申购额度骤降QDII基金溢价率居高不下

Core Insights - The core viewpoint of the articles highlights the tightening of subscription limits for QDII funds in response to increasing demand for overseas asset allocation, leading to high trading premiums in the secondary market [1][2][3] Subscription Limit Adjustments - Morgan Fund has significantly reduced the subscription limit for its QDII funds, with the limit for the Morgan Nasdaq 100 Index dropping from 100,000 yuan to 10 yuan within a week, indicating a trend of tightening subscription limits across multiple funds [1][2] - Other funds, such as Huatai-PB Nasdaq 100 ETF and Southern Nasdaq 100, have also implemented similar reductions in subscription limits, reflecting a broader market response to heightened overseas investment demand [2] Premium Trends in QDII Funds - The trading premiums for QDII funds have surged, with some funds experiencing premiums exceeding 20%, driven by strong investor demand in the secondary market [2][3] - Data from Wind indicates that from December 1 to 19, the average proportion of QDII passive index equity funds with daily premiums over 10% reached 15.10%, with a peak of 18.97% [4] Global Asset Allocation Demand - There is a persistent and growing demand for global asset allocation, as evidenced by a 43.52% increase in the net asset value of QDII funds from May to October, alongside a 24.90% increase in shares [3] - The total approved QDII investment quota has reached 1,708.69 billion USD, with a slight increase of 2.30% in the quota for securities and fund institutions, indicating a mismatch between supply and rapidly growing market demand [2] Risks Associated with High Premiums - The tightening of subscription limits has led investors to seek QDII funds in the secondary market, resulting in significant premiums over the funds' net asset values, which may pose risks if market sentiment shifts or subscription limits are eased [3] - Analysts warn that high premiums can lead to a disconnect between QDII funds and their underlying indices, potentially affecting investment outcomes and increasing liquidity risks for investors [3]