中美贸易关系大幅缓和，5月美股基金限购与溢价情况改善明显

Core Viewpoint - The article discusses the recent positive developments in the A-share and Hong Kong stock markets, driven by a trade agreement between China and the U.S., leading to significant increases in the Hang Seng Index and Hang Seng Tech Index [3]. Group 1: Market Performance - The Hang Seng Index rose by 2.98% and the Hang Seng Tech Index increased by 5.16% following the trade agreement [3]. - The article highlights the improved tracking of the S&P 500 ETF and Nasdaq 100 ETF, indicating that overseas allocation and diversified investment strategies are currently favorable [3]. Group 2: Premium and Discount Tracking - The article notes that the premium rate for the S&P 500 ETF is currently at 12%, which is not sustainable long-term, suggesting that investors should buy funds with normal premiums [6]. - The Nasdaq 100 ETF has a premium of approximately 2%-4% for several high-volume funds, which is considered acceptable as long as it remains within a reasonable range [7][8]. Group 3: Subscription Limits - The article reports that the largest fund, Bosera S&P 500 ETF, has reopened subscriptions after a long pause, allowing a daily limit of 5,000 yuan, while most other funds have also lifted subscription limits to 1,000 yuan per day [11]. - The previous situation where the entire market could not purchase S&P 500 funds has changed, indicating a more favorable environment for investors [12]. Group 4: Market Conditions and Future Outlook - The article reflects on the importance of exchange rates in determining the subscription limits for QDII funds, noting that the recent strengthening of the RMB and the poor performance of U.S. stocks have contributed to the easing of subscription limits [15]. - The author expresses a cautious optimism about future investment opportunities, having increased positions by approximately 10% during the recent market adjustments [15].