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Statement of Principles for Index Construction and Management 指数编制与管理原则

Applies to CSI 300 · all CSI indices on this site

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FieldValueSource textReading (model)
G1 Scope, precedence and principles · 12 fields
Methodology governance Index methodology is the basis for compilation and management, should be public, transparent, continuous, scientific, balance representativeness and investability, and be followed in practice.
数编制与管理的基本依据,应尽可能保持公开、透明、连续、科学。指数编制规则应根据指数构建目标,平衡考虑指数的代表性和可投资性。指数编制与管理过程应遵循指数编制规则。Open p.3 ↗
Index rules should be public, transparent, continuous, and scientific; balance representativeness and investability according to the index objective; and govern the compilation and management process.
Methodology revision and unresolved cases Methodologies should be revised as appropriate and remain understandable; unresolved cases are decided by the company after considering these principles and views of the expert committee, index users, and other stakeholders.
指数编制规则应适时修订和完善,以更好符合指数构建目标,并尽可能易于被指数用户理解。遇到指数编制规则无法涵盖之情形时,公司综合本原则以及指数专家委员会、指数用户等相关方意见后做出有助于保持指数生命力之决策。Open p.3 ↗ (not found verbatim in the PDF)
Index rules should be revised and improved as needed to meet the index objective and remain understandable; where rules do not cover a situation, CSI makes a decision to maintain index vitality after considering the principles and stakeholder views.
Representativeness requirements The index name should match its objective; the sample space should cover the target market segment or security group; selection criteria and weighting should dynamically reflect the target market, group, or strategy.
(3)在样本空间范围内,通过设置合适的样本选取条件和加权计算方式确定指数样本及其权重,以动态、有效地反映指数构建目标所描述的特定市场、证券群体或投资策略之特征。Open p.3 ↗
Representativeness requires a matching name, an established sample space covering the targeted market segment or security group, and suitable constituent selection and weighting that dynamically reflect the stated target.
Investability requirements Constituents should have sufficient liquidity and normally be tradable; the index should have investment capacity; immaterial adjustments should be avoided; securities with major investability, going-concern, legal, compliance, or governance problems should generally be excluded.
动性,如样本成交情况、换手率等流动性指标应满足相应筛选条件,且通常情况下样本应处于可交易状态,以便于被复制跟踪;(2)指数应具备一定的投资容量;Open p.3 ↗
Investability requires liquidity and generally tradable constituents, adequate investment capacity, avoidance of insignificant adjustments, and exclusion of securities with material ongoing investability, going-concern, illegality, compliance, or governance issues.
Price principle Use transaction prices from relatively active markets; if unavailable, use an objective and authoritative fair value price or a price formed by the company after consulting experts, users, and other stakeholders.
算所使用的样本价格应为较活跃市场的成交价格,当无法获取上述满足条件的成交价格时,应尽可能使用能够客观、权威反映最新证券价值的公允价格,或公司综合专家委员会、指数用户等相关方意见后形成的价格。Open p.4 ↗
Index calculations should use transaction prices from relatively active markets, or otherwise use an objective, authoritative fair price or a price determined by CSI after consulting relevant parties.
Corporate event principle Corporate event treatment should balance representativeness and investability, with consistency and predictability, while considering market views and specific circumstances for complex events.
投资性。制定复杂公司事件的处理方案时,在尽可能保障方案一致性、可预测性的前提下,可结合市场意见和具体事件情形处置。Open p.4 ↗
Corporate events should be handled by balancing representativeness and investability and, for complex events, seeking consistency and predictability while considering market input and the facts of the event.
Data principle Data used for screening, weighting, and calculation should wherever possible be reliable public data.
在指数编制与管理的过程中,用于样本筛选、加权、计算的数据应尽可能使用来源可靠的公开数据。Open p.4 ↗
Data used in constituent screening, weighting, and index calculation should as far as possible come from reliable public sources.
Revision notice policy Materials may be revised from time to time without notice.
中证指数将不时对其内容进行修订,但不会提供通知。中证指数力求确保本材料内容的准确性,但并不对其准确性、完整性或可靠性做任何保证。Open p.5 ↗
CSI may revise the materials from time to time without providing notice.
Covered indices indices compiled and managed by CSI
为规范指数编制与管理,保障指数正常运行,中证指数公司制定并发布本原则。在指数编制与管理的过程中,若遇到样本调整规则Open p.3 ↗ (not found verbatim in the PDF)
The principles apply to the compilation and management of indices by CSI.
Precedence rule These principles prevail when an index compilation plan omits a general rule or potentially conflicts with these principles.
若遇到样本调整规则、公司事件处理规则、指数计算规则等通用性指数编制规则、指数编制方案没有涵盖或与本原则存在潜在冲突之情形时,优先考虑本原则进行处理。Open p.3 ↗
For general rules on sample adjustments, corporate events, and index calculation, if an index methodology does not cover the matter or potentially conflicts with these principles, the principles take precedence.
Principles Clear objective, Objectivity and fairness, Representativeness, Investability, Objective and continuous price reflection, Balanced handling of corporate events, Reliable public data
指数旨在客观地反映特定市场或特定证券群体的整体价格表现。指数应具有清晰的构建目标,并在相应指数编制规则中披露。Open p.3 ↗ (not found verbatim in the PDF)
The stated principles require a clear index objective; objective and fair compilation and management; representativeness; investability; objective and continuous reflection of constituents' overall price performance; balanced treatment of corporate events; and use of reliable public data.
Administrator 中证指数有限公司(中证指数)
均不构成中证指数有限公司(“中证指数”)关于买入、持有或卖出任何证券、金融产品或其他投资工具或任何交易策略的建议。Open p.5 ↗
The administrator and publisher is China Securities Index Co., Ltd. (CSI).

Open points · 10Model-written, for reference

  1. 1No printed rulebook version label was found.
  2. 2No effective date for the principles was found.
  3. 3The supplied sections do not enumerate specific covered indices or index families beyond CSI indices generally.
  4. 4Not coveredG2 Calculation and publication: not covered by this edition
  5. 5Not coveredG3 Prices and market data: not covered by this edition
  6. 6Not coveredG4 Corporate events: not covered by this edition
  7. 7Not coveredG5 Shares, free float and weight factors: not covered by this edition
  8. 8Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
  9. 9Not coveredG7 Review and constituent changes: not covered by this edition
  10. 10Not coveredG8 Governance, changes and termination: not covered by this edition

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