Core Viewpoint - The public fund market is experiencing a new wave of purchase restrictions on QDII products, with over 80 announcements regarding adjustments to subscription limits made since November 1, primarily involving the suspension or limitation of large subscriptions [1][3]. Group 1: QDII Product Restrictions - As of November 20, four fund companies announced the suspension of large subscriptions for five QDII products, including notable funds like the Fuqua Global Consumer Select Mixed Fund and the Morgan S&P 500 Index Fund [3]. - Starting November 21, the subscription limits for various QDII products were set, such as a daily subscription cap of 1 million RMB for the Fuqua Global Consumer Select Mixed Fund and only 10 RMB for the Morgan S&P 500 Index Fund's RMB shares [3]. - Bond QDII products are also facing purchase restrictions, with specific daily subscription limits set for funds like the Southern Asia Dollar Income Bond Fund [3]. Group 2: Market Dynamics and Investor Behavior - The current round of purchase restrictions is concentrated in the US stock index sector, leading many investors to shift towards on-market purchases [4]. - Several QDII ETF products have recently reported significant premium trading situations, indicating potential risks for investors [4]. - Fund companies claim that the purchase restrictions are intended to "protect the interests of existing holders," with foreign exchange quota limitations being a significant factor in setting subscription limits [4]. Group 3: QDII Quota Overview - As of June 2025, the total approved quota for QDII products in the market is 170.869 billion USD, reflecting a growth of 3.08 billion USD compared to the end of 2024 [4]. - The allocation of these quotas is highly concentrated among leading institutions, resulting in a "structural shortage" of available quotas for other entities [4].

Core Viewpoint - The recent surge in QDII fund market has led to a wave of purchase restrictions, primarily driven by tight foreign exchange quotas and saturated strategy capacities, prompting investors to be cautious of high premium risks and consider alternative investment channels [1][5][9]. Group 1: QDII Fund Purchase Restrictions - Since November, numerous QDII funds have announced purchase limits, with several popular products opting to stop accepting new investments [1][5]. - Major QDII products focused on U.S. indices have been particularly affected, with several funds setting strict daily purchase limits for both RMB and USD shares [3][4]. - The trend of limiting purchases is not only seen in equity funds but also in traditionally stable bond QDII products, indicating a broader market tightening [4][5]. Group 2: Performance and Premium Rates - Many restricted QDII products have shown strong performance, with some achieving returns over 20% in the past year, leading to significant interest and investment inflows [5][9]. - The premium rates for some QDII ETFs have surged, with certain products experiencing premiums exceeding 20%, driven by investors shifting to on-market purchases due to off-market restrictions [7][9]. Group 3: Reasons Behind Purchase Restrictions - Fund companies cite the need to protect existing investors' interests as a primary reason for implementing purchase limits, aiming to prevent rapid scale expansion that could dilute investment returns [9][10]. - The core issue is the limited QDII quotas set by the foreign exchange authority, which have become increasingly strained due to the strong performance of U.S. stocks since 2025 [10][11]. Group 4: Future Investment Strategies - Experts suggest that the current purchase restrictions may persist until mid-2026, as significant increases in QDII quotas are not expected in the short term [11][12]. - Investors are encouraged to diversify their investments, considering alternatives such as Hong Kong mutual funds, which are not subject to the same quota restrictions and offer a wider range of products [10][12].

Core Viewpoint - The recent surge in limit purchases for QDII funds is attributed to multiple factors including overseas asset volatility, changes in fund flows, and the need for product scale management, reflecting a trend of continued capital attraction towards QDII this year [2][4]. Group 1: QDII Fund Purchase Restrictions - Several QDII products, particularly those focused on U.S. index assets, have recently announced purchase suspensions or restrictions on large purchases, indicating a cautious approach to managing inflows [2]. - On November 19, the Huatai-PineBridge Nasdaq Biotechnology ETF announced a suspension of purchases, with a scale of 1.474 billion yuan and a year-to-date return of 27.06%, ranking high among similar products [2]. - The Jianxin Nasdaq 100 Index (QDII) also suspended purchases on the same day, with a management scale of 1.561 billion yuan and a year-to-date return of 13.81% [2]. - The Huatai-PineBridge MSCI U.S. 50 ETF also suspended purchases, with a circulating scale of 706 million yuan and a year-to-date return of 15.51% [2]. Group 2: Detailed Purchase Limitations - Some QDII funds have implemented more nuanced "window-style" limits, such as the Changxin S&P 100 Equal Weight Index (QDII), which set a daily purchase limit of 100 yuan for RMB shares and 100 USD for USD shares starting November 19 [3]. - The Huaan Mitsubishi UFJ Nikkei 225 ETF also announced a suspension of large purchases, limiting daily purchases to 10 yuan per account [3]. - Several QDII funds had already closed purchases in mid-November, including the Fuguo S&P Oil and Gas Exploration and Production Select Industry ETF and the Huaxia Overseas Mixed Initiated Fund [3]. Group 3: Market Trends and Fund Management - As of September 30, the total number of QDII funds reached 265, with a total scale of 743.483 billion yuan, reflecting a 1.15% increase in number and a 27.32% increase in scale compared to the previous quarter [3]. - Analysts suggest that the recent purchase restrictions are not solely for risk aversion but are standard measures by fund companies to maintain operational stability and protect existing investors amid rapid scale growth [4]. - The significant differences in returns among various QDII funds this year highlight the importance of investors focusing on fund companies' scale management capabilities and long-term strategies rather than making decisions based solely on short-term market conditions [4].

Core Viewpoint - The recent surge in QDII fund purchase restrictions is attributed to multiple factors, including overseas asset volatility, changes in fund flows, and the need for product scale management, reflecting a trend of continuous capital attraction towards QDII this year [2][3]. Group 1: Purchase Restrictions - Several QDII products, particularly those focused on U.S. index assets, have recently announced purchase suspensions. For instance, the Huatai-PineBridge Nasdaq Biotechnology ETF suspended purchases on November 19, with a scale of 1.474 billion yuan and a year-to-date return of 27.06% as of November 17 [2]. - The Jianxin Nasdaq 100 Index (QDII) also halted purchases on the same day, reporting a management scale of 1.561 billion yuan and a year-to-date return of 13.81% [2]. - The Huatai-PineBridge MSCI U.S. 50 ETF suspended purchases on November 19, with a circulating scale of 706 million yuan and a year-to-date return of 15.51% [2]. Group 2: Detailed Purchase Limits - Some QDII funds have implemented more nuanced purchase limits. For example, the Changxin S&P 100 Equal Weight Index (QDII) set a daily purchase limit of 100 yuan for RMB shares and 100 USD for USD shares starting November 19 [3]. - The Huaan Mitsubishi UFJ Nikkei 225 ETF also announced a daily purchase limit of 10 yuan per account for each share class from November 19 [3]. - Several QDII funds had already closed purchases earlier in November, including the Fuguo S&P Oil & Gas Exploration and Production Select Industry ETF and the Huaxia Overseas Mixed Initiated Fund, which suspended purchases on November 17 [3]. Group 3: Market Trends and Fund Management - As of September 30, 2023, there were 265 existing QDII funds with a total scale of 743.483 billion yuan, reflecting a 1.15% increase in number and a 27.32% increase in scale compared to the previous quarter [3]. - Analysts suggest that the recent purchase restrictions are not solely for risk aversion but are standard measures by fund companies to maintain operational stability and protect existing investors amid rapid scale growth [4]. - Investors are advised to focus on the scale management capabilities and long-term strategies of fund companies rather than making decisions based solely on short-term market conditions, as there are significant differences in returns among various QDII funds this year [4].

Report's Investment Rating - No information provided on the industry investment rating in the report Core Views - Last week, the major broad-based indices in the A-share market all declined, with the Shanghai Composite Index, CSI 1000, and CSI 300 having relatively better returns of -0.18%, -0.52%, and -1.08% respectively, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of trading volume, except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week [1] - In the industry aspect, consumer services, textile and apparel, and pharmaceuticals had the top returns last week, at 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers had the bottom returns, at -4.90%, -4.44%, and -3.72% respectively [1] - As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan. Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP [1] - Last week, a total of 56 funds were reported, an increase compared to the previous week. The reported products included 1 QDII, such as Tianhong CSI Artificial Intelligence Theme ETF, Huabao CSI All-Share Electric Power and Utilities ETF, etc. [1] - On November 13, China Europe Fund announced that its China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [2] - On November 10, 6 ETFs listed in Hong Kong were officially included in the list of Hong Kong Stock Connect ETFs under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. After this expansion, the total number of "Southbound Connect ETF" products increased from 17 to 23, and for the first time, ETFs containing US stock assets were included [2] - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [2] - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds among open-ended public funds. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [2] - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. In addition, 41 funds entered the issuance stage for the first time last week, and 33 funds will start issuing this week [3] Summary by Directory 1. Last Week's Market Review 1.1 Related Hotspots Review - **Fund Declaration and Issuance Dynamics**: Last week, 56 funds were reported, an increase from the previous week. The reported products included various types such as QDII, index funds, and bond funds [9][13] - **Appearance of a "Sunlight Fund"**: On November 13, China Europe Xinyue Return One-Year Holding Hybrid reached the 1.5 billion yuan fundraising cap on the first day of issuance, ending the fundraising early and initiating proportional allocation [10] - **Expansion of "Southbound Connect ETF"**: On November 10, 6 Hong Kong-listed ETFs were included in the Hong Kong Stock Connect ETF list, increasing the total number of "Southbound Connect ETF" products from 17 to 23, and for the first time, ETFs containing US stock assets were included [11] - **Premium Risk Warnings for Multiple Cross-Border ETFs**: From November 11 to 16, multiple public funds issued announcements warning investors about the premium risks of their US and Japanese stock-related ETFs [12] - **Rare Centralized Dividends of Growth-Style Funds**: Since the fourth quarter of this year, multiple growth-style active equity products have announced dividends, which is rare. For example, E Fund's Kexun, Pingwen Growth, and Kexiang announced dividends in October and November, with many of them having their first dividends since 2021 [14] 1.2 Stock Market - **Index Returns**: Last week, the major broad-based indices in the A-share market all declined. The Shanghai Composite Index, CSI 1000, and CSI 300 had relatively better returns, while the STAR 50, ChiNext Index, and Small and Medium-sized Board Index had relatively poorer returns. In the past month, the ChiNext Index had the highest return, and the STAR 50 Index had the lowest return. So far this year, the ChiNext Index has had the highest cumulative return [16] - **Trading Volume**: Except for the Shenzhen Component Index and CSI 1000, the trading volumes of the major broad-based indices decreased last week. On a monthly basis, the average daily trading volumes of the major broad-based indices also decreased in the past month [19][20] - **Industry Returns**: Last week, consumer services, textile and apparel, and pharmaceuticals had the top returns, while communication, electronics, and computers had the bottom returns. In the past month, the basic chemicals industry had the highest cumulative return, and the automotive industry had the lowest return. So far this year, non-ferrous metals, communication, and power equipment and new energy have had relatively high cumulative returns [23] 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank had a net reverse repurchase injection of 626.2 billion yuan, with 495.8 billion yuan of reverse repurchases maturing, and a net open market injection of 1.122 trillion yuan [26] - **Interest Rates**: Except for the 1-year term, the treasury bond yields of different terms declined, and the yield spread narrowed by 0.61 BP. The interest rates of AA+ and AA-rated credit bonds of different terms also declined, and the credit spreads of AA+ and AA-rated credit bonds of different terms decreased [27][30] 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 0.47%, with a cumulative trading volume of 342.6 billion yuan, an increase of 31.9 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 26.71%, a decrease of 0.50% compared to the previous week, and the median pure bond premium rate was 26.34%, an increase of 0.94% compared to the previous week [31] 2. Performance of Open-Ended Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.52%, -0.41%, and 0.03% respectively. So far this year, alternative funds have had the best performance, with a median return of 32.08%, followed by active equity, flexible allocation, and balanced hybrid funds with median returns of 28.48%, 21.69%, and 15.07% respectively [34][35] 2.2 Quantitative Public Funds - Last week, the median excess return of index-enhanced funds was 0.09%, and the median return of quantitative hedging funds was -0.04%. So far this year, the median excess return of index-enhanced funds has been 4.13%, and the median return of quantitative hedging funds has been 1.16% [36] 2.3 FOF Funds - As of the end of last week, there were 258 ordinary FOF funds, 118 target-date funds, and 153 target-risk funds. Last week, 4 new FOF funds were established. Generally, target-date funds have a higher equity position, with most target-risk funds having an equity position below 50%, and ordinary FOF funds having their equity positions mainly distributed below 25% and between 65% - 100%. Last week, the median returns of ordinary FOF, target-date, and target-risk funds were 0.19%, -0.03%, and 0.18% respectively. So far this year, the target-date funds have had the best median performance, with a cumulative return of 16.98% [39] 3. Changes in Fund Managers - Last week, the fund manager situations of 104 fund products of 41 fund companies changed, including 13 products of China Merchants Fund, 5 products of Orient Securities Asset Management, and 4 products of Tianhong Fund [43] 4. Fund Product Issuance Situation 4.1 Newly Established Funds Last Week - Last week, 25 new funds were established, with a total issuance scale of 14.173 billion yuan, a decrease compared to the previous week. Among them, equity funds issued 9.033 billion yuan, hybrid funds issued 4.838 billion yuan, and bond funds issued 303 million yuan. There were no new issuances of alternative funds and money market funds. The types with a relatively large number of new funds were passive index funds (10) and partial equity hybrid funds (4), with issuance scales of 3.475 billion yuan and 2.443 billion yuan respectively [46][47] 4.2 Funds Starting Issuance Last Week - Last week, 41 funds entered the issuance stage for the first time [50] 4.3 Funds to Be Issued This Week - This week, 33 funds will enter the issuance stage, including 9 partial equity hybrid funds, 6 index-enhanced funds, and 4 passive index bond funds [52]