Source: Snowball APP, Author: Wang Boya Investment, (
With the popularity of overseas markets, more and more investors have begun to pay attention to funds that invest in overseas assets, such as ,, Indian funds, Vietnamese funds, German funds, etc. These funds are collectively referred to as QDII (QUALIFIED DOMESTITUTINALITUTIONALILS) funds in China.Essence
It refers to securities investment funds established in a country and a securities business that is approved by the relevant departments of the country to engage in the overseas securities market.QDII is an institutional arrangement that the currency is not fully exchanged and the capital items have not yet opened, and the domestic investors are limited to allow domestic investors to invest in the overseas securities market.
Domestic institutions must first obtain the quota approval of the State Administration of Foreign Exchange before they can invest in capital investment with overseas markets.Many times, this quota approval is relatively limited, so the QDII quota is more precious.
Although according to personal foreign exchange management measures, each person has a facilitation amount of $ 50,000 per year, but this fund cannot be used for investing in stocks, funds and real estate.Therefore, investing in overseas markets through QDII Fund has become the only legal and convenient way.
The impact of the QDII quota on the QDII fund is very large. It not only limits the upper limit of the fund size, but also often determines the fund's rise and fall and premium rate.Hyderabad Wealth Management
Taking (513850) as an example, at the end of January 2024, the fund experienced a super high increase, resulting in a premium of 40%+. One of the main reasons was that the fund had basically no purchase quota at that time, and it was impossible to purchase and sell arbitrage to suppress the premium.After receiving the attention of the exchanges, the Eva Company opened an additional large amount. Therefore, the arbitrage army began to purchase and sell, and the final premium basically disappeared.
In contrast, there has been no extra foreign exchange quota that can be used to purchase arbitrage. The QDII fund, such as Jingshun Great Wall (159509), LOF (161128), and (159866), still exists from 5%+premium to today.
Therefore, understanding the total amount of QDII and its changes in major securities companies is very important for our investment QDII fund.However, there are no special systems in the snowball or major forums.In view of this, I personally collect and analyze the QDII quota data of major securities companies in the past 12 years, hoping to bring some help to everyone.
2 Analysis and discussion
2.1 Overall distribution
As of 2024.04.30, a total of 186 institutions were approved for QDII qualifications, with a total amount of 165.519 billion US dollars.The approval ratio between different institutions is shown in the figure below. The securities institutions exceed half of the rivers and mountains, as high as 54.7%, and the lowest is the trust agency, only 5.4%.
In order to more intuitively show the amount of major categories and major institutions on the whole, the following mulberry maps are drawn for everyone to view, and we will analyze the securities categories in detail later.
2.2 The overall historical change law
As can be seen from the above figure, the overall quota approval can be divided into three stages:
Phase 1: 2013-2019, the total amount is basically the same, especially in 2015-2017, there is no new batch quota.Kolkata Stocks
Phase 2: 2019-2021, the total amount has increased rapidly, which is related to the country's expansion of the financial market open policy at that time.
Phase 3: 2021- Nowadays, the quota has re-entered the slow growth stage.
In terms of sub -agency categories, in the past 12 years, securities quotas have increased the most, followed by banks, insurance and trust institutions have basically no new quota.
2.3 The distribution and changes of securities institutions QDII quota
Despite insurance, banks and trust agencies also have a lot of QDII quotas, but they are usually not directly investing or inconvenient to invest. Therefore, we focus on the QDII quota of securities companies.
The total amount of securities companies was US $ 90.55 billion, accounting for 54.7%.The Securities Company QDII quota TOP10 is: Yifangda Fund, Huaxia Fund, Southern Fund, Canton Fund, Castrol Fund, Botai Fund, Morgan Fund, Schroder Fund and Hua'an Fund.
The QDII quota of securities companies has grown a lot in recent years, but it is mainly concentrated in 2021.Taking the Guangfa Fund as an example, its quota at the end of 2020 was only 1.65 billion US dollars, but it reached $ 4.28 billion at the end of 2023, an increase of 159%.
The figure below draws the quota of major securities companies in 2024.04.30 days for your reference.
3 QDII quota and QDII fundSurat Stock
(1) Only when the securities company obtains the QDII limit, can QDII fund be issued.
In recent years, with the opening of national finance, the QDII quota has increased significantly compared to before.As many QDII funds perform well, more people have also begun to pay attention to QDII funds.At the same time, securities companies have also launched more QDII products.
In the past two years, many companies have launched new QDII funds, such as investment promotion (159659), Huitianfu (159660), E Fund's (513850), Jingshun Great Wall (159509), etc.
These new QDII funds can provide more options for our investors, and at the same time increase the competition of related funds and promote them to better manage products.
(2) Use the QDII quota to predict the premium.
Some high -quality QDII funds, such as, S & P technology LOF, etc., once the fund company's QDII quota is urgent and the tracking index performs well, there will often be a high premium.
If you often hold this product and find that the fund company can purchase the quota rapidly by finding the daily purchase limit, then many times you can wait patiently to wait for others to lift the sedan.I believe that many veterans have received additional benefits.
By observing the daily purchase limit of fund products issued by various fund companies, we can find that there are not many foreign exchange quotas for mainstream fund companies, especially E Fund Fund, Huaxia Fund, Boshi Fund, Cathay Fund, Huaan Fund, etc.
Regarding the daily limit of the fund, I have also done two discussions. Interested friends can take a look at the analysis of the upper limit and remaining quota of the S & P 500 Fund in the five -branch room and the surplus quota estimation of the additional quota of the Twelve Branne Index ETF.
(3) Cherish high -quality QDII funds.
Judging from the amount of quota in recent years, QDII approval has now entered a slow growth stage.Before 2020, many QDII funds frequently restricted purchases. Personal predictions may continue to enter the purchase restriction status as you continue to purchase QDII funds.
The total amount of securities companies is $ 90.55 billion. This is the convenient and available investment amount sent by the country to all citizens. If calculated according to 1.4 billion people, the average person is $ 64.7 per person.People are $ 453.More importantly, securities companies will also launch a lot of non -high -quality QDII funds, so please cherish your high -quality QDII fund, such as Hehe.Note: Cherish just that this product is scarce, not to say that this product will definitely rise.
The QDII quota is closely related to the QDII fund. It is the prerequisite for the fund company to issue QDII funds, and it is also one of the necessary conditions to determine whether the QDII fund has occurred.Therefore, understanding the QDII fund quota can help us better invest in QDII funds.
Overall, the QDII quota is becoming increasingly tenseKanpur Investment. I expect that if there is no major change, the quota of most QDII funds will basically be exhausted during this year. At that time, there may be no funds to buy outside the court, and a high premium may face on the court.
Perhaps, only the decline in US stocks can make more foreign exchange quotas for fund companies.Maybe, falling will consume the foreign exchange quota of the fund company faster.As an ordinary individual investor, I hope that the State Administration of Foreign Exchange can approve more foreign exchange quotas for fund companies, so that all investors can make more diversified investment choices.
Note: This article is only a personal investment record and does not provide suggestions for anyone.I have no interest in any fund company.Adults are responsible for their own moneySurat Wealth Management!
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