Core Viewpoint - The public fund industry is facing a liquidity and valuation crisis triggered by the sudden volatility in silver prices, particularly affecting the Guotou Ruijin Silver Futures LOF fund, which saw a dramatic drop in value and investor complaints [1][4]. Group 1: The Net Value Storm - The crisis began with an unprecedented surge in silver prices, causing the Guotou Ruijin Silver Futures LOF fund's net value to increase from 1.26 yuan in October 2025 to 5.25 yuan by January 29, 2026, a cumulative increase of over 300% [5]. - The fund's scale rapidly grew from 4.3 billion yuan to over 10 billion yuan, attracting a large number of investors [5]. - On January 30, 2026, the fund unexpectedly announced a one-day suspension, coinciding with a significant drop in international silver prices, which fell by over 25% [6]. Group 2: Valuation Adjustment and Investor Impact - On February 2, 2026, the fund opened with a 10% drop and subsequently announced a valuation adjustment, leading to a record single-day decline of 31.5%, with the net value plummeting from 3.2838 yuan to 2.2494 yuan [7][9]. - The fund's explanation for the adjustment was that domestic futures prices could not accurately reflect the underlying asset's value, which was deemed a compliant operation [9]. - Investors who submitted redemption requests before the adjustment faced significant losses due to the unexpected revaluation, leading to widespread dissatisfaction [10][11]. Group 3: Investor Complaints and Company Response - As losses mounted, investor complaints surged, questioning the sudden suspension and the lack of operational transparency [12][15]. - In response to the complaints, Guotou Ruijin announced the establishment of a special task force to address investor concerns and pledged to protect their rights [15][16]. - However, the announcement did not adequately address key investor concerns, such as the timing of the valuation adjustment and potential compensation for affected investors [18]. Group 4: Future Implications for the Company and Industry - The crisis represents both a challenge and a test for Guotou Ruijin, emphasizing the need for concrete solutions to investor grievances and improved risk management practices [19]. - The events of early 2026 will serve as a significant case study for the public fund industry, highlighting the importance of transparency and investor communication [20].

受益于白银价格"一路狂奔"而规模一年大涨超百亿元的国投白银LOF，如今正陷入被投资者集体投诉的 困境。 贝壳财经记者注意到，在某投诉平台，"国投白银LOF擅自追溯调整估值致损"的集体诉讼量已超2万， 在社交平台上，投资者的不满情绪也正在发酵。 2月6日，国投瑞银发布公告称，公司已成立工作小组，正在抓紧研究制定相关工作方案，支持投资者便 捷地通过和解、调解、仲裁等渠道或方式依法解决诉求。 这样的案例在基金史上较为罕见，在白银价格大幅波动的当下，国投白银LOF这只备受关注的基金将如 何收场，目前还是未知数。 单日净值大幅下跌31.5% 国投白银LOF引发投资者不满 过去半年，白银开启急涨模式，价格接连突破50美元/盎司、100美元/盎司的历史高位。2026年开年， COMEX白银期货价格一度冲破120美元/盎司。 据Wind数据，截至2024年末，国投白银LOF的合计规模仅有21.78亿元，但到2025年末，该基金合计规 模已跃至189.44亿元，短短一年大增超7倍。 与此同时，国投白银LOF的收益率也水涨船高。Wind数据显示，2025年，该基金回报达130.99%，同 时，截至银价大幅波动前的1月29日收盘， ...

Core Viewpoint - Guotou Ruijin Fund Management Co., Ltd. has faced significant investor concern following a drastic valuation adjustment of its Guotou Ruijin Silver Futures Securities Investment Fund (LOF), leading to a substantial drop in the fund's net asset value [2][3] Group 1: Fund Valuation and Adjustments - On February 2, the net asset value of the A-class shares of the fund plummeted from 3.2838 yuan to 2.2494 yuan, marking a single-day decline of 31.5%, which is a record drop for public funds [2] - The drastic fluctuation in net value was attributed to a change in the fund's valuation method, which was implemented to reflect the significant price volatility in the international silver market [3] - The fund's management has established a working group to address investor concerns and facilitate resolutions through mediation and arbitration [2] Group 2: Market Impact and Fund Performance - Following the valuation adjustment, the Guotou Silver LOF experienced five consecutive trading days of limit-down, with a market capitalization of 11.287 billion yuan as of the latest closing [3] - The fund is the only LOF in China primarily investing in silver futures, focusing on contracts from the Shanghai Futures Exchange [3] - The price of physical silver has shown high volatility, with a peak of over 121 USD/ounce on January 29, followed by a decline to 75.48 USD/ounce by February 6, reflecting a nearly 6.46% increase on that day [4]

Core Viewpoint - A silver LOF fund announced an adjustment to its valuation method, resulting in a 31% drop in the fund's net value on the same day [1]. Group 1: Fund Operations - Investors purchase the LOF fund, and the fund manager invests the capital in silver [3]. - The fund's net value is determined by the price of silver futures, which act as delivery certificates for silver [5][9]. - The fund manager cannot immediately use new investments for trading, leading to a delay in actual transactions [10][12]. Group 2: Market Dynamics - The international silver market experienced a significant drop of over 30%, affecting the value of silver futures [15]. - Domestic futures markets have a ±17% price fluctuation limit, which prevents the futures price from reflecting the actual market value during extreme conditions [18][20]. - This discrepancy results in earlier redeeming investors exiting at an inflated net value, while remaining investors bear the loss [21][23]. Group 3: Valuation Adjustment - To protect the interests of fund holders, the fund company adjusted the valuation method to reflect the unregulated international silver price [25]. - The adjustment led to a change in the redemption price from an expected loss of 17% to a loss of 31% [26]. - Investors expressed dissatisfaction with the timing of the valuation adjustment, questioning the lack of timely communication from the fund company [29][30]. Group 4: Regulatory Response - Following the incident, the Shanghai Futures Exchange announced an increase in the fluctuation limit for silver futures to 20% [32].

Core Viewpoint - The recent valuation adjustment incident of Guotou Silver LOF has led to significant investor backlash, prompting Guotou Ruijin Fund to establish a working group to address investor concerns, raising questions about potential compensation for losses [1][12]. Event Overview - The incident was triggered by an unprecedented drop in international silver prices on January 30, leading to a sharp decline in the Guotou Silver LOF fund, which is the only domestic fund tracking silver futures. On February 2, the fund experienced a trading halt followed by a limit-down, with a total sell order amounting to 8.667 billion yuan, resulting in frozen liquidity. The fund's net value plummeted by 31.5% in a single day due to a sudden change in the valuation method for silver futures contracts [2][4]. Investor Reactions - The abrupt valuation adjustment sparked widespread outrage among investors, leading to over 17,000 complaints on various platforms. Many investors expressed their grievances publicly, with some even traveling to the fund's headquarters to protest [5][9]. Key Investor Concerns - Investors raised several core issues regarding the valuation adjustment: 1. Ignored right to information: Investors questioned why they were not warned in advance about the significant valuation change that impacted the fund's net value [9]. 2. Double standards in valuation: The fund adjusted its valuation method only during a significant price drop, while not doing so during previous price increases, suggesting a bias [9]. 3. Extreme operational methods: The fund's abrupt revaluation without any buffer exacerbated market panic and amplified investor losses [9]. 4. Inadequate risk management: Investors criticized the fund management for not having a proper risk management plan in place for such extreme market conditions [9]. Company Response - In response to the growing complaints, Guotou Ruijin Fund issued a statement acknowledging the importance of investor concerns and announced the formation of a working group to develop a response plan. The company emphasized its commitment to reducing the impact of the valuation adjustment on investors and encouraged them to seek resolution through legal channels [12][14]. Compensation Possibility - While there is a theoretical possibility for compensation, the practical challenges are significant. Historical cases show that fund companies are only held liable for compensation if they fail to meet their fiduciary duties. The current situation presents a divided opinion within the industry regarding the fund's compliance with regulations [12][14]. The fund's latest announcement did not explicitly mention compensation, indicating a preference for resolving disputes through negotiation rather than direct financial restitution [12][14]. Financial Implications - As of the end of Q4 2025, the fund's total size was 18.944 billion yuan. Assuming an average loss of 20% due to the valuation adjustment, the total loss could amount to approximately 3.789 billion yuan, with each of the 17,600 complaining investors potentially facing an average loss of about 215,000 yuan [14]. This suggests that any compensation offered may be minimal and more of a gesture than a full reimbursement of losses [14].

Core Viewpoint - Guotou Ruijin Fund issued a response regarding the market controversy caused by the valuation adjustment of its silver (LOF) fund, emphasizing its commitment to fair pricing and investor communication [1][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin announced a change in the valuation calculation rules for six silver futures contracts, leading to significant fluctuations in the fund's net value [1]. - The net asset value of the A-class shares dropped from 3.2838 yuan to 2.2494 yuan, and the C-class shares fell from 3.2621 yuan to 2.2290 yuan, with both classes experiencing a daily decline of 31.5% [1]. Group 2: Market Reaction - From February 2 to February 6, the Guotou Silver LOF experienced a continuous "limit down" for five trading days, with a total weekly decline of 40.94%, and the latest market price was reported at 3.099 yuan per share [2][5]. Group 3: Investor Communication - The company stated that it will adhere to legal compliance and actively respond to investor demands, aiming to mitigate the impact of the valuation adjustment on investors [4]. - A dedicated working group has been established to develop solutions for investors, including mediation and arbitration channels [4].

Core Viewpoint - The recent extreme decline in the Guotou Ruijin Silver LOF fund is attributed to a significant drop in its net value, leading to a liquidity crisis and investor dissatisfaction due to delayed communication from the fund management [3][4][6]. Group 1: Fund Performance and Valuation - On February 6, the Guotou Ruijin Silver LOF opened at 3.099 yuan, marking its fifth consecutive trading day of hitting the limit down [1]. - As of February 5, the fund's net value was reported at 2.4073 yuan, with a market trading price premium of 28.73%, indicating that the premium bubble has not fully dissipated [1][2]. - The fund experienced a drastic net value drop of 31.5% on February 2, from 3.2838 yuan on January 30 to 2.2494 yuan, surpassing the Shenzhen Stock Exchange's 10% daily limit down [3]. Group 2: Investor Response and Management Actions - In response to the market uproar and investor demands, the fund management established a working group to address the valuation adjustment issues and facilitate investor claims through various legal channels [4]. - The fund management's late announcement regarding the valuation adjustment on February 2 has led to significant investor dissatisfaction and raised questions about the transparency of the fund's operations [3][4]. Group 3: Market Dynamics and Risks - The Guotou Ruijin Silver LOF is the only public fund primarily investing in silver futures, making it susceptible to premium risks due to its scarcity [6]. - The fund has issued 25 premium risk alerts and multiple trading suspension notices since 2026, indicating ongoing concerns about speculative trading [6]. - The liquidity crisis was exacerbated by the fund's long-term premium, which was driven by trading restrictions on silver futures and the T+2 redemption lag, leading to a failure of normal arbitrage mechanisms [6][7]. Group 4: Regulatory and Market Implications - The incident serves as a warning regarding the high risks associated with premium investments, particularly when the premium exceeds 30%, as historical data shows a sharp increase in the probability of drawdowns [7]. - The complexity of valuing cross-border pricing products like silver is highlighted, as fluctuations in international prices can lead to significant discrepancies in domestic valuations [7]. - There is a call for regulatory improvements to establish clearer guidelines for cross-border fund valuations and to create mechanisms linking premium rates with trading suspensions to protect investors [8].

Core Viewpoint - Guotou Ruijin Fund announced it will actively address investor concerns regarding the valuation adjustment of its silver LOF fund, emphasizing its commitment to protecting investor rights and interests [2]. Group 1: Fund Valuation and Adjustments - On January 30, precious metals experienced a historic drop, with silver prices falling by 35.89% at one point and closing down 26.42%, leading to a 0.72% decline in the net value of Guotou Silver LOF on that day [2]. - On February 2, Guotou Ruijin Fund announced that the net value of the Guotou Silver LOF would be revalued based on international market price fluctuations, effectively bypassing domestic futures trading limits, resulting in a 31.50% drop in net value on February 2 [2][4]. - The fund's net value on February 5 was reported at 2.4073, reflecting a 4.12% decline from the previous day [3]. Group 2: Investor Reactions and Company Response - The valuation adjustment has sparked controversy among investors, with some questioning the lack of prior notice regarding the new valuation method, which they believe led to unexpected losses [5]. - From February 2 to 6, the Guotou Silver LOF experienced a continuous "limit down" for five trading days, with a total weekly decline of 40.94%, while still seeing daily trading volumes between 60 million to 200 million yuan, indicating ongoing investor participation despite high premiums [5]. - The company has established a working group to facilitate investor claims through various legal channels, including mediation and arbitration, and will provide further updates on the situation [2].

2月6日，国投瑞银基金管理有限公司发布《关于积极解决白银（LOF）基金投资者诉求有关事项的公告》。 公告表示，近期，公司管理的国投瑞银白银期货证券投资基金（LOF）进行估值调整和相关公告引发投资者高度关注。我司高度重视，为积极回 应投资者关切，维护投资者的合法权益，公司现公告如下： 一、践行以投资者为本。公司将秉持依法公开原则，积极回应投资者诉求，努力降低相关估值调整对投资者的影响，保护投资者合法权益。 二、畅通诉求服务渠道。公司已成立工作小组，正在抓紧研究制定相关工作方案，支持投资者便捷地通过和解、调解、仲裁等渠道或方式依法解 决诉求，具体情况将另行公告。 三、公司将积极支持和解、调解、仲裁的有效执行，也有能力保障投资者的合法权益。 2月2日至6日，国投白银LOF场内价格已连续5个交易日"一字跌停"，单周大跌40.94%，最新价格报3.099元/份，6日成交金额约2亿元，较场外溢价 28.73%。 （文章内容、数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） 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 ...

三、公司将积极支持和解、调解、仲裁的有效执行，也有能力保障投资者的合法权益。 2月6日，国投白银LOF场内开盘触达跌停，最新溢价率为28.73%。国投白银LOF自2月2日复牌以来，已 连续第五个交易日开盘即跌停。 | 国投白银 LOF | V | 161226 LI | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 3.099 市值 112.87亿 量 | 64.95万 | 昌 | 3.099 | 3.099 | 1.78% | 溢价 28.73% | 任 | 换 | | -0.344 -9.99% 开 | 3.099 振幅 0.00% | 2.01亿 | 额 | | | | | | | 分时 | 日K | 更多 = (0) | 眉K | 目K | 五日 | | | | | 年K | 120 A | 30分 | 5分 | 60分 | 15分 | 1分 | | | | 均价:3.099 最新:3.099 -0.344 -9.991% | 3.787 | 9.99% | | | | | | | | 五档 | 成交 | 目 ...