中信证券：互认基金最新获批，QDII基金有望扩容

Core Viewpoint - The report from CITIC Securities indicates that by the end of 2025, the scale of QDII funds is expected to reach 804.6 billion yuan, representing a year-on-year growth of 59.8%, with significant growth in funds tracking indices like the Hang Seng Tech [1] Group 1: QDII Fund Growth - The scale of QDII funds is projected to reach 804.6 billion yuan by the end of 2025, marking a 59.8% increase year-on-year [1] - New issuances are primarily focused on products related to the Hong Kong market, with a wide range of investment fields and diverse industries [1] - In the past five years, an additional QDII quota of 321 billion yuan has been estimated, which is expected to further promote the development of QDII funds [1] Group 2: Market Performance - The Asia-Pacific market is expected to lead global performance in 2025, with gold prices increasing by 65.7% amid a global trend of de-dollarization, leading to sustained market interest in gold [1] - The latest scale of mutual recognition funds in Hong Kong stands at 265.9 billion yuan, with the first batch of four products approved by the end of February 2026, indicating potential for future expansion [1] Group 3: Regulatory Changes - The usage of public QDII quotas is undergoing optimization and adjustment, with a tilt towards public products [1]