未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编：刘珺宇 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 国投白银LOF近期进行估值调整和相关公告引发投资者高度关注，今日国投瑞银基金公告称，践行以投资 者为本。公司将秉持依法公开原则，积极回应投资者诉求，努力降低相关估值调整对投资者的影响，保护 投资者合法权益。公司已成立工作小组，正在抓紧研究制定相关工作方案，支持投资者便捷地通过和解、 调解、仲裁等渠道或方式依法解决诉求，具体情况将另行公告。此外，公司将积极支持和解、调解、仲裁 的有效执行，也有能力保障投资者的合法权益，并将在基金运作、估值等环节坚持公允定价，公平保护全 体投 ...

Core Viewpoint - The public fund that invests in silver futures faced a significant valuation adjustment due to a sharp decline in international silver prices, resulting in a net asset value drop of over 31% in a single day, catching investors off guard [2][8]. Group 1: Fund Valuation Adjustment - On February 2, Guotou Ruijin announced a valuation adjustment for its silver futures LOF fund, deciding to reassess the fund's assets based on price changes in major international silver futures markets, leading to a 31.5% drop in net value [9][10]. - Investors expected a smaller decline of about 17% due to domestic silver futures having price limits, but the actual adjustment was much more severe, causing dissatisfaction among some investors [9][10]. - The adjustment was prompted by a significant drop in international silver prices, with spot silver falling nearly 30% on January 30, marking the worst single-day performance since 1980, and a cumulative decline of nearly 40% from the historical high on January 29 [9][10]. Group 2: Market Dynamics and Investor Behavior - Analysts noted that when the original valuation method fails to reflect asset value accurately, fund managers can negotiate with custodians to adopt a more reasonable valuation method, which aligns with regulatory requirements and fund contracts [10]. - The recent volatility in silver prices has been attributed to speculative trading rather than fundamental factors, with a significant increase in retail investor participation, making silver more sensitive to market sentiment and short-term trading behaviors [11]. - The extreme fluctuations in silver prices have heightened the difficulty for individual investors in assessing risks, as the rapid price increases attracted substantial capital inflows, leading to a lack of awareness regarding potential valuation adjustment risks [11]. Group 3: Future Outlook and Recommendations - Experts warn that the volatility of gold and silver prices may increase by 2026, urging investors to carefully assess their risk tolerance and consider these assets as a supplementary part of their portfolio while strictly controlling their positions [12]. - Investors are advised to adopt strategies such as phased investments and buying on dips to smooth out costs, while ensuring all investment activities are conducted within legal and compliant frameworks [12].

Core Viewpoint - The continuous decline of the Guotou Ruijin Silver LOF fund, which has experienced five consecutive trading halts, is attributed to a significant deviation between the fund's market price and its net asset value, exacerbated by recent volatility in international silver prices [1][5]. Group 1: Fund Performance and Market Reaction - On February 6, the Guotou Ruijin Silver LOF fund was priced at 3.099 yuan, marking its fifth consecutive trading halt, with a total trading volume of 2 billion yuan [1][5]. - The fund's net asset value on February 5 was reported at 2.4073 yuan, with a premium rate of 28.73% [1][5]. - The fund experienced a weekly decline of 41%, with a total trading volume of 7.52 billion yuan over the week, indicating ongoing trading activity despite the price halts [1][5]. Group 2: Valuation Adjustments and Investor Concerns - The fund's management announced a valuation adjustment on February 2, leading to a 31.5% drop in net asset value, which triggered the trading halts [1][6]. - Investors expressed dissatisfaction with the fund's management regarding the timing of the valuation announcement, questioning why it was not disclosed during trading hours [3][7]. - The valuation adjustment has resulted in some investors owing funds to distribution platforms due to discrepancies in redemption amounts [7]. Group 3: Market Outlook and Expert Opinions - Goldman Sachs has expressed a positive outlook on silver, predicting prices could reach 120 USD per ounce in the second quarter, while also noting that silver's volatility is significantly higher than that of gold [6]. - The fund's valuation event has sparked considerable debate within the investment community, with criticisms regarding the management's approach to price adjustments [6][7].

Core Viewpoint - The article discusses the significant impact of the recent sharp decline in international silver prices on a public fund that exclusively invests in silver futures, leading to a drastic adjustment in its valuation and a net asset value drop of over 31% in a single day, catching investors off guard [1][2]. Group 1: Fund Valuation Adjustment - On February 2, Guotou Ruijin announced a valuation adjustment for its silver futures LOF fund, deciding to reassess the fund's assets based on the price fluctuations in major international silver futures markets, resulting in a net value drop of 31.5% [1][2]. - Investors had anticipated a lower drop of around 17% based on domestic silver futures, but the actual adjustment led to a much steeper decline, causing dissatisfaction among some investors [1][2]. Group 2: Market Context and Price Fluctuations - The valuation adjustment was prompted by a significant drop in international silver prices, with spot silver falling nearly 30% on January 30, marking the worst single-day performance since 1980, and a cumulative drop of nearly 40% compared to the historical high on January 29 [1][2]. - Prior to the decline, silver prices had surged, reaching $116 per ounce on January 27, with a notable increase of over $13 per ounce on that day, indicating extreme volatility driven by speculative trading rather than fundamental factors [2][3]. Group 3: Investor Behavior and Risk Awareness - The extreme volatility in silver prices has heightened the difficulty for individual investors in assessing risks, as the rapid price increases attracted significant capital inflow, leading to a lack of awareness regarding potential valuation adjustment risks [3]. - Analysts emphasize that the recent drastic price movements serve as a risk education for investors, highlighting that no asset is immune to declines following significant increases, and caution against blind chasing of rising prices [3].

记者丨 李益文 编辑丨张楠 2月6日，国投白银LOF（161226.SZ）开盘后再度封于跌停板，报3.099元。这已是该基金自2月2日复牌以来，连续第五个交易日开盘即跌停。 截至收盘，跌停板上的封单仍超过700万手。 | 〈 | 国投自银LOF | | | | --- | --- | --- | --- | | | 161226.SZ | | | | 3.099 | 昨收 3.443 开盘 | | 3.099 | | -0.344 -9.99% | 流通盘 36.4亿 流通值 | | 113亿 | | 最 高 | 3.099 成交量 64.95万 换手率 | | 1.78% | | 最 低 | 3.099 成交额 2.01亿 | 均 价 3.099 | | | IOPV | | | | | 净值走势 国投瑞银白银期货A(1612... 2.4073 -4.12% | | | | | 分时 五日 日Ｋ 月Ｋ 月Ｋ 更多 ◎ | | | | | 叠加 | | 均价: 3.099 盘口 | | | 3.787 | | 9.99% 卖5 3.103 4363 | | | | | 卖4 | 3.102 1266 | | ...

"意外"暴跌惹众怒 作为公募基金中的"小众产品"，国投瑞银白银场外基金此前并未引起太多关注。 随着国际白银价格开启近十年最强上涨行情，该基金净值从2025年10月的1.26元飙升至2026年1月29日 的5.25元，累计涨幅超300%。 极端行情也推动该基金完成逆袭，规模随之水涨船高。截至2025年12月31日，国投瑞银白银期货 (LOF)A的管理规模从9月底的43.47亿元大幅升至104.47亿元，翻了接近1.5倍。 公开信息显示，国投瑞银基金是中国第一家外方持股比例达到最高上限（49%）的合资基金管理公司， 现任董事长为傅强，总经理为王彦杰。截至2025年末，该基金公司管理规模2525.78亿元。 狂热之下，风险已埋下伏笔。自1月30日起，国际白银价格上演"跳水"行情，单日最大跌幅超25%。2月 2日晚，国投瑞银白银更新净值后显示，A类份额单位净值从前一交易日的3.2838元骤降至2.2494元，单 日跌幅达31.5%，远超白银期货市场当日跌幅，创公募基金单日下跌历史纪录。 与此同时，国投瑞银一则当日生效的估值调整公告，将争议声推向顶峰。公告指出，此次净值大幅波动 系因调整基金估值方法所致。 截至2月5日 ...

专题：国投白银LOF暴跌31.5%创纪录：估值调整惹争议 2月5日，国投白银LOF场内开盘再度触及跌停板，至此已连续四个交易日跌停。 来源：新浪财经 追溯至三日前，2月2日，国际白银价格遭遇历史性暴跌，直接导致国投白银LOF基金净值单日重挫 31.5%，单位净值从3.2838元骤降至2.2494元，创下公募基金史上最大单日跌幅纪录。 | | 累计回报 | 历史净值 | | | --- | --- | --- | --- | | 日期 | | 单位净值 | 日增长率 > | | 2026-02-04 | | 2.5108 | +8.05% | | 2026-02-03 | | 2.3238 | +3.31% | | 2026-02-02 | | 2.2494 | -31.50% | | 2026-01-30 | | 3.2838 | -0.72% | | 2026-01-29 | | 3.3075 | +3.54% | | 2026-01-28 | | 3.1944 | +0.18% | | 2026-01-27 | | 3.1888 | +7.39% | | 2026-01-26 | | 2.9694 | + ...

Core Viewpoint - The significant drop of 31.5% in the net value of the Guotou UBS Silver LOF fund highlights deficiencies in risk control mechanisms within the fund company and raises concerns about the hurried information disclosure process, which has harmed investors' rights and serves as a warning for the entire industry [1][2][3] Group 1: Fund Performance and Market Context - The Guotou UBS Silver LOF fund experienced a dramatic increase in net value from 1.26 yuan to 5.25 yuan, a cumulative rise of over 300%, from October 2025 to January 2026, following a surge in silver prices [1][2] - Prior to this surge, the fund's performance was relatively stable, with a minimum price of 0.58 yuan and a maximum of 0.99 yuan between January 2021 and January 2024, indicating low volatility compared to equity funds [1][2] Group 2: Valuation Adjustment and Investor Impact - On February 2, the fund announced a valuation adjustment that took effect the same day, leading to a 31.5% drop in net value, which resulted in losses for investors who had submitted redemption requests before the announcement [2][3] - The fund's explanation for not providing prior notice was to prevent market panic, but this rationale has been met with skepticism from investors who felt their right to information was disregarded [2][3] Group 3: Risk Control and Investor Awareness - The fund became popular on social media as a "money-making tool," but many investors were unaware of the risks associated with the T+2 settlement period, which could lead to losses if market conditions changed unexpectedly [3][8] - The fund company had issued warnings about premium risks but failed to adequately disclose potential valuation adjustment risks, leading to a lack of understanding among investors regarding the associated risks [3][8] Group 4: Regulatory and Industry Recommendations - Regulatory bodies are urged to refine valuation rules for commodity futures LOF funds and to standardize the process for changing valuation methods and information disclosure requirements to prevent ambiguous operations [3][8] - The fund company is encouraged to enhance its responsibility and improve its information disclosure mechanisms, ensuring that significant valuation adjustments are publicly announced in advance with clear explanations [3][8] Group 5: Lessons for Investors - Investors are reminded that there are no guaranteed profits in investments, and they should remain rational, avoiding impulsive decisions based on hype surrounding high premiums and arbitrage opportunities [4][9] - Social media platforms are called upon to take responsibility for reviewing and regulating misleading financial information to prevent further market speculation during periods of heightened enthusiasm [4][9]

这场风暴早有预兆，1月30日伦敦银现率先开启首轮暴跌，单日跌幅飙至26.42%；而2月2日，成了名副其实的"黑色交易日"，国际银市的暴跌潮，直接传 导至国内基金市场，上演了一场无差别的资金血洗。 国投瑞银白银LOF主要投资于上期所的白银期货合约。正常情况下，基金净值会按照上期所白银期货合约的当日结算价进行估算，但国内期货有17%的涨 跌停限制，也就是说，即便国际银价跌了30%以上，国内沪银期货单日最多只能跌17%。这让不少投资者形成了"即便亏损，最多也就扛17%跌幅"的认 知。 也正因如此，2月2日当天，不少场外投资者果断提交了赎回申请，想着及时止损、守住剩余本金。可所有人都没想到，这份止损的期待，最终等来的却是 31.5%的暴跌，亏损幅度直接翻倍，远超市场普遍预期。 原创：大财可富司机 公募基金史上最惨烈的单日暴跌，猝不及防砸向了国投瑞银白银期货（LOF）的持有人！ 2月2日晚间，国投瑞银白银期货（LOF）AC类净值单日暴跌31.5%，直接刷新公募基金单日下跌的历史纪录。这场暴跌，让一众投资者的本金遭遇毁灭 性打击。 直到当天晚上10点，距离收盘已经过去7个小时，国投瑞银的公告才姗姗来迟。 国投瑞银解释称， ...

Group 1 - The core issue is the record drop of 31.5% in the Guotou Ruijin Silver Futures LOF fund, marking the largest single-day decline in the history of domestic public funds [1][3][34] - The drop was attributed to a "technical adjustment" in the valuation method of the fund's silver futures contracts, shifting from domestic exchange prices to international market prices [3][36] - The adjustment was made without prior notice to investors, leading to significant losses for those who were unaware of the impending change [3][4][38] Group 2 - The Guotou Ruijin Silver Futures LOF fund, established in 2015, saw its scale increase dramatically from 22 billion yuan at the end of 2024 to 189 billion yuan by the end of 2025, a 7.6-fold increase [41] - As of January 30, the fund's market price was 5.247 yuan per share, significantly higher than its net asset value of 3.1944 yuan per share, resulting in a premium rate of 64% [42][10] - The fund's high premium was exacerbated by a limit on external subscriptions, which created a scarcity of shares and drove up market prices [48][44] Group 3 - The fund's management faced criticism for its lack of communication and transparency regarding the valuation adjustment, leading to investor complaints and a surge in complaints filed with regulatory authorities [6][38][20] - The company defended its actions by stating that prior notice of the valuation change could have led to panic selling and market instability, which is a common practice in the public fund industry [52][20] - Despite the significant drop, the fund's premium remained high at 88.94% after the adjustment, indicating ongoing risks for investors [56][24]