每经评论员 李蕾 一只规模濒临清零的基金，因机构大额赎回意外出现单日近70%的净值暴涨。基金公司不仅未澄清 背后缘由，反而借此营销基金业绩，致使不明真相的投资者纷纷涌入，导致该基金单季度规模环比激增 上万倍。这场由同泰产业升级混合基金引发的闹剧，近期在业内引发广泛热议。 实际上，这场净值异动的原理并不复杂，它并非源于基金经理投资能力的突飞猛进，而是机构资金 撤离带来的短期现象。当机构投资者进行大额赎回时，赎回费用会计入基金资产，这一机制极易导致基 金净值出现短期异动。 投资者选择公募基金，看重的是专业机构的投资能力和风险管控水平。浑水摸鱼式的营销虽然短期 内可能吸引资金流入，但从长期来看，却是在透支基金公司自身的声誉和行业公信力。 笔者认为，要规范此类行为，需要多方形成合力。监管部门应进一步完善基金净值异动披露规则， 要求基金公司对单日净值的大幅波动进行及时详细说明，并明确禁止利用技术性波动进行不当营销；基 金公司更需回归本源，将精力放在提升投研能力和开展投资者教育上，而非钻研"保壳"技巧；销售机构 与平台方则应坚守信息中介的职责，对夸大收益、隐匿风险的内容实施算法降权与人工下架。当然，投 资者也扮演着不可或 ...

Core Viewpoint - A fund experiencing a near-zero scale saw a nearly 70% surge in net value in a single day due to large institutional redemptions, leading to a significant increase in its quarterly scale, raising concerns about misleading marketing practices by the fund company [1][2]. Group 1: Fund Performance and Marketing - The surge in net value was not due to the fund manager's investment prowess but rather a short-term phenomenon caused by large institutional redemptions, which affected the fund's asset valuation [1]. - The fund company failed to clarify the true reason behind the net value increase and instead leveraged this surge for marketing, misleading investors about the fund's performance [1][2]. - This incident highlights a broader issue in the industry where funds, particularly those with a high proportion of institutional investors, can experience similar short-term value fluctuations due to redemption activities [1]. Group 2: Regulatory and Ethical Considerations - The incident raises questions about the integrity of fund management practices, as the company did not adequately disclose the reasons for the net value spike, potentially violating basic principles of honesty and responsibility towards investors [2]. - There is a call for regulatory bodies to enhance disclosure rules regarding significant net value fluctuations and to prohibit inappropriate marketing based on technical volatility [3]. - The industry is urged to focus on improving research capabilities and investor education rather than exploiting short-term market movements for marketing gains [3].