Core Viewpoint - The controversy surrounding the Guotou Ruijin Silver LOF fund arose from a significant adjustment in its asset valuation method, which led to a drastic drop in its net asset value and raised concerns among investors about the timing and rationale behind the decision [1][3][26]. Group 1: Fund Performance and Valuation Adjustment - The Guotou Ruijin Silver LOF experienced a dramatic decline of 31.05% in its net asset value on February 2, dropping from 3.2838 yuan to 2.2494 yuan [3][5]. - The fund's price had previously surged over 240% within a month, reaching a peak of 5.247 yuan, driven by both the rise in silver futures and high market premiums [8][9]. - Following the valuation adjustment, the fund's premium rate skyrocketed to 110%, indicating a significant disparity between the market price and the adjusted net asset value [3][26]. Group 2: Market Reactions and Investor Concerns - The announcement of the valuation adjustment was made after the market closed on February 2, leading to concerns among investors who had already submitted redemption requests based on the previous net asset value [26][30]. - The adjustment method, which referenced international silver futures prices, was unprecedented in the industry and raised questions about its appropriateness and the potential impact on investor confidence [26][30]. - Investors expressed frustration over the timing of the announcement and the perceived lack of consideration for their interests, as the adjustment occurred amidst extreme market volatility [6][28]. Group 3: Regulatory and Operational Context - The fund management company justified the valuation adjustment by citing significant fluctuations in international silver prices and the limitations of the domestic futures market's price movement due to trading restrictions [29][30]. - The company indicated that the adjustment was in line with regulatory guidelines and the fund's contract, which allows for alternative valuation methods under certain conditions [29][30]. - The management emphasized that the adjustment aimed to ensure that the fund's net asset value accurately reflects the underlying asset's fair value, particularly during extreme market conditions [30].

中国经济网北京2月3日讯 昨日晚间，国投瑞银白银期货(LOF)A/C更新净值数据，显示其最新净值为2.2494 元、2.2290元，相比上一个交易日（1月30日）的3.2838元和3.2542元，单日跌幅高达31.5%，创公募基金单日 下跌历史纪录。 国投瑞银白银期货(LOF)A净值明细 | 浄值日期 | 单位净值 | 累计净值 | 日增长率(?) | 申购状态 | | --- | --- | --- | --- | --- | | 2026-02-02 | 2.2494 | 2.2494 | 0 -31.50% | 暫停申购 | | 2026-01-30 | 3.2838 | 3.2838 | -0.72% | 暂停申购 | 国投瑞银白银期货(LOF)C净值明细 | 浄值日期 | 单位净值 | 累计净值 | 日增长率(7) | 申购状态 | | --- | --- | --- | --- | --- | | 2026-02-02 | 2.2290 | 2.2290 | 0 -31.50% | 暂停申购 | | 2026-01-30 | 3.2542 | 3.2542 | -0.72% | 暂停申购 | 2月 ...

记者丨 叶麦穗 编辑丨曾芳 经过周五和周一的大跌之后，周二黄金和白银暴力反弹，截至北京时间18点（下同），黄金反 弹5.6%，完全收复了昨日的失地，白银的波动更大，今日最高反弹超过11%，盘中触及87.954 美元/盎司，经过周二的大幅反弹，黄金和白银将年内的涨幅恢复到14%和21%。 | 国际贵金属 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 4916.800 | 257.522 | 5.53% | 13.86% | | 伦敦银现 | 86.987 | 7.856 | 9.93% | 21.53% | | COMEX黄金 | 4940.0d | 287.4 | 6.18% | 13.26% | | COMEX白银 | 86.500d | 9.491 | 12.32% | 21.86% | | 伦敦金(人民币/克) | 1096.7182 | 57.4416 | 5.53% | 13.04% | | 伦敦银(人民币/千克) | 19402.9768 | 1752.3892 | 9.93% | ...

由于贵金属波动过大，上海黄金交易所（下称：金交所）今日再度发布通知，调整黄金部分合约保证金水平和涨跌停板，调整白银延期合约交易保证金水平 和涨跌停板比例进行。 上金所公告，根据《上海黄金交易所风险控制管理办法》的有关规定，自2026年2月4日（星期三）收盘清算时起，Au（T+D）、 mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从16%调整为17%，下一交易日起涨跌幅度限制从15%调整为 16%；CAu99.99合约保证金每手120,000元调整至每手150,000元。 金银周五和周一的波动，也让市场感受到了波动的威力，据彭博汇编的数据，黄金30天波动率已攀升至44%以上，为2008年金融危机以来的最高水平。这一 数字超过了比特币约39%的波动率，后者通常被称为"数字黄金"。 21世纪经济报道记者 叶麦穗 经过周五和周一的大跌之后，周二黄金和白银暴力反弹，截至北京时间18点（下同），黄金反弹5.6%，完全收复了昨日的失 地，白银的波动更大，今日最高反弹超过11%，盘中触及87.954美元/盎司，经过周二的大幅反弹，黄金和白银将年内的涨幅恢复到14%和 ...

Core Viewpoint - The sudden valuation adjustment by Guotou Ruijin Fund led to a dramatic drop in the net asset value (NAV) of Guotou Silver LOF, causing significant investor confusion and concern as the NAV plummeted by 31.5% in a single day, marking a record decline for public funds [2][3][8] Group 1: Valuation Adjustment Details - On February 2, 2026, Guotou Ruijin Fund announced a valuation adjustment for Guotou Silver LOF, referencing the price fluctuations of silver futures in major international markets to ensure the NAV accurately reflects the underlying asset status [3][10] - The adjustment was prompted by a significant discrepancy between the Shanghai Futures Exchange silver futures prices and international market prices, with international silver prices dropping by 31% over two trading days, while the Shanghai prices fell by less than 20% [3][10] - The adjustment aimed to align the fund's NAV with the true international price level, as the previous valuation was deemed to have an inflated value exceeding 10% [3][10] Group 2: Investor Reactions and Market Impact - Following the valuation adjustment, Guotou Silver LOF faced a rapid increase in market skepticism, with discussions on social media questioning the legality and appropriateness of the sudden change [8][10] - Investors who had purchased the fund at a premium faced dual risks due to the sharp decline in silver futures prices and the high premium rate of nearly 90% on the fund's market price [5][6] - The fund experienced a significant sell-off, with over 55 billion yuan in sell orders at the limit down price, indicating a severe market reaction to the valuation adjustment [6][10] Group 3: Compliance and Regulatory Considerations - Legal experts noted that the fund's contract allows for valuation adjustments under specific circumstances, and the adjustment was deemed compliant with industry guidelines, which support fair value adjustments [10][11] - The timing of the announcement raised questions about the adequacy of information disclosure, as investors were not informed prior to the adjustment, leading to potential losses for those who redeemed their shares before the announcement [11][12] - Despite the legal backing for the adjustment, investor sentiment remained negative, with many expressing a loss of trust in the fund management due to the abrupt nature of the change [12][13]

作者 | 市值风云基金研究部 编辑 | 小白 就在昨天，国内公募基金市场诞生了一个足以载入史册的惨烈纪录。 国投瑞银白银期货LOF（161226.OF，以下简称"国投白银LOF"）单日净值暴跌31.5%。 这一跌幅不仅刷新了该基金自身的历史，在整个中国公募基金历史上也极为罕见。 消息一出，舆论瞬间炸锅。各大社交平台上，投资者的投诉和质疑几乎刷屏。 （来源：市值风云APP） 中国金融市场的一次风险警示课。 首先是预期的落空。2月2日（周一）白天，不少投资者看到白银市场形势不妙，为了止损选择赎回。 按照当时的国内盘面和以往的估值习惯，大家预估的亏损上限也就是国内期货的跌停板，即17%左 右。 然而，到了2月2日晚上，基金公司发布公告，宣布临时修改估值方法，将参考价格由国内改为国际。 （来源：Choice数据） 这一改不要紧，净值跌幅直接从17%跳到了31.5%。这意味着，那些白天刚赎回的人，在完全不知情 的情况下"多亏"了14.5%，相当于损失直接翻倍。 为什么投资者如此愤怒？ 投资者的愤怒不仅源于亏损，更源于规则的"突变"。 这种"预期差"带来的心理冲击，比亏钱本身更让投资者难以接受。 另外还有一些套利党，本想 ...

公募基金史上最离谱的"背刺"来了——国投白银LOF，把当天赎回的投资者坑得底朝天！ 2月2日晚上十点，本该是大家刷剧放松的时间，国投瑞银LOF(161226)突然扔出一颗炸弹——宣布调整 白银LOF的估值方式，紧接着更新的净值直接暴跌31.5%！ 这一下，整个投资圈炸翻了天。 更让人无奈的是，上周五国际银价单日暴跌26%创了历史纪录，而上期所的白银期货受涨跌幅限制，只 跌了17%便止步了。 做白银投资的都清楚，白银是全球定价的品种，国内盘面跌得不够，后续必然会补跌，这本是明摆着的 事儿！ 可国投瑞银呢？这套国内外涨跌停的机制早就存在，为什么偏偏要等到晚上十点才发布这份公告？ 非要在投资者做出赎回决策后，才披露净值重估的关键信息，直接导致当天赎回的投资者成了估值调整 的"接盘者"，独自扛下了这笔巨额亏损；还有人晒出持仓，收益直接被扣掉了130%。 国投瑞银调整估值是为了反映真实的资产价值，保护投资者，这话没毛病，但深夜奇袭发公告，多少有 些太不地道了，难怪有人吐槽：这基金公司跟个新手似的，懵懵懂懂毫无准备！ 其实啊，规则本身是合理的，但公告的发布时机，却让合理的规则变成了"合法坑人"。投资者不仅要应 对市场波动 ...

Core Viewpoint - Guotou Ruijin Fund Management Co., Ltd. announced an adjustment to the valuation method for six silver futures contracts held by its Guotou Ruijin Silver Futures Securities Investment Fund (LOF), leading to a significant drop in the fund's net asset value by over 31% in a single day, raising concerns and controversies in the market [2][4]. Valuation Adjustment - The adjustment involves changing the valuation calculation for the six silver futures contracts (AG2604, AG2605, AG2606, AG2608, AG2610, AG2612) to reference the international market prices at 3 PM Beijing time, instead of the previous method based on the Shanghai Futures Exchange settlement price [4]. - Following this adjustment, the A-class share net value dropped from 3.2838 yuan to 2.2494 yuan, and the C-class share fell from 3.2621 yuan to 2.2290 yuan, both experiencing a decline of 31.5% [4]. Reasons for Adjustment - The adjustment was prompted by a significant drop in international silver prices, which exceeded normal fluctuations, while domestic markets were restricted by price limits, creating a disparity between domestic and international prices [5]. - Guotou Ruijin emphasized that continuing to use domestic settlement prices would misrepresent the fund's net value, leading to a "virtual high" perception of asset value [5][6]. Controversy Over Announcement Timing - The timing of the announcement, made after trading hours, has been a focal point of controversy. Guotou Ruijin explained that the international market prices needed for accurate valuation are only available after 3 PM, and that market conditions could change during trading hours [6][7]. - The company expressed concerns that an early announcement could be misinterpreted as an attempt to prevent redemptions, potentially leading to market panic and liquidity issues [7]. Market Reaction - The valuation adjustment led to a rapid response in the secondary market, with the fund's price hitting a trading limit down, closing at 4.722 yuan, while the adjusted net value was only 2.2494 yuan, resulting in a premium rate of 109.92% [8]. - To mitigate risks associated with high premiums, Guotou Ruijin issued a risk warning and announced a temporary suspension of trading for the fund [8].

| 浄值日期 | 单位净值 | 累计净值 | 日暗长率(7) | 申购状态 | | --- | --- | --- | --- | --- | | 2026-02-02 | 2.2290 | 2.2290 | 0 -31.50% | 暂停申购 | | 2026-01-30 | 3.2542 | 3.2542 | -0.72% | 暂停申购 | 2月2日和2月3日，国投瑞银基金也连续发布了基金份额二级市场交易价格溢价风险提示及停复牌公告和 国投瑞银基金管理有限公司关于旗下基金估值调整的公告。 | 标题 | | 公告类型 | 公告目期 | | --- | --- | --- | --- | | 国投瑞银基金管理有限公司关于旗下基金估值调整的公告 | E | 其他公告 | 2026-02-03 | | 国投瑞银白银期货证券投资基金(LOF)A类基金份额二级市场交易价格溢价风险提示及 | FDF | 其他公告 | 2026-02-03 | | 停复牌公告 | | | | | 国投瑞银白银期货证券投资基金(LOF)A类基金价额二级市场交易价格溢价风险提示及 | ■ | 其他公告 | 2026-02-02 | | 停复牌 ...

Core Viewpoint - The only silver-themed fund in China, Guotou Ruijin 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] Fund Valuation Adjustment - On February 2, Guotou Ruijin Silver Futures A/C shares recorded a 31.5% drop, setting a record for the largest single-day decline in public funds, surpassing the 10% limit for LOF and the 17% limit for domestic silver futures [3] - 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 fluctuations in international silver market prices [3][4] - Starting February 2, the fund will adjust the valuation of its silver futures contracts based on the price changes in the international market relative to the previous trading day's closing price [3][4] Investor Concerns - Investors expressed dissatisfaction, with complaints about losing a month's worth of returns in a single day and questioning the timing of the valuation adjustment by the fund manager [6][7] - Some investors criticized the fund management for adjusting the valuation only after the significant drop, suggesting a lack of timely communication [6][7] Market Dynamics - Research from multiple futures companies indicates a high correlation between the Shanghai Futures Exchange silver futures and international market prices, suggesting that the domestic market's price limits can lead to valuation discrepancies [4] - The recent extreme market conditions have shown that international silver prices can fluctuate significantly beyond the domestic market's limits, leading to potential overvaluation of the fund's net asset value if domestic prices are used for valuation [4][5] Regulatory and Structural Issues - The fund's contract allows for valuation adjustments if the standard method does not reflect fair value, which the fund management deemed necessary due to recent market conditions [5] - The fund's structure has inherent flaws, as domestic price limits do not fully capture the volatility of international prices, raising concerns about the accuracy of net asset valuations [7][10] Long-term Outlook - Despite the recent volatility, some analysts believe that silver prices may rise in the long term, driven by monetary attributes and ongoing demand [10] - The Guotou Ruijin Silver Futures (LOF) is recognized as a high-risk fund linked to futures, necessitating investor awareness of the associated risks and market dynamics [10][11]