突发，多只ETF基金以及上市交易的石油、黄金LOF被停牌交易！ 29日晚间， 华夏基金、景顺长城、易方达、广发、嘉实、华安基金等宣布旗下有基金明天开市起至当 日10:30停牌。至于停牌原因，基金公司均表示二级市场交易价格明显高于基金份额参考净值，溢价风 险较高，投资者如果盲目投资，可能遭受重大损失。在公告中，基金公司强调若基金二级市场交易价格 溢价幅度未有效回落，有权采取向深圳证券交易所申请盘中临时停牌、延长停牌时间等措施以向市场警 示风险。 目前已经有至少7只基金宣布停牌，涉及华夏基金巴西ETF、景顺长城纳指科技ETF、易方达黄金主题 LOF以及广发基金、嘉实原油、易方达、华安基金原油LOF。此外国投白银（核心股）LOF将于1月30 日开市起停牌至收市。 具体看：华夏基金公告，旗下华夏布拉德斯科巴西伊博维斯帕交易型开放式指数证券投资基金 （QDII）二级市场交易价格明显高于基金份额参考净值，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。为保护投资者的利益，本基金将 于2026年1月30日开市起至当日10:30停牌。景顺长城公告基金旗下景顺长城纳斯达克科 ...

Core Insights - The article discusses the increasing interest of foreign institutional investors, particularly Barclays Bank, in Chinese public funds and their global asset allocation strategies [2][4][8]. Group 1: Investment Trends - Barclays Bank has become the largest foreign institutional buyer in the Chinese public fund market, holding over 200 products and creating a vast investment portfolio across four continents [2][4]. - The issuance of two Brazil ETFs by Chinese fund companies marks the first time domestic funds have entered the South American capital market, indicating an expansion of public fund cross-border ETF offerings [3][4]. - Foreign capital is continuously flowing into Chinese public products, with UBS increasing its holdings in Chinese ETFs from 57 to 141 within a year [2][4]. Group 2: Barclays' Investment Strategy - Barclays invested approximately 1.4 billion yuan in the two Brazil ETFs, becoming the largest holder with over 30% of the shares in one fund and nearly 25% in the other [4][6]. - The bank's investment strategy reflects a diversified approach, utilizing Chinese public funds to access global markets, including significant holdings in Hong Kong and U.S. ETFs [6][10]. - Barclays' asset allocation framework consists of 45% in Hong Kong stocks, 27% in U.S. stocks, and smaller allocations in other regions, showcasing a balanced global investment strategy [13]. Group 3: Market Performance and Risks - The Brazil IBOVESPA index, which the ETFs track, has shown a 10-year annualized return of over 12% and a current P/E ratio of 10.37, indicating potential investment value despite some risks associated with domestic political and currency fluctuations [4][5]. - Barclays has demonstrated a proactive investment approach, increasing holdings in key ETFs during market downturns, which has led to significant valuation recovery [14]. - Despite a diversified strategy, Barclays has faced challenges with individual stock selections, highlighting the complexities of investing in emerging markets [15].

Group 1 - The article discusses the status of various convertible bonds, highlighting that Meinuo Convertible Bond and Xingrui Convertible Bond will not undergo adjustments [1] - The article lists the recent announcements regarding convertible bonds, including strong redemption and non-strong redemption statuses for specific bonds [2] - It provides detailed information on several convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6] Group 2 - The article mentions the listing of the Huaxia Brazil ETF and the E Fund Brazil ETF, indicating their availability for trading [1] - It includes a table summarizing the current market conditions of various convertible bonds, showing their performance metrics such as current price and conversion value [4][6]

Group 1 - The final share confirmation ratio for Huaxia Brazil ETF is 11.54% [1] - The final share confirmation ratio for E Fund Brazil ETF is 11.82% [2] - The timing for selling these ETFs is crucial, with reference to the performance of the Saudi ETF on its listing day [2][3] Group 2 - Both Huaxia and E Fund Brazil ETFs track the Brazil IBOVESPA Index, which covers major listed companies in Brazil [10] - The IBOVESPA Index accounts for approximately 80% of the trading volume in the Brazilian stock market [12] - The index is a total return index, meaning dividends are included in its performance [14] Group 3 - The annualized return of the IBOVESPA Index is approximately 8.9%, which is lower than the annualized returns of the S&P 500 and CSI 800 when dividends are considered [17] - The Brazilian real has depreciated significantly against the US dollar, impacting investment returns [19] - From January 2016 to May 2021, the IBOVESPA Index increased by 191.16%, but currency depreciation reduced the effective returns [20] Group 4 - The largest company by market capitalization in the IBOVESPA Index is Vale S.A., a global leader in iron ore production [27][29] - The index is diversified across various sectors, including materials, utilities, finance, and energy, with no single sector dominating [31][32] Group 5 - The Brazilian stock market is currently experiencing high volatility, with significant trading activity around the 4000-point mark [34] - There is a noticeable lack of clear market leadership among sectors, leading to a cautious investment sentiment [37] - Recent trends show that while some sectors have performed well, investor confidence remains fragile, with many choosing to sell during price increases [46]

Core Viewpoint - The first two Brazilian ETFs in China experienced overwhelming demand, with subscription confirmation ratios of 11.823% and 11.538679%, leading to a significant oversubscription of approximately 7 times the fundraising limit [1][2][3][5]. Group 1: Subscription Results - The subscription confirmation ratio for E Fund's Brazilian ETF was 11.823%, resulting in a fundraising scale of about 25.4 billion yuan [1][3]. - The subscription confirmation ratio for Huaxia's Brazilian ETF was 11.538679%, leading to a fundraising scale of nearly 26 billion yuan [1][5]. - Both ETFs had a fundraising cap of 3 billion yuan, indicating a strong investor interest in these products [1][2]. Group 2: Market Context - The high oversubscription is attributed to a recovering market and investor enthusiasm for equity funds, as well as some investors seeking arbitrage opportunities due to limited QDII quotas [1][10]. - The Brazilian capital market is characterized by high growth potential and volatility, influenced by domestic fiscal policies, interest rate cycles, and political ecology [10]. Group 3: Product Background - These two Brazilian ETFs are the first in China to track Brazilian market indices, specifically the Ibovespa index, and are part of a mutual connectivity product [7][8]. - The issuance of these ETFs marks a significant expansion into the South American capital market for domestic fund managers [13]. Group 4: Industry Trends - The number of cross-border ETFs focusing on non-U.S. markets is increasing, reflecting domestic institutions' efforts to diversify investment tools and meet investor demand [12][14]. - As of now, there are 16 cross-border ETFs issued by domestic fund companies, covering various regions including Asia-Pacific and Europe [14].