在春节期间紧急"灭火"，自掏腰包推出国投白银LOF补偿方案后，至于此次国投瑞银基金具体赔偿金 额，外界十分关注，而其背后的控股股东国投资本一份公告透露出了部分数据。 2月23日晚间，国投资本公告公司下属三级控股投资企业国投瑞银基金已于2026年2月15日发布国投白银 LOF相关事项的专项工作方案。在公告中国投资本表示，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%。 值得注意的是，经过层层穿透之后，国投资本是国投瑞银基金背后的控股股东。国投瑞银基金于2005年 6月8日合资成立，是第一家外方持股比例达49%的合资基金公司。公司股东为国投泰康信托有限公司和 瑞银集团（UBS AG），持股比例分别为51%和49%。国投资本持有国投泰康信托61%的股份。 散户和大户赔偿区别对待 赶在除夕前一天，原本已经进入春节时刻的资本市场突然传出重磅消息，加班加点的国投瑞银基金在2 月15日发布了关于白银基金相关方案的公告，针对因国投白银LOF估值调整而受到影响的投资者，给出 了补偿方案。 方案明确，对估值调整影响金额（由-17%调至-31.5%的部分 ...

Core Viewpoint - A silver fund experienced a dramatic drop of 31.5% in one day, leading to significant losses for investors, prompting the fund company to compensate affected investors, a rare occurrence in the fund industry [1][5]. Group 1: Fund Performance and Market Conditions - On February 2, the net value of the Guotou Silver LOF fund plummeted from 3.28 yuan to 2.25 yuan, a decrease of 31.5% in a single day [1][2]. - The international silver price fell sharply by 36% on January 30, while domestic futures had a limit down of 17%, creating a disparity in asset valuation [2][4]. - The fund company adjusted the net value to reflect the true market price to prevent unfair advantages for early redeeming investors [2][4]. Group 2: Investor Reactions and Compensation - Investors were unaware of the impending drop in net value when they submitted redemption requests, leading to widespread anger and complaints [4][5]. - The fund company announced a compensation plan within 12 days, which included full compensation for individual investors with losses under 1,000 yuan, covering 92.4% of affected investors [5][6]. - For losses exceeding 1,000 yuan, the company would compensate 1,000 yuan fully, with additional losses compensated proportionally [6]. Group 3: Fund Characteristics and Risks - The Guotou Silver LOF fund is unique in the market as the only public fund that exclusively invests in silver futures [6]. - The fund has two pricing mechanisms: one for off-exchange trading at the true net value and another for on-exchange trading, which can lead to significant price premiums [7][8]. - The fund's price premium reached as high as 109%, indicating a substantial risk for investors who may not understand the implications of such premiums [10][11]. Group 4: Investor Education and Market Behavior - A significant portion of the investors, 92.4%, were ordinary individuals who lacked understanding of futures, LOF structures, and price premiums, leading to their losses [12]. - The situation serves as a cautionary tale about the risks of investing without adequate knowledge and understanding of market dynamics [13][16]. - The market often entices investors with initial gains before subjecting them to significant losses, highlighting the importance of informed decision-making in investments [14][16].

国投瑞银白银LOF基金事件持续发酵。 2月10日最新数据显示，国投瑞银白银LOF基金（简称"白银LOF基金"）A份额单位净值为2.2514元，白银LOF基金C份额单位净值为 2.2308元，两类份额基金净值涨幅均为3.48%。相比2月2日白银LOF基金净值大跌有小幅回升。 在白银大跌及净值计算标准调整双重作用下，白银LOF基金导致投资者遭受大幅亏损。据时代周报记者了解，一位投资者2月2日相对 于本金的亏损幅度超60%。另据黑猫投诉，有投资者亏损上万元。另外，白银LOF基金事件引发投资者大量投诉。 功承瀛泰（北京）律师事务所高级合伙人傅立亚律师在接受时代周报记者采访时表示，国投瑞银基金的相关行为存在违反《证券投 资基金法》下管理人义务的嫌疑，公司调整基金估值的行为是否有充分的合同与监管依据目前存疑，同时公司可能还涉嫌未妥善履 行信息披露义务。 面对舆情，国投瑞银基金在2月6日的公告中作出三大回应：一是明确"以投资者为本"，努力降低估值调整带来的影响；二是成立由高 管牵头的专项工作小组，整合投研、风控、合规等多部门制定解决方案；三是畅通维权渠道，支持投资者通过和解、调解、仲裁、 诉讼等合法途径解决诉求。 目前，该 ...

Core Viewpoint - The surge in silver's popularity has exceeded expectations, with Guotou Ruijin Silver Futures LOF becoming a focal point in the domestic market as the only public fund tracking silver futures [2] Group 1: Fund Performance and Adjustments - Guotou Ruijin Fund announced a valuation adjustment for its silver futures contracts on February 2, leading to a single-day drop of over 31% in the net value of Guotou Ruijin Silver Futures LOF [3] - The fund management stated that due to extreme market conditions, domestic silver futures could not accurately reflect international market declines, prompting a revaluation based on international price movements [3] - Despite consecutive trading halts following the adjustment, the fund's cumulative growth over the past year remains impressive at over 176% as of February 4 [3] Group 2: Company Background and Leadership - Guotou Ruijin Fund is a joint venture with a shareholding structure of 51% by Guotou Taikang Trust and 49% by UBS, focusing on diversified and international investment management [4] - The chairman, Fu Qiang, has extensive experience in banking, securities, trust, and asset management, having held various significant positions before leading Guotou Ruijin Fund since July 2021 [4][5] Group 3: Financial Performance - As of the first half of 2025, Guotou Ruijin Fund managed assets totaling 356.9 billion yuan, with 249.3 billion yuan in public funds, ranking 37th out of 162 in the industry [8] - The fund reported a consolidated net profit of 149 million yuan for the first half of 2025, a decrease of 7% year-on-year, following a trend of fluctuating revenue growth in previous years [9] - Revenue figures for the past three years show growth rates of 28% in 2022, 13.15% in 2023, and a decline of 2.89% in 2024, with net profit growth rates of 46.8%, 112.27%, and 8.7% respectively [10]

2月3日晚间，近期大热的白银基金再度更新净值。 官网数据显示，国投白银LOF（161226）最新净值为2.3238元，较前一日上涨3.31%。 | 日期 | 份额净值(元) | 份额累计净值(元) | 净值日增长率 | | --- | --- | --- | --- | | 2026-02-03 | 2.3238 | 2.3238 | 3.31% | | 2026-02-02 | 2.2494 | 2.2494 | -31.50% | | 2026-01-30 | 3.2838 | 3.2838 | -0.72% | | 2026-01-29 | 3.3075 | 3.3075 | 3.54% | | 2026-01-28 | 3.1944 | 3.1944 | 0.18% | | 2026-01-27 | 3.1888 | 3.1888 | 7.39% | | 2026-01-26 | 2.9694 | 2.9694 | 9.28% | | 2026-01-23 | 2.7173 | 2.7173 | 4.80% | 白天交易时段，该产品已连续两日无量跌停，场内价格为4.25元。按照最新净值计算，目前溢价率 ...

Core Viewpoint - The recent manual adjustment of the net asset value (NAV) of the Silver LOF by Guotou Ruijin Fund has sparked widespread controversy and dissatisfaction among investors due to its significant drop of 31.5% in a single day, raising concerns about the valuation methods used by the fund [1][2]. Group 1: Fund Valuation and Market Reaction - On February 2, the NAV of the Silver LOF was adjusted to 2.2494 yuan, reflecting a drastic decline after a historic drop in international silver prices [1]. - The fund's NAV adjustment has been criticized for being excessively large, leading to substantial losses for investors, and for applying different standards for valuation during price increases and decreases, undermining market trust [1][2]. - The fund's holdings are based on domestic silver futures, yet the valuation was linked to international silver prices, which has raised questions about the appropriateness of this approach [1]. Group 2: Risk Management and Response Mechanisms - The fund management's decision to adjust the NAV was seen as a necessary response to the extreme market conditions, as the domestic futures market could not accurately reflect the true price of silver [2][3]. - The incident highlighted deficiencies in the fund's risk management and the lack of established mechanisms to handle extreme market conditions, leading to a reactive rather than proactive approach [2]. - Historical data indicates that extreme price fluctuations in silver are not uncommon, suggesting that the fund management should have anticipated such events and implemented automatic response mechanisms to mitigate risks [3]. Group 3: Recommendations for Future Actions - Implementing automatic mechanisms in the fund's contract, such as suspending redemptions during extreme market conditions, could help prevent liquidity crises and stabilize the fund [3]. - Establishing predefined conditions for valuation adjustments based on market volatility could enhance transparency and reduce disputes over valuation methods [3].

Core Viewpoint - The recent manual adjustment of the net asset value (NAV) of the silver LOF fund by Guotou Ruijin Fund has sparked widespread controversy and dissatisfaction among investors due to a significant drop in value, highlighting the need for better risk management mechanisms in the fund industry [1][2][3] Group 1: Fund NAV Adjustment - On February 2, Guotou Ruijin Fund announced a manual revaluation of the fund's assets based on international silver futures market price fluctuations, resulting in a NAV drop to 2.2494 yuan, a decrease of 31.5% in one day [1] - The silver LOF continued to hit the trading limit on February 3, with a limit price of 4.25 yuan still reflecting an 88.9% premium over the latest NAV [1] - Investor feedback indicated three main concerns: the excessive NAV adjustment leading to significant losses, the inconsistency in NAV calculation standards, and the misalignment of the fund's NAV with its actual investment target [1] Group 2: Risk Management and Valuation Process - The fund management's decision to adjust the NAV was seen as a necessary response to the extreme market conditions, particularly after international silver prices experienced a dramatic drop of over 30% on January 30 [2] - The adjustment process adhered to regulatory guidelines, as significant changes in the economic environment or major events affecting security prices necessitate valuation adjustments exceeding 0.25% [2] - The incident revealed shortcomings in the fund company's risk management and the absence of mechanisms to handle extreme market conditions effectively [2] Group 3: Recommendations for Future Mechanisms - Historical experiences suggest that establishing automatic response mechanisms for extreme market conditions is more efficient than manual adjustments [3] - The urgency of the NAV adjustment was driven by concerns over potential continued trading limits on silver futures, which could hinder the fund's ability to meet redemption requests [3] - Recommendations include incorporating automatic redemption suspension clauses in fund contracts during extreme market conditions and setting predefined conditions for valuation adjustments to avoid disputes over valuation standards [3]