公募“出海”再提速！30只QDII收益超50%、5家申请设立境外子公司

Core Viewpoint - The public fund industry in China is steadily advancing its overseas expansion, with significant growth in QDII funds and increasing establishment of overseas subsidiaries by fund management companies [1][5][14]. Group 1: QDII Fund Growth - As of the end of 2020, there were only 168 QDII funds with a total scale of 128.89 billion yuan, but by the end of 2025, the number had surged to 329 funds with a scale of 981.56 billion yuan, nearly doubling in quantity and increasing nearly sevenfold in scale [12][14]. - By February 9, 2026, the total scale of QDII funds reached 996.23 billion yuan, a 59.46% increase compared to 624.73 billion yuan in the same period of 2025, accounting for 2.68% of the total market fund scale [12][14]. - In 2025, many QDII fund products achieved positive returns, with 30 products (considering multiple share classes) yielding over 50%, led by E Fund with six products, and ICBC Credit Suisse and Fortune Fund each with four products [12][14]. Group 2: Performance of Specific Funds - The top-performing QDII fund was Huatai-PB Hong Kong Advantage Selection, achieving a return of 112.69%, followed by CCB Fund's Global Pharmaceutical and Biotechnology at 88.43%, and E Fund's Global Growth Selection at 88.93% [12][14]. - The Vietnam market has become a highlight for public funds, with Tianhong Vietnam Market Equity Fund growing from 200 million yuan at inception in 2020 to over 4.8 billion yuan by the end of 2025, marking a 24-fold increase in four years [12][14]. Group 3: Overseas Subsidiaries and Regulatory Support - The establishment of overseas subsidiaries by public funds is accelerating, with several companies like Yongying Fund and Ruifeng Fund receiving approvals for their Hong Kong subsidiaries in recent years [16][17]. - The China Securities Regulatory Commission has emphasized the importance of supporting qualified fund management companies to "go global," which has facilitated the rapid expansion of public funds overseas [5][14]. - Leading public funds have received substantial QDII investment quotas, with E Fund at the top with 7.78 billion USD, followed by Huaxia Fund with 6.77 billion USD, and Southern Fund with 6.02 billion USD [15][14]. Group 4: Cross-Border ETF Development - Major institutions are collaborating with foreign asset management firms to launch cross-border ETF products, with E Fund partnering with Itaú Asset Management in Brazil and Huaxia Fund promoting an ETF through Bradesco Asset Management [17]. - As of February 9, 2026, the management scale of cross-border ETFs reached 977.72 billion yuan, reflecting a 119.32% increase compared to the previous year [17].