有分析认为，投资者应关注二级市场交易价格溢价风险，如果高溢价买入，可能面临重大损失。 消息面上，因圣诞节假期，港股于12月24日（周三）下午起休市，12月25日（周四）及12月26日（周 五）暂停交易，12月29日（周一）恢复正常交易。 | 代码 | 类型 | 名称 | 现价 | 涨跌 | 涨跌幅 | 流折率 | | --- | --- | --- | --- | --- | --- | --- | | 159712 | 跨 | 港股通50ETF T+0 | 1.426 | 0.130 | 10.03% | 10.39% | | 159788 | 跨 | 港股通100ETF T+0 | 1.467 | 0.111 | 8.19% | 9.22% | | 159312 | 監 | 恒生ETF港股通 T+0 | 1.347 | 0.094 | 7.50% | 7.59% | | 159318 | 跨 | 恒生港股通ETF T+0 | 1.480 | 0.089 | 6.40% | 6.41% | | 513990 | 跨 | 港股通ETF T+O | 1.266 | 0.058 | 4.80% | 4.57% | ...

本报记者 方凌晨 12月9日，易方达基金、华夏基金、南方基金等多家公募机构提示旗下跨境ETF（交易型开放式指数基金）二级市场交易 价格溢价风险。 根据南方基金发布的公告，截至12月9日午间收盘，南方基金旗下南方标普500ETF（QDII）二级市场交易价格明显高于基 金份额参考净值（IOPV），出现较大幅度溢价。特此提示投资者关注二级市场交易价格溢价风险，投资者如果盲目投资，可 能遭受重大损失。 Wind资讯数据显示，12月9日，南方标普500ETF（QDII）在二级市场的收盘价为1.804元，相对于当日的基金份额参考净 值1.7445元溢价幅度达3.41%。与其跟踪同一标的指数的ETF也出现了不同程度的溢价，博时标普500ETF、国泰标普500ETF、 华夏标普500ETF（QDII）溢价率分别为5.58%、4.87%和2.92%。另有其他跨境ETF也出现溢价。 朱润康建议，投资者应避免在基金出现高溢价时追高，同时积极关注基金实时净值、估算净值等有效信息。跨境ETF持仓 者则可考虑分批卖出或切换至其他同类产品；计划布局跨境ETF的投资者可优先选择场外QDII基金或其他替代产品，也可采用 定投方式平滑投资成本。 ...

Group 1 - Public funds are adjusting the risk levels of their products to better match investor suitability following the draft of the "Publicly Raised Securities Investment Fund Investor Suitability Management Guidelines" [1] - Over 90% of public funds have achieved net value growth this year, with 39 products exceeding 100% growth, particularly in the equity mixed fund category [1] - The A-share market's increased risk appetite has led to significant inflows into growth sectors, benefiting actively managed funds through sector rotation and stock selection [1] Group 2 - Several public institutions have warned about the premium risk associated with cross-border ETFs, particularly those tracking foreign indices amid a market correction [2] - The recent adjustments in deposit product structures by small and medium-sized banks indicate a trend away from long-term fixed deposits due to narrowing net interest margins [2] Group 3 - The international gold price has shown volatility, dropping below $4,000 per ounce after reaching a peak of $4,245.22, influenced by changing market sentiments and economic data uncertainties [3] - The "Two Heavy" construction projects are expected to boost infrastructure investment growth as they are prioritized in national strategic planning [4] Group 4 - The market for electrolyte additives is experiencing a recovery, with prices for key products like vinylene carbonate and fluoroethylene carbonate rising due to increased demand from energy storage and power batteries [4] - China's lithium battery shipments are projected to triple over the next decade, driven by strong demand in the power battery and energy storage markets [4] Group 5 - Executives from various local banks have been actively buying shares in their own institutions, indicating confidence in their companies' prospects [5] - DJI has held closed-door meetings with multiple investment institutions but has stated there are no current plans for financing or an IPO [8] Group 6 - The latest financial report from Yamafin Sports shows a 30% increase in revenue for Q3, with a significant 161% rise in net profit, particularly in the Greater China region [9] - China First Heavy Industries announced the arrest of its chairman for bribery, but the company's operations remain normal [9] - ST Lingda has been accepted for reorganization by the court, facing delisting risk while continuing to trade [9]

Core Viewpoint - Investors should be cautious of the premium risk associated with cross-border ETFs, as recent market conditions indicate a potential overvaluation of these products [1][4]. Group 1: Premium Risks - Multiple public fund institutions have issued warnings regarding premium risks for their cross-border ETFs, particularly those tracking overseas indices like the US and Japan [1][2]. - As of November 18, 34 cross-border investment products from 19 public fund institutions have issued over 330 premium risk alerts, with specific ETFs like the Huaxia Nikkei 225 ETF showing significant premium levels [2][4]. - The average premium rate for 192 cross-border ETFs was 0.79%, with 32 ETFs exceeding 1% and 2 ETFs surpassing 10% [4]. Group 2: Market Conditions - Major overseas indices are experiencing corrections, with the Nikkei 225 index down 3.22% and the Nasdaq, S&P 500, and Dow Jones indices also showing declines in November [4]. - Despite short-term risks, there remains a strong long-term demand for cross-border ETFs, with a net inflow of 34.105 billion yuan in November and a 116.86% increase in total scale to 919.949 billion yuan this year [2][4]. Group 3: Investment Strategies - Analysts emphasize the importance of rational investment frameworks, suggesting that while cross-border ETFs can diversify risks, the focus should be on enhancing research capabilities and investor education rather than merely expanding scale [4][5]. - Investors are advised to maintain a net asset value orientation and a long-term perspective to benefit from global investments, especially in volatile market conditions [5].

ETF Industry News Summary - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.46%, the Shenzhen Component Index down 0.11%, and the ChiNext Index down 0.2%. Several software ETFs saw gains exceeding 2% [1] - Cross-border ETFs frequently showed premiums, with multiple products having premium rates exceeding 6%. The enthusiasm for investing in overseas ETFs remains high, particularly for new products like the recently launched Brazilian cross-border ETF. The premium situation is attributed to supply-demand imbalances in the secondary market and insufficient QDII quotas from fund companies [1] - The domestic ETF market has seen significant growth, with the number of newly established ETFs and their issuance scale both reaching historical highs. In 2025, the number of new ETFs exceeded 300, totaling 320, and the issuance scale reached 249.68 billion yuan, surpassing previous years [2] - The stock-type ETFs dominated the new issuance with 282 funds and a scale of 154.68 billion yuan, while bond-type ETFs also made a notable impact with 32 new funds and a scale of 91.48 billion yuan, accounting for 36.75% of the total issuance [2] Market Performance Overview - On November 17, the three major indices collectively declined, with the Shanghai Composite Index closing at 3972.03 points, the Shenzhen Component Index at 13202.0 points, and the ChiNext Index at 3105.2 points. The highest intraday points were 3992.4, 13251.78, and 3120.73 respectively [3] - In terms of sector performance, the computer, defense, and coal sectors ranked highest with daily gains of 1.67%, 1.59%, and 1.32% respectively, while the pharmaceutical, banking, and non-bank financial sectors lagged with declines of -1.73%, -1.31%, and -1.11% [7] - The bond-type ETFs showed the best average performance with a daily change of 0.03%, while commodity-type ETFs had the worst performance with an average decline of -2.10% [8] ETF Specific Performance - The top-performing ETFs included rare metal ETFs, with daily gains of 3.68%, 3.66%, and 3.22% for different funds. Software ETFs also performed well, with gains of 2.56% and 2.42% for specific funds [10][11] - The trading volume for stock-type ETFs was led by the CSI A500 ETF with a transaction amount of 4.809 billion yuan, followed by the A500 ETF fund at 4.750 billion yuan and the A500 ETF Huatai at 4.465 billion yuan [13][14]

Core Viewpoint - Recent observations indicate that multiple cross-border ETFs have experienced temporary premiums in the secondary market, attracting market attention [1] Group 1: Market Dynamics - The cross-border ETF valuation mechanism, combined with structural capital flows, leads to a situation where "prices lead and net values lag," making short-term mismatches more likely [1] - The pace of premium convergence is influenced by redemption efficiency, market sentiment, and external conditions, highlighting the need for caution regarding short-term trading risks [1] Group 2: Growth Trends - The scale of cross-border ETFs has continued to expand rapidly this year, with several thematic products showing significant growth [1] - The overall sector is accelerating its expansion due to a combination of sustained inflows of incremental capital and the continuous introduction of new products, resulting in increased market participation and product diversity [1]

Group 1 - The State Council meeting emphasized enhancing the adaptability of supply and demand as a key measure to unleash consumption potential and facilitate economic circulation [3][4] - The shift in policy focus is moving from merely stimulating consumption or expanding production to achieving a higher level of dynamic balance and positive interaction between supply and demand [3][4] - The meeting outlined new measures to lead industrial upgrades through consumption upgrades, accelerate innovation in new technologies and models, and support enterprises in expanding high-quality consumer goods supply [4][16] Group 2 - The meeting highlighted the importance of precise matching of consumer demand with supply capabilities to reduce resource waste and improve market efficiency [3][4] - It was noted that enhancing supply-demand adaptability plays a bridging role in connecting production and consumption, promoting industrial and consumption upgrades [3][4] - The focus will be on developing flexible manufacturing facilities to efficiently respond to personalized consumer needs and creating new consumption scenarios and business formats [4] Group 3 - The financial sector is expected to play a crucial role in guiding capital to areas that create long-term value, requiring inclusivity and efficient resource allocation [5] - The potential of generative AI to reshape the financial industry is highlighted due to its data-intensive nature and the significant proportion of language-related tasks [5] - The investment plans of major companies like Hyundai and Samsung indicate a strong commitment to expanding their operations in electric vehicles and semiconductors, respectively, with significant financial commitments [13][14]

Core Insights - Recent surge in cross-border ETFs has led to noticeable premiums in the secondary market, driven by increased demand from domestic investors for overseas assets [2][3] - The cross-border ETF market has experienced rapid expansion this year, with significant growth in various thematic products, indicating a robust inflow of incremental capital and diversification of investment strategies [4][5] Group 1: Premiums in Cross-Border ETFs - Multiple cross-border ETFs have shown varying degrees of premiums in the secondary market, with some products experiencing significant intraday premium rates [2] - For instance, the E Fund MSCI US 50 ETF had a premium deviation of 6.66% from its reference net value as of November 14, while the E Fund Nikkei 225 ETF had a premium of 6.01% [2] Group 2: Short-Term Mismatches - The cross-border ETFs exhibit a characteristic of time-lagged valuation, leading to short-term mismatches where prices may lead while net values lag [3] - External factors such as market volatility, exchange rate fluctuations, and liquidity of underlying stocks can influence the pace of premium convergence [3] Group 3: Growth of Cross-Border ETF Scale - The scale of cross-border ETFs has doubled this year, reaching 923.78 billion yuan, up from 424.02 billion yuan at the beginning of the year, marking it as one of the fastest-growing segments in public funds [4] - Key products like the FTSE China Hong Kong Internet ETF and others have surpassed 40 billion yuan in scale, contributing to the overall growth and liquidity of the cross-border ETF market [4] Group 4: Notable Trends in Hong Kong Stock ETFs - Hong Kong stock ETFs have shown particularly strong growth, with several products increasing by over 20 billion yuan this year, indicating a trend of accelerated expansion [5] - Newly established cross-border ETFs are continuously accumulating assets, enhancing the product diversity and depth within the market [5]

Core Insights - The recent surge in cross-border ETF trading activity has led to significant growth in the market, with total assets reaching 923.78 billion yuan as of November 16, marking an increase of over 117% since the beginning of the year [1][4]. Group 1: Market Dynamics - The growth of cross-border ETFs is driven by investors' ongoing demand for global asset allocation and the improvement of product attributes, which has expanded the investment landscape [1]. - The performance of Hong Kong stock ETFs has been particularly notable, leading in both investment returns and asset growth, thus becoming a key growth engine in the cross-border ETF sector [1][4]. Group 2: Premium Situation - Several cross-border ETFs, including the Southern S&P 500 ETF (QDII) and Huaxia Nasdaq 100 ETF (QDII), have recently issued warnings about significant premium risks in secondary market trading, with the Southern S&P 500 ETF (QDII) showing a premium of over 5% as of November 14 [2][3]. - The premium situation is attributed to three main factors: heightened demand for cross-border assets, the asynchronous nature of net value updates compared to foreign market trading, and external market volatility affecting redemption efficiency [2]. Group 3: Performance of Hong Kong Stock ETFs - Hong Kong stock ETFs have shown remarkable performance, with several achieving net value growth rates exceeding 50% this year, and five ETFs surpassing 90% growth [5]. - The investment focus on innovative pharmaceuticals and technology sectors has been a significant driver of the high net value growth rates for Hong Kong stock ETFs [5]. - Market sentiment for Hong Kong stocks is expected to improve, with potential for a technical rebound, as core assets in the Hong Kong market exhibit substantial upward elasticity [5].

Core Insights - Recent attention has been drawn to the phase premium of multiple cross-border ETFs in the secondary market [1][2] - Industry experts indicate that the valuation mechanism across time periods and structural capital flows contribute to a short-term mismatch where "prices lead and net values lag" [1][2] - The pace of premium convergence is influenced by redemption efficiency, market sentiment, and external conditions, highlighting the need to be cautious of short-term trading risks [1][2] - The scale of cross-border ETFs has continued to expand rapidly this year, with significant growth in various thematic products [1][2] - The overall sector is accelerating its expansion due to a dual effect of continuous inflow of incremental capital and the ongoing introduction of new products, enhancing market participation and product diversity [1][2]