背刺客户？国投白银基金突发调估值，投资者追问合理、合情？

Core Viewpoint - The sudden valuation adjustment by Guotou Ruijin Fund led to a dramatic drop in the net asset value (NAV) of Guotou Silver LOF, causing significant investor confusion and concern as the NAV plummeted by 31.5% in a single day, marking a record decline for public funds [2][3][8] Group 1: Valuation Adjustment Details - On February 2, 2026, Guotou Ruijin Fund announced a valuation adjustment for Guotou Silver LOF, referencing the price fluctuations of silver futures in major international markets to ensure the NAV accurately reflects the underlying asset status [3][10] - The adjustment was prompted by a significant discrepancy between the Shanghai Futures Exchange silver futures prices and international market prices, with international silver prices dropping by 31% over two trading days, while the Shanghai prices fell by less than 20% [3][10] - The adjustment aimed to align the fund's NAV with the true international price level, as the previous valuation was deemed to have an inflated value exceeding 10% [3][10] Group 2: Investor Reactions and Market Impact - Following the valuation adjustment, Guotou Silver LOF faced a rapid increase in market skepticism, with discussions on social media questioning the legality and appropriateness of the sudden change [8][10] - Investors who had purchased the fund at a premium faced dual risks due to the sharp decline in silver futures prices and the high premium rate of nearly 90% on the fund's market price [5][6] - The fund experienced a significant sell-off, with over 55 billion yuan in sell orders at the limit down price, indicating a severe market reaction to the valuation adjustment [6][10] Group 3: Compliance and Regulatory Considerations - Legal experts noted that the fund's contract allows for valuation adjustments under specific circumstances, and the adjustment was deemed compliant with industry guidelines, which support fair value adjustments [10][11] - The timing of the announcement raised questions about the adequacy of information disclosure, as investors were not informed prior to the adjustment, leading to potential losses for those who redeemed their shares before the announcement [11][12] - Despite the legal backing for the adjustment, investor sentiment remained negative, with many expressing a loss of trust in the fund management due to the abrupt nature of the change [12][13]