candycrushonlineking| Adjustment of MSCI China Index: Newly included 8 A shares and 2 Hong Kong stocks

On the morning of May 14, Beijing time, MSCI, a world-renowned index compiling company, released the results of the May review. In this adjustment, the MSCI China Index newly included 10 Chinese stocks, excluding 56. The adjustment will take effect after the close on May 31.

10 newly added and 56 eliminated.

Among the 10 newly included Chinese stocks, there are 8 A shares, namely Citic Special Steel, Hisense Home Appliances A, Wanfeng Aowei (rights protection), Jinxin, Pingquan Coal, Nanjing Iron and Steel Co., Ltd., Tiandi Technology and CNOOC Development. In addition, Hisense Household Appliances H and Minmetals Resources 2 Hong Kong stocks were included.

At the same time, the MSCI China Index removed 56 constituent stocks, including 41 A shares, including Mingyang Intelligence, Binjiang Group, Metro Holdings, Jiejia Weichuang, Junshi Bio-U, Yonghui supermarket, Jianyou shares, overseas Chinese City A, Bairun shares, Greenland Holdings and so on. Another 15 Hong Kong stocks were removed, they are Zaiding Pharmaceutical, Kingboard Holdings, country Garden Services, Zhongan online, Kangzhe Pharmaceutical, Yuexiu Real Estate, Oriental selection, China Cinda, Sany International, Air China, China Shipping Properties, Dongfeng Group shares, Fosun Pharmaceuticals, COSCO Shipping Port and country Garden.

What's the impact?

With regard to the impact of this index adjustment, China International Capital Corporation published a research report, pointing out that in terms of capital flow, according to the historical experience of index adjustment, passive funds will usually adjust their positions on the last day, that is, May 31, in order to reduce the tracking error of the index as much as possible, so they will often see the "abnormal" magnification of the trading of stocks with large changes in weight, especially in the late trading. In contrast, active funds do not exist this constraint, you can choose the opportunity to choose the time of configuration. It is recommended to pay attention to the potential impact of some illiquid stocks.

In terms of stock price impact, China International Capital Corporation believes that after the results are announced but before the official implementation date, there will also be some arbitrage funds to distribute corresponding stocks according to the official results, especially those unexpected results that have not been fully predicted by the market before. However, it should be noted that although passive funds "must" adjust their positions according to the weight change on the formal implementation date of the adjustment, the actual changes in stock prices during this period may not be consistent with the weight adjustment direction. on the contrary, it will be more affected by the contrast between arbitrage funds and passive funds, and there is no lack of stock prices falling on the day of adjustment.

Disclosure of the trend of overseas machine warehouse adjustment

In addition to the MSCI index adjustment, the recent disclosure of overseas institutions'U. S. stock position documents are also worthy of attention. According to the latest 13F documents disclosed by Hillhouse's HHLR Advisors, the agency built 910,000 shares of AMD in the first quarter and increased its positions in Amazon and TSMC. During the same period, reduced holdings of Alibaba, Baidu, seashells and other previous heavy stocks.

Qiaoshui did long technology stocks in the first quarter, increasing positions in Google A, Nvidia, Apple, Amazon, etc., and reducing positions in consumer stocks such as pinduoduo, Coca-Cola and market openers in the same period. BlackRock is also bullish on technology stocks, increasing its holdings in Nvidia by more than 2.56 million shares, Meta by more than 1.43 million shares, Amazon by 11.36 million shares and Microsoft by 7.08 million shares respectively. BlackRock also made a significant increase in its holdings in the same period to Lilly, a biopharmaceutical company, increasing its position by more than 900000 shares. In terms of reduction, BlackRock sold more stocks in the first quarter, including Apple, McDonald's, Asustek's core S & P 500 index ETF (IVV), Nike, Splunk and so on.

By the end of the first quarter, BlackRock had a market capitalization of 4. 5%.CandycrushonlinekingThe top 10 stocks are Microsoft, Apple, Nvidia, Amazon, Meta, Google-A, Google-C, Lilly, Broadcom and Berkshire Hathaway-B.

(original title "newly included 8 A-shares"Candycrushonlineking! MSCI China Index Adjustment ")

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