Among all index replacements, index effects of stocks deleted from SZSE40 and SSE180 conform to the price pressure hypothesis while index effect of SSE30 replacement satisfies the signal hypothesis.

• 其中，调出深证40的股票和调出上证180的股票的指数效应符合价格压力假说，调入和调出上证30的指数效应符合信号假说。