热门QDII，密集限购！

Core Insights - The rapid growth in net subscriptions for public QDII funds, driven by profit-making effects, has led to many QDII funds implementing purchase limits [1][4][5] - As of the end of Q3 this year, QDII funds achieved a net subscription of 109.8 billion units, making it the fastest-growing fund category [2][6] - The unique competitiveness of Hong Kong QDII funds has been diluted due to the overlap with A-share and Hong Kong Stock Connect funds, with growth primarily concentrated in U.S. stock products [1][8] Group 1: QDII Fund Performance - By the end of Q3, the total scale of public QDII funds reached 680.968 billion units, up from approximately 571.125 billion units at the end of Q2, indicating a net subscription of 109.8 billion units [2][6] - The top ten QDII funds have shown significant performance, with the best achieving a return of 121.70% year-to-date [2] - Star fund managers managing both A-share and overseas investments have seen substantial performance differences, with some QDII funds outperforming their A-share counterparts by as much as 46 percentage points [3] Group 2: Fund Manager Strategies - Notable fund managers like Zhang Kun and Pi Jinsong have seen their QDII funds outperform their A-share funds, indicating a shift in investment focus towards overseas markets [3] - The performance disparity between QDII and A-share funds is prompting a trend of capital migration towards QDII products, particularly those managed by well-known fund managers [3] Group 3: Purchase Limits and Fund Management - The rapid growth in QDII subscriptions has led to several fund companies implementing purchase limits to protect the interests of existing investors [4][5] - For instance, the China Merchants Nasdaq 100 ETF announced a halt on large subscriptions to maintain stable operations, reflecting a broader trend among popular QDII funds [4] - The fast influx of capital into QDII products has prompted many to adopt cooling strategies to manage the surge effectively [5] Group 4: Market Dynamics - The primary focus of QDII subscriptions is on U.S. stock products, as Hong Kong QDII funds face high substitutability from A-share and Hong Kong Stock Connect funds [7][8] - The unique positioning of U.S. stock QDII funds, which have lower substitutability, enhances their appeal to investors seeking exposure to U.S. markets [8]