Core Viewpoint - Multiple QDII funds tracking the Nasdaq 100 Index, including the Invesco Nasdaq 100 ETF, Huaxia Nasdaq 100 ETF, and Huatai-PB Nasdaq 100 ETF, have issued premium risk alerts due to significant trading prices in the secondary market exceeding the reference net asset value of the funds [1] Group 1 - The announcement highlights that the trading prices of the related funds are significantly higher than their reference net asset values, indicating a substantial premium [1] - Investors are advised to pay attention to the premium risk associated with the trading prices in the secondary market [1]

Core Viewpoint - The recent surge in demand for cross-border ETFs among domestic investors is accompanied by significant premium pricing, raising concerns about market overheating and potential risks for investors [1][2]. Group 1: Market Trends - As of November 18, 19 public fund companies have issued over 330 risk warning announcements regarding 34 cross-border investment products, indicating a heightened awareness of premium risks [1]. - The average premium rate for 192 cross-border ETFs in the market is 0.79%, with 32 products exceeding 1% and 2 products surpassing 10%, highlighting a significant disconnect between price and value [1]. - The Nikkei 225 index has recently declined from historical highs, and major U.S. stock indices have also experienced notable drops, exacerbating the risks associated with high premiums [1]. Group 2: Investor Behavior - Professor Tian Lihui from Nankai University emphasizes that while cross-border ETFs are essential for global asset allocation, the current premium phenomenon suggests that investor enthusiasm may have surpassed rational valuation [2]. - Analysts suggest that the cash creation and redemption mechanism of cross-border ETFs, combined with foreign exchange quota restrictions, can lead to mismatches in supply and demand, driving up secondary market prices and resulting in high premiums [4]. Group 3: Long-term Outlook - Despite short-term risks, the long-term demand for cross-border ETFs remains strong, with a year-to-date growth of 116.86%, reaching 919.949 billion yuan, and a net inflow of over 34 billion yuan in November alone [4]. - Industry experts advocate for a rational investment framework and ongoing investor education to mitigate the risks associated with high premiums and to promote a long-term perspective on cross-border ETF investments [4].

本文字数：3350，阅读时长大约6分钟 作者 | 第一财经 曹璐 "特此提示投资者关注二级市场交易价格溢价风险，盲目投资可能遭受重大损失。"近期，这样的风险提示公告在跨境ETF中密集刷屏。据第一财经初步统 计， 四季度以来，有33只产品合计发布超过500条溢价风险提示，其中11只产品预警次数超过20次，美日主题产品成为溢价"高发区" 。 2025.11. 18 多只产品保持高溢价状态，甚至频频出现临时停牌情况。如景顺长城纳斯达克科技市值加权ETF的IOPV溢价率连续25个交易日保持在10%以上，仅11月 就连续12个交易日发布溢价风险提示及停牌的公告。 与高溢价相伴生的，是跨境ETF赛道的爆发式增长，年内整体规模增幅近117%，远超A股ETF同期增速 。 随着近来海外市场出现震荡调整，叠加市场对 AI泡沫的热议，这场跨境投资热究竟是资金对海外资产的迫切追逐，还是暗藏风险的"价格泡沫"？ 美日跨境ETF"高烧不退" 11月18日早盘，景顺长城基金一则公告揭开了当前跨境ETF市场的热度一角。公告内容显示，景顺长城纳斯达克科技市值加权ETF的二级市场交易价格 明显高于基金份额参考净值，出现较大幅度溢价，因此开市停牌 ...

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 Viewpoint - The recent surge in premiums for several cross-border ETFs has raised concerns among fund companies, prompting multiple warnings about the risks associated with high premiums in the market [1][2][4]. Group 1: Premiums and Risk Warnings - As of November 14, several cross-border ETFs, including E Fund MSCI US 50 ETF and Huaxia Nomura Nikkei 225 ETF, have reported premiums exceeding 6%, with E Fund's premium reaching 6.66% [2][3]. - Fund companies have issued multiple risk warnings, advising investors to be cautious of the high premium status and the potential for significant losses if they invest blindly [2][3]. - The high premiums are attributed to supply-demand imbalances in the secondary market, exacerbated by insufficient QDII quotas, which prevent fund companies from arbitraging to correct price discrepancies [1][5]. Group 2: Investor Interest and Market Dynamics - There remains a strong interest in cross-border ETFs among investors, particularly in newly launched products like the Brazilian cross-border ETFs, which saw rapid sales [4][5]. - The popularity of certain ETFs is linked to their holdings in well-known technology companies such as Apple, Nvidia, and Microsoft, providing investors with opportunities to participate in these technology sectors [3][4]. - The expansion of cross-border ETF offerings is driven by both management initiatives and investor demand, as the current range of available ETFs in China is relatively limited [4][5]. Group 3: Market Trends and Future Outlook - The trend of investing in international markets is growing, with an increasing number of funds targeting regions like Germany, France, and Southeast Asia, thereby diversifying the investment landscape [5]. - The recent adjustments to the Hong Kong Stock Connect ETF list indicate a broader acceptance and integration of cross-border investment products in the Chinese market [5]. - Analysts suggest that the fundamental cause of premium occurrences in QDII ETFs is the short-term supply-demand mismatch, which can fluctuate based on market sentiment and external factors [5].

Report's Investment Rating - No information provided on the industry investment rating in the report Core Views - Last week, the major broad-based indices in the A-share market all declined, with the Shanghai Composite Index, CSI 1000, and CSI 300 having relatively better returns of -0.18%, -0.52%, and -1.08% respectively, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of trading volume, except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week [1] - In the industry aspect, consumer services, textile and apparel, and pharmaceuticals had the top returns last week, at 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers had the bottom returns, at -4.90%, -4.44%, and -3.72% respectively [1] - As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan. Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP [1] - Last week, a total of 56 funds were reported, an increase compared to the previous week. The reported products included 1 QDII, such as Tianhong CSI Artificial Intelligence Theme ETF, Huabao CSI All-Share Electric Power and Utilities ETF, etc. [1] - On November 13, China Europe Fund announced that its China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [2] - On November 10, 6 ETFs listed in Hong Kong were officially included in the list of Hong Kong Stock Connect ETFs under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. After this expansion, the total number of "Southbound Connect ETF" products increased from 17 to 23, and for the first time, ETFs containing US stock assets were included [2] - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [2] - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds among open-ended public funds. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [2] - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. In addition, 41 funds entered the issuance stage for the first time last week, and 33 funds will start issuing this week [3] Summary by Directory 1. Last Week's Market Review 1.1 Related Hotspots Review - **Fund Declaration and Issuance Dynamics**: Last week, 56 funds were reported, an increase from the previous week. The reported products included various types such as QDII, index funds, and bond funds [9][13] - **Appearance of a "Sunlight Fund"**: On November 13, China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [10] - **Expansion of "Southbound Connect ETF"**: On November 10, 6 Hong Kong-listed ETFs were included in the Hong Kong Stock Connect ETF list, increasing the total number of "Southbound Connect ETF" products from 17 to 23, and for the first time, ETFs containing US stock assets were included [11] - **Premium Risk Warnings for Multiple Cross-Border ETFs**: From November 11 to 16, multiple public funds issued announcements warning investors about the premium risks of their US and Japanese stock-related ETFs [12] - **Rare Centralized Dividends of Growth-Style Funds**: Since the fourth quarter of this year, multiple growth-style active equity products have announced dividends, which is rare. For example, E Fund's Kexun, Pingwen Growth, and Kexiang announced dividends in October and November, with many of them having their first dividends since 2021 [14] 1.2 Stock Market - **Index Returns**: Last week, the major broad-based indices in the A-share market all declined. The Shanghai Composite Index, CSI 1000, and CSI 300 had relatively better returns, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns. In the past month, the ChiNext Index had the highest return, and the STAR 50 Index had the lowest return. So far this year, the ChiNext Index has had the highest cumulative return [16] - **Trading Volume**: Except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week. On a monthly basis, the average daily trading volumes of the major broad-based indices also decreased in the past month [19][20] - **Industry Returns**: Last week, consumer services, textile and apparel, and pharmaceuticals had the top returns, while communication, electronics, and computers had the bottom returns. In the past month, the basic chemicals industry had the highest cumulative return, and the automotive industry had the lowest return. So far this year, non-ferrous metals, communication, and power equipment and new energy have had relatively high cumulative returns [23] 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan [26] - **Interest Rates**: Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP. The interest rates of AA+ and AA-rated credit bonds of different terms also declined, and the credit spreads of AA+ and AA-rated credit bonds of different terms decreased [27][30] 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 0.47%, with a cumulative trading volume of 342.6 billion yuan, an increase of 31.9 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 26.71%, a decrease of 0.50% compared to the previous week, and the median pure bond premium rate was 26.34%, an increase of 0.94% compared to the previous week [31] 2. Performance of Open-Ended Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.52%, -0.41%, and 0.03% respectively. So far this year, alternative funds have had the best performance, with a median return of 32.08%, followed by active equity, flexible allocation, and balanced hybrid funds with median returns of 28.48%, 21.69%, and 15.07% respectively [34][35] 2.2 Quantitative Public Funds - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [36] 2.3 FOF Funds - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds. Last week, 4 new FOF funds were established. Generally, target-date funds have a higher equity position, with most target-risk funds having an equity position below 50%, and ordinary FOF funds having their equity positions mainly distributed below 25% and between 65% - 100%. Last week, the median returns of ordinary FOF, target-date, and target-risk funds were 0.19%, -0.03%, and 0.18% respectively. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [39] 3. Changes in Fund Managers - Last week, the fund manager situations of 104 fund products of 41 fund companies changed, including 13 products of China Merchants Fund, 5 products of Orient Securities Asset Management, and 4 products of Tianhong Fund [43] 4. Fund Product Issuance Situation 4.1 Newly Established Funds Last Week - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. Among them, equity funds issued 9.033 billion yuan, hybrid funds issued 4.838 billion yuan, and bond funds issued 303 million yuan. There were no new issuances of alternative funds and money market funds. The types with a relatively large number of new funds were passive index funds (10) and partial equity hybrid funds (4), with issuance scales of 3.475 billion yuan and 2.443 billion yuan respectively [46][47] 4.2 Funds Starting Issuance Last Week - Last week, 41 funds entered the issuance stage for the first time [50] 4.3 Funds to Be Issued This Week - This week, 33 funds will enter the issuance stage, including 9 partial equity hybrid funds, 6 index-enhanced funds, and 4 passive index bond funds [52]

Core Insights - Recent surge in cross-border ETFs has led to noticeable premiums in the secondary market, attracting market attention [1][3] - The rapid expansion of cross-border ETF scale reflects increasing investor demand for overseas asset allocation and the continuous inflow of incremental funds [2][5] Group 1: Market Dynamics - Cross-border ETFs are experiencing a phase of premium due to a mismatch between price and net value, influenced by structural capital flows and market sentiment [2][4] - Multiple cross-border ETFs have issued premium announcements recently, with significant premiums observed in products like E Fund MSCI US 50 ETF and E Fund Nikkei 225 ETF, indicating high trading activity in cross-border assets [3][4] Group 2: Structural Premiums - The structural premium in cross-border ETFs arises from the asynchronous nature of net value updates and overseas market trading, leading to short-term price mismatches [4] - External factors such as overseas market volatility, exchange rate changes, and liquidity of constituent stocks also impact the speed of premium convergence [4] Group 3: Growth of Cross-Border ETFs - The scale of cross-border ETFs has doubled this year, reaching 923.78 billion, up from 424.02 billion at the beginning of the year, indicating a rapid growth in this segment of public funds [5] - Notable products like the FTSE China Hong Kong Internet ETF and Huaxia Hang Seng Technology ETF have surpassed 40 billion in scale, contributing to the overall growth of cross-border ETFs [5]

Core Viewpoint - Recent observations indicate that several cross-border ETFs have experienced temporary premiums in the secondary market, attracting market attention [1] Group 1: Market Dynamics - The cross-border ETF market has seen a rapid expansion this year, with significant growth in multiple thematic products, driven by continuous inflow of incremental funds and the introduction of new products [2][5] - The trading activity of cross-border ETFs has increased significantly due to domestic investors' growing demand for overseas asset allocation, leading to noticeable premiums in the secondary market [3] Group 2: Premium Mechanism - The cross-border ETFs exhibit a "price leading, net value lagging" phenomenon due to their cross-time valuation mechanism and structural capital flows, making short-term mismatches more likely [2][4] - The premium observed in cross-border ETFs is primarily a temporary deviation between price and net value, rather than an indication of inherent excess value in the products [4] Group 3: Fund Size and Growth - The latest scale of cross-border ETFs has reached 9237.82 billion, doubling from 4240.17 billion at the beginning of the year, reflecting a diversification in investor allocation needs [5][6] - Several cross-border ETFs, such as those tracking Hong Kong stocks, have shown particularly notable growth, with some products exceeding 200 billion in incremental scale this year [6]

Core Viewpoint - As of November 5, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 121.972 billion yuan, reflecting an increase of 0.665 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 113.717 billion yuan, which is an increase of 0.711 billion yuan compared to the previous trading day [1] - The ETF margin short balance was recorded at 8.255 billion yuan, showing a decrease of 0.046 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On November 5, a total of 280 ETFs experienced net financing inflows, with the Pengyang Zhongzhai - 30-Year Treasury Bond ETF leading the way with a net inflow of 0.18 billion yuan [1] - Other ETFs with significant net inflows included Bosera SSE 30-Year Treasury Bond ETF, Bosera Convertible Bonds and Exchangeable Bonds ETF, Huatai-PB Hang Seng Technology ETF, and several Nasdaq 100 ETFs [1]

Core Viewpoint - As of October 14, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 116.587 billion yuan, reflecting an increase of 0.952 billion yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance was 108.785 billion yuan, up by 0.794 billion yuan from the previous trading day [1] - The ETF margin short balance was 7.802 billion yuan, increasing by 0.158 billion yuan compared to the previous trading day [1] Net Buy Activity - On October 14, 232 ETFs experienced net financing purchases, with the top net purchase being the Fortune China Government Bond 7-10 Year Policy Financial Bond ETF, which saw a net buy of 0.154 billion yuan [1] - Other ETFs with significant net purchases included the Guolian An Zhongzheng All-Index Semiconductor ETF, Huatai-PB Hang Seng Technology ETF, Huaxia Zhongzheng Robot ETF, GF Zhongzheng Hong Kong Innovative Drug ETF, Huitianfu Zhongzheng Major Consumption ETF, and Huaxia Nasdaq 100 ETF [1]