国投白银LOF巨震后续：全额补偿超9成投资者

Core Viewpoint - The precious metals market experienced unprecedented volatility in early 2026, particularly with silver prices reaching a historical high before a significant drop, leading to investor disputes triggered by a public fund's valuation adjustment [1][2]. Group 1: Market Context - International spot silver prices surged to $121.44 per ounce on January 29, 2026, before entering a sharp decline, with a cumulative drop of over 31% in just two days due to reduced expectations for Federal Reserve interest rate cuts [1][2]. - The Shanghai Futures Exchange silver futures experienced a limited decline of less than 20% due to a 17% price fluctuation limit, causing a significant price disparity between domestic and international markets [2]. Group 2: Fund's Valuation Adjustment - On February 2, 2026, Guotou Ruijin Silver LOF announced a change in its valuation method to align with international market prices, resulting in a single-day net asset value drop of 31.5%, the largest in Chinese public fund history [1][2]. - The adjustment was based on the fund contract's allowance for valuation changes when conventional methods do not reflect asset value, but it led to investor outrage due to the timing of the announcement after market close [2][4]. Group 3: Investor Reactions and Legal Perspectives - Investors expressed dissatisfaction over the sudden announcement of the valuation adjustment, feeling it lacked respect for their positions and expectations, especially as many had anticipated a maximum loss of 17% [2][4]. - Legal experts noted that the fund's actions were compliant with existing regulations, as there was no requirement for prior investor consent or notification before the adjustment [4]. Group 4: Fund's Response and Compensation Plan - In response to the growing public outcry, Guotou Ruijin Fund established a dedicated working group to address investor concerns and announced a compensation plan on February 15, 2026 [5][6]. - The compensation plan includes full reimbursement for individual investors affected by the valuation adjustment with impacts under 1,000 yuan, while those exceeding this amount will receive a calculated compensation based on their losses [7].