炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华儿街之狼 2月2日晚间，国投瑞银白银期货（LOF）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%，创公募基金单日下跌历史纪录。 国投瑞银基金管理有限公司当晚发布公告，解释此次净值大幅波动系因调整基金估值方法所致。 然后，连续3天跌停 集体投诉 ··· ·· ·· · | 国投白银LOF擅自追溯调整估值致损 集体投诉 集体投诉编号:12377 由平台方发起 643 投诉对象: 投诉问题: 投诉诉求: 国投瑞银基金管理 虚假宣传、未履行合同 处罚、赔偿、解释 我要投诉国投白银LOF代码161226,我在2月2号15 点前赎回这只基金,当时按沪银估价值亏百分之14, 但是这个基金公司收盘后才公告改扭约银估价值,还 追溯2.2日生效,让我亏损百分之31多亏了百分之 17,他们提前披露。还改已成交订单的估价值规则, 也违反了基金合同,我要求撤销追溯调整,按原估价 重新结算。赔偿我的百分之17的损失,还要核实,处 罚他们的违规行为，我有截图为证! 对此，基民纷纷举报、投诉国投瑞银基金 ...

来源：视觉中国 2月4日，国投瑞银白银期货（LOF）复牌再度跌停，报3.825元，已连续三日跌停。 此前，该基金多次发布风险提示。2026年以来，其累计发布22次溢价风险提示公告、16次停复牌公告及 2次停牌公告。 1月30日，全球贵金属市场遭遇极端震荡，现货白银价格一度重挫35%至73美元/盎司一线，创下有记录 以来的最大单日跌幅，最终收盘仍大跌26.93%，报84.63美元/盎司，周线跌幅更是超17%。国内市场也 同步承压，沪银期货全合约集体触及跌停板，主力合约跌幅达17%。 随后，白银价格有所反弹。截至智通财经发稿，现货白银报87.05美元/盎司，上涨了2.33%。 尽管白银价格在短期内遭遇剧烈调整，但主流金融机构对白银中长期走势仍持乐观态度，不过短期分歧 正在加大。 高盛看好白银在光伏补库周期的表现，预计第二季度银价将向120美元/盎司发起冲击。 该基金近期因为估值调整而引发市场争议。2月2日晚间，国投瑞银白银期货(LOF)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%，创公募基金单日下跌历 史纪录。 国投瑞银基金管理有限公司当晚发布公告，解释 ...

Core Viewpoint - The article discusses the significant drop in the net asset value of the Guotou Ruijin Silver Futures LOF fund, which fell by 31.5% in a single day, marking the largest single-day decline in the history of public funds. This incident raises critical questions about fund product design, cross-border trading rules, and investor suitability management [2][4]. Group 1: Incident Overview - The Guotou Ruijin Silver Futures LOF fund experienced a drastic net value drop from 3.2838 yuan to 2.2494 yuan on February 2, resulting in a 31.5% decline [2][6]. - This decline was unprecedented, exceeding the 17% limit set by the Shanghai Futures Exchange for silver futures, leaving investors unprepared for such a significant loss [6][7]. - Following the drop, the fund's net value slightly rebounded to 2.3238 yuan, but the market reaction remained volatile, with the fund's shares facing consecutive trading halts [6][7]. Group 2: Regulatory and Compliance Issues - The fund management's decision to adjust the valuation based on international silver prices raised concerns about the timing and transparency of information disclosure, as the announcement was made after trading hours [10][13]. - Investors criticized the retrospective application of the valuation adjustment, questioning the fairness of the process and the potential for misleading information [9][13]. - The fund management defended its actions by citing compliance with regulations that allow for adjustments in extreme market conditions, but the timing of the announcement remains contentious [12][13]. Group 3: Market Implications and Future Considerations - The incident has sparked widespread discussion about the need for improved risk disclosure and investor protection mechanisms in the fund industry, particularly for cross-border and derivative products [19][20]. - Regulatory bodies may reconsider the design principles and risk management requirements for commodity futures public funds in light of this event [19]. - The event serves as a stark reminder for investors about the inherent risks associated with high premium investments and the importance of understanding the products they engage with [20].

Core Viewpoint - The recent net asset value adjustment of the Guotou Ruijin Silver Futures LOF fund has caused significant unrest among investors, marking a historic single-day decline of 31.5%, raising questions about fund design and investor protection [2][3][4]. Fund Performance and Market Reaction - The fund experienced a dramatic increase of over 260% in the year leading up to January 30, making it a popular choice among investors [3]. - On February 2, the fund's unit net value plummeted from 3.2838 yuan to 2.2494 yuan, setting a record for the largest single-day drop in public fund history [3][5]. - Following the drop, the fund's net value slightly rebounded to 2.3238 yuan on February 3, but the market turmoil had already caused significant distress among investors [5]. Investor Sentiment and Communication Issues - Investors expressed outrage on social media, feeling blindsided by the drastic drop, which exceeded the expected limits set by the Shanghai Futures Exchange [5][9]. - The timing of the fund's valuation adjustment announcement, made after trading hours, has been criticized for lacking transparency and fairness, leading to a perception of a "sneak attack" on investors [9][12]. Regulatory and Compliance Considerations - The fund management justified the valuation adjustment based on significant price fluctuations in the international silver market, citing compliance with relevant regulations [11][12]. - However, the decision to apply the adjustment retroactively has raised concerns about procedural fairness and the adequacy of risk disclosure to investors [12][15]. Industry Implications and Future Considerations - This incident may prompt a reevaluation of regulatory standards for cross-border and derivative products, particularly regarding valuation and disclosure mechanisms during extreme market conditions [15]. - Fund companies are urged to enhance their investor communication strategies, especially in times of crisis, to mitigate information asymmetry and restore trust [16].

跌幅创造公募基金历史，国投白银LOF基民们直呼"跌麻了"。 2月2日，国投白银LOF作为国内唯一跟踪白银期货的LOF基金（上市型开放式基金），净值从前一日的3.2838元骤降至2.2494元，单日跌幅高达 31.5%。"手动抹除跌停板"的操作，让基民在不知情的情况下承受超额亏损。 2月3日，事件进一步发酵，关于基金公司临时调整估值、申赎规则引发广泛争议。白银的极端行情，为何让基民们栽了大跟头？ 暴跌31.5%，到底怎么了？ 天天基金网数据显示，此次估值调整直接引发国投白银LOF净值剧烈波动：该基金A类份额单位净值从前一交易日的3.2838元骤降至2.2494元，C类份额从 3.2621元降至2.2290元，两类份额单日跌幅均达31.5%，成为业内罕见的单日净值大跌案例。 2025年以来的银价飙升，让白银LOF这只原本非常小众的产品，吸引了众多普通投资者入场。 2025年一季度末，该基金净资产约17.85亿元，三季度末就增至约66.40亿元。进入2026年，国投白银LOF更加疯狂，截至1月21日其场内价格年内涨幅已达 110.8%，甚至国投白银LOF发布近20次溢价风险提示，并多次停牌也无济于事。 直至白银崩了 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国际银价史诗级暴跌，撞上国内涨跌停板限制，一场因估值调整引发的风暴席卷基金行业。 2月2日晚10点，国投瑞银白银期货LOF（以下简称"白银LOF"）更新净值数据，其最新净值为2.2494 元，较前一日的3.2838元，单日暴跌31.5%，创下公募基金史上最大单日跌幅纪录。 同日晚间，国投瑞银基金公告，因国际白银价格出现显著波动，为公允反映基金资产价值，决定自当日 （2月2日）起，对基金持有的白银期货合约参考国际市场价格的变动进行估值调整。 公告一出，舆论哗然。在蚂蚁财富、天天基金、小红书等平台上，大量投资者发出投诉帖，直指基金公 司"临时改规则""不讲武德"。 一位投资者愤怒地写道："白天刚赎回，以为最多亏17%，晚上一看净值，多亏了14.5%，这找谁说理 去？" 这场由社交媒体助推、席卷大量新手投资者的套利热潮，以净值创纪录大跌收场，其中暴露的估值争 议、风险认知与应对得失，正在成为基金行业的新课题。 投资者遭遇双重打击 2月2日，对于持有国投瑞银白银期货LOF的投资者来说，无疑是心惊肉跳的一 ...

Core Viewpoint - The adjustment of the valuation method for the Guotou UBS Fund's Guotou Silver LOF has led to significant market reactions, including a record drop in the fund's net value and subsequent trading halts [1][2]. Group 1: Valuation Adjustment - On February 2, the fund's net value was reported at 2.2494 yuan, a decrease of 31.5% from the previous trading day, marking the largest single-day drop in public fund history [1]. - The fund's trading resumed after a halt, but it faced another drop, closing at 4.25 yuan, with a premium rate of approximately 88.94% at the time of reporting [1]. Group 2: Market Conditions - The valuation adjustment was prompted by significant fluctuations in the international silver market and discrepancies with the Shanghai Futures Exchange silver futures [1]. - The fund will revert to using domestic futures settlement prices for valuation once market conditions stabilize and contract prices reflect supply and demand adequately [2].

Core Viewpoint - The only silver-themed fund in China, Guotai Junan UBS Silver Futures (LOF), urgently adjusted its valuation after experiencing a significant drop, with A/C shares falling by 31.5% on February 2, exceeding the daily limit for both LOF and domestic silver futures contracts [1][3]. Group 1: Fund Performance and Valuation Adjustment - On February 2, Guotai Junan UBS Silver Futures (LOF) A/C shares recorded a 31.5% drop, setting a record for the largest single-day decline in public funds, surpassing the 10% daily limit for LOF and the 17% limit for domestic silver futures [3][4]. - In response to the drastic decline, the fund manager announced on the evening of February 2 that they would reassess the fund's assets based on significant price fluctuations in major international silver markets to protect investors' interests [3][5]. - The fund will adjust the valuation of its silver futures contracts based on the price changes in international markets relative to the previous trading day's closing price [3][5]. Group 2: Investor Concerns and Fund Management Response - Investors expressed dissatisfaction, claiming they lost significant returns in a single day and questioned the timing of the valuation adjustment, suggesting it was too late [6][7]. - Guotai Junan UBS Fund acknowledged the concerns, explaining that the actual value of the fund before trading hours is uncertain, and premature announcements could lead to market panic and potential runs on the fund [6][7]. - The fund management emphasized that the adjustment was necessary to ensure the net asset value accurately reflects the underlying asset's fair value, as the domestic futures market has a price limit that could lead to valuation discrepancies [5][7]. Group 3: Market Context and Future Outlook - Recent volatility in international silver prices has been extreme, with prices dropping significantly before showing signs of recovery [8][9]. - Analysts suggest that the high volatility in precious metals, particularly silver, is driven by speculative trading and could lead to further market instability [8][10]. - Long-term forecasts indicate that silver prices may rise due to continued demand for safe-haven assets, with predictions suggesting a potential increase to $120 per ounce by 2026 [9][10].

当日盘后，国投瑞银基金公告称，国投白银LOF主要投资于上期所挂牌交易的白银期货合约。鉴于近期 白银国际主要市场价格出现显著波动，与上期所白银期货差异较大。根据相关规定，为保护基金持有人 利益，确保基金净值能够真实、公允地反映底层资产状况，公司经与相关基金托管人协商一致，决定参 考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估。 据估值调整公告，自2026年2月2日起，国投瑞银基金对旗下证券投资基金持有的白银期货合约 AG2604、AG2605、AG2606、AG2608、AG2610、AG2612，参考估值日北京时间下午3点的白银期货 国际主要市场价格相对前一交易日北京时间下午3点的波动幅度进行估值调整。 在估值调整的说明中，国投瑞银基金解释道，根据基金合同约定，在正常市场条件下，基金净值的估算 通常采用"估值当日该合约的结算价"作为基础。这一做法符合行业惯例，也便于投资者理解与跟踪。但 需要说明的是，国内期货市场设有涨跌停板制度。以上期所某白银期货合约为例，目前的涨跌停幅度为 ±17%。 2月3日，市场上广受关注的公募"顶流"——国投白银LOF，在复牌后再度跌停。 值得注意的是，在这次跌停前一日 ...

21世纪经济报道特约记者 庞华玮 国际银价史诗级暴跌，撞上国内涨跌停板限制，一场因估值调整引发的风暴席卷基金行业。 2月2日晚10点，国投瑞银白银期货LOF（以下简称"白银LOF"）更新净值数据，其最新净值为2.2494元，较前一日的3.2838元，单日暴跌 31.5%，创下公募基金史上最大单日跌幅纪录。 这场由社交媒体助推、席卷大量新手投资者的套利热潮，以净值创纪录大跌收场，其中暴露的估值争议、风险认知与应对得失，正在成 为基金行业的新课题。 投资者遭遇双重打击 2月2日，对于持有国投瑞银白银期货LOF的投资者来说，无疑是心惊肉跳的一天。当天，该基金场内份额复牌一字跌停，收盘价4.722 元，跌停封单超80亿元，流动性几近枯竭。 同日晚间，国投瑞银基金公告，因国际白银价格出现显著波动，为公允反映基金资产价值，决定自当日（2月2日）起，对基金持有的白 银期货合约参考国际市场价格的变动进行估值调整。 公告一出，舆论哗然。在蚂蚁财富、天天基金、小红书等平台上，大量投资者发出投诉帖，直指基金公司"临时改规则""不讲武德"。 一位投资者愤怒地写道："白天刚赎回，以为最多亏17%，晚上一看净值，多亏了14.5%，这找谁 ...