高溢价警报频响难挡狂热，跨境ETF规模年增117%

Core Viewpoint - The recent surge in cross-border ETFs has raised concerns about potential price bubbles, particularly in the context of AI investments, as evidenced by frequent premium warnings and market volatility [1][7]. Group 1: Cross-Border ETF Premiums - A total of 33 cross-border ETF products have issued over 500 premium risk warnings since the beginning of the fourth quarter, with 11 products issuing more than 20 warnings each [2][3]. - The Invesco Great Wall Nasdaq Technology Weighted ETF has maintained an IOPV premium rate above 10% for 25 consecutive trading days, with a premium of 14.82% reported recently [2][3]. - The phenomenon of high premiums is not isolated, as 20 cross-border ETFs issued premium warnings on November 18, indicating a trend of "high-frequency warnings" across the market [2][3]. Group 2: Market Dynamics and Growth - The total scale of cross-border ETFs reached 920.29 billion yuan, reflecting a nearly 117% increase from the previous year, significantly outpacing the 28% growth of A-share ETFs during the same period [5][6]. - The number of products with over 10 billion yuan in assets has doubled from 11 to 22, indicating a strong demand for cross-border investment products [5][6]. - The market has seen a diversification of investment targets, with new ETFs tracking indices from various global markets, including Brazil and Europe, being launched [6]. Group 3: AI Investment Debate - The discussion around whether AI represents a bubble or a genuine growth opportunity has intensified, with some analysts suggesting that the current tech rally is concentrated in high-quality large-cap stocks [7][8]. - Concerns about market volatility have been exacerbated by geopolitical tensions, yet many institutions remain cautiously optimistic about the long-term prospects of the tech sector [9]. - Analysts emphasize the need for AI to demonstrate broader and deeper practical value to avoid a potential bubble, with a critical verification period expected in the next 2 to 3 years [8][9].