2月2日晚间，国投瑞银基金发布公告解释称，该公司旗下国投白银LOF主要投资于上海期货交易所(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《中国证监会关于证券投资基金估值业务的指导意见》及《国投瑞银白银期货证券投资基金(LOF) 基金合同》的相关规定，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， 国投瑞银基金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。 今日周二(2月3日)亚盘时段，白银期货目前交投于21887一线下方，今日开盘于22000元/千克，截至发 稿，白银期货暂报20692元/千克，下跌19.64%，最高触及22300元/千克，最低下探20600元/千克，目前 来看，白银期货盘内短线偏向震荡走势。 【要闻速递】 【最新白银期货行情解析】 沪银继上周五跌停后，昨天开盘沪银继续跌停，目前还没有反弹的走势，关注沪银是否能持续走出空 间，沪银溢价大幅收敛至2300元/克，国内情绪明显降温，银波动率极大，沪银主力合约参考运行区间 20600-23700区间。 自2026 ...

Core Viewpoint - The recent valuation adjustment of the Guotai Junan Silver LOF fund led to a historic drop of 31.5% in a single day, raising concerns among investors about the timing and transparency of the announcement [3][5][6]. Group 1: Fund Valuation Adjustment - Guotai Junan Fund announced a valuation adjustment for its Silver LOF due to significant fluctuations in international silver prices, which deviated greatly from domestic futures prices [3][5]. - The fund's management stated that the adjustment was made to ensure that the net asset value accurately reflects the underlying asset conditions, prioritizing investor interests [5][6]. Group 2: Market Reaction and Investor Sentiment - Investors reacted strongly to the late-night announcement, expressing frustration over the lack of opportunity to mitigate losses before the market closed [6][8]. - Complaints emerged regarding the perceived unfairness of the timing of the announcement, which was made after trading hours, thus limiting investors' ability to respond [8][9]. Group 3: Regulatory Considerations - The China Securities Regulatory Commission (CSRC) guidelines require fund managers to fulfill disclosure obligations related to valuation changes, emphasizing the protection of investors' interests [6][8]. - The timing of the announcement raised questions about whether it adhered to the principle of maximizing investor protection, as it was released after the market closed [8][9].

Core Viewpoint - The recent trading of Guotou Silver LOF has seen a significant decline, with a drop of 10% to a price of 4.25 yuan, following a drastic net asset value decrease of 31.5% on February 2, 2026, marking a historical record for public funds [1][3]. Group 1: Fund Performance - Guotou Silver LOF's net asset value on February 2, 2026, was reported at 2.2494 yuan, reflecting a daily growth rate of -31.5% [3]. - The fund's price opened at 4.25 yuan, with a maximum and minimum price also at 4.25 yuan, indicating a consistent drop of 10% [2]. - The fund's recent performance shows a significant decline from a net value of 3.2838 yuan on January 30, 2026, to 2.2494 yuan on February 2, 2026 [3]. Group 2: Valuation Adjustments - The fund management announced a valuation adjustment for the Guotou Ruibin Silver LOF, effective from February 2, 2026, based on fluctuations in international silver futures prices [4]. - The adjustment will reference the price changes of silver futures contracts AG2604, AG2605, AG2606, AG2608, AG2610, and AG2612, comparing the current day's price to the previous trading day's price [4]. Group 3: Market Risks - The company has issued a warning regarding high premium risks in the secondary market, advising against blind purchases that could lead to significant losses [6]. - If the premium does not decrease effectively after the resumption of trading on February 3, 2026, the fund reserves the right to apply for temporary trading suspension to further alert the market [6].

值得关注的是，受估值调整影响，国投白银LOF二级市场交易价格与基金份额净值之间出现巨大偏离。 Wind数据显示，2月2日，该基金复牌后一字跌停，收盘价锁定在4.722元。按最新净值2.2494元计算， 目前二级市场价格溢价率高达109.92%。 国投瑞银白银期货LOF主要投资于上期所白银期货合约。2025年基金四季报显示，截至2025年底，该基 金持有沪白银2608、沪白银2606、沪白银2604、沪白银2602和沪白银2610等多个合约。 图片来源：智通财经 近期，白银价格大幅度下挫。2月2日，国投瑞银白银LOF晚间更新的净值显示，其单位净值从前一日的 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。 根据国投瑞银发布的说明，此次估值调整的核心原因直指近期国际白银市场的极端波动。公告指出，在 正常市况下，基金净值依循行业惯例，采用上海期货交易所白银期货合约的当日结算价进行估算。但国 内期货市场设有±17%的涨跌停板限制。 国投瑞银基金在公告中特别提示投资者关注二级市场交易价格溢价风险 ...

创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 以下文章来源于创业板观察 ，作者闫军 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。 简单地讲， 就是这只基金突破了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。直接手动抹掉了涨跌幅限制。 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%？ 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 ...

Core Viewpoint - Recent significant decline in silver prices, with a record drop in the net asset value of the Guotai Asset Management Silver LOF fund, falling from 3.2838 CNY to 2.2494 CNY, a decrease of 31.5% in one day, marking the largest single-day drop in public fund history [1][5]. Fund Valuation Adjustment - Guotai Asset Management announced that the drastic fluctuation in net value was due to an adjustment in the fund's valuation method, primarily influenced by extreme volatility in the international silver market [2][6]. - The fund typically estimates its net value based on the daily settlement price of silver futures contracts on the Shanghai Futures Exchange, which has a ±17% price limit [2][6]. Market Price Discrepancy - Following the valuation adjustment, a significant deviation occurred between the secondary market trading price and the fund's net value, with a premium rate of 109.92% noted after the fund resumed trading [7]. - On February 2, the fund's trading price was locked at 4.722 CNY, while the latest net value was 2.2494 CNY [7]. Silver Market Trends - In early 2025, international silver prices experienced a "high and then low" pattern, initially rising over 40% due to factors such as the Federal Reserve's interest rate cuts and geopolitical risks, with COMEX silver futures prices exceeding 35 USD per ounce [3][7]. - However, by January 2026, market dynamics shifted, leading to a strong rebound in the US dollar index above 109, which pressured precious metal prices, resulting in a 26.83% drop in silver prices on January 30 and a further 6.38% decline on February 2 [8]. Current Silver Price - As of February 3, the spot silver price was reported at 82.48 USD per ounce, reflecting an increase of 4.23% [4][9].

自2026年2月2日起，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。 对于这一调整，国投瑞银基金强调，此次估值方法的调整不改变基金的投资目标、投资范围、风险收益 等特征，仅为确保净值能够真实、公允地体现资产价值。 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 面对基金二级市场价格与净值的严重背离，国投瑞银基金发布公告，宣布将于2026年2月3日开市起至当 日10：30停牌。 公告指出，国投白银LOF（161226）二级市场交易价格明显高于基金份额净值，出现较大幅度溢价。投 资者如果盲目投资于高溢价率的基金份额，可能面临重大损失。 若本基金2026年2月3日二级市场交易价格溢价幅度未有效回落，本基金有权通过向深圳证券交易所申请 盘中临时停牌、延长停牌时间等措施，向市场警示风险。 2月3日，昨日热门产品国投白银LOF（161226）更新净值，不少投资者"炸锅"，单日跌幅国投白银LOF 单日跌幅高达31.5% ...

2月3日，国内商品期货早盘开盘，沪银跌超18%，沪锡跌超8%，原油跌逾4%，短纤、PTA等跌超1%，豆油、菜籽油等小幅下跌；氧化铝涨超1%，玻璃、 焦炭等小幅上涨。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 沪银2604 | 21073.00 | -18.16% | | AG2604.SHF | | | | 沪锡2603 | 375710.00 | -8.56% | | SN2603.SHF | | | | 原油2603 | 452.00 | -4.38% | | SC2603.INE | | | | 燃油2603 | 2705.00 | -3.67% | | FU2603.SHF | | | | 低硫燃料油2604 | 3177.00 | -2.00% | | LU2604.INE | | | | 纯苯2603 | 6002.00 | -1.88% | | BZ2603.DCE | | | | 沪镍2603 | 134050.00 | -1.82% | | NI2603.SHF | | | | 沥青2603 | 3307.00 | -1.78% | | BU2603.S ...

Core Viewpoint - The National Investment Silver LOF experienced a historic single-day decline of 31.5%, attributed to a valuation adjustment based on international silver futures prices, breaking through domestic trading limits [1][2][4][10]. Group 1: Fund Performance and Valuation Adjustment - The fund's net asset value (NAV) dropped by 31.5% on February 2, marking the largest single-day decline in public fund history [1][15]. - The fund announced it would adjust its asset valuation based on the price fluctuations of international silver futures, effective February 2, which allowed it to bypass the 10% daily trading limit typically imposed on LOF funds [4][18]. - The adjustment was made to ensure that the fund's NAV accurately reflected the fair value of its underlying assets amid extreme market conditions, where international silver prices fluctuated significantly [8][22][23]. Group 2: Market Context and Investor Reactions - On February 2, silver prices in the London market fell over 15%, reflecting a broader trend of volatility in precious metals [8][22]. - Investors expressed confusion and dissatisfaction regarding the fund's valuation methods, questioning why the fund did not adjust valuations during periods of price increases [11][24]. - Some investors noted that the fund's strict purchase limits during the recent price surge may have protected them from larger losses, but criticized the timing and rationale behind the valuation adjustment [14][26].

2月2日晚间，国投白银LOF公告，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 《中国证监会关于证券投资基金估 值业务的指导意见》及《国投瑞银白银期货证券投资基金（LOF）基金合同》的相关规定，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，国投瑞银基金管理有限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。 自2026年2月2日起，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。 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，届时不再另行公 告。 N # 啊 _ | ■ i 同日，国投白银LOF还发布公告， 国投瑞银基金管理有限公司旗下国投瑞银白银期货证券投资基金（LOF）A类基金份额（场内简称：国投白银LOF；交 易代码：161226）二级市场交 ...