几家投资美股的中国公募基金已警告投资者关注其净值溢价过高的风险，凸显出即使北京扩大了对外投资额度，对美股的需求依然旺盛。
Several Chinese mutual funds investing in US stocks have warned investors about risks associated with hefty premiums to their net asset values, highlighting persistent demand for US equities even after Beijing expanded quotas for outbound investment.
包括华夏基金、华安基金和国泰基金在内的至少六家基金公司上周发出警告，此前其部分基金的市场价格大幅高于净值，提醒追涨的投资者若溢价收窄可能面临亏损。
At least six fund houses, including China Asset Management, Hua An Fund Management and China Universal Asset Management, issued warnings last week after the market prices of some of their funds rose substantially above their net asset values, cautioning that investors who chase the rally could incur losses if the premiums narrow.
例如，据数据提供商上海证券通（DZH）数据，华夏基金管理的一只跟踪标普500指数的交易型开放式指数基金（ETF）周一以6.3%的溢价交易，而一只跟踪纳斯达克上市股票的生物技术主题ETF溢价为6%。
For instance, an exchange-traded fund (ETF) tracking the S&P 500 and managed by China Asset Management traded at a 6.3 per cent premium to its net asset value on Monday, while a biotech-focused ETF tracking Nasdaq-listed shares traded at a 6 per cent premium, according to data provider Shanghai DZH.
类似于上市公司股票的市净率，基金的净值溢价率衡量的是基金价格偏离真实价值的程度。巨大的偏离可能预示着回调即将到来，将把价格拉回合理水平。
Much like the price-to-book value for stocks of listed companies, a fund’s premium to net asset value measures how much fund prices outpace real values. A big aberration could imply a pullback ahead that would send prices down to reasonable levels.
虽然高溢价伴随风险，但也凸显了中国投资者对美股的强劲需求，他们寻求在国内低利率和房地产市场持续低迷的背景下实现投资组合多元化。
While the elevated premiums carry risks, they also highlight strong demand among Chinese investors for US equities as they seek to diversify portfolios amid low domestic interest rates and a prolonged downturn in the property market.
分析师表示，中国上月批准68.4亿美元的新增境外证券投资额度似乎未能缓解供给紧张，许多基金仍对个人投资者的每日申购设限。
China’s approval of US$6.84 billion in fresh quotas for overseas securities investment last month appears to have fallen short of easing the supply strain, analysts said, with many funds still imposing a daily cap on purchases by individual investors.
中国限制个人投资者直接投资境外证券，合格境内机构投资者（QDII）计划是境外投资的官方渠道。根据该计划，持牌基金公司在获得金融监管部门额度后可发行产品。
China restricts direct investment in overseas securities by retail investors, with the qualified domestic institutional investor (QDII) programme serving as the official channel for outbound investment. Under the scheme, licensed fund firms can issue products after receiving quotas from financial regulators.
自2006年该计划启动以来，北京已批准337只QDII产品，总额度达1830亿美元，用于投资从美股到大宗商品等海外资产，据国家外汇管理局和金融数据提供商Wind的数据显示。
Since the programme’s inception in 2006, Beijing had approved 337 QDII products with a combined quota of US$183 billion for investment in overseas assets ranging from US stocks to commodities, according to data from the State Administration of Foreign Exchange and financial data provider Wind.
全球最大资产管理公司贝莱德本月获批在中国销售QDII基金，尚待额度批准。
BlackRock, the world’s largest asset manager, was granted approval this month to sell QDII funds in China, pending approval of quotas.
由于接触人工智能题材且市场韧性强劲，美股仍是中国投资者最青睐的海外资产类别之一。
US stocks remain among the favourite overseas asset classes among Chinese investors because of their exposure to artificial intelligence plays and the market’s resilience.
尽管油价高企且美债收益率上升，纳斯达克100指数上周仍升至历史新高。
The Nasdaq 100 rose to a record high last week despite elevated oil prices and rising Treasury yields.
中国科技股持续落后，以芯片为主的科创50指数仍在从7月的暴跌中复苏。
China’s tech stocks continue to lag, with the chip-heavy Star Market 50 index still recovering from a brutal sell-off in July.
买入美股的热情并非中国投资者独有，全球买家也以加速的步伐涌入该市场。
The fervour of buying US stocks is not unique to Chinese investors, as global buyers have also poured money into the market at an accelerating pace.
根据美国财政部数据，第二季度净买入额达4260亿美元，为有记录以来任意三个月期间的最高水平。这增加了截至7月的12个月内9420亿美元的净买入额。
Net purchases totalled US$426 billion in the second quarter, the highest on record for any three-month period, according to data from the US Department of the Treasury. That added to net purchases of US$942 billion over the 12 months through July.
数据显示，与此同时，美债净买入额从前三个月的3140亿美元放缓至第二季度的1880亿美元。张世东 撰文
Meanwhile, net buying of US Treasuries slowed to US$188 billion in the second quarter from US$314 billion in the preceding three-month period, the data showed. By Zhang Shidong