The contract multiplier is one of the defining parameters 

of an index futures contract. An overly large multiplier 

will create a high barrier to market access. But if it is too 

low, the contract would not meet the significant hedging 

needs of the industry players and would likely attract 

short-term speculative funds and cause excessive 

speculation. Therefore, INE believes 50 yuan/index point 

is a reasonable figure for the contract multiplier.

Each EC contract is valued at RMB 50,000 based on the 

base date value of the index (1,000 pts) on June 1, 2020, 

RMB 71,000 based on the value of the index (1,431.75 

pts) when it was officially released on November 2, 2020, 

and RMB 518,673 based on the high value of the index 

(10,373.45 pts) on September 20, 2021.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。