What Is Measured 指数衡量什么

Thirteen price indices of the Chinese markets, computed from each day's closing prices and each company's listed shares: the whole A-share market, the whole Hong Kong market, and the eleven sectors of the A-share market.
金源指数共十三只，根据每日收盘价与各公司上市股数计算：A股全市场、港股全市场，以及A股十一个行业。

Base 基期

Each index is 1,000 at the close of 31 December 2025, the last session before 1 January 2026.
各指数以2025年12月31日收盘为基期，基点1000。该日为2026年1月1日前的最后一个交易日。

Constituents 成分股

China A: every A-share listed in Shanghai (main board and STAR Market), Shenzhen (main board and ChiNext) and Beijing. B-shares are not included.
A股：上海（主板、科创板）、深圳（主板、创业板）及北京上市的全部A股，不含B股。

Hong Kong: every Hong Kong dollar counter on the Main Board and GEM. Yuan counters and the temporary counters opened during a share consolidation are not included.
香港：主板及GEM全部港元柜台股票，不含人民币柜台及临时柜台。

Sectors: the A-shares of each of the eleven sectors used by the major global index families. Each exchange industry sits in one sector, the same map as the sector tiles in the daily brief.
行业：按全球主要指数体系的十一个行业划分A股，每个交易所行业归入一个行业，与每日简报的行业热力图一致。

A new listing joins at the close of its tenth trading day. A suspended company stays in at its last price. A delisted company leaves after its last trade.
新股于上市第十个交易日收盘后纳入。停牌股票按最后成交价保留，退市股票于最后交易日后剔除。

Weights 权重

Each company counts by the market value of its shares listed on that market: all of its A-shares, restricted shares included, on the mainland, and its Hong Kong shares in Hong Kong, so a mainland bank's H shares count only in Hong Kong. A change in share count counts from the day it takes effect.
各公司按其在该市场上市股份的市值计权：内地按全部A股（含限售股），香港按港股股份，因此内地银行的H股只计入香港指数。股本变动自生效日起计入。

The Level 点位计算

Each day's level is the previous level times the change of its constituents from the previous close, weighted by their market value at that close. A company joining or leaving does not move the level.
每日点位等于前一日点位乘以成分股较前收盘价的涨跌幅，按前收盘市值加权。成分股纳入或剔除不影响点位。

Dividends and Share Changes 分红与股本变动

The indices measure price. A cash dividend is not added back: the level falls with the price when a share goes ex-dividend, as in the exchanges' own composites. Splits, consolidations, bonus and transfer issues and rights issues are adjusted, so a change that leaves a holder's wealth the same does not move the level. When an event cannot be read, that company's move on the day is left out, as is a move of more than tenfold up or 90% down in Hong Kong, or double or half on the mainland: such a move is a bad price or an unrecorded share change.
指数为价格指数，现金分红不作还原：除息日点位随股价回落，与交易所综合指数相同。拆股、合股、送股、转增及配股均作调整，不改变持有人财富的股本变动不影响点位。无法识别的公司行为，当日该公司涨跌不计入；香港单日上涨逾十倍或下跌逾九成、内地单日翻倍或腰斩的价格变动亦不计入，此类变动多为错误报价或未记录的股本变动。

Publication 发布

A level is published after the close, once closing prices are in for companies carrying at least 95% of the value that traded the session before. During a session the index pages show a level from the latest quotes, marked Intraday. A published level is not revised.
收盘后，待前一交易日成交市值95%以上的成分股收盘价到齐即发布点位。交易时段内，指数页面按最新行情显示盘中点位，并标注“盘中”。已发布的点位不作修订。

Sources 数据来源

Closing prices: Sina Finance for the mainland, Tencent Finance for Hong Kong. Share registers and dividend plans: East Money's data centre. Hong Kong share changes: Tencent Finance's daily records.
收盘价：内地取自新浪财经，香港取自腾讯财经。股本变动与分红方案：东方财富数据中心。港股股本变动：腾讯财经日线记录。

Limitations 局限

Weights use all listed shares, not the free float. Sector membership follows each company's current industry.
权重按全部上市股份计算，未按自由流通股调整。行业归属按公司当前所属行业确定。

The Thirteen Indices 十三只指数

All Indices 全部指数