每經記者｜王海慜    每經編輯(ji)｜肖芮冬    

今天(tian)中證(zheng)(zheng)指數(shu)官網(wang)發布(bu)了滬深300、上證(zheng)(zheng)50、科創50、上證(zheng)(zheng)180、上證(zheng)(zheng)380和中證(zheng)(zheng)500等多個指數(shu)樣(yang)本的定期調整方案(an)。此次(ci)調整均于2022年(nian)12月9日收市后生效。

《每日經濟新聞》記者注意到(dao)，在此(ci)次指(zhi)(zhi)數調(diao)(diao)整(zheng)(zheng)中(zhong)(zhong)有多只券(quan)(quan)商股被(bei)調(diao)(diao)整(zheng)(zheng)出(chu)了指(zhi)(zhi)數。例(li)如(ru)國(guo)泰(tai)君安、海通(tong)證(zheng)(zheng)(zheng)券(quan)(quan)被(bei)調(diao)(diao)整(zheng)(zheng)出(chu)上(shang)證(zheng)(zheng)(zheng)50，國(guo)金證(zheng)(zheng)(zheng)券(quan)(quan)、東(dong)吳(wu)證(zheng)(zheng)(zheng)券(quan)(quan)、方正證(zheng)(zheng)(zheng)券(quan)(quan)、南京證(zheng)(zheng)(zheng)券(quan)(quan)被(bei)調(diao)(diao)整(zheng)(zheng)出(chu)上(shang)證(zheng)(zheng)(zheng)180，東(dong)北證(zheng)(zheng)(zheng)券(quan)(quan)被(bei)調(diao)(diao)出(chu)中(zhong)(zhong)證(zheng)(zheng)(zheng)500。與此(ci)同(tong)時(shi)，國(guo)投資本、東(dong)吳(wu)證(zheng)(zheng)(zheng)券(quan)(quan)此(ci)次被(bei)新調(diao)(diao)入(ru)上(shang)證(zheng)(zheng)(zheng)380指(zhi)(zhi)數。

在今(jin)年(nian)6月的(de)(de)指數(shu)(shu)調整(zheng)中，就曾有多家券(quan)商被調出(chu)了(le)滬深(shen)300、上證180等重要市(shi)場(chang)指數(shu)(shu)。根據指數(shu)(shu)的(de)(de)編制規(gui)則(ze)，過去一(yi)年(nian)的(de)(de)時(shi)間內(nei)樣本股的(de)(de)市(shi)值、成交表現是(shi)決(jue)定(ding)能否(fou)保留(liu)在上述市(shi)場(chang)指數(shu)(shu)的(de)(de)決(jue)定(ding)性(xing)因素，而(er)這也是(shi)此次又有多只券(quan)商股被調出(chu)指數(shu)(shu)的(de)(de)“硬傷”。

滬深300金融行業樣本權重持續下降

據中(zhong)(zhong)證(zheng)指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)公(gong)司介(jie)紹，根據指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)規則，經指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)專(zhuan)家委(wei)員會審(shen)議，滬深300指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)此次更(geng)換(huan)(huan)(huan)(huan)15只(zhi)(zhi)樣本(ben)(ben)，大全能源、德業股份等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)；中(zhong)(zhong)證(zheng)500指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)更(geng)換(huan)(huan)(huan)(huan)50只(zhi)(zhi)樣本(ben)(ben)，東方(fang)電(dian)纜、派能科技等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)；中(zhong)(zhong)證(zheng)1000指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)更(geng)換(huan)(huan)(huan)(huan)100只(zhi)(zhi)樣本(ben)(ben)，高測(ce)股份、艾為電(dian)子等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)；中(zhong)(zhong)證(zheng)紅利指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)更(geng)換(huan)(huan)(huan)(huan)20只(zhi)(zhi)樣本(ben)(ben)，魯西(xi)化工、新(xin)鋼股份等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)；中(zhong)(zhong)證(zheng)100指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)更(geng)換(huan)(huan)(huan)(huan)4只(zhi)(zhi)樣本(ben)(ben)，天齊鋰業、中(zhong)(zhong)國中(zhong)(zhong)鐵(tie)等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)；中(zhong)(zhong)證(zheng)香港100指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)更(geng)換(huan)(huan)(huan)(huan)7只(zhi)(zhi)樣本(ben)(ben)，港鐵(tie)公(gong)司、百勝(sheng)中(zhong)(zhong)國等(deng)(deng)調入指(zhi)(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)。

本(ben)(ben)(ben)次(ci)樣(yang)本(ben)(ben)(ben)調整后，各指數(shu)(shu)對(dui)實(shi)體經(jing)濟的反映進一步加強，工(gong)(gong)業(ye)(ye)(ye)(ye)行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)顯著提升(sheng)(sheng)。滬深300指數(shu)(shu)中，新進科創板(ban)樣(yang)本(ben)(ben)(ben)2只(zhi)(zhi)(zhi)，樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)為(wei)15只(zhi)(zhi)(zhi)，樣(yang)本(ben)(ben)(ben)權重(zhong)由2.31%升(sheng)(sheng)至(zhi)(zhi)2.41%；新進創業(ye)(ye)(ye)(ye)板(ban)樣(yang)本(ben)(ben)(ben)1只(zhi)(zhi)(zhi)，樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)為(wei)36只(zhi)(zhi)(zhi)，樣(yang)本(ben)(ben)(ben)權重(zhong)由12.84%降至(zhi)(zhi)12.66%。從行業(ye)(ye)(ye)(ye)來看(kan)，工(gong)(gong)業(ye)(ye)(ye)(ye)行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)凈(jing)(jing)增加6只(zhi)(zhi)(zhi)，權重(zhong)上(shang)升(sheng)(sheng)0.65%；公用事業(ye)(ye)(ye)(ye)行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)凈(jing)(jing)增加2只(zhi)(zhi)(zhi)，權重(zhong)上(shang)升(sheng)(sheng)0.19%；能源行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)凈(jing)(jing)增加1只(zhi)(zhi)(zhi)，權重(zhong)上(shang)升(sheng)(sheng)0.12%；金融行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)凈(jing)(jing)減(jian)少2只(zhi)(zhi)(zhi)，權重(zhong)下(xia)降0.33%；醫(yi)藥(yao)衛生行業(ye)(ye)(ye)(ye)樣(yang)本(ben)(ben)(ben)數(shu)(shu)量(liang)(liang)凈(jing)(jing)減(jian)少3只(zhi)(zhi)(zhi)，權重(zhong)下(xia)降0.37%。

值得一提的(de)是，在近(jin)期滬深(shen)300的(de)樣(yang)本股(gu)調整中，金融行業樣(yang)本權(quan)重持續下降。在今年6月的(de)調整中，滬深(shen)300金融行業樣(yang)本數(shu)量凈減少5只，權(quan)重下降1.05%。相比之(zhi)下，此次新調入滬深(shen)300指(zhi)數(shu)的(de)15只樣(yang)本有多只來自新能源(yuan)板塊。

另外，此次中證500指數(shu)(shu)(shu)(shu)(shu)的調整中，科創(chuang)板、創(chuang)業(ye)(ye)板樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量分別(bie)增(zeng)加至25只(zhi)(zhi)、56只(zhi)(zhi)，樣(yang)本(ben)(ben)權(quan)重(zhong)分別(bie)增(zeng)加至2.61%、6.48%；工業(ye)(ye)行(xing)(xing)業(ye)(ye)樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量凈增(zeng)加5只(zhi)(zhi)，權(quan)重(zhong)上(shang)(shang)(shang)升(sheng)(sheng)(sheng)0.36%；原材料行(xing)(xing)業(ye)(ye)樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量凈增(zeng)加4只(zhi)(zhi)，權(quan)重(zhong)上(shang)(shang)(shang)升(sheng)(sheng)(sheng)1.96%；信息技術行(xing)(xing)業(ye)(ye)樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量凈增(zeng)加4只(zhi)(zhi)，權(quan)重(zhong)上(shang)(shang)(shang)升(sheng)(sheng)(sheng)0.63%。中證1000指數(shu)(shu)(shu)(shu)(shu)中，工業(ye)(ye)行(xing)(xing)業(ye)(ye)樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量凈增(zeng)加15只(zhi)(zhi)，權(quan)重(zhong)上(shang)(shang)(shang)升(sheng)(sheng)(sheng)0.52%；醫藥衛生行(xing)(xing)業(ye)(ye)樣(yang)本(ben)(ben)數(shu)(shu)(shu)(shu)(shu)量凈增(zeng)加5只(zhi)(zhi)，權(quan)重(zhong)上(shang)(shang)(shang)升(sheng)(sheng)(sheng)0.71%。中證紅(hong)利(li)指數(shu)(shu)(shu)(shu)(shu)保持(chi)高股息特征(zheng)，近一年股息率(lv)由6.16%上(shang)(shang)(shang)升(sheng)(sheng)(sheng)至6.30%，指數(shu)(shu)(shu)(shu)(shu)分紅(hong)穩定性也有提升(sheng)(sheng)(sheng)。

經過此次樣本調整(zheng)后，從市(shi)值覆蓋率來看，滬深300、中(zhong)證500和中(zhong)證1000指數占滬深市(shi)場總(zong)市(shi)值比分別為(wei)51.62%、15.99%和15.49%。

兩家頭部券商被調出上證50指數

根據上(shang)證(zheng)180指數(shu)編制方案(an)，上(shang)證(zheng)180是(shi)以滬市證(zheng)券(quan)為樣本空間，選擇經營(ying)狀(zhuang)況良好、無(wu)違法(fa)違規事件、財務報告無(wu)重大問題(ti)、股票價格無(wu)明顯異常波動(dong)或市場操縱的公司(si)，并(bing)按照中(zhong)證(zheng)一級行(xing)業(ye)的自由流通市值(zhi)比例(li)分配(pei)樣本只數(shu)，在(zai)行(xing)業(ye)內選取綜(zong)合排名(ming)最靠前的180只證(zheng)券(quan)作為樣本。

而(er)上證(zheng)(zheng)50指(zhi)(zhi)數樣板(ban)股(gu)的(de)選取以上證(zheng)(zheng)180指(zhi)(zhi)數樣本為樣本空間，選擇方法為對樣本空間內的(de)證(zheng)(zheng)券(quan)按照過去一年的(de)日均總市值、日均成交金額進行綜(zong)合排名(ming)，選取排名(ming)前(qian)50位(wei)的(de)證(zheng)(zheng)券(quan)組成樣本。

由此(ci)來(lai)看，過去一年內自由流通(tong)市值比例(li)越高(gao)的(de)(de)行業，能獲得越多(duo)的(de)(de)上證180指數樣本配額(e)。此(ci)外，過去一年的(de)(de)日(ri)均總市值、日(ri)均成交(jiao)金額(e)越高(gao)的(de)(de)個股就(jiu)越有(you)機會(hui)入圍(wei)上證50樣本股。

而這些篩選條件，對(dui)于券(quan)商板塊頗為不利(li)。據Choice數據統計(ji)，今(jin)年以來，券(quan)商所在的非銀(yin)行業指數累(lei)計(ji)下(xia)跌(die)23%，在31個(ge)申萬一(yi)級(ji)(ji)行業中排名倒數第7。2021年以來，券(quan)商所在的非銀(yin)行業指數累(lei)計(ji)下(xia)跌(die)36.6%，在31個(ge)申萬一(yi)級(ji)(ji)行業中排名倒數第2。

券(quan)商板塊市場表現的(de)持續(xu)低迷，勢必會影響到(dao)上(shang)證(zheng)(zheng)180指數的(de)樣(yang)本配額。在此次調整中(zhong)，有國金證(zheng)(zheng)券(quan)、東(dong)吳證(zheng)(zheng)券(quan)、方正(zheng)證(zheng)(zheng)券(quan)、南京(jing)證(zheng)(zheng)券(quan)4家券(quan)商被(bei)(bei)調整出(chu)上(shang)證(zheng)(zheng)180指數。今年(nian)6月(yue)，則有國投(tou)資本、華(hua)鑫股份、天風證(zheng)(zheng)券(quan)、紅塔(ta)證(zheng)(zheng)券(quan)等4家券(quan)商被(bei)(bei)調出(chu)上(shang)證(zheng)(zheng)180指數。

此次上證50指數樣本調整情況

另外(wai)，經過此次調整(zheng)之后(hou)，國泰(tai)君安、海通證(zheng)券(quan)被調整(zheng)出上(shang)證(zheng)50指數(shu)(shu)，上(shang)證(zheng)50指數(shu)(shu)樣本中券(quan)商(shang)股的數(shu)(shu)量(liang)將(jiang)從原(yuan)來的6只(zhi)將(jiang)下降為4只(zhi)。

根據(ju)上證(zheng)(zheng)50樣本調(diao)(diao)整規則(ze)，此前國(guo)泰君安(an)、海通證(zheng)(zheng)券日(ri)均(jun)成交金額偏低應是此次被調(diao)(diao)出指(zhi)數(shu)的主要(yao)原(yuan)因(yin)。據(ju)Choice數(shu)據(ju)統計，去(qu)年11月以來(lai)，國(guo)泰君安(an)、海通證(zheng)(zheng)券日(ri)均(jun)成交金額在(zai)上證(zheng)(zheng)50成分股中(zhong)分別排名(ming)倒數(shu)第4、倒數(shu)第3位(wei)。

封(feng)面圖(tu)片(pian)來源：攝圖(tu)網_401629565