基金研究周报：香港互认基金遭“抢购”，多只跨境ETF提示溢价风险

Fund Market Trends - Hong Kong mutual recognition funds saw a surge in demand, with the sales limit in mainland China increased from 50% to 80% of total assets, leading to multiple funds suspending subscriptions shortly after reopening[2] - Cross-border ETFs, such as the S&P Consumer ETF (159529), showed significant premium risks, with premiums exceeding 50%, prompting trading halts[2] Global Equity Market Performance - Last week, global equity markets mostly declined, with the Korea Composite Index rising the most at 3.02%, while the Hang Seng Index fell the most at -3.52%[2] - Commodities like COMEX gold rose slightly, while COMEX silver and Brent crude oil saw significant increases[2] A-Share Market Performance - Last week, major A-share indices mostly fell, with the STAR 50 Index gaining the most at 0.93%[3] - Among CITIC primary industries, home appliances saw the largest increase, while retail trade experienced the largest decline[3] Fund Performance - High-positioned all-market funds fell by -0.62% last week, outperforming the CSI 300 and CSI 500, which fell by -1.13% and -1.08%, respectively[4] - Technology-themed funds saw the largest gains, while Hong Kong-themed funds experienced the largest losses[4] Capital Flows - Last week, significant capital inflows were observed in the CSI 300 and CSI A500, while outflows were seen in the CSI 1000[5] - In sector themes, healthcare saw inflows, while semiconductor chips experienced outflows[5] ETF Market - Cross-border ETFs, particularly those tracking Hong Kong tech, saw minor outflows, while most other ETFs remained stable[5] - Style strategy ETFs, such as low-volatility dividend ETFs, saw inflows[5] Global Asset Performance - Over the past week, the Hang Seng Index fell by -3.52%, while the Nasdaq dropped by -2.34%[26] - Over the past year, the Nasdaq 100 showed the strongest performance with a 28.00% increase[27] A-Share Industry Performance - Among CITIC primary industries, home appliances rose by 2.33% last week, while retail trade fell by -6.63%[30] - Over the past month, the banking sector performed well with a 1.03% increase, while consumer services fell by -18.75%[30] Bond Market - The yield on 10-year government bonds remained stable, while corporate bond spreads showed slight fluctuations[38][39] - The credit spread for AA-rated corporate bonds widened slightly, indicating increased risk perception[41]