日经225指数站上历史新高之际，有日股ETF已开始警示溢价风险。 当地时间2025年10月21日，日本东京，一块金融数据显示屏显示日经225指数收于历史新高49316.06点。 视觉中国 图 10月21日，日经225指数收盘上涨0.27%，报49316.06点，创下收盘历史新高。盘中该指数一度冲高至49945.95点，距离50000点整数关口仅一步之 遥。年初至今，日经225指数累计涨幅已达23.62%。 消息面上，据央视新闻报道，10月21日，在日本众议院首相指名选举第一轮投票中，自民党总裁高市早苗获得237票（众议院共465个议席），超 过半数票获胜，将确定出任日本第104任首相。 伴随日股持续走高，多只跟踪日经225等指数的跨境ETF产品出现明显溢价。Wind数据显示，截至10月21日收盘，华夏野村日经225ETF的溢价率 达5.28%；华安三菱日联日经225ETF、工银大和日经225ETF的溢价率也均超2%。 此前10月20日，华夏野村日经225ETF单日涨幅达6.57%；工银大和日经225ETF、华安三菱日联日经225ETF双双涨超4%；易方达奥明日经 225ETF、南方东证指数ETF的单日涨幅也均 ...

Core Insights - The Nikkei 225 index has reached a historic high, surpassing 49,000 points for the first time, closing at 49,185.50 points with a 3.4% increase on October 20 [4] - Several ETFs linked to the Nikkei index have seen significant price increases, prompting a warning from Huaxia Fund regarding premium risks in the secondary market [2][5] Market Performance - The Nikkei 225 index's rise is attributed to political developments, including a potential coalition agreement between the ruling Liberal Democratic Party and the Japan Innovation Party [4] - On the same day, Huaxia's Nikkei ETF led the market with a 6.57% increase, while other ETFs also performed well, with trading volumes showing high activity [5][6] ETF Growth - The total size of five ETFs related to Japanese stocks has increased by nearly 60% year-to-date, reaching 6.867 billion yuan as of October 17 [7] - The E Fund's Nikkei 225 ETF has seen the largest growth, increasing by 144%, while Huaxia's ETF grew by nearly 70% [7] Economic Factors - The rise in the Nikkei index is linked to favorable corporate fundamentals and external factors such as the Federal Reserve's potential interest rate cuts, which lower funding costs and attract investment to Japan [7][8] - Japan's low interest rate policy and a weak yen have also contributed to the attractiveness of the stock market, benefiting export-oriented companies [8] Future Outlook - Analysts expect continued support for the market from improved earnings, structural reforms in Japanese companies, and potential stock buybacks [8] - Political uncertainty remains a concern, but the potential election of a pro-stimulus candidate could provide further positive momentum for the market [8]