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 article discusses the recent performance of the Guotou Silver LOF fund, which experienced a rapid decline after a period of significant price increase, highlighting the volatility and risks associated with high premium rates in the market [2][5]. Market Performance - On December 25, Guotou Silver LOF resumed trading at 10:30 AM and quickly hit the daily limit down, with a market price of 2.804 yuan and a premium rate of 45.45% [2][3]. - The fund's previous closing price on December 24 was 3.116 yuan, reflecting a premium rate of 68.19% [5]. - The fund's trading volume reached 2.2 billion yuan, with a turnover rate of 8.31% [3]. Fund Characteristics - Guotou Silver LOF is the only fund primarily investing in silver futures, which has attracted significant market interest, leading to multiple announcements regarding premium risks and trading suspensions since December 2 [5]. - The fund's A-class share subscription limit is currently set at 500 yuan, with adjustments made to manage investor interest [5]. Investor Behavior - There has been a notable trend of investors sharing arbitrage strategies related to the silver fund, with some reporting profits from trading based on premium fluctuations [5].

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].

12月24日，国投白银LOF又停牌了。 这已经是这只基金第13份风险提示公告了。然而市场对此次停牌并不买账，开盘后基金价格直接一字涨 停，收盘时仍有170多万买单等待入场。而这只基金年内涨幅已突破2.5倍，溢价率已飙升至68.19%。 更加荒诞的是，代码仅差一位的国投瑞盈LOF明明与白银毫无关系，却跟着连涨了3个涨停板。 这场疯狂的背后，既有白银市场的史诗级行情，也有疯狂的全民套利。但更让人好奇的是，这场资本狂 欢还能持续多久？ 停牌警示难降温 12月24日，国投瑞银基金旗下的国投瑞银白银期货证券投资基金（LOF）（以下简称国投白银LOF）发 布了针对A类份额的溢价风险提示及停复牌安排，公告明确了因二级市场与净值严重背离，将于当日开 市起10：30停牌，复牌后若溢价未回落将进一步申请临时停牌或延长停牌时间。 这已是12月以来该基金发布的第13份风险提示公告了，但市场狂热并未减少，复牌后国投白银LOF直接 拉升封死涨停，收盘时仍有170万买单排队等候入场，场内收盘价定格在3.116元。 截至今日，国投白银LOF的基金价格较净值的溢价率已高达68.19%，其年内涨幅已突破2.5倍，而其近 一个月的回报率已经实现了 ...

不鼓励，不提倡！ 然而，可能很多投资者没一个更值得关注的结构性时点即将到来。根据安排，港股市场将于12月24日 下午至12月26日全天休市，12月29日，即下周一恢复正常交易。 作者 | 紫枫 编辑 | 小白 相信大家都知道，最近国投白银LOF（161226.SZ）接连出现涨停，截至12月23日，溢价率已经达到 惊人的52.9%，连停牌都不能打击二级市场股民的疯炒。 （来源：市值风云APP） 这股风潮逐渐蔓延开来，甚至连基金代码仅一位之差，名称高度相似的国投瑞盈LOF（161225.SZ） 也被爆炒，已经出现两个涨停板，尤其是今天开盘后迅速涨停，溢价率已经超过20%。这无疑是一部 分尝到甜头的资金产生的带动效应，这是市场在炒作概念股时的常见现象。 （来源：市值风云APP） 如果说白银LOF多少有点基本面逻辑支撑的话，国投瑞盈LOF就是完全在乱炒，在这两天之前，日均 成交额甚至连10万元都没有，流动性极度缺乏。 当然，对于套利党来说，这又是一个极好的套利机会。 核心原因：非对称交易下的"供给锁定" 这会导致一个关键机制变化： 在港股休市期间，A股市场上所有的港股类ETF将暂停申购和赎回。这 意味着，基金的一级市 ...

↑点击上面图片 加雪球核心交流群 ↑ 今日A股截至收盘，上证指数涨0.53%，深证成指涨0.88%，创业板指涨0.77%。全市场成交额18972亿元，较上日成交额缩量241亿元。 市场热点轮动较快，全市场超4100只个股上涨。 板块题材上，电源、商业航天板块活跃，贵金属、海南板块调整。 一起来看一下今天的市场热点。 01 场内基金连续三天涨停，溢价70%！ 在今天，虽然贵金属板块回调了，但是商品市场，金价，银价，铜价均创历史新高。而且白银碾压黄金，成为今年涨幅最高的贵金属品种。年初至 今，伦敦银现涨幅高达150.07%。 值得关注的是，最近由于白银市场火热，而场内白银基金仅有一只：国投白银LOF。就造成了这只基金从12月22日到今天连续三日涨停，溢价高达 68.16%。 | 国投白银LOF | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 161226 已收盘 12-24 15:04:03 北京 | | | | | | | | 3.116 +0.283 +9.99% | | | | 2.93万人加自选 > | | | | | | | | | ...

一边是贵金属大涨，白银期货价格节节攀升，一边是白银基金场内高溢价下的套利机会。白银基金的投 资者近期陷入了一场"套利狂欢"。 12月23日上午，在又一次停牌1小时后，国投瑞银白银期货（LOF）二级市场价格涨停，再度创出历史 净值新高。 高溢价下的套利资金 白银期货再创新高。 Choice数据显示，截至12月23日中午12点，COMEX白银价格盘中再度创出历史新高，一度触及70.16美 元/盎司，11月以来涨幅超过40%。 在此背景下，作为境内稀缺品种的白银基金也成了"香饽饽"。11月以来，国投瑞银白银期货（LOF）二 级市场的价格涨幅超过115%。 在场内价格的节节攀升背后，场内外价差不断加大。根据公告，截至12月22日，该ETF的场内溢价率超 过47%；12月23日午间收盘时，该溢价率提升至57.5%，套利资金"闻风而来"。 | < V | | 国投自银 LOF | | ri O | | | --- | --- | --- | --- | --- | --- | | 161226 | | | | | | | 2.691 最高 | 2.833 今开 | | 2.833 最低 | 2.690 | | | 425 ...

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！ 一边是贵金属大涨，白银期货价格节节攀升，一边是白银基金场内高溢价下的套利机会。白银基金的投 资者近期陷入了一场"套利狂欢"。 12月23日上午，在又一次停牌1小时后，国投瑞银白银期货（LOF）二级市场价格涨停，再度创出历史 净值新高。 | < V | 国投自银LOF | | | | rg Q | | | --- | --- | --- | --- | --- | --- | --- | | | 161226 | | | | | | | 今开 2.833 | | 2.691 最高 | | 2.833 最低 | | 2.690 | | 10.02% 0.258 芯于 | | 425万 金额 | | 11.89亿 量比 | | 0.83 | | 最新净值 1.7987 折价率 -57.50% | | | | | | 重容 | | 跟踪指数 沪银主连 16441 4.30% | | | | | 跟踪误差 0.00% > | | | 分时 五日 日 K | | | 周K | 目K | 更多,◎ | | | 2.833 | | | | 10.02% ...

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！ 来源：投基摸狗 我也是服气了，非常震惊。 另外白银基金今天尾盘都拉涨停了，我有点佩服，大家注意投资风险，溢价有点高，尤其是今天已经放 开申购到500元了，套利大军周三周四就陆续到了，今天还敢拉涨停。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：何俊熹 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！ 来源：投基摸狗 咱们都知道，白银基金场内有溢价，原来限额100元，今天开始限额500元了，所以套利人很多，赚个盒 饭钱，没人和钱过不去。 不过我仔细看了看这些基金套利的帖子，讲真，这些"套利羊毛党"震惊了我，我以为100元的基金有溢 价，去套利，赚个盒饭钱，这个很正常。 结果现在是，有溢价的基金，套利大军对限额10元都去申购套利，拖拉机账户，而且有些基金虽然限额 10元，但是净值都五六块，更是不好弄 你敢信，现在基金套利大军限额10元的都去套利。 声明请勿据此投资。 | 国投白银 ...