在小红书、雪球、微信等社交平台上，近期也出现了许多关于白银基金套利教程的帖子。 近期，一路狂飙、频创历史新高的白银，将一只白银基金彻底带火。在资金涌入下，不仅该产品频频停牌限额，另一只与其名称代码相似的产品也被 买爆。 不少网友公开分享白银基金套利教程。有网友称，自己通过套利盈利30元，"只要溢价大于5个点，都会坚持套利"。 业内人士认为，国投白银LOF高溢价源于供需失衡、资金炒作，随着限购金额提升，场内高溢价有望回落。建议普通投资者别再跟风追涨，远离脱离 基本面的投机，做好风险管理。 01 白银续创历史新高，国投白银LOF套利受热捧 12月以来，白银一路强势上涨，相继突破60美元/盎司、70美元/盎司关口。截至发稿，伦敦银报72.255美元/盎司，年内涨幅超150%；COMEX白 银报71.895美元/盎司，年内涨幅超130%。至此，白银年内涨幅已远超黄金。 银价持续暴涨下，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，累计发布了13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。 一位网友近日发帖称，自己当日通过套利盈利30元，后续"还想继 ...

21世纪经济报道记者叶麦穗 白银涨势狂飙，导致国投瑞银基金旗下国投瑞银白银期货证券投资基金(LOF)A类基金份额(下称：国投白银LOF)溢价居高不下，场内交易价格 大幅偏离基金份额净值，产生36%的溢价。 21世纪经济报道记者注意到，国投瑞银基金公司频频发布溢价风险提示公告，12月份已经发布了十份溢价风险提示公告，并多次采取临时停牌 的举措。12月19日开盘，国投白银LOF一度下跌超过7%，不过目前已经收窄至5%左右。为了避免资金炒作，该基金甚至将申购金额调整至 500元。 多数机构长线仍然看涨白银 国投白银LOF今年大涨离不开现货白银的突飞猛进，白银现货年内累计涨幅逼近130%，特别是从下半年开始呈现加速上涨态势。12月17日盘 中最高触及66.893美元/盎司，近期虽然出现回调，但是依然维持在65美元/盎司的高位。 暂停大额申购 近期，国投白银LOF二级市场交易价格波动较大引发市场关注。12月19日，该基金公告称：2025年12月17日，国投白银份额单位净值为1.7164 元，截至2025年12月18日，该基金二级市场的收盘价为2.332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 ...

以景顺长城纳斯达克科技ETF（QDII）为例，该产品12月11日开市起至当日10:30临时停牌，以提示投 资者溢价风险。值得注意的是，此类停牌措施自今年9月起便频繁执行，但该基金溢价幅度始终居高不 下。 "摩根基金这2只QDII产品的大额申购门槛放开到10万元后，一度登上某些三方销售平台的热搜榜前几 名。据说摩根基金没有宣传限购变化，但在市场的投资热度高企的情况下，这个消息很快传开。很多我 熟悉的基金投顾组合都去'抢'了，大家觉得额度很快就会被'用完'。"沪上某资深投资人士告诉上海证券 报记者。 随后的事件演变与许多人的猜测相同。12月10日，这2只QDII产品的大额申购门槛变更为1万元，并在 12月11日进一步下调至100元。 实际上，很多QDII产品目前均处于限购力度较大的状态。比如，12月8日起，南方纳斯达克100指数发 起（QDII）的A、C份额的限购金额被调整为50元；同日起，汇添富纳斯达克生物科技ETF发起式联接 （QDII）人民币下调为200元等。 在额度欠缺的情况下，一些能在二级市场交易的QDII产品长期处于"高溢价"状态。 ◎记者 朱妍 摩根基金旗下2只QDII产品连日调整大额申购金额，引发 ...

Core Viewpoint - The article draws parallels between the challenges faced by Chinese restaurant chains and the historical experiences of Japan's dining industry during its economic stagnation, emphasizing the lessons that can be learned from Japan's "Heisei Era" [5][6]. Group 1: Historical Context - The Japanese "Heisei Era" began in 1989, marked by a GDP growth rate of 5.4%, which was never reached again in the following thirty years [8]. - The economic bubble burst in Japan led to a significant decline in various industries, but the restaurant sector managed to remain relatively stable, with food and beverage consumption maintaining a ratio of 23%-25% during the downturn [10][12]. - Despite a decrease in absolute food spending from 82,000 yen in 1992 to 74,000 yen in 2000, the restaurant industry acted as a buffer against the economic collapse [10][11]. Group 2: Changes in Consumer Behavior - The average dining price in Japan decreased by approximately 20% over two decades due to economic pressures [11]. - There was a notable shift in dining habits, with "home cooking" and "eating out" both declining, while "convenience food" consumption tripled, reflecting a preference for quick and affordable meals [12][13]. - The economic downturn led to a significant reduction in restaurant numbers, from 1.55 million to around 1.4 million, despite only a 1%-3% drop in demand [14][19]. Group 3: Industry Dynamics - The Japanese restaurant industry experienced a wave of horizontal mergers in the late 1990s, driven by a "community thinking" approach, despite a decrease in the number of outlets [18][21]. - The capital market saw a surge in restaurant companies going public, with over 100 listed, making Japan a leader in restaurant financing [21][22]. - The need for digitalization and standardization became crucial for restaurant businesses to attract investment, leading to the rise of pre-prepared food products [22][23]. Group 4: The "Impossible Triangle" - The article discusses the "impossible triangle" in the restaurant industry, where high pricing, chain operations, and quality cannot coexist [24][26]. - Successful restaurant chains often had to choose between maintaining high prices or expanding their operations, with most opting for the latter to ensure survival [28][29]. - The case of Watami, a Japanese chain, illustrates the pitfalls of trying to achieve high pricing while expanding, leading to significant losses [28][31]. Group 5: Lessons for the Future - The article concludes that the Japanese experience suggests a clear choice for restaurant businesses: to pursue either scale at lower prices or maintain high prices without expansion [38][42]. - The success of Japan's high-end dining sector, which focuses on quality rather than scale, contrasts with the struggles of chains attempting to balance both [36][40]. - The differences between the Japanese and Chinese dining markets highlight the challenges of standardization in China, where individual dining establishments still dominate [37][42].