QDII额度优先投向公募，释放普惠金融新信号

Core Viewpoint - The adjustment of Qualified Domestic Institutional Investor (QDII) quota usage regulations aims to prioritize public mutual funds, thereby alleviating the current tension in public QDII fund quotas and better meeting investors' diversified global asset allocation needs [1][2]. Group 1: Regulatory Changes - The new regulation establishes the principle that QDII quotas should be prioritized for public products, with a clear timeline for adjustments: by the end of 2027, the proportion of QDII quotas used for separate accounts must be reduced to below 20%, and by the end of 2026, at least half of this adjustment must be completed [2]. - Fund companies are required to develop management plans based on their circumstances, and failure to comply with the quota reduction may affect their ability to register new QDII separate account products and impact their classification evaluations [2]. Group 2: Market Demand and Pricing - There has been explosive growth in public QDII funds due to increasing awareness among residents regarding global asset allocation, leading to a significant supply-demand imbalance, with around 60% of QDII funds currently suspending subscriptions or limiting large subscriptions [4]. - The limited quotas have resulted in a spillover effect in the secondary market, driving up the premium rates of related funds, with some ETFs tracking the Nasdaq technology index showing premiums exceeding 20% [4]. Group 3: Promotion of Inclusive Finance - The new regulations are viewed positively within the industry as a concrete measure to implement the "Inclusive Finance" chapter of the "Five Articles" initiative, ensuring that limited QDII quotas primarily serve ordinary investors [5]. - As of the end of 2025, the total approved QDII quota reached $170.87 billion, with $94.29 billion allocated to securities and funds, highlighting the need to optimize the structure and improve the efficiency of fund usage [5]. Group 4: Long-term Implications - Analysts believe that the adjustment of QDII quota usage regulations represents a significant step towards balancing financial market openness and the development of inclusive finance, correcting the previous tendency of institutions to overly serve high-net-worth clients [6]. - The increase in public fund supply is expected to address high premium issues in the market, protecting the interests of small and medium investors, and promoting the development of public QDII products in the long run [6].