恆指

The Hang Seng Index (HSI), often referred to as the "恆指," is a widely followed benchmark index that measures the performance of the 50 largest companies listed on the Hong Kong Stock Exchange. It is a key indicator of the overall health of the Hong Kong stock market and is closely watched by investors worldwide.
Origins and Evolution
The HSI was first launched in November 1969 with a base value of 100. It initially consisted of 33 companies and has since expanded to include 50 constituent stocks. The index is reviewed every three months, with changes made to reflect the performance and market capitalization of the underlying companies.
Components and Weightings
The HSI is composed of companies from a wide range of industries, including financials, property, energy, and telecommunications. The largest sectors by weight are financials and property, which together account for over half of the index's total capitalization. Each company's weight is determined by its market value and free float.
Calculation and Methodology
The HSI is calculated using a modified capitalization-weighted method, which takes into account the free float of each constituent stock. The free float is the number of shares that are readily available for trading in the market. This method ensures that the index is representative of the investable universe of the Hong Kong stock market.
Importance and Impact
The HSI is a highly influential index, not only in Hong Kong but also globally. It is widely used as a benchmark for investment funds, ETFs, and other financial products. The performance of the HSI can have a significant impact on the sentiment and investment decisions of investors both in Hong Kong and internationally.
Historic Milestones
Over the years, the HSI has reached several historic milestones. In 1997, it broke through the 10,000-point barrier for the first time. In 2007, it reached an all-time high of 33,484 points during the height of the global financial crisis. The HSI has also experienced significant volatility and market corrections, reflecting the ups and downs of the Hong Kong economy.
Real-World Impact on Investors
The HSI is not just a number on a screen; it has real-world implications for investors. For individual investors, the performance of the HSI can affect their investment returns and financial well-being. For institutional investors, it can influence their portfolio allocations and risk management strategies.
The Future of the HSI
The future of the HSI is closely tied to the trajectory of the Hong Kong stock market and the broader Chinese economy. As Hong Kong continues to play a vital role as a global financial center, the HSI is expected to remain a key benchmark for investors seeking exposure to the Asia-Pacific region.

The Hang Seng Index is a dynamic and influential index that provides invaluable insights into the health and performance of the Hong Kong stock market. Whether you are an individual investor, a fund manager, or simply curious about the world of finance, understanding the HSI is essential for navigating the complex landscape of global markets.