1月6日，三大股指集体收涨，沪指、深成指双双涨超1%，沪指高开高走，突破2025年11月14日的阶段 高点，再创十年新高。在此背景下，国投白银（161226）涨9.53%，报2.598元。换手率20.14%，成交额 15.87亿。 | | 2.598 +0.226 +9.53% | | | 国投自银LOF | | ਸ | | --- | --- | --- | --- | --- | --- | --- | | | | | | 161226 | | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | | / . + | | 净值走势 | | 国投瑞银白银期货A | रेक्ट | 15.42% 120日 | | 152.72% | | 委比 | -42.35% -- | -49914 | 5日 | 2.93% 250日 | | 192.24% | | 元 | 2.603 | 1283 | 20日 | 50.70% 52周高 | | 3.12 | | 卖西 | 2.602 | 13382 | 60日 | 102.02% 52周低 | | 0.88 | | 卖三 | 2.601 | ...

1、本基金为上市开放式基金，除可在二级市场交易外，投资者还可以申购、赎回本基金，申购、赎回 价格以申请当日收市后计算的基金份额净值进行计算，投资者可通过基金管理人网站或交易行情系统查 询本基金的最新份额净值。 2、本基金的交易价格，除了有份额净值变化的风险外，还会受到市场的系统性风险、流动性风险等其 他风险影响，在当前溢价水平下买入，可能使投资者面临损失。 3、截至本公告披露日，本基金运作正常。本基金管理人仍将严格按照法律法规及基金合同进行投资运 作。 4、截至本公告披露日，本基金无其他应披露而未披露的重大信息。本基金管理人仍将严格按照有关规 定和要求，及时做好信息披露工作。 登录新浪财经APP 搜索【信披】查看更多考评等级 近期，招商基金管理有限公司（以下简称"本基金管理人"）旗下招商增荣灵活配置混合型证券投资基金 （LOF）（场内简称：招商增荣LOF；交易代码：161727；以下简称"本基金"）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。 特此提示投资者关注二级市场交易价格溢价风险，如果盲目投资，可能遭受重大损失。若本基金后续二 级市场交易价格溢价幅度未有效回落，本基金有权采取向深圳证券交易 ...

每经编辑｜张喜威 王瀚黎 √国务院新闻办公室将于2026年1月5日 -) 上午10时举行新闻发布会 2中证指数有限公司将于1月5日首次发 债指数（全价）等15条债券全价指数 3 国内航线燃油附加费1月5日起下调 4 荣耀Power2手机将于1月5日发布。 新 10080mAh的第四代青海湖电池 5 美国12月ISM制造业指数将公布 1 聚焦美国袭击委内瑞拉 遭美强行控制的委总统马杜罗预计5日在纽约"首次出庭" 当地时间1月4日消息，遭美国强行控制的委内瑞拉总统马杜罗预计将于当地时间5日中午在美国纽约"首次出庭"。据悉，庭审将由纽约南区联邦地区法院法 官阿尔文·海勒斯坦主持。美国司法部已于3日解封一份新的起诉书，该案属于联邦政府追查长达15年的"毒品贩运"刑事案件，马杜罗在其中作为被告已有6 年。（央视新闻） 特朗普威胁委内瑞拉代总统：若不正确行事 将付出更惨痛代价 当地时间1月4日，美国总统特朗普在一则当日刊发的电话采访中对委内瑞拉代总统罗德里格斯发出威胁称，如果代行总统职权的委内瑞拉副总统罗德里格 斯"不正确行事"，她可能将付出比委内瑞拉总统马杜罗"更沉重的代价"。（央视新闻） 1月4日，外交部发言人就美国 ...

Group 1 - The article discusses the concept of premium risk associated with silver funds, specifically LOF funds, which can be traded at prices significantly higher than their net asset value (NAV) [7][8]. - An example is provided where the silver fund's NAV was around 1.928 yuan, while the trading price reached 3.116 yuan, resulting in a premium rate of 60% [7]. - The article highlights that such premium risks can occur due to a lack of understanding among investors, leading to inflated buying prices [8][10]. Group 2 - There are opportunities for premium arbitrage, where investors can purchase funds at NAV and sell them at a higher premium in the market [10]. - However, the article warns that the premium can disappear, especially when the market corrects, impacting those who bought at inflated prices [11]. - The volatility of the premium rate is noted, with the potential for significant fluctuations in a short period, particularly for funds with limited liquidity [8][11].

Group 1 - The company, Guotai Fund Management Co., Ltd., has decided to adjust the valuation method for its fund holdings in "Zhongwei Company" (stock code: 688012) to the index income method starting from December 22, 2025 [1] - The valuation method will revert to using the closing price on the trading day once the stock demonstrates active market trading characteristics, without further announcements [1] Group 2 - The company has issued a risk warning regarding the Nasdaq 100 Exchange-Traded Fund (ETF), indicating that the secondary market trading price is significantly higher than the fund's reference net asset value, leading to substantial premiums [3] - Investors are cautioned about the risks associated with blindly investing in the fund, as continued high premiums may lead the fund to apply for temporary trading halts on the Shanghai Stock Exchange [3] - The fund has suspended subscription services since November 25, 2024, and investors can still trade the fund in the secondary market [3] Group 3 - The company has participated in the offline subscription for the initial public offering of Qiangyi Semiconductor (Suzhou) Co., Ltd., with an issuance price of RMB 85.09 per share [6][7] - The main underwriter for this issuance is CITIC Securities Co., Ltd., which is also the custodian for certain funds managed by the company [7]

Core Viewpoint - The announcement highlights the significant premium of the Guotou Silver LOF fund's secondary market price compared to its net asset value, indicating potential risks for investors [1] Group 1: Fund Performance - On December 26, the net asset value of the Guotou Silver LOF fund was 2.0483 yuan, while the closing price on December 29 reached 2.543 yuan, showing a notable premium [1] - This represents a substantial increase in the fund's market price, which may mislead investors into making impulsive investment decisions [1] Group 2: Risk Management Actions - To protect investor interests, the Guotou Silver LOF will suspend trading from the market opening on December 30 until 10:30 AM on the same day [1] - This marks the 15th short-term suspension of the fund since December 2, reflecting ongoing concerns about high premium rates [1] - The announcement is part of the 20th risk warning issued by the fund, emphasizing the need for caution among investors [1]

Group 1 - The announcement states that Invesco Great Wall Fund Management Co., Ltd. has signed a sales agreement with Nanjing Bank to sell its Enhanced Index Fund starting from December 29, 2025 [1] - The sales process, opening conditions, handling time, and fee discount details will be determined by Nanjing Bank [1] - Investors can inquire about details through the customer service numbers provided for both Invesco Great Wall and Nanjing Bank [3][4] Group 2 - The announcement also mentions that Invesco Great Wall Fund Management Co., Ltd. has signed a sales agreement with CITIC Bank to sell certain funds starting from December 29, 2025 [7] - Similar to the previous agreement, the sales process and fee discount details will be determined by CITIC Bank [7] - Investors can also inquire about details through the customer service numbers provided for both Invesco Great Wall and CITIC Bank [9] Group 3 - The company has announced a temporary suspension of subscription, redemption, and conversion services for certain funds on non-Hong Kong Stock Connect trading days, specifically on December 31, 2025 [5] - These services will resume on January 5, 2026, without further notice [5] - The announcement emphasizes that the specific business types and their status will depend on the actual situation of each fund [6] Group 4 - The company has issued a risk alert regarding the significant premium of the Nasdaq Technology Index ETF's market price over its net asset value, prompting a temporary suspension of trading on December 29, 2025 [11] - The fund management will take necessary measures if the premium does not decrease effectively, including applying for temporary trading suspensions [11] - The fund operates normally and has no undisclosed significant information as of the announcement date [12]

Group 1 - The announcement indicates a change in fund management, with new and departing fund managers being documented and reported to the China Securities Investment Fund Industry Association [1] - The BoShi S&P 500 ETF has experienced significant premium pricing in the secondary market, deviating considerably from the fund's net asset value, prompting a warning to investors about potential risks associated with this premium [1] - The fund management company emphasizes that the fund's operations are normal and that there are no undisclosed significant information, committing to adhere to legal regulations and disclosure obligations [2] Group 2 - The company warns that the secondary market trading price of the fund may be influenced by various factors, including market supply and demand, systemic risks, and liquidity risks, which could lead to investor losses [1] - The fund management company assures that it will manage and utilize fund assets with integrity and diligence, but it does not guarantee profits or minimum returns for investors [2]

Core Viewpoint - The speculative trading of Guotou UBS Silver Futures LOF has reached a turning point, with significant price volatility leading to a rapid decline in premium rates, indicating a shift in investor sentiment towards more rational behavior [1][3]. Group 1: Price and Performance - The price of Guotou UBS Silver LOF surged significantly this year, with silver futures rising by 152%, and the fund's net asset value increasing by 42% by the end of Q3, reaching a historical high of 6.64 billion yuan [2]. - The fund's premium over net asset value peaked at nearly 70% before dropping to below 30% due to heavy selling from arbitrage investors [1][5]. Group 2: Market Dynamics and Investor Behavior - The extreme volatility of Guotou UBS Silver LOF has educated investors about premium risks and the mechanics of fund arbitrage, highlighting the shortcomings in the public fund industry's innovative capabilities and risk management tools [1][6]. - The influx of arbitrage capital led to a significant increase in fund shares, with net inflows reaching 0.81 million, 1.04 million, 1.62 million, and 0.98 million shares on consecutive days, culminating in a historical peak on December 26 [4]. Group 3: Regulatory and Structural Issues - The fund management has implemented purchase limits to protect investors, reducing the maximum purchase amount for A and C class shares to 100 yuan and 1,000 yuan, respectively, in response to market conditions [3]. - The current public fund market lacks diverse and innovative products, which has contributed to the irrational speculation seen in Guotou UBS Silver LOF, suggesting a need for the industry to enhance its product offerings to meet investor demands [7].

文 | 银行螺丝钉 （转载请注明出处） 今天大盘微涨微跌，波动不大，还在4.1星。 大盘股略微上涨，小盘股微跌。 现金流等指数上涨，距离正常估值也比较接近了。 成长风格微涨。 港股今天继续放假，港股基金周五也暂停交易。 部分含有港股的基金，这两天的收益更新也少了一部分。 下周港股恢复正常交易，这些基金申购赎回、收益更新也会恢复正常。 螺丝钉也汇总了港股指数的估值表，供参考，见文章下方图片。 在场内基金中，主要是ETF和LOF两种形态。 LOF基金，可以按照基金净值申购赎回，也按照交易价格买卖。 正常情况下，净值和交易价格差异不大。 但偶尔有一些时间段，因为部分场内投资者对基金不了解，会以较高的溢价买入基金。 例如，白银基金， 同时组合里也有部分基金这周分红。 分红到账需要时间，在到账之前也会显示为下跌。 实际上这部分没有丢失，过两天分红到账后就显示正常了。 1. 有朋友问，最近的白银基金溢价套利是怎么回事呢？ 白银基金是LOF基金。 我们以前介绍过，基金有很多类型。 在12月24日收盘的时候，基金净值在1.928元上下。 但基金交易价格，在3.116元，溢价率高达60%。 假设有投资者，场内以3.1元买入这个 ...