Core Viewpoint - The company, Guotou Ruijin Fund, has adjusted the valuation of its silver LOF due to significant discrepancies between domestic and international silver prices, aiming to reflect the true value of underlying assets and avoid misleading investors [1][2]. Group 1: Valuation Adjustment Reasons - The adjustment was necessary because the international silver market experienced a historic drop, leading to a situation where domestic futures prices did not accurately reflect the underlying asset values [1][2]. - The company emphasized that using the Shanghai Futures Exchange's settlement price would create a "virtual high" value, obscuring actual risks and potentially leading to significant losses for investors when prices normalize [2][3]. Group 2: Communication and Market Conditions - The company did not announce the valuation adjustment in advance due to concerns that it might be interpreted as an attempt to prevent redemptions, which could trigger market panic and a run on the fund [1][3]. - The company explained that the correlation between the Shanghai Futures Exchange silver futures and international market prices is high, and adjustments were made based on this relationship to ensure fair asset valuation [2][3].

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)C净值明细 在每日经济新闻发布的《为何调整估值？为何没提前公告？国投瑞银回应白银LOF巨震》一文，针对市 场质疑的"临时调整估值方法"与"未提前公告"两大问题，国投瑞银基金也进行了解释。公司指出，基金底层资 产（上期所白银期货合约）的真实价值由国际市场价格决定。当国际银价出现史诗级暴跌时，国内期货市场 的±17%涨跌停板制度如同一道"堤坝"，导致国内结算价无法及时反映真实跌幅。 | 浄值日期 | 单位净值 | 累计净值 | 日增长率(3) | 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 ...

2月2日，热门产品国投白银LOF更新净值，不少投资者"炸锅"，国投白银LOF单日跌幅高达31.5%，这一跌幅更是创 下公募基金单日跌幅历史之最。 "活久见"的场面上演，到底发生了什么？国投白银LOF火速回应，是基金调整估值所致。 该基金公告称，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。自2月2日起，本公司对 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。 简单讲：基金直接手动抹掉了涨跌幅限制，突破了LOF场内10%的涨跌停限制、突破了国内白银期货合约当日的理论 最大跌幅17%，直接穿透至底层，以白银期货国际市场价格定价了。 对于未来是否会恢复到此前的通过合约结算价进行估值？公司将综合参考各项相关影响因素并与基金托管人协商，自 上述合约交易体现了活跃市场交易特征后，恢复按结算价估值方法进行估值。 国投白银LOF公布净值跌幅为何高达31.5%？ 依然有不少投资者懵圈，31.5%的单日跌幅，不仅远远高于此前基金公 ...

针对旗下国投瑞银白银期货LOF(161226)因单日净值暴跌31.5%并引发市场强烈争议一事，2月3日，国 投瑞银基金向投资者发布详细说明，集中回应了关于"临时调整估值方法"与"未提前公告"两大核心质 疑。 估值调整： 价格确定滞后，遵循行业惯例 对于为何未在2月2日开市前提前公告估值调整，国投瑞银给出三点解释： 一是价格确定时点晚：所参考的国际主要市场价格通常在北京时间下午3点后才能最终确定，此前无法 获得准确、公允的资产定价。 二是存在不确定性：公司无法预测国内期货合约盘中会否打开跌停板并恢复流动性，若可正常交易，则 可能无需调整估值。 三是避免引发恐慌：公司担心，若在交易时间内提前公告，可能被市场解读为基金流动性出现严重问 题，进而引发非理性的恐慌性"挤兑"。 国投瑞银表示，在方案确定后再发布公告是公募基金行业的普遍惯例，核心目的是为了坚持公平对待每 一位持有人。 为反映真实风险，确保公平 对2月2日当天赎回的投资者而言，赎回的基金资产本身实际价值已远低于上期所白银期货合约的价格。 国投瑞银在说明中将近期国际白银市场描述为"已远远脱离了正常的范畴"。公司指出，基金底层资产 (上期所白银期货合约)的真实价 ...

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！ 而基金公司则表示，此举是为保护持有人利益，确保净值公允。 来源：小基慢跑 基金净值单日暴跌31.5%，国内公募基金史上最大单日跌幅诞生，国投瑞银白银LOF基金被推上风口浪 尖。 "欲戴皇冠，必承其重"，规模涨的有多快，现在压力就有多大。 这和当年的"华子"，赛道型基金其实都一样。 2026年2月2日，持有国投瑞银白银LOF基金的投资者经历了一场"惊魂夜"。当晚更新的基金净值显示， 该基金单日跌幅高达31.5%，创下公募基金历史最高单日跌幅纪录。 这一罕见的暴跌并非完全源于市场波动，而是基金公司主动调整估值方法所致。愤怒的投资者在社交平 台宣泄不满，称"沪银当天已经跌停跌了17%，凭什么基金要跌31.5%？" 估值调整风波 国投瑞银基金在2月2日晚间发布公告，宣布对旗下白银LOF基金进行估值调整。公告称，鉴于近期白银 国际主要市场价格出现显著波动，与上海期货交易所白银期货差异较大，公司决定参考国际主要市场价 格变动幅度对基金资产进行合理重估。 这一调整的直接结果是，基金净值从前一交易日的3.2838元骤降至2.2494元，单日跌幅达到惊人 ...

2026.02.03 按照基金合同约定，国投瑞银白银LOF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。 而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%。这意 味着，即便国际市场价格出现更大波动，国内合约价格在单个交易日内最多只能反映17%的变动。 国投瑞银基金2日晚间表示，在近期的极端行情中，白银期货国际主要市场价格单日波动远超上期所白 银期货价格的涨跌停比例限制。此时，若仍沿用当日上期所白银期货结算价进行估值，可能导致基金净 本文字数：1846，阅读时长大约3分钟 作者 |第一财经 曹璐 国投瑞银基金昨日晚间发布公告，宣布对旗下国投白银LOF所持白银期货合约的估值方法进行调整。受 此影响，国投瑞银白银期货A当日复权单位净值跌幅超过31%，这一净值正是按照新估值方法重估后的 结果。 不过，此次估值调整在投资者中引发巨大争议，核心焦点集中在调整时点上——为何公告在2月2日交易 结束后才发布？ 对此，国投瑞银基金向第一财经回应称，如果提前公告，担心被解读为有意引导投资者不要赎回，进而 推测基金资产流动性出现严重问题，引发市场恐慌，出现挤兑。 2月2日对于持有国 ...

2026.02. 03 本文字数：1846，阅读时长大约3分钟 国投瑞银基金认为，若基金继续按其下跌17%的价格估值，其净值将"高估"实际资产价值，形成所谓的"估值滞后"。这种偏差意味着，基金账面的净值 已不能准确代表其所持资产的真实价值。换言之，2月2日公布的净值，正是按新方法"重估"后的结果。 作者 | 第一财经 曹璐 国投瑞银基金昨日晚间发布公告，宣布对旗下国投白银LOF所持白银期货合约的估值方法进行调整。受此影响，国投瑞银白银期货A当日复权单位净值 跌幅超过31%，这一净值正是按照新估值方法重估后的结果。 不过，此次估值调整在投资者中引发巨大争议，核心焦点集中在调整时点上——为何公告在2月2日交易结束后才发布？ 对此，国投瑞银基金向第一财经回应称，如果提前公告，担心被解读为有意引导投资者不要赎回，进而推测基金资产流动性出现严重问题，引发市场恐 慌，出现挤兑。 2月2日对于持有国投瑞银白银期货LOF的投资者而言，无疑是惊心动魄的一天。这只国内唯一跟踪白银期货的LOF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%，创下罕见的极端记录。而这一数字的背后，源于基金公司的一则深 ...

Core Viewpoint - Guotou Ruijin Fund announced an adjustment to the valuation method for its Guotou Silver LOF's silver futures contracts, leading to a significant drop in the fund's net asset value by over 31% on February 2, 2023, which has sparked controversy among investors regarding the timing of the announcement [1][4]. Group 1: Valuation Adjustment - The fund's valuation adjustment was made due to significant fluctuations in international silver prices compared to domestic futures prices, necessitating a re-evaluation of the fund's assets [2][3]. - The new valuation method references the price changes in international silver futures markets, effective from February 2, 2023, at 3 PM Beijing time [2]. Group 2: Investor Reaction - Investors expressed outrage over the timing of the announcement, which was made after trading hours on February 2, leading to concerns about fairness and transparency in the valuation process [4][5]. - Complaints from investors highlighted the perceived unfairness of changing the valuation rules retroactively, which they felt undermined their trading decisions made earlier that day [4]. Group 3: Fund's Justification - The fund justified the lack of prior announcement by stating concerns about potential panic and liquidity issues if investors were informed too early [5][6]. - The fund emphasized that the adjustment was necessary to ensure that the net asset value accurately reflected the true value of the underlying assets, especially given the extreme market conditions [3][6].

Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in its net asset value, raising concerns among investors regarding the timing and transparency of the announcement [1][3][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin Fund announced a change in the valuation method for its silver futures contracts due to significant price fluctuations in the international silver market [2][3]. - The fund's net asset value dropped from 3.2838 yuan to 2.2494 yuan, a decline of 31.5%, marking an extreme record for a single day [1][2]. - The new valuation method references the price changes in the international silver futures market, which allows for a more accurate reflection of the underlying asset's fair value [2][3]. Group 2: Investor Reaction - The timing of the announcement, made after the trading day ended, has sparked outrage among investors who felt blindsided by the sudden change in valuation rules [4][5]. - Investors expressed concerns about fairness and transparency, arguing that the lack of prior notice violated principles of timely information disclosure [4][5]. - Complaints and calls for action from investors flooded online platforms, highlighting dissatisfaction with the handling of the valuation adjustment [4][5]. Group 3: Company Explanation - Guotou Ruijin Fund stated that the decision not to announce the adjustment in advance was to prevent panic and potential runs on the fund [1][5]. - The company emphasized that the adjustment was necessary due to the extreme market conditions and the limitations imposed by domestic trading rules, which could lead to a misrepresentation of the fund's actual value [3][6]. - The fund clarified that the actual value of the assets is uncertain until the market closes, which justifies the timing of the announcement [6].

国投瑞银基金一纸估值调整公告，再次将其旗下白银期货LOF推向风口浪尖。 因国际白银价格剧震并与国内市场形成巨大价差，国投瑞银白银期货证券投资基金（LOF）（简称"国投白银LOF"）宣布自2月2日起，其净值将 依据国际主要市场价格波动进行重估，此举实质上突破了国内期货的涨跌停板限制。受此影响，国投白银LO周一单日净值暴跌31.50%，创下公募 基金行业罕见的回撤纪录。 2月3日，国投白银LOF10:30复牌后再度一字跌停。截至午间收盘，该基金最新价格报4.250元/份，相较于其最新净值2.2494的溢价率为88.94%。 | < W | | | 国投白银LOF(161226.SZ) | | | | --- | --- | --- | --- | --- | --- | | | | | 休市中 02-03 11:30:00 | | | | 4.250 | | 昨收 | 4.722 | 流通盘 | 36.61亿 | | -0.472 -10.00% | | 开盘 | 4.250 | 流通值 | 156亿 | | 最高 | 4.250 | 成交量 | 1296.3万 | 换手率 | 0.35% | | 最低 | 4. ...