Group 1 - The core issue revolves around the significant drop in the net value of the Guotai Junan Silver Fund, which fell by 31.5% due to a valuation adjustment, leading to public outcry and demands for compensation from investors [1][4]. - Guotai Junan announced a compensation plan specifically for individual investors affected by the valuation adjustment, excluding institutional investors, with a focus on those with losses under 1,000 yuan [3][6]. - The valuation adjustment was triggered by a change in the pricing method from domestic settlement prices to international market prices, which caught many investors off guard, resulting in a dramatic increase in losses from 17% to 31.5% [4][5]. Group 2 - The company faced criticism for not providing any risk warnings or communication plans during the significant drop in silver prices, which occurred over the weekend prior to the valuation adjustment announcement [5]. - Guotai Junan's compensation strategy appears to be a calculated move to address the concerns of smaller investors while managing the financial impact on the company [3][6]. - As of the end of Q4 2025, Guotai Junan managed 116 public funds with a total scale of approximately 254.4 billion yuan, indicating its substantial presence in the market [5].

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。 智通财经 到了2月2日，现货白银价格持续走弱。2月2日晚间，国投瑞银基金宣布自2月2日起，主要投资于上海期 货交易所（上期所）挂牌交易白银期货合约的国投瑞银白银LOF，该产品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LOF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，针对此前发布的国投白银LOF估值调整公告，国投瑞银基金回应称，"如果提前公告，我们担 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。" 不过，智通财经记者注意到，此次国投白银LOF的估值调整在投资者中引发争议。在多家网络平台和社 交媒体的讨论中，部分投资者对调整方式提出质疑，认为基金管理人未提前公告便采用新的估值方法， 并追溯适用于当日交易，导致部分投资者承担了超出预期的净值下跌损失。此外，也有投资 ...

Core Viewpoint - The company announced a compensation plan for investors affected by the valuation adjustment of the Guotou Silver LOF fund, aiming to address concerns over fairness and transparency in the adjustment process [2][3]. Group 1: Compensation Plan Details - The compensation plan specifies that individual investors with losses below 1,000 yuan will receive full compensation, while those with losses exceeding 1,000 yuan will receive a proportional compensation based on their loss [2][3]. - The eligible investors are defined as natural persons who redeemed their investments between January 30, 2026, and February 2, 2026, excluding institutional investors [3]. - The compensation process will be facilitated through an online platform on Alipay, which will be available starting February 26, 2026 [4]. Group 2: Context of Valuation Adjustment - The valuation adjustment was made to prevent the fund's net asset value from appearing artificially high due to extreme market conditions, where international silver prices experienced unprecedented volatility [5]. - The adjustment was necessary to avoid a situation where a large number of investors would redeem their shares, leading to greater losses for remaining investors [6]. Group 3: Industry Implications - The incident serves as a warning for the public fund industry regarding the need for proactive risk management in extreme market conditions, highlighting the challenges of predicting such events [6]. - The company’s swift response in developing a compensation plan within 12 days demonstrates a commitment to protecting the rights of investors, particularly smaller investors [7].

Core Viewpoint - The article discusses the compensation plan announced by Guotou Ruijin for investors affected by the valuation adjustment of the Guotou Silver LOF fund, highlighting the measures taken to address investor concerns and ensure fair compensation [3][5]. Summary by Sections Compensation Plan - On February 15, Guotou Ruijin announced a compensation plan for investors affected by the valuation adjustment of the Guotou Silver LOF fund, with full compensation for losses under 1,000 yuan and proportional compensation for losses exceeding that amount [3][6]. - The plan specifies that only individual investors who redeemed their shares between January 30 and February 2, 2026, are eligible for compensation, excluding institutional investors [6]. Investor Impact - The valuation adjustment, which changed from -17% to -31.5%, affected over 90% of the redeeming individual investors, with those under 1,000 yuan receiving full compensation [6][8]. - Investors can apply for compensation through the Alipay mini-program starting February 26, 2026, with the expectation that compensation will be processed within approximately 10 working days [3][6]. Market Context - The valuation adjustment was made to prevent the fund's net asset value from appearing artificially high due to extreme market conditions, as the international silver market experienced unprecedented volatility [7][8]. - The adjustment aimed to mitigate potential mass redemptions that could lead to greater losses for remaining investors, highlighting the importance of proactive risk management in extreme market situations [8][9]. Response to Investor Concerns - Guotou Ruijin's swift response, including the establishment of a working group and the development of a compensation plan within 12 days, reflects the company's commitment to addressing investor grievances and ensuring transparency [9][10]. - The compensation plan is designed to provide reasonable relief to affected investors, particularly small and medium-sized investors, acknowledging the unique challenges posed by extreme market conditions [8][9].

Core Viewpoint - Guotou Ruijin announced a compensation plan for investors affected by the valuation adjustment of Guotou Silver LOF, aiming to address concerns over fairness and transparency in the adjustment process [1][2]. Group 1: Compensation Plan Details - Investors with losses below 1,000 yuan will receive full compensation, while those with losses exceeding 1,000 yuan will be compensated proportionally [1][2]. - The compensation plan specifically targets individual investors who redeemed their shares between January 30 and February 2, 2026, excluding institutional investors [2]. - Over 90% of the affected investors had losses below 1,000 yuan, indicating a significant portion of the investor base will benefit from full compensation [2]. Group 2: Technical and Operational Aspects - The compensation process will be facilitated through an online platform on Alipay, set to launch on February 26, 2026, to streamline the claims process for investors [1][3]. - The company is preparing technical support to ensure a smooth compensation process, given the large number of affected investors [3]. Group 3: Market Context and Rationale - The valuation adjustment was made to prevent the fund's net asset value from appearing artificially high due to extreme market conditions, where international silver prices experienced unprecedented volatility [4]. - The adjustment aimed to mitigate potential mass redemptions that could disproportionately impact remaining investors, highlighting the importance of proactive risk management in the public fund industry [5]. Group 4: Investor Protection Measures - The compensation plan reflects a commitment to protecting the rights of investors, particularly small and medium-sized investors, in light of the extreme market conditions [6]. - The swift development of the compensation plan, within 12 days of the incident, demonstrates the company's responsiveness to investor concerns and the urgency of addressing the situation [6].

来源：智通财经 仅隔12天，国投白银LOF赔偿方案春节前落地。 国投瑞银基金今日公告称，将对受国投白银LOF估值调整影响的投资者进行补偿。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。 智通财经记者整理显示，此次补偿有以下特点： 一是补偿性质罕见。 此次补偿并非因违法违规，而是在估值调整合法合规的前提下，公司基于回应投资者呼声、守护投资者 信任与体验而做出的主动安排，属于行业少见的"跨越免责区"案例。 二是仅补偿个人投资者。 方案仅适用于自然人投资者（即散户），且特指在2026年1月30日15：00后至2月2日15：00前提交赎 回、并以2月2日净值确认赎回的投资者，机构投资者被排除在外。 三是以损失1000元为界，分层补偿机制。 采取差异化补偿标准：受估值调整影响金额在1000元以下的投资者，可获得全额补偿；影响金额超过 1000元（含）的，则在1000元基础上，对超出部分按特定 ...

| 国投瑞银基金管理有限公司关于白银基金相关方案的公告 | | --- | 【导读】国投瑞银关于白银基金相关方案公布 农历腊月廿八，国投瑞银白银LOF迎来最新公告。白银LOF最新公告 国投瑞银公告称，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。 国投瑞银基金在公告中称："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。" 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)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 ...

国投瑞银白银LOF一事迎来关键时点。 2月15日，国投瑞银基金管理有限公司(下称国投瑞银)发布公告称，对估值调整影响金额为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；对估值调整影响金额超过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。 国投瑞银表示，此次方案遵循分层分类、便捷可靠的原则，以最大限度保护投资者特别是中小投资者的合法权益。 分层分类补偿方案出炉 国投瑞银发布的最新公告显示，受近期白银市场价格出现历史性极端行情影响，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。 "深知每一份投资背后，都是大家的信任与托付。"国投瑞银表示，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。 遵循分层分类、便捷可靠的原则，国投瑞银制定本方案，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 ...

Core Viewpoint - The company announced a compensation plan for individual investors affected by the valuation adjustment of the Guotou Silver LOF fund, aiming to protect the rights of small and medium investors while adhering to a layered and reliable approach [2][4]. Summary by Sections Compensation Characteristics - The compensation is rare as it is not due to illegal activities but is a proactive arrangement by the company to address investor concerns and maintain trust [3]. - The plan is exclusively for individual investors, specifically those who submitted redemption requests between January 30, 2026, 15:00 and February 2, 2026, 15:00, with institutional investors excluded [3][4]. - A tiered compensation mechanism is in place, where investors with losses below 1,000 yuan will receive full compensation, while those with losses exceeding 1,000 yuan will receive compensation based on a specific ratio for the amount over 1,000 yuan [3][5]. - The compensation process will begin on February 26, 2026, and investors can complete the necessary procedures online through a designated app [3][5]. Investor Concerns and Company Responses - The company clarified that the valuation adjustment was reasonable and not a denial of the adjustment itself, but rather a response to investor experience and concerns [6]. - The adjustment was made to reflect the true value of the fund's underlying assets in light of extreme market fluctuations, ensuring that the net asset value does not mislead investors [8]. - The company explained that the timing of the announcement was based on industry practices to avoid misinterpretation that could lead to liquidity issues [9]. Industry Reactions and Measures - The extreme volatility in silver prices has led to complaints from investors and prompted industry reflection on risk management practices [10]. - Several fund companies have implemented strict purchase limits on commodity funds to ensure stable operations and protect investors' interests [10].

国投瑞银白银LOF一事迎来关键时点。 2月15日，国投瑞银基金管理有限公司(下称国投瑞银)发布公告称，对估值调整影响金额为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；对估值调整影响金额超过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。 国投瑞银表示，此次方案遵循分层分类、便捷可靠的原则，以最大限度保护投资者特别是中小投资者的合法权 益。 分层分类补偿方案出炉 国投瑞银发布的最新公告显示，受近期白银市场价格出现历史性极端行情影响，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。 "深知每一份投资背后，都是大家的信任与托付。"国投瑞银表示，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。 遵循分层分类、便捷可靠的原则，国投瑞银制定本方案，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 ...