公募开年惊雷，单日暴跌 31.5%，投资人怒了

Core Viewpoint - The public fund industry is facing a liquidity and valuation crisis triggered by the sudden volatility in silver prices, particularly affecting the Guotou Ruijin Silver Futures LOF fund, which saw a dramatic drop in value and investor complaints [1][4]. Group 1: The Net Value Storm - The crisis began with an unprecedented surge in silver prices, causing the Guotou Ruijin Silver Futures LOF fund's net value to increase from 1.26 yuan in October 2025 to 5.25 yuan by January 29, 2026, a cumulative increase of over 300% [5]. - The fund's scale rapidly grew from 4.3 billion yuan to over 10 billion yuan, attracting a large number of investors [5]. - On January 30, 2026, the fund unexpectedly announced a one-day suspension, coinciding with a significant drop in international silver prices, which fell by over 25% [6]. Group 2: Valuation Adjustment and Investor Impact - On February 2, 2026, the fund opened with a 10% drop and subsequently announced a valuation adjustment, leading to a record single-day decline of 31.5%, with the net value plummeting from 3.2838 yuan to 2.2494 yuan [7][9]. - The fund's explanation for the adjustment was that domestic futures prices could not accurately reflect the underlying asset's value, which was deemed a compliant operation [9]. - Investors who submitted redemption requests before the adjustment faced significant losses due to the unexpected revaluation, leading to widespread dissatisfaction [10][11]. Group 3: Investor Complaints and Company Response - As losses mounted, investor complaints surged, questioning the sudden suspension and the lack of operational transparency [12][15]. - In response to the complaints, Guotou Ruijin announced the establishment of a special task force to address investor concerns and pledged to protect their rights [15][16]. - However, the announcement did not adequately address key investor concerns, such as the timing of the valuation adjustment and potential compensation for affected investors [18]. Group 4: Future Implications for the Company and Industry - The crisis represents both a challenge and a test for Guotou Ruijin, emphasizing the need for concrete solutions to investor grievances and improved risk management practices [19]. - The events of early 2026 will serve as a significant case study for the public fund industry, highlighting the importance of transparency and investor communication [20].