method for compiling the Shanghai Composite Index to enhance the characterization of the index.

Yang Chuangyang, member of the National Committee of the Chinese People ’s Political Consultative Conference and chief economist of Shenwan Hongyuan Securities Research Institute, also said that index optimization is an important component of basic system constructionPart to better characterize market changes and serve investors.

Li Xunlei, chief economist of Zhongtai Securities, also recently published related articles through his personal WeChat public account, arguing that the characterization of the Shanghai Composite Index has room for improvement optimize.

Li Xunlei believes that the linkage between the Shanghai Composite Index and the nominal GDP in recent years has been unsatisfactory, mainly due to four main reasons. First, the structure of China’s listed companies is not fully synchronized with the changes in the macroeconomic structure.

Secondly, as the life cycle of an enterprise changes, the number of low-profit or loss-making enterprises in listed companies increases.

Third, there is an unreasonable time when the new shares are included in the index.

The fourth is the weighting method.

“At present, there are mainly three places where the market has doubts about the compilation of the Shanghai Stock Index.” Gui Haoming, chief market expert of Shen Wanhongyuan Securities Research Institute, told reporters It is pointed out that, firstly, in terms of structure, due to the high proportion of large-cap stocks in the index, the Shanghai Stock Index is more like a traditional industry index and more reflects the traditional economy, especially finance, construction, steel, real estate, etc. The economic color is not very clear. In the pattern of China’s economy shifting to the service industry, the Shanghai Stock Index has a deviation in describing the modern Chinese economy. Secondly, in terms of compilation details, the Shanghai Stock Index has not changed continuously with the changes in the market trading system, and it needs to be adjusted in a timely manner. For example, when the new stocks are included in the index, they still need to be improved. Third, the weighting factors need to be considered more fully. Because the number of freely tradable shares of many listed companies is very different from their total share capital at the moment, the Shanghai Stock Index ’s description of the value of individual stocks, the depiction of market fluctuations, investors under the current compilation method There are still differences in the manifestation of earnings in the process of ups and downs.

Gui Haoming said that the Shanghai Stock Index has been in operation since 1991, and it has been nearly 30 years. Because it is a full sample index and the traditional compilation rules are adopted at the same time, the increase during the operation is very limited. Especially in the past ten years, the Shanghai Stock Index has been hovering around 3000 points for a long time. Although there are intraday highs, it is still low for most of the time. . Therefore, the distortion of the Shanghai Stock Index has triggered discussions in various circles in the market, hoping to readjust the compilation method to better reflect the development of China’s economy and capital market.

“During the two sessions this year, the issue of the compilation of the Shanghai Stock Index was mentioned by many representatives, but it is worth noting that the relevant questionsThe problem has been around for a long time, not just recently. “Guo Haoming further pointed out.

Guo Haoming suggested that, first of all, you can consider letting the Shanghai Stock Exchange Index more fully reflect the pattern of listed companies listed on the Shanghai Stock Exchange, such as incorporating the science and technology version into the Shanghai Stock Exchange Index statistics range. Science and technology edition has been launched for nearly a year, and the companies listed on the board are all listed on the Shanghai Stock Exchange. In addition, science and technology edition has not yet launched an index, so these problems can be gathered together to solve them seriously. The design launched a brand-new ‘Shanghai Stock Index’, and then portrayed the previous market scene through simulation. ”


Shanghai Stock Exchange: Index adjustment and optimization requires careful evaluation and comprehensive consideration

In fact, the improvement of index compilation methods is not new in the international market .

According to the Shanghai Stock Exchange, in the historical process of global technological innovation, in the past 10 years, the international representative index compilation method has also been continuously improved. Both S & P and Hang Seng have optimized their benchmark index compilation methods; this year, Japan Exchange Group also plans to continue to revise the TOPIX index compilation method.

In response to this market ’s eager attention topic, the Shanghai Stock Exchange said that it has been synergistic with China Securities Index Co., Ltd. in a scientific, objective and open attitude, and continues to follow The development trend of international index compilation methods, while continuously consulting market opinions and suggestions, has conducted in-depth research on the improvement of index functions.

However, the Shanghai Stock Exchange also emphasized that, based on China ’s investor structure and the unique and iconic status of the Shanghai Composite Index, the adjustment and optimization of the index requires careful evaluation and comprehensive consideration.

Next, when the SSE studies the perfect scheme for the compilation method of the Shanghai Composite Index, it will fully listen to the opinions of all parties in the market and draw on international best practice experience to revise the index representation At the same time, it should try to ensure seamless connection with the existing index, ensure the continuity and stability of the index, and maintain the normal trading order.