◎记者 朱妍 近日，兴银基金申报公募QDII业务的材料被中国证监会接收，成为年内第4家新布局这一赛道的基金公 司。公募布局QDII业务的热情，源于连续3年相关产品业绩攀升。数据显示，截至目前，全市场年内业 绩排名第一的基金是1只QDII产品，同类产品的年内平均净值涨幅达到16%，二季度末总规模更是创历 史新高。 中国证监会公开信息显示，8月1日，兴银基金正式申报QDII业务资格。加上此前申报的鑫元基金、民 生加银基金、国联安基金，今年以来已有4家基金公司提交相关申报材料，并被中国证监会接收。 在跨市场配置中，港股市场是一大重点。业内人士表示，资金借"基"涌入港股，丰厚的回报不仅有效提 振了市场情绪，更成为推动QDII基金加速扩容的重要动力。 此外，今年以来，QDII产品新发市场上不乏港股类QDII产品的身影，永赢恒生消费指数发起 （QDII）、西部利得恒生科技指数（QDII）等均在近期成立。 近年来，QDII基金出现"扩张潮"，越来越多的基金公司开始涌入这个赛道。截至8月1日，正在申请 QDII业务资格的基金公司达11家。 公募积极布局背后，是QDII基金近年来业绩与规模的双增。Choice数据显示，截至8月 ...

□本报记者 王鹤静 近期国内权益市场持续回暖，绩优主动权益基金密集发布"限购令"，包括永赢睿信混合、汇添富香港优 势精选混合（QDII）、广发成长领航一年持有混合等主动选股产品，以及诺安多策略混合、中信保诚 多策略混合（LOF）、华夏智胜优选混合发起式、国金量化多因子等量化产品。 基金机构认为，近期股市成交活跃，风险偏好水平较高。当前经济基本面持续转型升级，股市比较看重 未来政策预期、行业企业业绩边际变化。在此背景下，小盘风格受益于流动性宽裕外溢。目前，市场流 动性仍然充裕，政策暖风频吹，量化机构开始减少小微盘风格仓位，发生大级别系统性风险的概率相对 较低。 绩优主动权益基金纷纷限购 近期，多只绩优主动权益基金宣布限制大额申购。 8月2日，永赢基金发布公告称，为保障基金平稳运作，永赢睿信混合基金于8月4日起暂停100万元以上 的大额申购。永赢基金表示，近期市场持续上涨，投资者投资热情进一步高涨，此次限购着眼于引导投 资者理性、长期投资，有助于维持基金规模稳定，提升持有人体验。 Wind数据显示，永赢睿信混合基金由永赢基金首席权益投资官兼权益投资部总经理、知名基金经理高 楠管理。截至8月1日，该基金A份额今年以 ...

Market Performance - On July 29, the Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index increased by 0.64%, and the ChiNext Index surged by 1.86%[1] - The total trading volume in the Shanghai and Shenzhen markets approached 1.8 trillion yuan, showing a slight increase compared to the previous trading day[1] - Over 2,200 stocks in the two markets experienced gains, indicating a strong market performance[1] Sector Highlights - Key sectors that saw significant gains included telecommunications, pharmaceuticals, electronics, steel, oil, and defense industries[1] - The ChiNext Index's strong performance was driven by technology growth stocks, particularly in the innovation drug and computing power supply chains[2] Capital Flow - On July 29, net inflows into the Shanghai Stock Exchange amounted to 13.446 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 8.955 billion yuan[3] - The top three sectors for capital inflow were semiconductors, communication equipment, and medical services, while the largest outflows were from state-owned banks, urban commercial banks, and the electricity sector[3] Economic Policies - The Ministry of Agriculture and Rural Affairs announced a plan to boost agricultural product consumption, involving 23 specific measures to stimulate market growth[4] - The establishment of a third central enterprise automobile group aims to enhance the development of smart connected new energy vehicles[5][6] Monetary Policy - The People's Bank of China conducted a 449.2 billion yuan reverse repurchase operation, resulting in a net injection of 234.4 billion yuan into the market[7] Trade Statistics - In the first half of the year, trade between China and Central and Eastern European countries reached 522.88 billion yuan, marking a 6.8% year-on-year increase[8] Fund Management - In the second quarter, public funds increased their holdings in bank stocks, with the banking sector reaching its highest allocation in nearly four years[12] - QDII funds have begun to impose purchase limits, with some funds suspending large subscriptions due to high demand[13]

Core Viewpoint - Multiple funds have issued premium risk alerts, particularly QDII funds, indicating a significant increase in premium risk notifications since July, with a notable impact on investor decisions [1][3]. Group 1: Premium Risk Alerts - As of July 28, five funds issued premium risk alerts, contributing to over 70 notifications in July alone, with six out of ten being QDII funds [1][3]. - The Guotai S&P 500 ETF (QDII) and the Invesco Great Wall S&P Consumer ETF (QDII) have issued 21 premium risk alerts since July [1][3]. - The premium rates for the aforementioned funds reached 7.95% and 20.64% respectively as of July 28 [3]. Group 2: Market Performance and Fund Returns - The three major U.S. stock indices have shown year-to-date gains of 5.54%, 9.31%, and 8.62% respectively [4]. - The performance of QDII funds has been notable, with the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund (QDII) achieving a year-to-date return of 135.58%, ranking first among all market products [4]. - Other QDII funds in the healthcare and innovation sectors have also reported year-to-date returns exceeding 80% [4]. Group 3: Market Valuation and Investment Considerations - The forward P/E ratio of the S&P 500 index has reached 23.3, indicating limited valuation attractiveness [5]. - Market analysts suggest that while the U.S. market may continue to trend upward, uncertainties remain, and significant investments should be approached with caution due to high premium risks [5]. - Investors are advised to monitor premium rates closely, with alerts for rates exceeding 5% and heightened caution for rates above 10% due to potential liquidity risks [5].

Group 1 - Multiple public fund institutions have resumed normal and large-scale subscription for QDII funds since July, indicating a trend of "opening the door" for investors [1][2] - Specific funds such as Huazhong Fund's Huazhong France CAC40 ETF and Huazhong Nikkei 225 ETF have resumed subscriptions after being suspended since March [2] - Some institutions have increased the upper limit for large subscriptions, with Penghua Fund raising the limit for certain fund accounts from 50,000 RMB to 100,000 RMB and from 10,000 USD to 20,000 USD [2] Group 2 - The resumption of QDII funds is driven by two main factors: the approval of an additional 30.8 billion USD in QDII investment quotas and the unique cross-border investment advantages of QDII funds [3] - The number of QDII funds has nearly doubled from 161 to 317 over the past five years, with total assets growing from 115.5 billion RMB to 654.3 billion RMB, representing a 466% increase [4] - QDII funds play a crucial role in asset allocation, providing investors with diverse asset choices and optimizing risk-return characteristics through global market exposure [4] Group 3 - Investors are advised to consider factors such as currency fluctuations and geopolitical risks when investing in QDII funds, and to assess their risk tolerance accordingly [5] - QDII funds focused on the Hong Kong stock market have outperformed their peers this year, with specific funds achieving top net value growth rates [5] - The Hong Kong market is expected to continue expanding with more quality listings, driven by supportive policies [5]

Core Insights - The QDII funds have shown significant performance this year, but many products are frequently warning about premium risks due to price discrepancies between the market and net asset values [1][5] - As of May 27, eight QDII funds issued premium risk alerts, with some funds having issued multiple warnings throughout May [1][2] - Investors are advised to monitor premium rates closely, especially when they exceed 10%, and to wait for a return to reasonable levels before investing [1][5] Performance Overview - As of May 23, out of 650 QDII funds, 425 achieved positive returns this year, representing 65.38% of the total, with 46 funds exceeding a 30% return [4] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection Mixed Fund (QDII), recorded a year-to-date return of 68.45%, while its C-class shares achieved 67.96% [3][4] - The strong performance of QDII funds is largely attributed to investments in the Hong Kong stock market, which has seen significant gains this year [4] Market Context - The Hang Seng Index and the Hang Seng Tech Index have risen by 16.56% and 15.99% respectively since the beginning of the year, contributing to the positive performance of QDII funds focused on Hong Kong stocks [4] - In contrast, some QDII funds investing in US and European markets have reported negative returns, highlighting the variability in performance based on market focus [4]