The series of Shanghai Composite Index are all revised by "divisor correction method".

When the list of constituent stocks changes, or the share capital structure of constituent stocks changes, or the market value of constituent stocks changes due to non-trading factors, the original fixed divisor is corrected by "divisor correction method" to ensure the continuity of the index. The modified formula is:

Market value before correction/original divisor = corrected market value/new divisor

Among them, the corrected market value = the market value before correction+the new (minus) market value;

From this formula, a new divisor (that is, a modified divisor, also known as a new base period) is obtained, and the future index is calculated accordingly.

2. Several situations that need to be corrected

New listing-all constituent stocks are newly listed, and they are included in the index on the first trading day after listing (except Shanghai Stock Exchange 180 index).

Ex-dividend-where there is ex-dividend (dividend distribution) for constituent stocks, the index will not be revised and let it fall naturally.

Ex-dividend-the index of constituent stocks that have been sent or allotted shares shall be revised before the ex-dividend benchmark date of constituent stocks. Revised market value = ex-dividend quotation × ex-dividend shares+market value before revision (excluding ex-dividend shares).

Exchange rate change-On the last trading day of each trading week, the index is revised according to the central parity of RMB against USD in China Foreign Exchange Trading Center on that day.

Suspension-when a constituent stock is suddenly suspended during trading hours, the real-time index is calculated based on the final transaction price until the close.

Suspension-When a constituent stock is suspended, the index is calculated directly based on the closing price of the stock on the previous trading day without any adjustment. If the suspension lasts for more than two days, the rights shall be revoked, and the rights shall be restored after the resumption of trading.

Delisting-If the constituent stocks are delisted (terminated), the index shall be revised before the delisting date.

Changes in share capital-where there are other changes in the share capital of constituent shares (such as the listing of internal employee shares leading to an increase in circulating share capital, etc.). ), the index should be revised before the change of constituent share capital.

Corrected market value = closing price × adjusted share capital+market value before correction (excluding changed shares).

Suspension-when A shares or B shares partially close, the index will be calculated as usual; When all A shares and B shares close, the index will stop counting.

Note: In the calculation of SSE 180 total return index, SSE 50 total return index, SSE dividend total return index, SSE 180 total return index of financial stocks, SSE corporate governance total return index and SSE medium-sized enterprises total return index, sample stock dividends are included in the index returns, so that investors can consider the index trend from different angles.