上证报中国证券网讯（记者 朱妍）截至1月7日15点15分，COMEX白银期货价格下跌2.71%。跟随银价 的走势，1月7日，在停牌1小时后，国投白银LOF高开低走。在开年连涨2日后，该基金出现回调，当日 场内价格报收2.565元，下跌1.27%，场内溢价率达到20.32%。 | HoriE 区间统计 | 骨田图形 | | 前复权~ 到价 ○ √ | צ'י | 国投自银LOF | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | AA20:2.348 ↑ MA30:2.096 | | | 设置均线。 | | 161226 | | | -1.71% | | 2025/11/20-2026/1/7(33根) ★ | | | | | 已收市 CNY | | 历外 ▲ | 自选 + | | # 1 事 | * * * | * * * * | | | 要比 | -54.01% 委 | | -1.83 H | | | | | | 3.116 | 剪 | 2.570 | 2931 | | | | | | | | SDU | 2.569 | 681 ...

来源：中国基金报 【导读】沪银暴涨创新高 中国基金报记者 泰勒 大家好，今晚美国那边过圣诞节，股市休市，我们简单看点别的消息。 沪银创下新高 12月25日晚间，贵金属期货走强，沪银夜盘涨超18000元/千克，创历史新高，当前涨幅接近5%。 | 分时图-日窗 | | 9 | 4 45 | 2 | | | --- | --- | --- | --- | --- | --- | | 沪银2602网 | | | | | | | 18080 | | | | | 45.21% | | | | | | | 43.47% | | | | | | | +1.74% | | 17185 | | | | | 0.00% | | 16887 | | | | | -1.74% | | 16588 | | | | | -3.47% | | 16290 | | | | | -5.21% | | CJL | | | | | | | 0400 | | | | | 300635 | | | | | | | 298131 | | | | | | | 295627 | | | | | | | 293122 | | 0:00 1:00 | | | 9 ...

12月25日晚间，贵金属期货走强，沪银夜盘涨超18000元/千克，创历史新高，当前涨幅接近5%。 来源：中国基金报 有专业人士分析，限购不是为了制造稀缺，而是因为在交易所持仓上限和公募禁止高杠杆的双重制度约 束下，这只白银LOF已经达到可承载规模的物理极限。如果放开申购，新增资金将无法按合同买入对应 的白银期货，只能闲置或买债，从而严重稀释仓位、制造巨大的跟踪误差，构成对持有人和监管的违约 风险。因此，限购是基金公司在制度约束下唯一能采取的合规止损手段，而不是主观选择。 消息面上，白银基金限购100元。国投瑞银白银期货证券投资基金（LOF）宣布从12月29日起，将A类 基金份额的定期定额投资金额上限重新下调至100元，C份额暂停申购。此前这一额度曾被放宽至500 元，以引导套利资金平抑溢价。 另外，国投白银LOF发布公告称，将于26日开盘起至10:30停牌后复牌，并警示二级市场交易价格存在 明显溢价风险。截至12月25日，该基金二级市场收盘价为2.804元，较12月24日的基金份额单位净值 1.9278元高出45%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】国投白银LOF今日跌停 中国基金报记者 张玲 国投瑞银基金表示，该基金的二级市场收盘价明显高于基金份额净值，且高溢价率不具备可持续性，投 资者如果盲目投资高溢价率的基金份额，可能面临较大损失。 目前，该基金A类基金份额申购金额上限为500元。国投瑞银基金曾表示，将调整A类基金份额申购限 额。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 12月25日，国投白银LOF在10：30复牌后快速跌停。截至发稿，二级市场报2.804元，溢价率为 45.45%，成交额达6.55亿元。 | < ロ | | | 国投白银LOF(161226.SZ) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 交易中 12-25 10:59:42 | | | | | 2.804 | | 昨收 | 3.116 | 流通盘 | | 27.05亿 | ...

Core Viewpoint - The article discusses the recent performance of the Guotou Silver LOF fund, which experienced a rapid decline after a period of significant price increase, highlighting the volatility and risks associated with high premium rates in the market [2][5]. Market Performance - On December 25, Guotou Silver LOF resumed trading at 10:30 AM and quickly hit the daily limit down, with a market price of 2.804 yuan and a premium rate of 45.45% [2][3]. - The fund's previous closing price on December 24 was 3.116 yuan, reflecting a premium rate of 68.19% [5]. - The fund's trading volume reached 2.2 billion yuan, with a turnover rate of 8.31% [3]. Fund Characteristics - Guotou Silver LOF is the only fund primarily investing in silver futures, which has attracted significant market interest, leading to multiple announcements regarding premium risks and trading suspensions since December 2 [5]. - The fund's A-class share subscription limit is currently set at 500 yuan, with adjustments made to manage investor interest [5]. Investor Behavior - There has been a notable trend of investors sharing arbitrage strategies related to the silver fund, with some reporting profits from trading based on premium fluctuations [5].

【 导读 】国投白银LOF 明日将停牌1小时 中国基金报记者 张玲 国投白银LOF再发风险提示及停复牌公告！ 12月24日，国投白银LOF发布公告称，截至2025年12月24日，本基金二级市场的收盘价为 3.116元，明显高于基金份额净值，投资者如果盲目投资于高溢价率的基金份额，可能面临较 大损失。为保护投资者利益，本基金将于2025年12月25日开市起至当日10:30停牌，自 2025年12月25日10:30复牌。 国投瑞银基金表示，若该基金2025年12月25日二级市场交易价格溢价幅度未有效回落，其有 权通过向深圳证券交易所申请盘中临时停牌、延长停牌时间的方式，向市场警示风险，具体 以届时公告为准。 国投瑞银基金还称，目前，该基金A类基金份额申购金额上限为500元。后续，公司将调整A 类基金份额申购限额，该基金二级市场价格的高溢价率不具备可持续性，敬请特别关注。 近期，银价持续暴涨，作为全市场唯一一只主要投资于白银期货的基金产品，国投白银LOF 受到热捧，自12月2日以来，已累计发布14份二级市场价格溢价的风险提示公告及相关停复 牌公告，并数次调整申购限额，但仍难挡市场热情。 12月22日、23日、24日 ...

泰国陆军总参谋长柴普鲁克·东帕帕特将军通过军方声明表示："此次军事行动的目标是为保障我们子孙 后代的安全，长期削弱柬埔寨的军事能力。" 【最新白银期货行情解析】 沪银没有什么太大的变化，最低也就在13550附近，由于寒气给不大，本周维持下方支撑在13250附近， 周内只要此支撑不破，就可以顺势做多继续看涨，并且，维持上周不猜顶，不做空，但如果意外跌破 13250就需要注意强弱变化。沪银溢价维持至400元/克，沪银主力合约参考运行区间13350-14000。 泰国军方称其战机于周一（12月8日）对柬埔寨实施了空袭，旨在削弱柬埔寨的长期军事能力。两国边 境战火重燃，使美国总统特朗普斡旋达成的脆弱停火协议陷入危机。 据官方消息，双方互相指责对方在夜间挑起冲突，战斗于黎明前升级并蔓延至多个地点，已造成一名泰 国士兵和四名柬埔寨平民死亡。 柬埔寨谴责泰国实施了"不人道且残暴的"侵略行径，强调己方未进行报复；而曼谷方面则表示，在邻国 调动重型武器并重新部署作战单位后，泰方对军事目标实施了空袭。 今日周二(12月9日)亚盘时段，白银期货目前交投于13626一线上方，今日开盘于13726元/千克，截至发 稿，白银期货暂报13 ...

Group 1 - Silver futures are currently trading above 11845, with an opening price of 11810 and a current price of 11936, reflecting a 3.68% increase [1] - The highest price reached today is 11961, while the lowest was 11704, indicating a short-term volatile trading pattern [1] - Analysts suggest that if silver futures break above 11600, a bullish trend could be established, with potential targets at 12000 and 12380 [4] Group 2 - President Trump announced that the U.S. is close to finalizing a trade agreement with India aimed at enhancing economic and security relations, increasing U.S. energy exports, and promoting investment in key industries [3] - Trump emphasized that the upcoming agreement is significantly different from past agreements and expressed optimism about its imminent completion [3] - There are indications that Switzerland is negotiating a 15% tariff rate on exports to the U.S., which would significantly reduce the previous 39% tariff imposed in August [3]

Core Viewpoint - The Guotou Ruijin Silver Futures Fund has significantly upgraded its subscription limits due to the recent surge in precious metal prices, particularly silver, which has reached historical highs. This move aims to protect the interests of existing fund holders amidst increased market volatility and speculative behavior [1][2][4]. Fund Subscription Limits - As of October 20, the subscription limits for the Guotou Ruijin Silver Futures Fund have been set to 100 yuan for Class A shares and 1,000 yuan for Class C shares, a substantial reduction from previous limits [2][4]. - This is the second time in a short period that the fund has implemented subscription limits, having previously set limits of 6,000 yuan for Class A and 40,000 yuan for Class C shares starting October 15 [4]. Fund Performance and Market Context - The Guotou Ruijin Silver Futures Fund, established in August 2015, has seen its net asset value increase by 58.10% year-to-date as of October 17, reflecting strong performance in the context of rising silver prices [4]. - The fund primarily tracks the main silver futures contracts on the Shanghai Futures Exchange and maintains a high position to closely follow market movements [4]. Market Dynamics and Speculation - The recent surge in silver prices, which exceeded 50 USD per ounce for the first time, has led to increased volatility and speculative trading in the market [5][6]. - The Shanghai Futures Exchange has adjusted margin requirements and price limits for gold and silver futures to mitigate speculative activities [5]. Investment Considerations - Analysts suggest that while the fundamental logic supporting silver's price increase remains strong, the current price levels are considered high, warranting caution regarding potential corrections [5][7]. - The silver market's smaller total market capitalization compared to gold results in higher volatility, making it more sensitive to macroeconomic factors, particularly in manufacturing [6][7].

Core Viewpoint - The Guotou Ruijin Silver Futures Fund has upgraded its purchase limits for A and C class shares to 100 RMB and 1000 RMB respectively, in response to the recent surge in precious metal prices and to protect the interests of fund holders [2][4][6]. Fund Purchase Limit Upgrade - The fund's purchase limits were previously set at 6000 RMB for A class and 40,000 RMB for C class shares, indicating a significant reduction in the maximum purchase amounts just three trading days after the initial limit was imposed [5][6]. - The upgrade in purchase limits is aimed at ensuring the fund's stable operation amid increased market volatility and speculative behavior following rapid price increases in silver [7][8]. Market Context - The silver market has seen a historic price surge, with spot silver prices exceeding 50 USD per ounce for the first time, and the Guotou Ruijin Silver Futures Fund's A unit net value rising by 58.10% year-to-date [6][9]. - The fund is the only public silver futures fund in the market and has a total scale of 30.14 billion RMB as of the end of Q2 this year [6]. Investment Dynamics - Analysts suggest that while the financial attributes and market demand will continue to support silver prices, caution is warranted as prices are currently in an absolute high zone, indicating potential for a price correction [2][12]. - The silver market's volatility is exacerbated by its smaller total market capitalization compared to gold, leading to greater price fluctuations [11]. Speculative Behavior and Arbitrage Opportunities - The recent price dynamics have created arbitrage opportunities, prompting the fund management to implement purchase limits to prevent concentrated inflows of speculative capital [8]. - The current market conditions, including anticipated interest rate cuts and trade negotiations, may impact precious metal prices negatively, suggesting a need for careful monitoring of market trends [12].