截至三季度末，国泰海通善远平衡配置一年持有混合（FOF）A基金前十大持仓基金分别为华泰保兴安悦债券C、易方达中债7-10年期国开行债券指数C、博 时黄金ETF、国泰黄金ETF、华夏恒生中国企业ETF（QDII）、南方中证500ETF、华夏纳斯达克100ETF（QDII）、华宝量化对冲混合D、华宝可转债债券 C、信澳信用债债券C。 12月2日，国泰海通资管发布国泰海通善远平衡配置一年持有混合（FOF）基金清算报告。该基金的清算期间为自2025年11月4日至11月11日。基金财产清算 小组按照法律法规及《基金合同》的规定履行基金财产清算程序对本基金的资产、负债进行清算。 国泰海通善远平衡配置一年持有混合（FOF）基金成立于2022年7月20日，该基金刚成立时的净认购金额约为2.1亿元，到了2025年三季度末，该基金资产净 值仅剩下0.47亿元。三季报显示，该基金于2025年8月18日至9月30日期间资产净值连续低于5000万元。 截至三季度末，国泰海通善远平衡配置一年持有混合（FOF）A基金成立以来的单位净值增长1.47%，跑输业绩比较基准12.26个百分点；过去一年的单位净 值增长3.41%，跑输业绩比较基准2 ...

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].

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 - The number of QDII funds in China reached 319 with a total scale of 683.77 billion yuan, marking an 11.85% increase from the end of last year, a historical high [1][2] - Significant growth in QDII fund shares investing in the Hong Kong stock market, with eight out of the top ten funds by share increase being QDII funds focused on Hong Kong stocks [2] - The Hong Kong technology-themed QDII funds saw remarkable share increases, particularly index funds, with the largest being the Huaxia Hang Seng Technology ETF, which increased by 9.51 billion shares [2] QDII Fund Growth - As of the end of June, QDII funds' total scale reached 683.77 billion yuan, a historical high [1][2] - The share of QDII funds investing in Hong Kong stocks significantly increased, with eight funds in the top ten for share growth [2] - The Huaxia Hang Seng Technology ETF had a share increase of 9.51 billion, leading the market [2] Global Fund Allocation - There is a growing trend in domestic funds for global allocation, with several funds like the Bosera S&P 500 ETF and Huaxia Nasdaq 100 ETF showing notable share increases [3] Domestic Fund Holdings in Hong Kong - As of July 28, net inflows from southbound funds reached 772.19 billion yuan, surpassing the total for the entire year of 2024 [4] - The number of domestic public funds investing in Hong Kong stocks increased to 4,048, with total assets reaching 2.62 trillion yuan [4] - The stock market value held by public funds in Hong Kong reached 734.3 billion yuan, a 12.8% increase [4] Outlook on Hong Kong Market - The Hong Kong market has rebounded significantly, with the Hang Seng Index and Hang Seng Technology Index rising by 27.43% and 26.77% respectively [5] - Fund managers maintain an optimistic outlook on the Hong Kong market, citing signs of economic recovery and the presence of globally competitive Chinese companies [6]