2月24日，国投白银LOF复牌高开，盘中一度触及涨停。截至13时10分，国投白银LOF涨幅8.47%，报 3.060元，溢价率38.40%。 据悉，为应对高溢价风险，国投白银LOF今日开市起至10：30临时停牌，10：30后恢复正常交易，这也 是其近期为保障投资者利益采取的针对性风控措施之一。 2月15日，国投瑞银基金管理有限公司正式发布《关于白银基金相关方案的公告》，为国投白银LOF受 损投资者提出分层补偿方案。 具体来看，补偿对象为1月30日15：00后至2月2日15：00前提交赎回申请、且以2月2日基金净值确认赎 回的自然人投资者（不含机构投资者），补偿资金全部来源于基金公司自有风险准备金，不占用基金资 产，保障其他持有人权益不受影响。 其中，对估值调整影响金额（由-17%调至-31.5%的部分）为1000元以下的自然人投资者，按实际影响 金额全额确定和解金额。据介绍，该部分投资者占当日赎回投资者的比例超9成。对估值调整影响金额 （由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础上加上超过1000元部 分乘以一定比例确定总和解金额。 国投瑞银网站截图 雪球截图 国投 ...

其中，对估值调整影响金额(由-17%调至-31.5%的部分)为1000元以下的自然人投资者，按实际影响金额 全额确定和解金额(该部分投资者占当日赎回投资者的比例超九成)。对估值调整影响金额(由-17%调 至-31.5%的部分)超过1000元(含)的自然人投资者，在1000元基础上加上超1000元部分乘以一定比例确定 总和解金额。 自然人投资者可通过支付宝搜索"国投瑞银白银基金"小程序，按提示完成身份核验后，依指引在线办理 相关事宜。相关小程序将于2月26日正式启用。 2月23日晚，国投瑞银基金发布公告称，近期国投白银LOF二级市场交易价格出现较大幅度溢价。为保 护投资者利益，国投白银LOF将于2月24日开市起至当日10:30停牌，自2月24日10:30复牌，停牌期间基 金赎回业务照常办理。 (责任编辑：叶景) 国投资本2024年年度报告显示，公司归属于上市公司股东的净利润约26.94亿元。 国投白银LOF的和解相关方案适用范围为以2月2日净值确认赎回(含1月30日15点之后至2月2日15点之前 提交赎回申请)的自然人投资者，不含机构投资者。 同日，国投资本公告称，近期，公司下属三级控股投资企业国投瑞银基金旗下 ...

Group 1 - The core issue revolves around the valuation adjustment of the Guotou Ruibin Silver Futures Securities Investment Fund (LOF), which saw a significant drop in net value due to a sharp decline in the international silver market [1][2] - Guotou Ruibin Fund announced a compensation plan for affected individual investors, with those experiencing a loss of less than 1,000 RMB receiving full compensation based on the actual impact amount [1][2] - The company anticipates that the compensation plan will have a negative impact on its net profit attributable to shareholders for the year 2026, estimated to be less than 5% of the audited net profit for 2024, indicating no substantial effect on overall business development [1] Group 2 - The valuation adjustment was triggered by a significant drop in COMEX silver futures prices, which exceeded the price fluctuation limits of the Shanghai Futures Exchange [2] - The controversy centers on the timing of the valuation adjustment announcement, which was made after the market closed, leading to a discrepancy between expected and actual losses for investors who submitted redemption requests during the day [2] - Experts highlight that the Guotou Ruibin LOF is linked to futures contracts on the Shanghai Futures Exchange, indicating inherent structural risks associated with this high-risk fund product [2]

2月23日，国投白银LOF(161226)公告称，本基金将于2026年2月24日开市起至当日10:30停牌，自2026年2月24日10:30复牌，停牌 期间本基金赎回业务照常办理。 国投白银LOF强调，若本基金2026年2月24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，具体以届时公告为准。 国投资本称，经初步测算，预计本次方案将对公司2026年度归母净利润产生一定负面影响，影响金额低于公司2024年度经审计 归母净利润的5%，不会对公司整体业务发展产生实质性影响。 2月23日下午，国投资本(600061.SH)公告称，近期，公司下属三级控股投资企业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)估值调整事项受到市场关注，国投瑞银基金已于2026年2月15日发布相关事项的专项工作方案。 1.对估值调整影响金额(由-17%调至-31.5%的部分)为1000元以下的自然人投资者，按实际影响金额全额确定和解金额(该部分投 资者占当日赎回投资者的比例超9成)。 2.对估值调整影响金额(由-17%调至-31.5%的部分) ...

Core Viewpoint - The company announced a valuation adjustment for its silver futures fund, which is expected to have a minor negative impact on its 2026 net profit, estimated to be less than 5% of the audited net profit for 2024 [3] Group 1 - The company’s subsidiary, Guotou Ruijin Fund, released a special work plan regarding the valuation adjustment on February 15, which has attracted significant market attention [3] - The valuation adjustment affects individual investors who redeemed their investments between January 30 and February 2, 2026, excluding institutional investors [3] - The company is implementing a comprehensive plan to address the concerns of affected investors and is preparing technical support for a new online process [5] Group 2 - The plan includes two main aspects: for individual investors with an impact amount below 1,000 yuan, the settlement amount will be determined in full based on the actual impact [4] - For individual investors with an impact amount exceeding 1,000 yuan, the settlement will be calculated based on a fixed amount of 1,000 yuan plus a proportionate amount for the excess [5] - A new mini-program on Alipay will be launched on February 26, 2026, to facilitate the resolution of investor claims [5]

Core Viewpoint - The company announced an adjustment in the valuation of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) due to extreme fluctuations in the silver market, aiming to treat all investors fairly and avoid "first redemption advantage" [2][4]. Summary by Sections Valuation Adjustment Announcement - The company has implemented a valuation adjustment for the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) in response to significant price changes in the silver market, which has raised investor concerns [2][4]. - The adjustment is specifically applicable to individual investors who redeemed their shares based on the net value confirmed on February 2, 2026, excluding institutional investors [2][4]. Specific Plan Details - For individual investors whose valuation adjustment impact is below 1,000 yuan (from -17% to -31.5%), the settlement amount will be determined based on the actual impact amount, which constitutes over 90% of the redeeming investors on that day [3][4]. - For those with an impact exceeding 1,000 yuan, the settlement amount will be calculated by adding the base amount of 1,000 yuan to the excess amount multiplied by a certain ratio [3][4]. - A mini-program will be launched on February 26, 2026, to facilitate the settlement process for investors, ensuring a convenient and reliable resolution to their claims [4].

Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in net value, prompting a compensation plan for affected investors, with over 90% receiving full compensation [1][9]. Group 1: Valuation Adjustment - On February 2, 2026, Guotou Ruijin announced a change in the valuation method for its silver futures LOF from "Shanghai Futures Exchange settlement price" to "reference international silver price fluctuations," resulting in a single-day net value drop of 31.5%, the largest in public fund history [1][9]. - The adjustment was deemed necessary to reflect the true value of the underlying assets, as the international silver price is not subject to the same daily fluctuation limits as the domestic market [3][11]. Group 2: Compensation Plan - For individual investors affected by the valuation adjustment, those with losses under 1,000 yuan will receive full compensation based on the actual impact amount, while those with losses exceeding 1,000 yuan will receive compensation based on a certain undisclosed ratio applied to the amount over 1,000 yuan [2][10]. Group 3: Legal and Regulatory Considerations - Guotou Ruijin's actions are considered not illegal, as the fund contract allows for adjustments in special circumstances where conventional valuation methods do not reflect fair value [4][12]. - The company did not violate regulations, as similar cases of valuation adjustments have occurred in the past, indicating a precedent for such actions [5][13]. Group 4: Investor Impact and Lessons - The significant drop in net value has led to heightened investor sensitivity, as the fund's underlying asset is solely the Shanghai silver futures contract, making the impact of the adjustment more pronounced compared to other funds with diversified holdings [6][14]. - The incident highlights the importance of understanding the underlying assets and associated risks before investing, as well as assessing one's investment capabilities and psychological resilience [8][16].

Core Viewpoint - The precious metals market experienced unprecedented volatility in early 2026, particularly with silver prices reaching a historical high before a significant drop, leading to investor disputes triggered by a public fund's valuation adjustment [1][2]. Group 1: Market Context - International spot silver prices surged to $121.44 per ounce on January 29, 2026, before entering a sharp decline, with a cumulative drop of over 31% in just two days due to reduced expectations for Federal Reserve interest rate cuts [1][2]. - The Shanghai Futures Exchange silver futures experienced a limited decline of less than 20% due to a 17% price fluctuation limit, causing a significant price disparity between domestic and international markets [2]. Group 2: Fund's Valuation Adjustment - On February 2, 2026, Guotou Ruijin Silver LOF announced a change in its valuation method to align with international market prices, resulting in a single-day net asset value drop of 31.5%, the largest in Chinese public fund history [1][2]. - The adjustment was based on the fund contract's allowance for valuation changes when conventional methods do not reflect asset value, but it led to investor outrage due to the timing of the announcement after market close [2][4]. Group 3: Investor Reactions and Legal Perspectives - Investors expressed dissatisfaction over the sudden announcement of the valuation adjustment, feeling it lacked respect for their positions and expectations, especially as many had anticipated a maximum loss of 17% [2][4]. - Legal experts noted that the fund's actions were compliant with existing regulations, as there was no requirement for prior investor consent or notification before the adjustment [4]. Group 4: Fund's Response and Compensation Plan - In response to the growing public outcry, Guotou Ruijin Fund established a dedicated working group to address investor concerns and announced a compensation plan on February 15, 2026 [5][6]. - The compensation plan includes full reimbursement for individual investors affected by the valuation adjustment with impacts under 1,000 yuan, while those exceeding this amount will receive a calculated compensation based on their losses [7].

国投瑞银基金管理有限公司发布关于白银基金相关方案的公告。 受近期白银市场价格出现历史性极端行情影响，为公平对待所有投资者，避免"先赎占优"，公司对国投 瑞银白银期货证券投资基金（LOF）进行估值调整，相关公告引发投资者高度关注。我们深知每一份投 资背后，都是大家的信任与托付。面对大家的关切，我们始终以最迫切的心情积极回应、努力解决大家 的诉求，已第一时间统筹部署、夜以继日推进各项工作，制定了专项工作方案。 我们遵循分层分类、便捷可靠的原则制定本方案，以最大限度保护投资者特别是中小投资者的合法权 益。方案适用范围为国投瑞银白银期货证券投资基金（LOF）以2026年2月2日净值确认赎回（含2026年 1月30日15点之后至2月2日15点之前提交赎回申请）的自然人投资者，不含机构投资者。 具体方案如下： 2.对估值调整影响金额（由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础 上加上超1000元部分乘以一定比例确定总和解金额。 3.上述自然人投资者可通过支付宝搜索"国投瑞银白银基金"小程序，按提示完成身份核验后，依指引在 线办理相关事宜。因涉及投资者人数众多，工作量大，为确保投 ...

2月15日晚间，国投瑞银基金管理有限公司（简称"国投瑞银基金"）发布关于白银基金相关方案的公告，针对因国投瑞银白银期货证券投资基金 （LOF）（简称"国投白银LOF"）估值调整而受到影响的投资者，给出了补偿方案。 具体来看，方案适用范围为国投白银LOF以2026年2月2日净值确认赎回（含2026年1月30日15点之后至2月2日15点之前提交赎回申请）的自然人投 资者，不含机构投资者。 其中，对估值调整影响金额（由-17%调至-31.5%的部分）为1000元以下的自然人投资者，按实际影响金额全额确定和解金额（该部分投资者占当 日赎回投资者的比例超九成）。 另外，对估值调整影响金额（由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础上加上超1000元部分乘以一定比例确 定总和解金额。 国投瑞银基金表示，上述自然人投资者可通过支付宝搜索"国投瑞银白银基金"小程序，按提示完成身份核验后，依指引在线办理相关事宜。因涉 及投资者人数众多，工作量大，为确保投资者诉求得到便捷、可靠的解决，公司正在全力以赴推进技术支持准备工作，相关小程序将于2026年2月 26日正式启用。 此次事件源于1月 ...