Huatai Securities released a research report saying that in the early morning of May 15, MSCI's official website announced its semi-annual index adjustment results. Among them, the MSCI China Index included 8 A shares and 2 Hong Kong stocks, and excluded 41 A shares and 15 Hong Kong stocks. The adjustment results will take effect after closing on May 31. Three tips: 1) After reviewing the 13 rounds of adjustments since 21 years ago, the MSCI China A share adjustment may have a stable excess income window, and the incident effect of the semi-annual review is stronger, while Hong Kong stocks are regular or relatively weak due to the small extent of the adjustments. 2) Before and after the index adjustment came into effect, the scale of foreign capital (mainly passive foreign capital) flows to the Chinese equity market increased markedly. 3) In terms of individual stocks, Tencent Holdings (00700.HK), Minmetals Resources (01208.HK), Hisense Home Appliances (000921.SZ), and Kangfang Biotech (09926.HK) had the highest weight increases, while Zaiding Pharmaceuticals (09688.HK) and Jiantao Group (00148.HK) had the highest decline in weight. It may be necessary to pay attention to the positive/negative effects of liquidity.