万亿“里程碑”！跨境型ETF一年规模翻倍，“限购”和“溢价”成为关键词

Core Viewpoint - The total scale of cross-border ETFs has surpassed 1 trillion RMB for the first time, reaching 1.0008 trillion RMB as of January 13, driven by global capital market enthusiasm and significant growth in the past year [1][10]. Group 1: Cross-Border ETF Growth - The scale of cross-border ETFs increased by 136% from 424.2 billion RMB at the beginning of 2025 to over 1 trillion RMB in just over a year [1][12]. - As of January 12, the leading cross-border ETF is the Invesco China Internet ETF with a scale of 897.41 billion RMB, followed by the Huaxia Hang Seng Technology ETF at approximately 533.28 billion RMB [2][11]. - There are 25 cross-border ETFs with scales exceeding 10 billion RMB, indicating a robust market presence [2][11]. Group 2: Performance and Market Dynamics - In 2025, 95.2% of the 650 comparable QDII funds saw net value increases, benefiting from the global rise in sectors like artificial intelligence and innovative pharmaceuticals [5][12]. - The surge in ETF scale is attributed to both investor purchases and strong performance in the QDII market, with multiple markets reaching historical highs [4][12]. Group 3: Premiums and Market Conditions - As of January 13, 2026, the Invesco Nasdaq Technology ETF had a premium rate of 20.42%, indicating a supply-demand imbalance in the secondary market [6][13]. - The limited QDII quota has led to frequent premiums in the secondary market, with several funds experiencing significant price increases above their net asset values [6][13]. Group 4: Investment Outlook - Fund managers express optimism for QDII investment opportunities in Hong Kong stocks, viewing them as a bridge for foreign capital into Chinese assets [7][14]. - The technology sector in Hong Kong is highlighted as a key area for investment, driven by domestic AI developments and potential capital expenditure from major internet companies [7][14].