Market Capitalization Characteristics

Ranking these four broad-based indices by average market capitalization from largest to smallest, the order is as follows: CSI A50 Index, CSI 300 Index, ChiNext Index, and SSE STAR Market 50 Index.

Consistent with their positioning, the CSI A50 Index and CSI 300 Index exhibit strong market representativeness.

Among them, the CSI A50 Index stands out for its ultra-large-cap style, with constituent stocks averaging a market capitalization of RMB 253.8 billion. Constituents with market caps exceeding RMB 100 billion account for 89% of the index weight, while those over RMB 50 billion make up 98%. The CSI 300 Index leans toward a large-cap style, with an average constituent market cap of RMB 133.9 billion. Constituents exceeding RMB 100 billion account for 68% of the weight, and those over RMB 50 billion represent 91%.

In contrast, the ChiNext Index and SSE STAR Market 50 Index generally favor large-to-mid-cap styles.

Specifically, the ChiNext Index has an average constituent market cap of RMB 47.4 billion, with stocks over RMB 100 billion accounting for 51% of the weight and those above RMB 50 billion making up 60%. The SSE STAR Market 50 Index has an average constituent market cap of RMB 43.8 billion, with stocks exceeding RMB 100 billion representing 25% of the weight—about half that of the ChiNext Index. Constituents over RMB 50 billion account for 58%, similar to the ChiNext Index.

Sector Distribution Comparison

Overall, the CSI 300 Index and CSI A50 Index span both the Shanghai and Shenzhen markets, covering most Shenwan primary industries with relatively balanced sector distributions.

Meanwhile, the ChiNext Index and SSE STAR Market 50 Index are single-market indices, each bearing the "imprint" of their respective boards. The ChiNext Index has a high proportion of emerging industries and emphasizes growth and innovation, while the SSE STAR Market 50 Index focuses on cutting-edge technology sectors, with a strong "hard tech" foundation.

In terms of top sector weightings, the CSI 300 Index's top three sectors are banking, food & beverage, and non-bank financials, collectively accounting for 33%. The CSI A50 Index's top three sectors are food & beverage, electrical equipment, and pharmaceuticals, totaling 32%. Notably, banking represents about 13% of the CSI 300 Index—twice its weighting in the CSI A50 Index.

For the ChiNext Index, which serves growth-oriented innovative enterprises, the top three sectors are electrical equipment, pharmaceuticals, and electronics, collectively making up 60%.

The STAR Market is a hub for technology innovation firms, with a distinct "hard tech" focus. This is reflected in the SSE STAR Market 50 Index's sector distribution: the top three sectors are electronics, electrical equipment, and pharmaceuticals, totaling 77%. Semiconductors account for a significant portion, and the concentration is higher compared to the ChiNext Index.