Group 1 - The fund "Guotou Ruijin Silver Futures Securities Investment Fund" (LOF) has announced a suspension of large-scale subscriptions starting from December 29, 2025, to protect the interests of fund shareholders [2] - As of December 25, 2025, the closing price of the fund in the secondary market was 2.804 yuan, significantly higher than the net asset value, indicating potential risks for investors who blindly invest in high premium funds [2] - The fund will be suspended from trading on December 26, 2025, at the market opening until 10:30 AM, after which it will resume trading [2] Group 2 - The fund has made multiple adjustments to its investment limits, with the latest announcements on October 15, October 20, and December 19, reducing the periodic investment limits for A and C shares to 500 yuan and 500 yuan respectively [3] - The "Guotou Silver LOF" experienced significant volatility, with a price increase leading to a peak premium rate of 61.63% compared to its net value of 1.9278 yuan on December 24, 2025 [4] - Following warnings from the fund company and brokerage firms about trading risks, the fund's speculative trading cooled down, leading to a trading halt and a subsequent limit down on December 25, 2025, with an estimated premium rate still exceeding 40% [4]

记者丨江佩佩 见习记者张嘉钰 编辑丨张楠 12月25日晚，国投瑞银白银LOF发布公告， 自12月29日起，该基金A类份额单日申购、定投 金额限额为100元，C类基金份额暂停申购（含定期定额投资）。此前，A类份额单日申购、定 投金额限定为500元。 本周，国内唯一的公募白银期货基金"国投白银LOF（161226）"上演了一场惊心动魄的"过山 车"行情。本周前三天连续三天涨停，相比净值1.9278元，"国投白银LOF"12月24日收盘价 3.116元，溢价率一度高达61.63%！ | 基金名称 | | 国投瑞银白银期货证券投资基金 | | --- | --- | --- | | | | (LOF) | | 基金简称 | | 国投瑞银白银期货(LOF) | | 基金主代码 | | 161226 | | 基金管理人名称 | | 国投瑞银基金管理有限公司 | | 公告依据 | | 《公开募集证券投资基金信息披露 管理办法》及本基金的基金合同和 | | | | 招募说明书等 | | 暂停相关业务的 | 暂停大额申购起始日 | 2025年12月29日 | | 起始日、金额及 | 限制申购金额(单位:人民币元) | -- | ...

12月25日盘后，国投瑞银基金公告称，截至12月25日，国投白银LOF二级市场的收盘价明显高于基金份 额净值，投资者如果盲目投资于高溢价率的基金份额，可能面临较大损失。为保护投资者利益，该基金 将于12月26日开市起至当日10:30停牌。同时，基金A份额申购上限自12月29日起由500元降低为100元， C份额暂停申购。 今天上午，近日热度飙升的国投白银LOF停牌1小时，10:30复牌后，仅1分钟直线跌停，截至收盘，仍 封跌停板。在此影响下，该基金场内交易价格溢价率回落，从68.19%回落至45.45%。 这就意味着，假如放开限购，任由大量超过可持期货额度的资金申购进场，这部分资金可能面临被迫闲 置的状况，而一旦闲置的资金过多，不仅容易违反基金合同规定的"持有白银期货合约价值合计（买 入、卖出轧差计算）不低于基金资产净值的90%"，也容易导致基金跟踪误差的拉大。 一方面是白银期货行情的强势上涨。行情数据显示，国投白银LOF场内交易价格的强势拉升大致可以追 溯至12月初，彼时恰逢白银期货再度走强，投资热情骤然升温。然而，由于期货交易存在一定门槛，并 非所有投资者都能参与。于是，借道公募基金进场便成为一个选择。而 ...

| | 国投白银 LOF | | | | | | --- | --- | --- | --- | --- | --- | | | 161226 L1 | | | | | | 島 2.804 | 市值 75.85亿 3.116 | | | 量 279.56万 | 10.34% | | ਜ਼ਿੰਦ | 2.804 换 | 溢价 | 45.45% | | | | -0.312 -10.01% 开 | 3.116 图页 | 振幅 | 10.01% | | 8.09亿 | | 同花顺 FATE | 异动解读:大幅溢价风险+套利。1、据2025年12 ... ● × | | | | | | 分时 日K | 園K | 目K | 五日 | 更多。 | | | 均价: 2.894 最新: 2.804 -0.312 -10.013% | | | | | | | 3.428 | 10.01% 五档 | | | | 成交 | | 3-176 | 大单 - 变3 - 0.00%- | | | 卖 4 2.807 4075 | | | | 卖5 2.808 | | | | 5396 | | | | | | 2.806 | 3935 | ...

Core Viewpoint - The silver LOF experienced a significant price drop after a previous surge in premium, indicating volatility in the market for commodity-based funds [1][2]. Group 1: Market Performance - The National Investment Silver LOF (国投自银LOF) closed at 2.804, reflecting a drop of 10.01% from the previous day [1][7]. - The National Investment Ruiying LOF (国投瑞盈LOF) also hit the daily limit down, with a premium rate of 18.77% after a previous surge of over 30% [1]. - Other gold-themed LOFs saw a collective limit down, with premiums around 20% prior to the drop [2]. Group 2: Trading Activity - The trading volume for the silver LOF reached 279.56 million shares, with a total transaction value exceeding 8 billion [7]. - The turnover rate for the silver LOF was recorded at 10.34%, indicating a high level of trading activity despite the price drop [7]. - There were significant buy orders at the limit down price, suggesting continued interest from investors despite the volatility [7]. Group 3: Investor Sentiment - Investors who entered the market for arbitrage opportunities expressed concerns about their positions following the sharp decline [6][8]. - The current premium of 45% for the silver LOF is viewed as a safety cushion, although caution is advised against buying at the limit down price [8]. - The sentiment among investors indicates a mix of anxiety and opportunism, with some considering quick exits or further purchases based on market conditions [6][8].

连续多个交易日狂飙的国投白银LOF，今天"跌"上了热搜。 12月25日，该基金开市停牌一小时，10:30复牌后便迎来断崖式下跌，盘中迅速封死跌停板，成交额近7.7亿元，场内资金出 逃迹象十分明显。 自11月24日以来的一个月里，这只基金累计涨幅一度飙至127.6%，成为场内资金追捧的"明星基金"。 这一暴跌，与其近期的疯狂涨势形成了极其鲜明的对比。 就在前一日（12月24日），该基金同样经历了一小时临停，复牌后即告涨停。 而在跌停前夕，其溢价率飙升至68.19%的历史新高，远超LOF基金0-5%的合理溢价区间。即便跌停后，溢价率收窄至 45.44%，依旧处于高位风险区间。 为何前期暴涨，又为何突然跌停？ 回顾本轮国投白银LOF的强势行情，是基本面利好与场内资金疯狂涌入共同作用的结果。 从基本面来看，受美联储降息预期升温、美元指数走弱、全球地缘政治扰动等多重利好共振影响，大宗商品贵金属板块整 体走强。再加上，白银自身供需缺口持续扩大，直接推动价格年内暴涨近150%。 世界白银协会也明确指出，由于产量受限而工业和投资需求持续上升，预计2025年白银市场将连续第五年出现年度赤字。 这进一步印证了白银供需紧平衡的格局 ...

Group 1 - The core point of the news is the significant price drop of Guotou Silver LOF (161226) after a period of rapid price increase, indicating a market correction following extreme premium levels [1][4][12] - On December 25, the fund's price fell sharply to 2.804 yuan, hitting the 10% limit down after a three-day price surge [1][7] - The fund's premium rate decreased from a high of 68.19% to 45.44%, a drop of over 22 percentage points, reflecting a market correction [1][12] Group 2 - The fund experienced a cumulative price increase of over 100% since December, with an annual increase of 254.90% [4] - Regulatory bodies and fund managers expressed concern over the extreme premium, leading to heightened vigilance and risk warnings [5][10] - The fund was suspended for one hour on December 25 to cool down the overheated market, which contributed to the subsequent price drop upon resumption of trading [6][8] Group 3 - The price volatility was attributed to concentrated selling pressure from arbitrageurs who were able to sell their holdings after the T+2 trading mechanism allowed them to do so [9] - The fund management company, Guotou Ruijin, issued multiple risk warnings and implemented trading restrictions to manage the situation, including adjusting purchase limits [10][14] - Despite the restrictions, the fund saw an increase of over 3 billion shares and an additional 18 billion yuan in scale since December, indicating strong speculative interest [10] Group 4 - The current premium rate of 45.44% is still considered extreme, with the net asset value of the fund estimated at approximately 1.93 yuan, suggesting a "sentiment premium" of nearly 0.87 yuan per share [12][13] - Analysts predict that the premium may continue to narrow, potentially returning to a more typical range of 10%-20% in the coming days [13] - The market correction process for Guotou Silver LOF may just be beginning, with risks for high-position holders and potential further price declines [14]

Core Viewpoint - The recent trading of Guotou Silver LOF has experienced significant volatility, leading to a trading halt due to excessive premium rates and market speculation [1][3][8]. Group 1: Market Activity - Guotou Silver LOF's market price surged significantly, with a premium rate that once approached 70%, leading to a trading halt on December 25, with a closing price of 2.804, down 10.01% [1][3][5]. - The trading halt was triggered by a large sell order exceeding 1 billion yuan, with a transaction volume of over 600 million yuan and a narrowed premium rate of 45% [1][3][5]. Group 2: Investor Behavior - The surge in Guotou Silver LOF's price attracted many investors seeking arbitrage opportunities, resulting in a speculative trading environment [1][6][8]. - Investors were warned about the risks of high premium rates, as the price deviation from the net asset value was unsustainable, potentially leading to significant losses for those buying at inflated prices [6][8][9]. Group 3: Fund Management Response - Guotou Ruijin Fund, the manager of Guotou Silver LOF, issued multiple warnings regarding the risks associated with high premium rates and indicated the possibility of temporary trading halts to protect investors [8][9]. - The fund announced a cap on the subscription amount for A-class shares at 500 yuan and plans to adjust this limit in response to market conditions [9].

Core Viewpoint - The recent trading of Guotou Silver LOF has experienced significant volatility, with a sharp increase in market price followed by a trading halt due to a price drop, highlighting the risks associated with high premium trading in the secondary market [2][4][6]. Market Performance - Guotou Silver LOF's market price surged, leading to multiple days of trading halts and a premium that once approached 70% over its net asset value (NAV) [2][8]. - On December 25, the fund resumed trading and hit a trading halt with a drop of 10.01%, closing at 2.804, while the premium narrowed to 45% [4][5]. Trading Dynamics - The trading volume for Guotou Silver LOF was substantial, with a transaction amount exceeding 6 billion, and a sealed order amount over 10 billion during the halt [4][5]. - The fund's premium was driven by speculative trading, with investors engaging in arbitrage strategies that led to significant price deviations from the underlying asset's value [2][6]. Risk Warnings - The fund manager, Guotou Ruijin Fund, has issued multiple warnings regarding the unsustainable nature of high premiums, indicating potential significant losses for investors who buy at inflated prices [6][8]. - The fund announced a temporary trading halt to protect investors from the risks associated with high premium rates, emphasizing the importance of cautious investment strategies [8][9].

Core Viewpoint - The recent significant fluctuations in the secondary market trading price of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) have prompted the company to take protective measures for investors [1][3]. Group 1: Fund Performance and Actions - As of December 23, 2025, the fund's unit net value was 1.8527 yuan, while the closing price on December 24, 2025, was 3.116 yuan, indicating a substantial premium over the net value [3]. - To protect investors, the fund will suspend trading from the market opening on December 25, 2025, until 10:30 AM, with a potential for further suspension if the premium does not decrease [3][4]. - The fund's A-class share subscription limit is currently set at 500 yuan, with plans for adjustments due to the unsustainable high premium in the secondary market [3]. Group 2: Market Context and Other Funds - The recent surge in silver prices has led to significant increases in the Guotou Silver LOF, which is the only fund primarily investing in silver futures, achieving a limit-up on the trading day [3]. - Guotai Fund Management also reported similar issues with its Guotai Commodity Allocation Securities Investment Fund (LOF), indicating widespread volatility and high premiums in the market [3]. - Huatai-PineBridge Fund Management announced that its Gold and Precious Metals Securities Investment Fund (LOF) A-class shares are also experiencing significant premiums, leading to a trading suspension for investor protection [4].