万亿“里程碑”！一年规模翻倍，“限购”和“溢价”成为关键词

Core Viewpoint - The cross-border ETF market has reached a historic milestone, surpassing 1 trillion RMB in total scale, driven by global capital market trends and investor enthusiasm for overseas markets [1][5]. Group 1: Market Growth - As of January 13, the total scale of cross-border ETFs reached 1.0008 trillion RMB, marking the first time it has exceeded the trillion RMB threshold [1]. - The scale of cross-border ETFs was only 424.2 billion RMB at the beginning of 2025, indicating a remarkable growth rate of 136% over just over a year [5]. - By early 2026, the overall scale of cross-border ETFs was approximately 932.4 billion RMB, with a rapid increase of over 60 billion RMB in less than half a month [5]. Group 2: Leading Products - The top cross-border ETF by scale is the Invesco Hong Kong Internet ETF, with a size of 89.741 billion RMB as of January 12 [2]. - Other significant ETFs include the Huaxia Hang Seng Technology ETF at approximately 53.328 billion RMB and the Haitong Baichuan Hang Seng Technology ETF at 47.293 billion RMB [2][4]. - A total of 25 cross-border ETFs have surpassed 10 billion RMB in scale, reflecting strong investor interest [2]. Group 3: Performance and Premiums - As of January 13, 2026, the Invesco Nasdaq Technology ETF had a premium rate of 20.42%, indicating high demand in the secondary market [6]. - The overall performance of QDII funds has been strong, with 95.2% of comparable QDII funds showing net value increases in 2025, benefiting from global trends in AI and innovative pharmaceuticals [5][6]. - The limited QDII quota has led to frequent premiums in the secondary market, with several funds experiencing significant price increases above their net asset values [6]. Group 4: Investment Outlook - Fund managers express optimism about investment opportunities in Hong Kong stocks for 2026, viewing them as a bridge for foreign capital into Chinese assets [7]. - The technology sector in Hong Kong is highlighted as a key area for investment, particularly with the rise of AI and related applications [7][8]. - There is a focus on dividend assets in the short term and a shift towards growth investments driven by demand-side changes in the medium term, particularly in technology and consumer sectors [8].