和讯投顾李望军：白银LOF净值下调31%

Core Viewpoint - The significant drop of 31% in the price of the Guotou Ruijin Silver Futures Fund on February 2 has raised concerns due to its divergence from domestic silver futures prices, primarily attributed to differences in trading mechanisms between domestic and international markets [1][2]. Group 1: Fund Performance and Market Impact - The Guotou Ruijin Silver Futures Fund experienced its largest single-day decline, with a 31% drop, while domestic silver futures did not reflect a similar decrease [1]. - The fund's price adjustment was a strategic move to align with international silver futures prices, following a nearly 36% drop in the COMEX silver main contract, which ultimately affected the fund's net value [1][2]. - Prior to the price adjustment, the fund had shown a remarkable annual increase of 147.75%, outperforming similar funds [2]. Group 2: Market Trends and Future Expectations - The recent decline in silver and gold futures prices is attributed to previous excessive gains and profit-taking, with the Shanghai silver main contract rising 183% from November 2025 to January 2026 [2]. - It is anticipated that silver futures prices will stabilize and potentially rebound on February 4, although the likelihood of returning to previous highs is low due to increased selling pressure from investors [3]. - The recent market fluctuations serve as a warning for investors about the risks associated with rapid price increases, emphasizing the importance of rational investment and risk awareness [3].