Core Viewpoint - Multiple cross-border ETFs tracking overseas indices have issued premium risk warnings, indicating that their secondary market trading prices are significantly higher than the reference net asset values, which may pose risks to investors [1][2][3]. Group 1: Premium Risk Warnings - As of November 21, several ETFs, particularly those tracking the Nasdaq index, have shown high premiums, with the Invesco Nasdaq Technology ETF trading at an 18.28% premium and the Huatai-PineBridge Nasdaq 100 ETF at a 10.65% premium [2]. - Other Nasdaq-related ETFs from various fund companies also reported premiums exceeding 5% [2]. - Fund companies, including Invesco and Dazhong, have issued warnings and may implement temporary suspensions to alert the market about these risks [3]. Group 2: Market Adjustment and Investor Sentiment - The high premiums of cross-border ETFs are attributed to strong investor interest in U.S. stocks, particularly in the Nasdaq index, despite limited gains this year [4]. - Constraints on QDII quotas and limited off-market subscriptions have led to overheated secondary market sentiment, driving up premiums [4]. - The overall performance of Nasdaq ETFs has been significantly lower than that of Hong Kong-related ETFs, with Nasdaq ETFs showing a maximum increase of 31.8% this year, while many Hong Kong ETFs have exceeded 30% [4]. Group 3: Future Risks and Market Dynamics - The high premium status of these ETFs may not be sustainable, and a cooling market sentiment could lead to a rapid decline in premiums [4][5]. - Concerns about potential adjustments in the Nasdaq index due to AI bubble fears could result in a dual impact of net asset value declines and premium contractions for high-premium cross-border ETFs [5]. - Current valuations of A-shares remain low compared to the historically high valuations of Nasdaq-weighted stocks, suggesting that A-shares may rebound first while overseas markets stabilize later [6].