A-share division doubles MSCI weighting Experts suggest that key QFII quotas be 杭州夜网论坛 approved

■ Meng Ke, a trainee reporter of this newspaper, on May 14th, MSCI announced the first expansion list of the MSCI proportion of A shares from 5% to 10%, with 26 A shares (including 18 GEM)Stocks) are divided into MSCI China Indexes.

After that, there are 264 A shares in the broad market except MSCI; in addition, the MSCI China A Onshore Index increased by 109 constituents.

This series of adjustments became effective after the close on May 28 at the beginning of the year.

  Li Lifeng, chief strategy analyst of China National Securities, told the Securities Daily reporter on May 14 that this is a three-step step in this year’s A-share MSCI ratio promotion plan.Later, the weight of A shares in MSCI China Index and MSCI Emerging Market Index will be 5 respectively.

25%, 1.


According to calculations, the incremental funds brought by the first step are about 152.4 billion US dollars; among them, the passive incremental funds are about 30.5 billion US dollars and the active incremental funds are about 121.9 billion US dollars; passive funds are generally allocated in two-way formal implementation, while active fundsflexible.

  Shang Zhenyu, managing director and chief research officer of China Post Securities, told the Securities Daily reporter on May 14 that the expansion of MSCI constituent stocks and the increase in the proportion of related factors will directly affect three aspects of A shares: the first is for A sharesThe market brings incremental funds; the second is to improve the structure of A-share market participants and continue to transform the market into institutional investors. Changes in the market structure will significantly improve the pricing efficiency of the capital market; finally, the profit logic of the A-share market willWith qualitative changes gradually taking place, market participants will pay more attention to the value growth of listed companies, especially to create a better market environment for the formation of retail investor value investment concepts.

  It is worth noting that this is the first time GEM has been adopted by MSCI.

According to the list released by MSCI, the 18 GEM stocks that will be exceeded on May 29 will be divided by 10%.

Li Lifeng said that the expansion of MSCI is expected to bring about 138 to GEM in May.

4 trillion incremental funding.

  It is understood that MSCI announced plans to gradually expand the replacement factor of A shares in the MSCI global benchmark index. Through the “three steps” of May, August, and November this year, the A share replacement factor can be increased by 5% to 20%.

  In progress, Shang Zhenyu said that the MSCI replacement factor has been increased step by step, and industries and fields that have played 南京夜网 an important role in China’s economic transformation have benefited the most.

  For the A-share market, there is still a need to do a good job and further allocation issues. Shang Zhenyu believes that two aspects need to be ensured: First, improve the capital market law enforcement construction, severely punish listed companies for illegal acts, and buildA clean, transparent, and efficient environment for the rule of law, which effectively guarantees the pricing efficiency of the A-share market. Second, with the approval of the State Administration of Foreign Exchange, the QFII quota will continue to be expanded, the capital market participation structure will be further improved, and the A-share internationalization process will be facilitated.