On January 15, the Nikkei 225 Index closed at 35,901.79 points, up 0.91%, marking a 6-day winning streak and setting a new 34-year high. The index briefly crossed the 36,000 points mark intraday, the first time since February 1990. The Nikkei ETF (513520) hit the daily limit up at one point on the 15th, with a premium rate approaching 20%; by the close, the gain narrowed to 4.67%, with a still high premium rate of 13.17%. Analysis suggests that the recent sharp increase in the Japanese stock market may attract short-term buying from some investors seeking to "get in," resulting in higher prices. With the background of a sharp increase in market demand for funds in the short term, high premiums for Nikkei ETFs may occur. Industry insiders warn that if the premium is too high and the secondary market price significantly exceeds the net asset value, there is a risk of prices reverting to the net asset value. High premiums are not sustainable, and prices will eventually return to the intrinsic value of the product, i.e. the unit net asset value of the fund. It is worth noting that Huaxia Fund has issued three consecutive warnings about the risk of secondary market trading price premiums on January 6th, 12th, and 13th, cautioning against blind investing to avoid significant losses. Nomura Orient International Securities believes that the Japanese stock market will continue to strengthen in 2023. Its strong performance is mainly due to Japan's economy gradually moving out of deflation; improved corporate governance; and Japan's increasing attractiveness as a diversification target for Asian investments. The institution predicts that these fundamentals will not change in 2024. With the widespread adoption of a culture of rising prices improving profit margins, Japanese companies will continue to achieve profit growth in the fiscal years 2024 and 2025. As of January 14th, there are 4 ETFs tracking the Nikkei 225 Index in the A-share market - E Fund Rizing Sun Asset Management Nikkei 225 ETF (513000), Huaxia Nomura Nikkei 225 ETF (513520), Huaxia Mitsubishi UFJ Nikkei 225 ETF (513880), and ICBC Sumitomo Nikkei 225 ETF (159866) - and 1 ETF tracking the Japanese TOPIX Index - Southern TOPIX Index ETF (513800). As of January 14th, the premium rates for these 5 funds were 9.15%, 1.65%, 3.13%, 2.42%, and 0.30% respectively. Wind data shows that as of January 12th, the net asset value of several of these funds reached a new high. Among them, the latest net asset value of Huaxia Nomura Nikkei 225 ETF surpassed 650 million yuan; the latest net asset value of Huaxia Nikkei 225 ETF was 548 million yuan, an increase of over 70% in the same period as early January.