QDII，大消息！

Core Viewpoint - The recent policy changes regarding QDII quotas aim to prioritize the use of these quotas for public funds, thereby promoting inclusive finance and better meeting the diverse asset allocation needs of investors [2][5]. Group 1: Policy Changes - Fund companies are required to adjust the proportion of QDII quotas used for public products and separate accounts, with a target of reducing the quota for separate accounts to below 20% by the end of 2027, and at least half of this adjustment completed by the end of 2026 [4][11]. - The adjustment is seen as a measure to guide financial resources towards ordinary investors, aligning with the broader goal of promoting inclusive finance [2][5]. Group 2: Market Impact - The demand for public QDII funds has surged, leading to a tightening of subscription limits for many popular QDII funds, with around 60% of these funds currently suspending subscriptions or limiting large purchases [11]. - The tightening has resulted in significant premiums for some products, with one Nasdaq technology ETF showing a premium rate exceeding 20% and several passive index QDII funds exceeding a 5% premium [11]. Group 3: QDII Quota Statistics - As of the end of last year, the total approved QDII quota reached approximately 1708.69 billion USD, with the securities and fund category accounting for about 942.9 billion USD [6][7]. - A total of 60 qualified domestic institutional investors were approved for a new batch of QDII quotas amounting to 2.12 billion USD in June 2025 [7].