净值单日暴跌31.5%创记录，场内4个跌停，国投瑞银因何“翻车”？

Core Viewpoint - The domestic only fund tracking silver futures, Guotou Ruijin Silver LOF, has faced significant losses, with a 31.5% drop in net value, raising concerns about valuation methods and risk control in the fund industry [1][2][4] Fund Performance and Market Reaction - The Guotou Ruijin Silver fund saw its net value surge over 300% from October 2025 to January 2026, increasing its management scale from 4.347 billion to 10.447 billion yuan [2] - Following a sharp decline in international silver prices, the fund's A-class net value plummeted from 3.2838 yuan to 2.2494 yuan on February 2, 2026, marking a record single-day drop for public funds [2][3] - The fund's trading price reached 5.247 yuan on January 30, 2026, resulting in a premium rate of 60% compared to its net value [5] Valuation Adjustment Controversy - Guotou Ruijin adjusted the fund's valuation method due to extreme market conditions, which led to significant net value fluctuations [3] - The adjustment was based on guidelines from the China Securities Regulatory Commission, but the timing of the announcement raised questions among investors [3][4] - Investors expressed dissatisfaction over the lack of prior notice regarding the valuation change, leading to substantial losses for those who redeemed their shares without knowledge of the adjustment [3][4] Risk Management and Regulatory Implications - The fund has issued multiple risk warnings since 2026, but concerns remain regarding the adequacy of information disclosure and risk management practices [6] - The media has highlighted the need for regulatory bodies to refine valuation rules for commodity futures LOF funds and improve disclosure processes to prevent ambiguous operations [6] - Recent rebounds in silver prices have not fully compensated for the losses, indicating ongoing challenges for the fund and its investors [6]