国投瑞银白银LOF净值跌31.5%，创公募单日跌幅纪录，公司回应：调整估值所致

Core Viewpoint - Recent significant decline in silver prices, with a record drop in the net asset value of the Guotai Asset Management Silver LOF fund, falling from 3.2838 CNY to 2.2494 CNY, a decrease of 31.5% in one day, marking the largest single-day drop in public fund history [1][5]. Fund Valuation Adjustment - Guotai Asset Management announced that the drastic fluctuation in net value was due to an adjustment in the fund's valuation method, primarily influenced by extreme volatility in the international silver market [2][6]. - The fund typically estimates its net value based on the daily settlement price of silver futures contracts on the Shanghai Futures Exchange, which has a ±17% price limit [2][6]. Market Price Discrepancy - Following the valuation adjustment, a significant deviation occurred between the secondary market trading price and the fund's net value, with a premium rate of 109.92% noted after the fund resumed trading [7]. - On February 2, the fund's trading price was locked at 4.722 CNY, while the latest net value was 2.2494 CNY [7]. Silver Market Trends - In early 2025, international silver prices experienced a "high and then low" pattern, initially rising over 40% due to factors such as the Federal Reserve's interest rate cuts and geopolitical risks, with COMEX silver futures prices exceeding 35 USD per ounce [3][7]. - However, by January 2026, market dynamics shifted, leading to a strong rebound in the US dollar index above 109, which pressured precious metal prices, resulting in a 26.83% drop in silver prices on January 30 and a further 6.38% decline on February 2 [8]. Current Silver Price - As of February 3, the spot silver price was reported at 82.48 USD per ounce, reflecting an increase of 4.23% [4][9].