南韩与台湾股市受 AI 与晶片景气推动而领先，然而中国 CSI 300 Index 今年大致持平。关键差异在指数构成：半导体与科技硬体公司在南韩、台湾主要指数中分别占 57% 与 78%，但在中国基准指数中低于 30%。CSI 300 受金融与消费股拖累，银行净息差降至多年低点 1.4%，而科技板块年初至今上涨 59%。
目前规则下，即使 CXMT、Yangtze Memory Technologies Co. 与 Unitree Robotics 提升获利或流动性，至少也需上市 12 个月才有资格进入主要 CSI 指数，且 China Securities Index Co. 每年仅审核两次。CXMT 上市后市值预计至少达 1 兆元人民币（1480 亿美元），上半年获利预估至少 500 亿元人民币，却最早要到 2027 年底才可能纳入全国指数；文章主张中国应考虑快速纳入大型 IPO。
SpaceX’s listing has triggered a US debate over whether large newly listed companies should be added to indexes faster; the article argues China needs a similar debate. China’s IPO market is expected to accelerate, with ChangXin Memory Technologies Inc. (CXMT), Yangtze Memory Technologies Co., and Unitree Robotics preparing for Shanghai’s STAR board, but these prominent listings can only temporarily hide that China is not the center of the AI trade.
South Korean and Taiwanese equities are leading because of AI and chip momentum, while China’s CSI 300 Index is roughly flat this year. The key gap is index composition: semiconductor and tech hardware firms make up 57% and 78% of major Korean and Taiwanese indexes, respectively, but less than 30% of China’s benchmark. The CSI 300 is weighed down by financial and consumer stocks, with bank net interest margins at a multi-decade low of 1.4%, while China’s tech sector is up 59% year to date.
Under current rules, even if CXMT, Yangtze Memory Technologies Co., and Unitree Robotics improve profitability or liquidity, they must be listed for at least 12 months before becoming eligible for the main CSI index, and China Securities Index Co. reviews constituents only twice a year. CXMT is expected to reach at least 1 trillion yuan ($148 billion) in market value and earn at least 50 billion yuan in the first half, yet may not enter the national index until late 2027 at the earliest; the article argues China should consider fast-tracking mega IPOs.