记者丨庞华玮 见习记者林芊蔚 编辑丨张星 曾静娇 3月26日下午， 南方基金公告 称，截至2026年3月26日上海证券交易所午间收盘，南方基金旗 下南方原油证券投资基金A类基金份额二级市场交易价格明显高于基金份额净值，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于高溢价率的 基金份额，可能遭受重大损失。 为保护投资者的利益，本基金将于2026年3月26日下午开市起 停牌至当日收市。 稍早前，嘉实原油证券投资基金、易方达原油证券投资基金先后宣布自26日下午开市起至收市 实施临时停牌。 截至26日14时35分，纽约期油报每桶92.39美元，日内涨幅2.26%，布伦特原油报99.15美元， 日内涨近2%。 以 南 方 原 油 LOF 为 例 ， 截 至 3 月 20 日 ， 该 基 金 近 两 周 上 涨 47.25% ， 今 年 以 来 累 计 上 涨 110.22%。近几日中东局势出现缓和迹象，市场情绪明显转变，国际油价显著下跌，该基金于 3月25日跌停，同日易方达原油LOF和嘉实原油LOF也双双跌停。 面对持续高企的溢价，基金公司密集发布风险提示。3月25日晚间，易方达原 ...

Core Viewpoint - The performance of QDII funds in 2025 has been disappointing, with many funds failing to achieve positive returns, particularly those focused on energy, real estate, and Middle Eastern markets [2][3][4]. Group 1: QDII Fund Performance - A total of 43 QDII funds have underperformed the market this year, with the E Fund Oil (QDII-LOF-FOF) C (RMB) recording the lowest return at -14.03% [2][3]. - Other poorly performing funds include Southern Oil LOF (-11.65%), Huatai-PB Saudi ETF (-11.64%), and Saudi ETF (-11.39%), all reflecting significant declines due to international oil price trends and geopolitical issues in the Middle East [2][3][4]. Group 2: Industry and Market Analysis - The energy sector has faced severe adjustments in 2025, with lower-than-expected oil demand due to sluggish global economic recovery and accelerated energy transition, leading to a downward trend in Brent and WTI oil prices [3][8]. - The Saudi stock market has been negatively impacted by a slowdown in domestic economic transformation and foreign capital outflows, resulting in a weak MSCI Saudi Index and declining net asset values for related ETFs [3][8]. - Real estate-focused QDII funds have also struggled, with Penghua US Real Estate (QDII) RMB at -11.28% and Northern Global Income Real Estate (QDII) at -9.52%, primarily due to high financing costs and valuation pressures from the Federal Reserve's sustained high interest rates [3][8]. Group 3: Investment Strategy Recommendations - Investors are advised to avoid excessive concentration in single countries or industries when allocating QDII funds and to prioritize products with strong management research capabilities and robust risk control mechanisms [4][9]. - Implementing strategies such as dollar-cost averaging is recommended to smooth out volatility rather than making large, one-time investments [4][9].