年内业绩表现亮眼 多家基金管理人同日提醒旗下QDII基金溢价风险。11月25日，十余家公募同步发布公告提示旗下部分 QDII基金可能存在的二级市场交易价格溢价风险，涉及超20只基金。二级市场交易价格溢价的同时， 多数QDII基金在年内的业绩表现也相对亮眼，超九成基金取得正收益，更有产品收益率在全市场中排 名靠前。与此同时，也有部分基金管理人在近期暂停部分QDII基金的申购或大额申购。有观点提醒， 参与海外市场投资仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性差异及地缘政治等在 内的综合风险，避免因短期情绪追高，造成不必要的损失。 多家公募提示溢价风险 11月25日，包括华夏、广发、汇添富、嘉实、南方、工银瑞信、招商、富国、博时、国泰、大成、华泰 柏瑞在内的多家基金管理人，发布旗下部分QDII基金二级市场交易价格溢价风险提示公告，共涉及20 余只产品。 从产品跟踪标的来看，涉及纳斯达克100指数、标普500指数、MSCI美国50指数等。交易行情数据显 示，截至11月24日收盘，纳斯达克100指数、MSCI美国50指数、标普500指数单日分别涨2.62%、 2.14%、1.55%，上述指数在年内依次涨1 ...

中国企业资本联盟中国区首席经济学家柏文喜分析表示，QDII基金二级市场交易价格普遍溢价，主要 原因有三方面。一是供需失衡。投资者借道QDII基金布局美股、日股等海外资产的热情持续升温，但 基金公司外汇额度有限，场外申购被暂停或大幅限额后，资金只能涌入场内，形成"抢购"。二是套利机 制失灵。当一级市场申赎通道被"关闸"后，ETF的常规套利（如申购—卖出/买入—赎回）无法展开，溢 价难以被快速抹平。三是短线炒作与"T+0"制度。部分跨境ETF支持"T+0"日内回转，交易费用低，吸引 高频交易与游资参与，进一步放大价格波动。 多家基金管理人同日提醒旗下QDII基金溢价风险。11月25日，十余家公募同步发布公告提示旗下部分 QDII基金可能存在的二级市场交易价格溢价风险，涉及超20只基金。二级市场交易价格溢价的同时， 多数QDII基金在年内的业绩表现也相对亮眼，超九成基金取得正收益，更有产品收益率在全市场中排 名靠前。与此同时，也有部分基金管理人在近期暂停部分QDII基金的申购或大额申购。有观点提醒， 参与海外市场投资仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性差异及地缘政治等在 内的综合风险，避免因短期 ...

多家基金管理人同日提醒旗下QDII基金溢价风险。11月25日，十余家公募同步发布公告提示旗下部分QDII基金可能存在的 二级市场交易价格溢价风险，涉及超20只基金。二级市场交易价格溢价的同时，多数QDII基金在年内的业绩表现也相对亮 眼，超九成基金取得正收益，更有产品收益率在全市场中排名靠前。与此同时，也有部分基金管理人在近期暂停部分QDII 基金的申购或大额申购。有观点提醒，参与海外市场投资仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性 差异及地缘政治等在内的综合风险，避免因短期情绪追高，造成不必要的损失。 | 纳指ETF易方达：易方达纳斯达克100交易型开放式指数证券投资基金（QDII）溢价风险提示公告 | 2025-11-25 | | --- | --- | | 纳指ETF：广发纳斯达克100交易型开放式指数证券投资基金溢价风险提示公告 | 2025-11-25 | | 纳指科技ETF：景顺长城基金管理有限公司关于景顺长城纳斯达克科技市值加权交易型开放式指数证券投资基金（Q | 2025-11-25 | | DII) 二级市场交易价格溢价风险提示及停牌公告 | | | 纳斯达克100指数ETF ...

Core Viewpoint - The recent surge in demand for QDII funds, driven by ongoing volatility in overseas markets, has led to a wave of purchase restrictions across various QDII products, indicating a proactive management approach by fund companies to control product scale and performance [2][3][4]. Group 1: QDII Fund Purchase Restrictions - As of November 24, multiple QDII funds, including Bosera Hang Seng Technology ETF and Huaxia S&P 500 ETF, have suspended large-scale subscriptions and regular investment plans [2][4]. - Nearly 90 QDII products have tightened investment channels since November, with some funds lowering the minimum investment threshold to as low as 10 yuan [2][5]. - Fund companies like Huatai-PineBridge and Morgan Stanley have significantly reduced subscription limits, with some products now allowing a maximum of only 10 yuan for single-day subscriptions [4][5]. Group 2: Reasons Behind Purchase Restrictions - The primary drivers for the recent purchase restrictions are structural tensions in foreign exchange quotas and fund companies' active management of product scale and performance [3][6]. - The rapid growth in fund size could lead to increased redemption costs and dilution of existing returns, prompting fund companies to limit new inflows to protect the interests of current investors [6]. Group 3: Market Dynamics and Risks - The tightening of subscription channels has led to increased premiums in the secondary market for certain popular QDII products, with some experiencing premiums exceeding 10% [7][8]. - Fund companies have issued multiple risk warnings regarding the high premiums of their products, advising investors against blindly chasing high-priced funds [7][8]. Group 4: Future Market Outlook - Optimism regarding the future of the U.S. stock market persists, with expectations of continued positive performance supported by factors such as potential Federal Reserve interest rate cuts and the ongoing development of AI technology [9]. - Conversely, caution is advised as market sentiment shifts, with concerns about high valuations and the sustainability of business models in the AI sector becoming more pronounced [10].

Group 1 - The Federal Reserve officials show significant disagreement on whether to further cut interest rates in December due to moderate economic expansion and a cooling labor market [1] - Some officials believe that current inflation levels are close to the Fed's target, while others argue that inflation remains persistently above the target with little sign of a timely return to the 2% goal [1] Group 2 - The Chinese government is preparing a new round of support policies for the real estate market, including interest subsidies for new personal housing loans and tax deductions [2] - Major cities like Beijing and Shanghai may relax residency restrictions for home purchases, indicating the government's commitment to stabilize the real estate market [2] Group 3 - The Guangzhou Futures Exchange has announced adjustments to trading fees and limits for lithium carbonate futures contracts, aiming to curb speculative trading and prevent irrational price fluctuations [3] Group 4 - North American technology stocks experienced a significant decline, with the Nasdaq Composite Index dropping 2.2% after an initial rise, influenced by concerns over high valuations in AI companies [4] - Nvidia's stock fell 3.15% despite reporting strong quarterly earnings, resulting in a market capitalization loss of approximately $142.9 billion [4] Group 5 - Concerns have been raised about Nvidia's financial health, with a significant increase in accounts receivable and inventory, leading to predictions of a potential downgrade in early 2026 [5] Group 6 - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities through a share swap, which will position the new entity as the third-largest in the industry by revenue [7] Group 7 - The public fund issuance market in China has seen a resurgence, with 1,332 new public funds launched this year, totaling over 1.03 trillion units, marking a three-year high [8] - The average subscription period for new funds has decreased significantly, indicating heightened investor interest [8] Group 8 - The concentration of fund issuance is increasing among leading institutions, with the top four firms accounting for over 18% of the total issuance scale [9] - Smaller fund companies are struggling, with many launching fewer than five new products this year, leading to a significant disparity in market presence [9] Group 9 - Several QDII funds have suspended or limited large subscriptions, particularly in the US stock index category, due to high performance and significant inflows [10][11] - The tightening of QDII quotas has led to a structural shortage of available investment capacity among top institutions [11] Group 10 - Manner Coffee is considering an IPO in Hong Kong, potentially raising hundreds of millions of dollars with a valuation of up to $3 billion [12] - The company has over 2,000 stores in China and is backed by major investors, indicating strong growth potential [12]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【11月以来多只QDII基金限购，场内溢价率持续走高】11月20日消息，11月以来，几十只QDII基金发 布限购公告，多只明星产品"闭门谢客"。 与此同时，场内QDII基金溢价率持续攀升，部分产品溢价率 超10%，甚至有产品超20%。 业内人士称，外汇额度紧张和策略容量饱和是本轮限购主因，建议投资者 警惕高溢价风险，理性选替代投资渠道。 ...

Core Insights - Since November, multiple QDII funds have announced purchase restrictions, with several popular products closing to new investors [1] - Concurrently, the premium rates for on-market QDII funds have been rising, with some products exceeding 10% and even surpassing 20% [1] - Industry experts indicate that the main reasons for the purchase restrictions are tight foreign exchange quotas and saturated strategy capacities, advising investors to be cautious of high premium risks and to consider alternative investment channels [1]

Core Insights - The ETF market has experienced explosive growth in 2023, with a total of 322 ETFs issued, amounting to 2449.62 billion shares as of November 19, significantly surpassing last year's figures [1][2][3] ETF Issuance Statistics - A total of 322 ETFs were issued in 2023, with 283 being stock-type ETFs, accounting for 87.89% of the total issuance [2][3] - The total issuance of stock-type ETFs reached 1497.12 billion shares, representing 61.12% of the overall issuance [2][3] - Bond-type ETFs accounted for 32 issuances, with a total of 914.83 billion shares, making up 37.35% of the total [2][3] - QDII funds, although limited to 7 issuances, showed high market acceptance with a total issuance of 37.67 billion shares, reflecting strong demand for overseas investment tools [3] Market Drivers - Multiple factors have contributed to the rapid growth of the ETF market, including supportive regulatory measures and a favorable market environment [4] - The A-share market's upward trend has positively influenced ETF net values, particularly in active sectors like technology, enhancing investor willingness to enter the market [4] - The inherent advantages of ETFs, such as low fees and risk diversification, along with an expanding product line, have attracted a diverse range of investors [4] - Long-term capital is increasingly allocating a larger proportion to ETFs for stable asset allocation, while individual investors are gradually increasing their ETF holdings due to heightened risk awareness [4]

随着区内"硬联通"与"软衔接"持续深化，大湾区融合发展不断加速。今年以来，港人北上热度不减，越 来越多港人选择到内地消费购物、投资创业、安家养老。与此同时，更便捷的交通网络和通关服务以及 人才计划，也让"南下"客流持续增加，赴港旅游，乃至工作生活的内地居民也不断增长。 随着大湾区生活圈日渐成型，粤港澳三地之间更趋密切的人员往来正带动区内的跨境金融和财富管理服 务需求进一步释放，为金融机构在大湾区拓展业务创造了新的契机。 汇丰中国副行长兼大湾区总监陈庆耀表示："便利的金融服务是大湾区打造宜居宜业宜游优质生活圈的 重要一环。无论是在香港还是大湾区内地城市，我们看到，来汇丰网点开户及办理业务的"南向"和"北 向"客户都明显增长，对金融服务的需求也日趋多元。为了更好地服务客户，我们进一步加大了个人银 行及财富管理在区内的业务布局，为三地居民的畅行大湾区提供高效便捷的服务。" 陈庆耀介绍，今年以来，汇丰在深圳、广州的中心商务区先后开设了三家新一代的财富管理旗舰网点。 通过"金融+生活"的社交型体验，打造多渠道时代的银行财富管理服务生态。 深化跨境联动 连通全球财富机遇 以年初开业的华南首家新一代财富管理旗舰网点为例，这 ...

具体来看，股票型基金成为ETF发行主力。数据显示，今年以来发行股票型ETF达283只，占到发行总 量的87.89%，合计发行份额达1493.95亿份，占到总份额的61.07%。其中被动指数型基金发行数量达265 只，而增强指数型基金仅18只。 （原标题：年内ETF发行创历史新高 科创主题成市场焦点） 近年来，伴随资本市场有效性的持续增强，被动指数投资以其"紧密贴合市场走势、运营成本低廉、投 资风格稳定"的显著优势，日益受到投资者的青睐。 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只ETF 基金，合计发行份额达2446.44亿份，新发ETF数量及份额均已大幅超越去年全年，创出历史新高。 在各类主题产品中，科创ETF今年以来备受市场追捧，数据显示，今年以来发行的322只ETF基金中， 名称中带有"科创"字眼的ETF数量达66只，占到发行总量的20.50%，合计发行份额达501.78亿份，占到 总份额的20.51%。其次是自由现金流ETF，今年以来发行的ETF中，有29只ETF名称中带有"自由现金 流"字眼，占到发行总量的9.01%，合计发行份额达167.71亿份 ...