在深夜闹出净值跌超31%的历史纪录后，国投瑞银回应了突然大幅调整净值以及程序上的"先斩后奏"问 题。 对于大幅向下调整估值一事，国投瑞银基金表示，白银作为国际定价的投资品种，其价格并不简单由国 内市场决定，境外主流市场银价决定了本基金底层资产(上期所白银期货合约)的真实价值。日常采 用"当日期货合约的结算价"作为基金净值的估算基础。但是国际白银市场价格出现史诗级暴跌，单日波 动幅度远超常规情况。如果继续沿用上期所白银期货的结算价估值，基金净值将显著高于底层资产在国 际市场的真实价值，形成"虚高"假象。这不仅掩盖了实际风险，使投资者难以准确判断；更会在未来价 格回归时，让持有人被动承担剧烈波动带来的损失。这种"估值滞后"隐藏着更大的风险。若继续使用未 调整的估值，就可能导致先赎回的投资者以"虚高"净值退出。 国投瑞银基金强调，对于当日赎回的投资者而言，赎回的基金资产本身的实际价值已经远远低于上期所 白银期货合约的价格。 国投瑞银白银LOF净值大跌超31% 2月2日深夜，国投瑞银白银LOF更新净值数据，其最新净值为2.2494元，相比上一日（1月30日）的 3.2838元，单日跌幅高达31.5%，创公募基金单日下 ...

Group 1 - The core announcement is about the establishment of the Bosera Yingtai Zhenxuan 6-Month Holding Period Mixed Fund of Funds (FOF), which has a total net subscription amount of 5,843,826,666.55 yuan during the fundraising period [1][2][3] - The fund manager, Zhang Dingxuan, has been with Bosera Fund Management since 2021 and has previously worked at Ping An Dao Yuan and Ping An Fund. He currently manages five funds, with three showing positive returns but below the average level of their peers [1][4] - The fund's contract became effective on February 2, 2026, and it operates as a contractual open-end fund [2][3] Group 2 - The total number of valid subscription accounts during the fundraising period was 20,671 [3] - The net subscription amount for the two sub-funds was 3,694,920,889.30 yuan for the A share and 2,148,905,777.25 yuan for the C share, with no interest accrued during the fundraising period [3][5] - The fund is categorized as a balanced type FOF, with the main code being 026682 for the A share and 026683 for the C share [2][5]

中国经济网北京2月3日讯 近日，东海基金公告，东海价值臻选混合增聘杨恒。 杨恒2020年8月加入东海基金管理有限责任公司，曾担任研发策略部行业研究员职位，主要负责权 益研究，先后覆盖食品饮料、家电、农业、轻工等消费领域，拥有多年消费行业研究经验，现任权益投 资部基金经理。 | 基金名称 | 东海价值臻选混合型证券投资基金 | | --- | --- | | 基金简称 | 东海价值臻选混合 | | 基金主代码 | 024683 | | 基金管理人名称 | 东海基金管理有限责任公司 | | 公告依据 | 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金 | | | 运作管理办法》《公开募集证券投资基金信息披露管理办法》及其 | | | 他有关法律法规以及本基金相关法律文件等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 杨恒 | | 共同管理本基金的其他经 | 张立新 | | 理姓名 | | (责任编辑：康博) 东海价值臻选混合A/C/D/E成立于2025年09月15日，截至2026年02月02日，其今年来收益率 为-1.18%、-1.27%、-1.18%、-1.17%，成立 ...

2月2日，热门产品国投白银LOF更新净值，不少投资者"炸锅"，国投白银LOF单日跌幅高达31.5%，这一跌幅更是创 下公募基金单日跌幅历史之最。 "活久见"的场面上演，到底发生了什么？国投白银LOF火速回应，是基金调整估值所致。 该基金公告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估。自2月2日起，本公司对 旗下证券投资基金持有的白银期货合约AG2604、AG2605、AG2606、AG2608、AG2610、AG2612，参考估值日北京 时间下午3点的白银期货国际主要市场价格相对前一交易日北京时间下午3点的波动幅度进行估值调整。 简单讲：基金直接手动抹掉了涨跌幅限制，突破了LOF场内10%的涨跌停限制、突破了国内白银期货合约当日的理论 最大跌幅17%，直接穿透至底层，以白银期货国际市场价格定价了。 对于未来是否会恢复到此前的通过合约结算价进行估值？公司将综合参考各项相关影响因素并与基金托管人协商，自 上述合约交易体现了活跃市场交易特征后，恢复按结算价估值方法进行估值。 国投白银LOF公布净值跌幅为何高达31.5%？ 依然有不少投资者懵圈，31.5%的单日跌幅，不仅远远高于此前基金公 ...

贺剑的稳健表现，并非孤军奋战的结果，而是天弘基金"固收+"团队化作战的缩影。作为业内知名的固 收大厂，天弘基金构建了平台化、一体化的投研体系，"固收+"核心产品采用团队协同共管模式，整合 宏观研究、信用分析、权益投研等多领域力量，有效弥补单一投资视角的局限。 作为拥有18年证券从业经历、11年基金管理经验的老将，贺剑的投资履历覆盖年金、专户、QFII等多个 领域，横跨纯债、转债、股票三大资产类别，这也让他具备了更全面的大类资产研判能力和扎实稳健的 债券投资风格，成为一位优秀的多资产配置专家。 尤为值得一提的是贺剑的风险控制能力。他严格将旗下产品的权益风险暴露敞口控制在30%以内，通过 多元资产搭配，实现风险与收益的平衡。这一策略让产品在市场波动中展现出较强的抗风险能力，精准 匹配风险承受能力较低的投资者需求。截至2025年底，贺剑在管"固收+"基金8只，总规模达107亿元。 其中管理期限满一年以上的5只基金，2025年的最大回撤均未超过-2%。 中证报中证网讯(记者王宇露)低利率时代下，传统理财收益持续承压，叠加资本市场波动加剧，"固收 +"基金的稳健运作能力愈发受到投资者关注。天弘基金混合资产部基金经理贺剑 ...

Fund Overview - As of December 31, 2025, the total scale of micro funds reached 7.72 billion yuan, with a concentration in a few leading products, indicating a "head concentration, tail shrinkage" pattern[10] - The top two funds, 诺安多策略混合 A and 金元顺安元启灵活配置混合, account for 50.31% of the total scale, with combined assets of 3.68 billion yuan[13] - C-class shares generally exceed A-class shares in scale, reflecting a higher proportion of short-term trading funds in the investor structure[13] Performance Analysis - Micro funds achieved a cumulative return of 93.33% as of January 26, 2026, but underperformed the 万得微盘股指数, which had a return of 192.21%, resulting in a negative excess return of -98.88%[20] - The performance gap indicates that micro fund investment strategies need to improve their adaptability to structural market conditions[22] Investor Structure - Individual investors dominate the micro fund ownership, with some funds having over 90% held by individuals as of June 2025[24] - Institutional participation has been gradually recovering, rising from 3.50% in mid-2024 to 15.48% by mid-2025, indicating a selective re-entry into micro funds[25] Strategy Logic - Micro funds primarily focus on low-attention stocks, aiming to capture valuation recovery as market interest increases[37] - The funds exhibit a calendar effect, with higher average returns in February, March, and November, suggesting strategic timing for investment[43] Risk Factors - Micro assets face liquidity constraints, with potential for significant price volatility during market sentiment shifts[57] - There is uncertainty regarding the fundamentals of individual stocks, necessitating higher research depth and risk control from fund managers[58] - Micro funds are sensitive to policy expectations and market sentiment, which can amplify price fluctuations[59]

Market Overview - The market has experienced increased volatility this week, with sectors such as liquor and food and beverage showing signs of rebound from low levels. The net inflow of 180 million yuan into the CSI Dividend ETF (515080) indicates a potential increase in market risk aversion [1] - As of the latest data, the CSI Dividend ETF (515080) has risen by 0.39% during the trading session, with several constituent stocks, including Zoomlion Heavy Industry and Conch Cement, seeing gains of over 3% [1] Dividend Strategy Insights - The latest dividend yield for the CSI Dividend Index is 5.02%, significantly higher than the 10-year government bond yield of 1.82%, highlighting the relative attractiveness of high dividend investments [2] - According to Guotai Junan Securities, the dividend strategy has underperformed the market due to a shift in investor focus towards growth sectors, particularly in AI-related industries. This trend is expected to continue into 2026, where dividend strategies will still serve as a stabilizing component in investment portfolios [3][21] Investment Recommendations - Long-term investment in high-dividend stocks is recommended, particularly those with a strong history of dividend payments and solid cash flow. The CSI Dividend ETF (515080) has outperformed its benchmark index by 71.28% since its inception, making it a viable option for investors seeking stable returns [5] - The focus of dividend investment should shift from merely seeking high dividend yields to ensuring sustainable dividend-paying capabilities, as this is crucial for long-term value [24] Performance Metrics - The CSI Dividend Index has shown a 40-day return difference of -7.04% compared to the Wind All A Index, indicating a recent recovery but still underperforming relative to the broader market [1][13] - Historical performance data shows that the CSI Dividend Index has delivered returns of 5.60% over the past year and 66.14% over the past decade, while the CSI Dividend Total Return Index has achieved 159.95% over the same period [8]

Group 1 - Major adjustment in silver fund valuation method announced by Guotai Asset Management, allowing the fund to bypass the 10% limit on price fluctuations and the 17% theoretical maximum decline in domestic silver futures contracts, pricing based on international market prices [1] - In January, public funds participated in the offline allocation of 5 new stocks, with a total allocation of 60.22 million shares and an investment amount of 1.25 billion yuan [2] - Change in major shareholders of Jiangxin Fund, with Guosheng Financial Holdings set to absorb Guosheng Securities, which previously invested 54 million yuan in Jiangxin Fund, representing 30% of its registered capital [3] Group 2 - Adjustment of subscription limits for QDII fund managed by Li Yaozhu, with new limits set at 5,000 yuan for A-class and 700 USD for C-class shares starting February 4 [4] - Market review shows a rebound with the Shanghai Composite Index rising by 1.29%, Shenzhen Component Index by 2.19%, and ChiNext Index by 1.86%, with total trading volume at 2.54 trillion yuan, down 40.5 billion yuan from the previous trading day [5] - The leading ETFs included the China-Korea Semiconductor ETF, which rose by 8.62%, and the Guotai Photovoltaic ETF, which increased by over 7% [6] Group 3 - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism on the generation side, aiming to establish a reliable capacity compensation mechanism that reflects the peak contribution of different units, highlighting opportunities in the renewable energy sector [9]

今日周二(2月3日)欧盘时段，白银期货目前交投于20600一线上方，今日开盘于22000元/千克，截至发 稿，白银期货暂报21390元/千克，下跌16.93%，最高触及22300元/千克，最低下探20600元/千克，目前 来看，白银期货盘内短线偏向看涨走势。 【要闻速递】 国投白银LOF今日复牌再度跌停，报4.25元。国投白银LOF2日发布公告称，决定参考白银期货国际主 要市场的价格变动幅度，对基金资产进行合理重估；国投瑞银白银LOF2日晚间更新净值后显示，单日 净值跌幅达31.5%，创公募基金单日下跌历史纪录。 沪银继上周五跌停后，昨天开盘沪银继续跌停，目前还没有反弹的走势，关注沪银是否能持续走出空 间，沪银溢价大幅收敛至2300元/克，国内情绪明显降温，银波动率极大，沪银主力合约参考运行区间 20600-23700区间。 "近期白银期货市场的剧烈波动，以及挂钩该标的的国投瑞银白银期货LOF所经历的极端行情，为所有 基金投资者上演了一堂深刻的风险警示课。"上海一位基金评价人士指出。 此外，地缘政治紧张局势的缓解对白银的避险需求造成压力，因为美国和伊朗在周末举行了会谈，特朗 普总统表达了达成协议的希望，尽管最 ...

Core Viewpoint - The A-share market is experiencing significant volatility, but the medium-term upward trend remains intact according to Shangyin Fund, supported by three main factors [1]. Group 1: Market Trends - The global backdrop of "asset scarcity" continues, coupled with frequent geopolitical conflicts, which sustains the long-term trend of "patient capital" flowing into the stock market [1]. - Domestic policies aimed at reducing "involution" are being implemented, leading to improved expectations for corporate profitability, which provides a stabilizing effect on the capital market [1]. - The recent rapid adjustments in market sectors are primarily reactions to short-term market sentiment and trading dynamics, rather than fundamental changes, thus not undermining the medium to long-term upward trend [1]. Group 2: Investment Opportunities - Investment opportunities can be categorized into three areas: 1. AI-related industries, where domestic policies are supporting the AI industry chain, and capital expenditure in global computing power is expected to expand, with a focus on domestic computing chains and AI in gaming [2]. 2. The enhancement of Chinese brand competitiveness, transitioning from "cheap goods" to "high-quality and cost-effective" products, with notable advancements in sectors like innovative pharmaceuticals, power equipment, and construction machinery [2]. 3. Resource sectors, particularly copper and minor metals, which possess genuine scarcity and anti-inflation properties, forming stable supply alliances and showcasing significant long-term investment value [2]. - The adjustment in the non-ferrous metals sector, which has seen significant prior gains and high congestion, is viewed as a necessary period for digestion rather than a fundamental downturn, with potential for attractive buying opportunities post-adjustment [2].