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：今晚吃基 一夜之间，国投白银LOF（161226）因净值暴跌31.5%创下了公募基金单日最大跌幅记录，将无数冲进 去"薅羊毛"的投资者关进了跌停板的笼子。 微信群里哀鸿遍野，雪球上骂声四起，维权群的截图在朋友圈疯传。面对这种情绪的海啸，作为旁观 者，基哥却想说一句可能不中听的话： 算了吧，国投瑞银这次，真的已经尽力了…… 如果我们能剥离掉情绪滤镜，用理性的视角复盘这场危机，就会发现： 国投瑞银的操作，是在一场由市场贪婪引发的流动性困局中，做出的目前状况下最合规、也最无奈 的"最优解"。 规则的Bug 首先，这不是基金公司的人品问题，而是金融规则的结构性缺陷。 白银LOF投资的是国内沪银期货，受涨跌停板限制（±17%）；但其净值估值需参考无涨跌停限制的国 际白银价格（COMEX）。比如，当国际白银暴跌26%时，国内期货只能跌17%。 那剩下的9%的亏损去哪了？它不会凭空消失，而是像一颗"隐形地雷"，埋在基金净值的深处。 国投瑞银选择"一次性计提"，确实造成了剧烈的阵痛，但这种"断臂求生"式的操作，在客观上实现了净 值的公允，避免了后 ...

Group 1 - International crude oil experienced significant fluctuations in early February, leading to a surge in oil and gas-themed LOF, with premium rates exceeding 20% at one point [1] - Major public funds such as E Fund, GF Fund, Huaan Fund, and Harvest Fund announced suspensions or restrictions on purchases, with the maximum subscription amount reduced to 100 yuan, highlighting the high premium risk [1] - The price of LOF is driven by sentiment, which can lead to distortions; investors are advised to avoid chasing premiums and focus on net value and actual oil price performance [1] Group 2 - On February 3, A-shares saw the three major indices initially rise and then pull back, ultimately closing with the Shanghai Composite Index up 1.29% at 4067.74 points, the Shenzhen Component Index up 2.19% at 14127.11 points, and the ChiNext Index up 1.86% at 3324.89 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, with over 4800 stocks rising across the market [1] Group 3 - On February 3, three new funds were launched, primarily focusing on fund of funds (FOF) and mixed funds, with the Baodao Xinghang Mixed Fund targeting a fundraising amount of 3 billion yuan [2] - A total of 11 funds announced dividends, with the highest dividend payout being 3.00 yuan per 10 fund shares from the Xingquan Sustainable Investment Three-Year Regular Open Mixed Securities Investment Fund [2] - In January, 48 funds were closed early, with 16 being "daylight" funds, focusing on growth sectors such as non-ferrous metals, chips, and new energy batteries, indicating a proactive approach to lock in investment opportunities [2]

Group 1: US Manufacturing and Trade Developments - The US ISM Manufacturing PMI for January recorded at 52.6%, significantly above the expected 48.5%, marking a year-on-year increase of 4.7 percentage points, the fastest growth since 2022 [2] - Key sub-indices showed strong performance, with the New Orders Index at 57.1%, up nearly 10 points from the previous value of 47.7%, and the Employment Index reaching a one-year high of 48.1% [2] - The US and India reached a trade agreement reducing tariffs, with the US lowering its "reciprocal tariff" on India from 25% to 18%, while India will also reduce its tariffs on US goods, potentially increasing procurement of over $500 billion in US products [3][4] Group 2: Real Estate and Housing Market Initiatives - Shanghai has initiated a program to acquire second-hand housing for affordable rental projects, with financial support from local banks, aiming to stabilize the second-hand housing market [6] - Other cities like Hangzhou and Haikou are also implementing similar policies to support the real estate market, focusing on acquiring existing properties to convert into affordable housing [6] Group 3: Corporate Developments and Market Reactions - SpaceX announced the acquisition of AI startup xAI, with a projected valuation of $1.25 trillion, aiming to address the growing demand for computational power and energy in advanced AI systems [7] - Zhou Dasheng plans to engage in gold leasing business, allowing transactions up to 80% of its gold inventory, which is a common practice in the jewelry industry to mitigate price volatility [8][9] - The Hang Seng Tech Index briefly entered a technical bear market, dropping over 20% from its peak, influenced by market rumors regarding tax rate increases for internet companies [10][11] Group 4: Market Performance and Sentiment - On February 3, the Shanghai Composite Index and other indices saw gains, recovering from previous declines, with significant trading volume and a broad increase in stock prices across various sectors [14][15] - The market experienced volatility due to unfounded rumors affecting investor sentiment, but quickly rebounded as these rumors were debunked [15]

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]

Core Insights - In January 2026, 98% of the 7,578 comparable bond funds reported positive performance, with 7,459 funds increasing in value, while only 77 funds declined and 42 remained flat [1] - The strong performance in the stock market and stability in the bond market contributed to the rise, with 21 bond funds increasing by over 10% [1] - The top-performing funds included 工银可转债优选债券A and 工银可转债优选债券C, which achieved returns of 16.54% and 16.51% respectively [1] Fund Performance - 工银可转债优选债券A and C led the performance rankings with returns of 16.54% and 16.51%, respectively, with significant holdings in convertible bonds and a portion in stocks, primarily in gold mining [1] - 工银添慧债券A and C followed closely with returns of 14.76% and 14.73%, focusing on government and financial bonds, along with mining stocks [1] - 华商瑞鑫定期开放债券 and 华商可转债债券A and C also performed well, with returns of 13.14%, 11.47%, and 11.44% respectively, emphasizing convertible bonds and semiconductor stocks [2] Underperforming Funds - The bottom performer was 天治稳健双盈债券, which declined by 1.71% in January, with a significant portion of its assets in government and corporate bonds [3] - Other underperformers included 中海丰泽利率债C and A, which fell by 0.61% and 0.59%, respectively, focusing on financial bonds [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国际银价史诗级暴跌，撞上国内涨跌停板限制，一场因估值调整引发的风暴席卷基金行业。 2月2日晚10点，国投瑞银白银期货LOF（以下简称"白银LOF"）更新净值数据，其最新净值为2.2494 元，较前一日的3.2838元，单日暴跌31.5%，创下公募基金史上最大单日跌幅纪录。 同日晚间，国投瑞银基金公告，因国际白银价格出现显著波动，为公允反映基金资产价值，决定自当日 （2月2日）起，对基金持有的白银期货合约参考国际市场价格的变动进行估值调整。 公告一出，舆论哗然。在蚂蚁财富、天天基金、小红书等平台上，大量投资者发出投诉帖，直指基金公 司"临时改规则""不讲武德"。 一位投资者愤怒地写道："白天刚赎回，以为最多亏17%，晚上一看净值，多亏了14.5%，这找谁说理 去？" 这场由社交媒体助推、席卷大量新手投资者的套利热潮，以净值创纪录大跌收场，其中暴露的估值争 议、风险认知与应对得失，正在成为基金行业的新课题。 投资者遭遇双重打击 2月2日，对于持有国投瑞银白银期货LOF的投资者来说，无疑是心惊肉跳的一 ...

Core Insights - The article discusses the release of the 2025 Wind Best Roadshow Rankings, emphasizing the importance of roadshows in the capital market for information exchange and strategic discussions despite a changing market environment [1][3]. Group 1: Roadshow Rankings Overview - The rankings are based on actual operational data from the Wind 3C conference platform for 2025, focusing on key indicators to objectively reflect market attention and the actual impact of roadshows [3]. - The rankings are divided into two main sections: institutional and individual, comprising 11 sub-lists that cover key market participants such as securities firms, public funds, futures, and listed companies [3]. Group 2: Institutional Performance - Certain institutions have shown outstanding performance in research output frequency, roadshow quality, and market participation in 2025, establishing a stable communication mechanism for investment judgments [5]. Group 3: Roadshow Participation Metrics - The metrics for evaluating roadshows include browsing volume, participant scale, and the ongoing impact of meetings [8]. Group 4: Roadshow Content Quality - The quality of roadshow content ultimately depends on the presenters, who provide valuable research perspectives through continuous and clear output of viewpoints on macro environments, industry trends, and asset allocation strategies [19]. Group 5: Roadshow Participation Statistics - The Wind 3C conference platform supported various types of meetings in 2025, including analyst roadshows, strategy meetings, industry summits, and performance briefings, serving thousands of financial institutions globally [47]. - The total number of meetings held reached a scale of tens of thousands, with participant numbers exceeding ten million, showcasing the platform's capability to efficiently deliver valuable insights [48]. Group 6: Future Outlook - The rankings serve not only as a retrospective of the past year's roadshow achievements but also as a reference for the future, guiding growth and promoting rational development in the capital market [50].

● 本报记者 郝健 近期黄金价格上演过山车式行情。实物黄金交易中，回购柜台前投资者因价格波动或获利了结或陷入浮 亏纠结，而销售区却因投资需求与刚需消费持续火爆；金融市场上，黄金主题类ETF上演"跌停后反 弹"，资金在恐慌与淡定之间反复切换。机构表示，黄金价格短期波动加剧，长期牛市逻辑虽未改变， 但需警惕市场动荡风险。 卖金各有考量 虽已是中午十二点半，北京某商场办理黄金回购业务的柜台前依然排着长队。 "周日人多，队伍绕着圈排，根本看不到头，等三个小时是常事。"一位住在附近的大爷告诉中国证券报 记者，他今天已是第二次过来，"儿子结婚急用钱，看着金价从高点下来了，怕再跌，赶紧来卖掉一部 分，落袋为安。" 这种"怕再跌"的心理，在投资者中颇具代表性。投资者魏女士从去年底开始分批购入投资金条，面对当 前的高位震荡，她选择先卖出一部分锁定利润。"涨的时候总觉得还能涨，跌的时候又怕一直跌。人性 就是这样。反正现在卖也是赚的。" 次日，剧情再次反转。2月3日，这20只ETF收盘全部上涨。黄金股票型ETF中，国泰中证沪深港黄金产 业股票ETF领涨，当日涨幅4.24%；商品型黄金ETF中，华安易富黄金ETF上涨5.19%，表现 ...

（来源：经济参考报） 嘉实基金公告显示，近期，公司旗下嘉实原油证券投资基金（QDII-LOF）二级市场交易价格高于基金 份额净值，出现较大幅度溢价。特此提示投资者关注二级市场交易价格溢价风险，投资者如果盲目投 资，可能遭受较大损失。2月2日盘后，嘉实基金还发布了嘉实原油证券投资基金（QDII-LOF）暂停申 购业务的公告：为保证基金平稳运作，保护基金份额持有人利益，该基金决定自2026年2月3日起暂停申 购（含定期定额投资）业务。 近段时间，国际原油市场波动较大。从期货市场来看，2月2日亚洲交易时段，布伦特原油期货一度跌破 每桶67美元，WTI原油期货失守每桶63美元关口，日内跌幅均超过3%。国内多只原油LOF净值也出现 了较大波动，2月2日收盘，易方达、嘉实、华安、广发旗下的4只原油LOF全部跌停。 业内人士表示，国际局势的不确定状态为油价注入了风险溢价。然而一旦紧张局势出现缓和迹象，这部 分溢价就会迅速消退。短期内，原油市场的波动性可能持续，需进一步关注风险共振。 广发基金同时表示，若该基金2月3日二级市场交易价格溢价幅度未有效回落，本基金有权通过向深圳证 券交易所申请盘中临时停牌、延长停牌时间的方式，向 ...

Core Viewpoint - The adjustment of the valuation method for the Guotou UBS Fund's Guotou Silver LOF has led to significant market reactions, including a record drop in the fund's net value and subsequent trading halts [1][2]. Group 1: Valuation Adjustment - On February 2, the fund's net value was reported at 2.2494 yuan, a decrease of 31.5% from the previous trading day, marking the largest single-day drop in public fund history [1]. - The fund's trading resumed after a halt, but it faced another drop, closing at 4.25 yuan, with a premium rate of approximately 88.94% at the time of reporting [1]. Group 2: Market Conditions - The valuation adjustment was prompted by significant fluctuations in the international silver market and discrepancies with the Shanghai Futures Exchange silver futures [1]. - The fund will revert to using domestic futures settlement prices for valuation once market conditions stabilize and contract prices reflect supply and demand adequately [2].