--- title: "CITIC Securities: In the second quarter, overseas equity funds contributed the main incremental growth, with mutual recognition funds increasing in stocks and decreasing in bonds" type: "News" locale: "en" url: "https://longbridge.com/en/news/294619796.md" description: "CITIC Securities research report points out that by the end of the second quarter of 2026, the scale of QDII funds reached 908.7 billion yuan, a quarter-on-quarter increase of 13%, mainly driven by the contribution of overseas equity funds. Driven by the global technology investment wave, assets such as U.S. stocks and South Korean stocks have risen, showing a trend of \"net value and scale rising together.\" In terms of Hong Kong mutual recognition funds, the scale of equity funds has increased while the scale of bond funds has decreased, with performance being the main reason for the \"increase in stocks and decrease in bonds.\"" datetime: "2026-08-03T00:24:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294619796.md) - [en](https://longbridge.com/en/news/294619796.md) - [zh-HK](https://longbridge.com/zh-HK/news/294619796.md) --- # CITIC Securities: In the second quarter, overseas equity funds contributed the main incremental growth, with mutual recognition funds increasing in stocks and decreasing in bonds According to the Zhitong Finance APP, CITIC Securities released a research report stating that by the end of the second quarter of 2026, the scale of QDII funds reached 908.7 billion yuan, a quarter-on-quarter increase of 13%. Overseas equity funds contributed the majority of the scale increment, with stock and mixed funds growing by 109 billion yuan. A total of 6 new funds were launched in the second quarter, with a combined scale of 2.3 billion yuan, primarily investing in the Hong Kong market. Amid the global technology investment wave, overseas equity assets such as U.S. stocks and South Korean stocks continued to rise in the second quarter, showing a development trend of "net value and scale rising together." The latest scale of Hong Kong mutual recognition funds is 275.6 billion yuan, with equity fund scale increasing and bond fund scale decreasing. The performance in the second quarter is an important reason for the scale's "equity increase and bond decrease." ## The main points of CITIC Securities are as follows: **Overview of the QDII Fund Market: Overseas equity funds "net value and scale rising together."** As of the end of the second quarter of 2026, there were a total of 282 QDII funds, with a total scale of 908.7 billion yuan (excluding linked funds), a quarter-on-quarter increase of 13%. Among them, funds labeled as U.S. stocks and global stocks grew by 114.9 billion and 46.4 billion yuan, respectively, contributing the majority of the scale increment. A total of 6 new funds were launched in the second quarter, with a combined scale of 2.3 billion yuan, primarily investing in the Hong Kong market, with investment themes including technology, biomedicine, and other industries. **Latest QDII Quota Situation: Cumulative quota of 176.169 billion U.S. dollars, no new quota in the second quarter.** The latest batch of QDII quotas was issued at the end of March 2026 by the State Administration of Foreign Exchange, amounting to 5.3 billion U.S. dollars. Currently, the cumulative quota for securities fund institutions is 97.28 billion U.S. dollars, accounting for 55% of the total quota. Over the past five years, the State Administration of Foreign Exchange has continuously increased the issuance of QDII quotas for securities fund institutions, promoting the sustained development of QDII fund varieties. **QDII Fund Supply and Demand Structure: Significant head effect among managers, with equity funds primarily held by individual investors.** As of the end of the second quarter of 2026, the top five fund managers accounted for 52% of the scale, showing a significant head effect. Equity funds are the largest scale investment type for each manager. Looking at the first-level labels, individual holdings of funds labeled as global stocks, U.S. stocks, Hong Kong stocks, and Greater China stocks exceed 60%, while bond funds are primarily held by institutional investors. **QDII Fund Performance: Overseas equity funds performed well in the second quarter.** In the equity market, driven by the AI wave, the average return rates for global stocks, developed market stocks, and U.S. stocks in the second quarter were 65.25%, 49.53%, and 38.25%, ranking the top three. The average returns for Hong Kong stocks and Greater China stocks in the second quarter were -7.96% and -13.56%. In terms of bonds, the average adjustment in the second quarter was nearly 1%, while commodity-wise, the average return for gold-themed funds in the second quarter was -12.73%. **Overview of Hong Kong Mutual Recognition Funds: Total scale of 275.6 billion yuan, showing a scale trend of "equity increase and bond decrease."** The sales scale from the mainland accounts for about 39%. The scales of equity, bond, and mixed funds are 108.2 billion, 115.6 billion, and 51.8 billion yuan, respectively. In the second quarter, 13 new mutual recognition funds were added, all of which are new shares of existing products **Hong Kong Mutual Recognition Fund Performance:** In the second quarter, the technology theme style performed excellently in the global equity market, with equity fund sizes increasing and bond fund sizes decreasing. The size-weighted return of equity funds in the second quarter was 20.9%, while the size-weighted return of mixed funds was 18.0%. The size-weighted return of bond funds was 1.2%. The marginal change in performance is one of the main reasons for the fund size "increase in equity and decrease in bonds." **Risk Factors:** Significant exchange rate fluctuation risk; liquidity tightening risk; policy unexpected change risk; overseas market fluctuation risk, etc ### Related Stocks - [03121.HK](https://longbridge.com/en/quote/03121.HK.md) - [600030.CN](https://longbridge.com/en/quote/600030.CN.md) - [06030.HK](https://longbridge.com/en/quote/06030.HK.md) ## Related News & Research - ["Shades Of 2000": Second-Biggest De-Grossing Ever, A $400 Billion Hyperscaler Debt-Wave, & Kospi's Wildest Month Since Lehman](https://longbridge.com/en/news/294590178.md) - [HD Hyundai: Q2 2026 delivered record profits and margins amid oil price gains and geopolitical volatility](https://longbridge.com/en/news/294478815.md) - [Hanwha Aerospace: 2Q26 saw robust sales and profit growth, with strong segment performance and improved margins](https://longbridge.com/en/news/294458495.md) - [HD Korea Shipbuilding & Offshore Engineering: 2Q26 saw double-digit revenue and profit growth, with margins and cash position sharply improved](https://longbridge.com/en/news/294153698.md) - [KRAFTON: Record revenue and profit growth fueled by PUBG and Subnautica 2, with strong shareholder returns](https://longbridge.com/en/news/294164368.md)