如果说2025年底最受市场和投资者关注的基金产品，那么LOF（上市型开放式基金）基金一定榜上 有名。 彼时，随着沪银主力期货一路飙升，全市场独一份投资白银期货的基金产品——国投白银LOF成为 资金热炒的对象，连续多日涨停，同时带动场内LOF基金掀起涨停潮，但很快，这些产品陆续迎来跌 停，也给奔着套利去的投资者敲响了一记警钟。 2026年伊始，多家基金公司又集中发布溢价风险提示公告，称旗下LOF在二级市场的交易价格出现 较大幅度溢价，提示投资者关注溢价风险。 诞生于2004年，已有多年历史的LOF基金为何始终做不大？如今还成为"套利狂欢"的重要工具，未 来又将如何发展？《每日经济新闻》记者就此展开了调查。 LOF基金成资金热炒对象 2026年开年，LOF基金再次掀起溢价潮。 1月5日，广发积极FOFLOF、招商增荣LOF、长信利鑫LOF、国投白银LOF等近10只LOF基金扎堆 发布溢价风险提示，其中还有产品从1月5日开市起至当日10时30分停牌，就是因为二级市场交易价格溢 价幅度过大。 1月6日，国投白银LOF继续发布二级市场交易价格溢价风险提示公告，同时还有多只LOF基金宣布 暂停大额申购，侧面也显示出资金炒 ...

如果说2025年底最受市场和投资者关注的基金产品，那么LOF(上市型开放式基金)基金一定榜上有名。 彼时，随着沪银主力期货一路飙升，全市场独一份投资白银期货的基金产品——国投白银LOF成为资金 热炒的对象，连续多日涨停，同时带动场内LOF基金掀起涨停潮，但很快，这些产品陆续迎来跌停，也 给奔着套利去的投资者敲响了一记警钟。 2026年伊始，多家基金公司又集中发布溢价风险提示公告，称旗下LOF在二级市场的交易价格出现较大 幅度溢价，提示投资者关注溢价风险。 在这些公告中，基金管理人反复提醒投资者，如果盲目投资高溢价率的基金份额，可能遭受重大损失。 这可以说是非常直白的风险提示了。 2025年底，国投白银LOF连续多日涨停，带动近20只场内LOF基金因溢价出现涨停。在社交媒体上，关 于基金套利的教程大火后，更多个人投资者涌入这些大幅溢价的LOF基金，但很快，这些产品盘中陆续 跌停，市场风险给试图套利的投资者上了一课。 《每日经济新闻》记者注意到，在这场围绕高溢价LOF的资本狂欢中，不少个人投资者其实是第一次接 触LOF基金，甚至完全不了解这类产品就已经开始入场，这是比较盲目甚至危险的。 事实上，从2025年全年的 ...

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 LOF基金的流价 是怎么来的? LOF基金溢价的本质是同一资 产在不同市场的定价差异。 LOF基金是一种特殊的存在,既可以在场外按净 值(根据底层资产计算的实际价格)申赎,也可以 在场内以市价实时交易。其折溢价就来自于两种 中泰证券资产管理 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

当赚钱看起来毫不费力时，往往是风险最高的时候。 1 想套利，反被套？ 1月5日，上证指数盘中重回4000点，受突发地缘政治冲突影响，国际贵金属市场也被燃爆。 现货黄金重新站上4400美元关口，日内涨幅扩大逾2%；现货白银一度涨超4%，表现碾压黄金。 回顾2025年，白银，堪称"逆袭之王"。 现货白银价格全年暴涨147.8%，远超黄金64.6%的涨幅，被戏称为"穷人的黄金"终于扬眉吐气，它也成了资本市场新的"锚定点"。 全市场唯一一只投资白银期货的公募基金——国投瑞银白银LOF，也跟着水涨船高，近一年高涨超130%。 | 国投瑞银白银期货(LOF)A | +130.99% | | --- | --- | | 161226 中高风险 大宗商品 | 近一年涨跌幅 | | 屡创新高 | | | 国投瑞银白银期货(LOF)C | +130.07% | | 010006 中宣网哈 十三高点 | 近一年涨跌幅 | 具体来看，这只基金的A份额，从11月28日的1.43元净值，涨到12月30日的2.01元，短短一个月猛涨40.55%。 但猛涨的同时，它也被打上了"高风险"、"高溢价"的标签，场内交易的溢价率最高的时候冲到了68 ...

Core Insights - The article discusses the concept of arbitrage between off-market and on-market funds, emphasizing that not all off-market funds can be converted to on-market for profit. Successful arbitrage requires selecting the right funds with both "off-market subscription and redemption" and "on-market trading" attributes [1] Group 1: Fund Types and Selection Criteria - LOF funds (Listed Open-Ended Funds) are highlighted as the primary targets for off-market to on-market arbitrage, suitable for individual investors due to their dual functionality [3] - Key selection criteria for LOF funds include: 1. Support for transfer custody, prioritizing A shares as C shares often do not allow on-market trading [3] 2. Presence of arbitrage space, with a recommended premium rate of 2%-3% to cover costs [3] 3. Sufficient liquidity, with daily trading volume exceeding 10 million yuan to avoid difficulties in selling [3] Group 2: Case Studies and Practical Tips - A recent example is the Guotou Ruijin Silver Futures LOF (161226), which saw a peak premium rate exceeding 57%, allowing investors to profit from the price difference after purchasing at net value [3] - Practical tips for LOF arbitrage include prioritizing "premium arbitrage" (off-market subscription followed by on-market sale) and avoiding "discount arbitrage" due to high redemption fees [3] Group 3: ETF and QDII Fund Insights - ETFs can only be traded on-market, but ETF-linked funds allow indirect participation through off-market subscription and on-market trading, leveraging price differences [4] - For QDII funds operating as LOFs, high premium rates can occur due to foreign exchange limits, with an example showing a premium rate of 25.9% [5] Group 4: Cost and Risk Management - Investors must calculate costs to ensure profits exceed subscription fees and commissions, with a warning that low premium rates (below 2%) likely lead to losses [6] - Time risk is significant, as the period from subscription to sale can lead to changes in premium rates, potentially erasing profit opportunities [6] - It is crucial for the off-market fund account and securities account to have matching identification information for successful transfer custody [6]

Core Viewpoint - A significant surge in silver prices has led to a frenzy in social media discussions, particularly around the investment opportunities presented by the Guotou Silver LOF fund, which has become a popular topic due to its unique trading features and potential for arbitrage profits [1][3]. Group 1: Market Dynamics - From September 2025, the main silver futures in Shanghai saw a cumulative increase of over 90%, with a staggering 40% rise in December alone [1]. - The Guotou Silver LOF fund, the only investment product focused on silver futures in the market, allows trading through both securities accounts and bank platforms, creating a "buy low, sell high" arbitrage opportunity [3]. - The fund's net asset value (NAV) reflects the true value based on silver asset holdings, while the trading price can significantly deviate based on market sentiment, leading to potential profit opportunities when the trading price exceeds the NAV [3]. Group 2: Investor Behavior and Risks - The fund's popularity surged, with a 50% premium over NAV due to limited daily purchases set by the fund company, which restricted outside subscriptions to only 100 yuan per day [4]. - The fund experienced a dramatic increase of 83% over a month, with social media filled with tutorials and posts about arbitrage, leading to a speculative frenzy among retail investors [4]. - However, the market volatility became evident as the fund faced consecutive trading halts and significant price fluctuations, highlighting the risks associated with such speculative investments [4][8]. Group 3: Risk Factors - Historical trends indicate that high premiums above NAV are unsustainable, and the influx of arbitrage funds will eventually drive prices back to their intrinsic value, as evidenced by the premium dropping from its peak to below 30% [6]. - The time lag in the arbitrage process, where funds take T+2 days to transfer to a securities account for selling, introduces uncertainty that can erode potential profits, making the so-called "risk-free arbitrage" a high-risk speculative activity [6]. - The current silver market frenzy serves as both an investment opportunity and a stark reminder of the importance of risk awareness, particularly for retail investors who may be tempted by short-term gains [6].

Core Viewpoint - The speculative trading of Guotou UBS Silver Futures (referred to as "Guotou Silver LOF") has reached a temporary halt, with significant price volatility leading to a sharp decline in premium over net asset value [2][5]. Group 1: Price Movement and Market Dynamics - On December 26, Guotou Silver LOF experienced two consecutive days of trading halts, with its market price premium over net asset value dropping from nearly 70% to below 30% [2]. - The price of silver futures has surged significantly this year, with the main contract increasing by 152%, leading to a substantial inflow of funds into Guotou Silver LOF, which reached a historical high of 6.64 billion yuan [3]. - The fund's net asset value increased by 42% year-to-date by the end of Q3, with its share volume doubling compared to the end of the previous year [3]. Group 2: Investor Behavior and Risk Factors - The extreme volatility of Guotou Silver LOF has highlighted the risks associated with premium pricing and the mechanisms of fund arbitrage, serving as a practical financial lesson for investors [2][9]. - The fund's management has implemented purchase limits and reduced the maximum purchase amount in response to the rapid inflow of speculative funds, which has led to a disconnect between market price and net asset value [4][7]. - Despite the allure of "risk-free" arbitrage strategies, actual returns have been minimal, with average daily arbitrage profits shrinking from approximately 300 yuan to around 150 yuan as the premium narrowed [8]. Group 3: Industry Insights and Product Innovation - The speculative frenzy surrounding Guotou Silver LOF has exposed the lack of innovative financial products in the domestic public fund market, emphasizing the need for a more diverse range of risk management tools [9][10]. - Market experts suggest that the absence of silver spot-linked products likely contributed to the high premium trading phenomenon, indicating a need for the public fund industry to enhance its product offerings to meet diverse investor needs [10].

Core Viewpoint - The core purpose of certain funds suspending operations before the New Year holiday is to protect returns, control scale, and prevent arbitrage, urging individual investors to complete transactions before the last open date to avoid missing holiday returns [5] Group 1: Fund Operations - Over 50 funds have announced plans to suspend subscription, conversion, and regular investment operations before the New Year holiday [1][2] - The suspension of operations is concentrated around December 30 or 31, with resumption set for January 5, 2026 [2][3] - Specific funds, such as Huatai-PB and Tianzhi, have detailed their suspension periods and resumption dates for various sales channels [2][3] Group 2: Fund Types and Adjustments - The affected products include money market funds, bond funds, and interbank certificate index funds [1][2] - More than 20 funds have adjusted their large subscription limits during the holiday period, with some setting limits as low as 10,000 yuan and others up to 1 million yuan [3] Group 3: Rationale Behind Actions - Fund managers cite the need to protect the interests of fund shareholders and manage investment effectively as reasons for suspending operations and adjusting limits [3][4] - The actions are aimed at preventing arbitrage opportunities that could dilute existing shareholders' returns during the holiday period [4]

Core Viewpoint - The recent volatility in the capital market, particularly surrounding the Guotou Silver LOF fund, highlights the risks of speculative trading and the impact of market psychology on investment behavior [1] Group 1: Market Dynamics - On December 24, the spot silver price reached a new high of $33.52 per ounce, marking a 35% increase for the year, which is double the increase of gold [2] - The Guotou Silver LOF fund experienced a surge, achieving a "three consecutive limit up" and over 100% growth in just 22 trading days, with a premium rate soaring to 62% [2][10] - The fund's performance attracted significant attention, making it a "net celebrity fund" on investment platforms [2] Group 2: Investor Behavior - A misidentification led to the Guotou Ruiying LOF fund, which had a much lower market value, also experiencing a similar surge, indicating irrational trading behavior among investors [5] - The fund's scarcity and the allure of arbitrage opportunities drove investors to rush into the market, despite the risks involved [6][8] - The premium rate of 62% suggested a potential for profit through buying at a lower price and selling at a higher price, enticing many ordinary investors to participate [8] Group 3: Fund Management and Strategy - The fund management implemented multiple purchase limits in the past three months to control rapid expansion and mitigate net value volatility risks, which was misinterpreted by investors as increasing scarcity [10][15] - The adjustments in purchase limits were aimed at balancing fund size and the interests of existing holders, particularly for the C class shares that cannot be listed [15] Group 4: Risks of Speculation - The rapid decline in the fund's premium rate from 62% to 41% within a day illustrates the risks associated with speculative trading and the potential for significant losses [10] - The time lag in the ability to sell after purchase, along with transaction costs, can erode potential profits, making the arbitrage strategy less appealing [13] - The situation reflects a "hot potato" game where investors are left holding the bag as prices drop when everyone attempts to sell simultaneously [17]

Core Insights - The article discusses the concept of fund arbitrage, which involves exploiting price differences of the same asset in different markets to achieve profit through low buying and high selling [1] Group 1: Arbitrage Mechanism - The most common form of arbitrage mentioned is "on-exchange and off-exchange price difference arbitrage," where a LOF fund trades at 1.2 yuan in the market while its actual net value is only 1.0 yuan, resulting in a 20% premium [3] - Arbitrageurs can purchase the fund at the off-exchange net value of 1.0 yuan and sell it on-exchange at 1.2 yuan, thereby locking in the price difference instantly [4] Group 2: Risks and Considerations - The article emphasizes that this is not a guaranteed profit strategy; it involves risk arbitrage, where the key factors are speed and precision in calculations [4] - Investors must consider time costs (with a T+2 day settlement for purchases and redemptions), liquidity risks (the price may drop back to net value before the transfer), and the risk of arbitrage crowding (where many participants act simultaneously, causing the price difference to vanish) [4] Group 3: Investor Strategy - Ordinary investors are advised to observe rather than actively participate, using the price premium as an indicator of market sentiment (high premiums often signal overheating) rather than a daily profit tool [4]