易方达、华夏、南方等多家头部公募纷纷加入警示行列，密集发布风险提示公告。据统计，截至12月11 日，本月已有14家公募机构累计发布超200份跨境ETF溢价风险提示公告，部分跟踪标普500、纳斯达克 等指数的产品溢价率突破5%，部分基金公司更明确表态，不排除通过临时停牌等方式警示风险。 公告密集刷屏，嘉实、南方基金等头部机构集体预警 作为行业风向标，头部机构的集体预警让市场关注度持续提升。12月10日，嘉实基金发布公告称，近 期，公司旗下纳指ETF嘉实二级市场交易价格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，可能遭受较大损失。 此前一日，南方基金也在公告中指出，截至12月9日午间收盘，旗下南方标普500ETF（QDII）二级市场 交易价格明显高于基金份额参考净值（IOPV），当日溢价幅度达3.41%。同日，易方达基金、华夏基金 等多家公司同步跟进，提示旗下跨境ETF产品的溢价风险。而富国基金则更早于12月8日，就其富国纳 斯达克100ETF（QDII）的溢价情况发出警示。 Wind数据显示，跨境ETF风险提示公告的密集程度由来已久，11月全月相关公 ...

Core Viewpoint - The recent surge in demand for QDII-ETF funds has led to extreme market behaviors, including limited purchase amounts and high premium rates, raising concerns about the underlying investment logic [1][4][6]. Group 1: Market Behavior - As of November 27, 165 QDII funds have suspended subscriptions or large purchases, with the Huaan Mitsubishi UFJ Nikkei 225 ETF being particularly notable for its strict purchase limits [1]. - The premium rates for many QDII-ETFs have skyrocketed, with 50 out of 85 funds showing premiums, and the Invesco Great Wall NASDAQ-100 ETF reaching a premium of 17.52% [4]. Group 2: Investor Psychology - Investors appear to be ignoring risk warnings, driven by a fear of missing out, treating limited purchases as scarcity and high premiums as popularity, which contradicts the fundamental principle of asset investment [6][16]. - The performance of QDII funds has been strong this year, with 647 out of 696 funds generating profits, and some funds, like the Huatai-PineBridge Hong Kong Advantage Select A, achieving returns of 132.05% [9][11]. Group 3: Regulatory and Structural Issues - The quota for QDII investments has become scarce, with only a single quota increase in June, leading to strict limits on high-premium products to protect investors from potential losses [11]. - The underlying issues of cross-border investment, such as time differences and currency fluctuations, are often overlooked by ordinary investors, leading to potential pitfalls in the market [14]. Group 4: Investment Strategy - The current market conditions signal that a cautious approach is necessary, emphasizing the importance of rational investment choices over speculative behavior [16].

Core Viewpoint - The QDII funds are experiencing a surge in demand despite multiple warnings about high premium risks, with many funds suspending subscriptions to protect existing investors [1][3]. Group 1: QDII Fund Premium Risks - On November 27, 15 public funds issued 38 warnings regarding high premium risks for QDII funds, affecting over 20 products, primarily linked to indices like the Nasdaq 100 and S&P 500 [1]. - The Huaxia Nikkei 225 ETF issued 32 premium risk warnings in November, while the Invesco Nasdaq Technology ETF issued over 20 warnings [1]. - As of November 27, 50 out of 85 QDII-ETF funds remained in a premium state, with the highest premium rate at 17.52% for the Invesco Nasdaq Technology ETF [1][2]. Group 2: Subscription Suspensions and Fund Management - A total of 165 QDII funds have suspended subscriptions or large subscriptions as of November 27, with some funds implementing strict purchase limits due to limited QDII quotas [3]. - The Huazhong Mitsubishi Nikkei 225 ETF has progressively reduced its daily purchase limit from 100 yuan to 10 yuan [3]. - The limited QDII quotas have led to strict allocation based on fund performance, with high premium products facing tighter purchase restrictions to prevent losses for new investors [3]. Group 3: Market Dynamics and Investor Behavior - The high premium rates are attributed to the disappearance of the arbitrage mechanism for QDII-ETFs, as the redemption process involves additional costs and uncertainties [4]. - Investors are advised to remain calm and avoid panic buying due to product subscription limits, focusing instead on products with open subscription channels and lower premium rates [5]. - The recent volatility in the U.S. stock market, influenced by Federal Reserve signals and concerns over AI bubbles, may continue to affect market dynamics in December [5].