中国企业资本联盟中国区首席经济学家柏文喜分析表示，QDII基金二级市场交易价格普遍溢价，主要 原因有三方面。一是供需失衡。投资者借道QDII基金布局美股、日股等海外资产的热情持续升温，但 基金公司外汇额度有限，场外申购被暂停或大幅限额后，资金只能涌入场内，形成"抢购"。二是套利机 制失灵。当一级市场申赎通道被"关闸"后，ETF的常规套利（如申购—卖出/买入—赎回）无法展开，溢 价难以被快速抹平。三是短线炒作与"T+0"制度。部分跨境ETF支持"T+0"日内回转，交易费用低，吸引 高频交易与游资参与，进一步放大价格波动。 多家基金管理人同日提醒旗下QDII基金溢价风险。11月25日，十余家公募同步发布公告提示旗下部分 QDII基金可能存在的二级市场交易价格溢价风险，涉及超20只基金。二级市场交易价格溢价的同时， 多数QDII基金在年内的业绩表现也相对亮眼，超九成基金取得正收益，更有产品收益率在全市场中排 名靠前。与此同时，也有部分基金管理人在近期暂停部分QDII基金的申购或大额申购。有观点提醒， 参与海外市场投资仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性差异及地缘政治等在 内的综合风险，避免因短期 ...

Core Viewpoint - The recent surge in QDII fund market has led to a wave of purchase restrictions, primarily driven by tight foreign exchange quotas and saturated strategy capacities, prompting investors to be cautious of high premium risks and consider alternative investment channels [1][5][9]. Group 1: QDII Fund Purchase Restrictions - Since November, numerous QDII funds have announced purchase limits, with several popular products opting to stop accepting new investments [1][5]. - Major QDII products focused on U.S. indices have been particularly affected, with several funds setting strict daily purchase limits for both RMB and USD shares [3][4]. - The trend of limiting purchases is not only seen in equity funds but also in traditionally stable bond QDII products, indicating a broader market tightening [4][5]. Group 2: Performance and Premium Rates - Many restricted QDII products have shown strong performance, with some achieving returns over 20% in the past year, leading to significant interest and investment inflows [5][9]. - The premium rates for some QDII ETFs have surged, with certain products experiencing premiums exceeding 20%, driven by investors shifting to on-market purchases due to off-market restrictions [7][9]. Group 3: Reasons Behind Purchase Restrictions - Fund companies cite the need to protect existing investors' interests as a primary reason for implementing purchase limits, aiming to prevent rapid scale expansion that could dilute investment returns [9][10]. - The core issue is the limited QDII quotas set by the foreign exchange authority, which have become increasingly strained due to the strong performance of U.S. stocks since 2025 [10][11]. Group 4: Future Investment Strategies - Experts suggest that the current purchase restrictions may persist until mid-2026, as significant increases in QDII quotas are not expected in the short term [11][12]. - Investors are encouraged to diversify their investments, considering alternatives such as Hong Kong mutual funds, which are not subject to the same quota restrictions and offer a wider range of products [10][12].

Group 1 - The QDII fund market has recently attracted attention due to premium issues, with multiple funds issuing risk warning announcements frequently, some exceeding 20 times in a single month [1][2] - On August 5, the Invesco Great Wall Nasdaq Technology ETF (QDII) issued a premium risk warning, stating that its secondary market trading price was significantly higher than the fund's reference net asset value, with a closing price of 1.81 yuan and a premium of 6.82% [2] - Other similar funds, such as Invesco Great Wall S&P Consumer ETF (QDII) and Guotai S&P 500 ETF (QDII), have issued 27 premium warnings since July, indicating almost daily alerts [2] Group 2 - QDII funds are investment products issued by domestic financial institutions that invest in overseas capital markets, providing a low-threshold global asset allocation channel for domestic investors [4] - As of the end of June, the number of domestic QDII funds reached 319, with a total scale of 683.773 billion yuan, an increase of 11.85% compared to the end of last year, marking a historical high [4] - The significant growth in net value of some QDII funds, such as the Invesco Great Wall Nasdaq Technology ETF with a year-to-date growth rate of 14.06%, has driven investor enthusiasm [4] Group 3 - In response to the high demand, several QDII funds have recently suspended subscriptions, such as the Guotai S&P 500 ETF, which paused subscriptions again on July 28, just one month after resuming [5] - The exchanges have strengthened supervision over abnormal trading behaviors of multiple premium funds, implementing measures such as focused monitoring and account trading suspensions [5] - It is suggested that investors participating in overseas investments through QDII should remain rational, especially as the US stock market is currently at a high level, which may lead to potential risks if future economic performance does not align with stock market trends [5]