Extended data:
Industry standard usage basis: 1. GICS is a global standard serving the local market, which provides a unified standard for asset owners, asset managers and investment research experts, enabling them to make horizontal comparisons on a global scale. This advantage can not only help foreign investors see through the local market, but also help local investors understand the overseas market, which is more helpful to judge whether the stock price fluctuation is regional or global. In addition, the detailed classification of GICS avoids the problem that companies of different natures are mixed together. This four-tier classification system helps to create more customized and accurate portfolios, indexes and derivatives.
2. Covering developed markets and emerging markets GICS covers the global market and is analyzed and compared by two world-class index providers. GICS can provide more detailed information for index and portfolio, because it covers the whole market, not just index stocks. At present, the standard has been included in more than 34,000 active listed companies around the world, accounting for 90% of the total assets of the global stock market.
3. Flexibility The four levels of GICS structure not only accurately reflect the current investment environment of the global stock market, but also have enough flexibility to capture the future development trend. GICS's eight-bit code system can be easily adjusted with the change of investment environment. When the world economy changes, the industrial departments, industrial groups, industries and sub-industries of GICS will increase or be subdivided.
4. Effective analytical tools Investors who use GICS and related S&P industry indexes and data come from all aspects of the stock market, including asset management, industry research, portfolio strategy, peer analysis and customer account reports. GICS helps market participants to divide and analyze specific corporate portfolios through globally uniform standards. The globalization of GICS has attracted global exchanges to adopt this standard, such as Toronto Stock Exchange (TSX), Australian Stock Exchange (ASX) and Norexactness, as well as major international investment organizations, such as RIXML. At present, GICS structure is used to divide the market, including the buyer's portfolio managers, institutions and retail brokerage companies, custodians, universities, consultants and various data providers.
Legal basis: Article 11 of the Civil Code of People's Republic of China (PRC) stipulates that the articles of association of the company must be formulated according to law. The Articles of Association are binding on the Company, shareholders, directors, supervisors and senior management.