2月3日，国投瑞银基金管理有限公司发布旗下基金白银期货估值调整公告 此次，随着场外基金净值大幅下跌，国投白银LOF的场内价格相比场外份额净值的溢价再度扩大，高达 109.92%。 同日，为保护投资者利益，本基金将于2026年2月3日开市起至当日10:30停牌，自2026年2月3日10:30复 牌。若本基金2026年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、延长停牌时间等措施，向市场警示风险，具体以届时公告为准。 2月3日，国投白银LOF复盘跌停，为连续第二日跌停，溢价率为88.94%。 为应对近期白银国际主要市场价格波动，决定调整旗下基金持有的白银期货合约估值方式。 调整自 2026年2月2日起实施，涉及合约包括AG2604、AG2605、AG2606、AG2608、AG2610、AG2612。 估值 调整依据为估值日北京时间下午3点的国际主要市场价格与前一交易日的波动幅度。 本次调整不改变基 金的投资目标、投资范围及风险收益特征，仅为了更真实、公允地反映基金净值。 一旦上述合约交易 恢复活跃市场特征，公司将恢复使用结算价估值方法，届时不再另行公告。 值得注 ...

Core Viewpoint - The news discusses various low-fee ETFs managed by E Fund that track different indices in the Chinese A-share market, highlighting their performance metrics and market coverage. Group 1: 中证500ETF - The 中证500ETF tracks the 中证500 index, which consists of the top 500 stocks by market capitalization after excluding the top 300 stocks from the 沪深300 index [2] - As of the latest update, the index has a rolling P/E ratio of 36.4 times and has achieved a valuation percentile of 68.3% since its inception in 2007 [2] Group 2: 中证1000ETF - The 中证1000ETF tracks the 中证1000 index, which includes 1000 smaller, liquid stocks not part of the 中证800 index [2] - The index has a rolling P/E ratio of 48.6 times and a valuation percentile of 71.5% since its launch in 2014 [2] Group 3: 中证2000ETF - The 中证2000ETF follows the 中证2000 index, focusing on 2000 smaller stocks with good liquidity, further emphasizing the performance of micro-cap stocks in the A-share market [2] - The index has a rolling P/E ratio of 161.7 times, with no specific valuation percentile mentioned for its performance [2] Group 4: 创业板200ETF - The 创业板200ETF tracks the 创业板中盘200 index, composed of 200 mid-cap stocks from the创业板 market, with over 40% representation from the information technology sector [4] - The index has a rolling P/E ratio of 108.8 times and has seen a performance increase of 2.6% as of the latest update [4]

Market Overview - A-shares experienced a collective rebound on February 3, with over 4,400 stocks rising across the market [1] - The leading sectors included photovoltaic equipment, commercial aerospace, CPO, cultivated diamonds, chemicals, rare earth permanent magnets, and storage, while precious metals, oil and gas extraction and services, banking, insurance, agricultural product processing, and beverage manufacturing saw declines [1] - The CSI A500 index rose by 0.7%, the CSI 300 index increased by 0.1%, the ChiNext index gained 0.8%, while the STAR Market 50 index fell by 0.3%, and the Hang Seng China Enterprises Index decreased by 0.2% by midday [1] Index Performance - The CSI 300 index, composed of 300 large and liquid stocks from the Shanghai and Shenzhen markets, had a rolling P/E ratio of 13.9 times at midday [3] - The CSI A500 index, which includes 500 securities with good liquidity across various industries, had a rolling P/E ratio of 17.0 times [3] - The ChiNext index recorded a rolling P/E ratio of 41.6 times [4]

Group 1 - The core viewpoint of the news is that CITIC Bo has seen a significant increase in stock price, with a rise of 5.05% to 45.80 CNY per share, and a total market capitalization of 10.033 billion CNY [1] - CITIC Bo specializes in the research, design, production, and sales of photovoltaic brackets, with 97.74% of its revenue coming from product sales [1] - The company was established on November 20, 2009, and went public on August 28, 2020 [1] Group 2 - In the third quarter, Invesco Great Wall's New Energy Industry Equity A Fund entered the top ten circulating shareholders of CITIC Bo, holding 3.2532 million shares, which is 1.49% of the circulating shares [2] - The fund has achieved a year-to-date return of 4.33% and a one-year return of 32.32%, ranking 2055 out of 4285 in its category [2] Group 3 - The fund manager of Invesco Great Wall's New Energy Industry Equity A Fund, Yang Ruiwen, has a tenure of 11 years and has achieved a best fund return of 353.46% during his management [3] - The other fund manager, Zeng Yingjie, has a tenure of 2 years and has achieved a best fund return of 31.18% [3] Group 4 - Invesco Great Wall's Tai Bao Three-Month Open Mixed Fund holds 10,200 shares of CITIC Bo, making it the second-largest holding in the fund, accounting for 5.51% of the fund's net value [4] - The fund has a year-to-date return of 8.02% and a one-year return of 6.5%, but has experienced a loss of 12.7% since its inception [4]

2025年，是中国公募基金迈向高质量发展的关键之年——公募基金规模突破37万亿元大关，权益市场回 暖，投资者对多元配置的需求高涨，行业更加聚焦于以投研能力为核心的高质量发展路径。面对这一深 刻变革，上银基金迈出坚定步伐：积极把握科技与周期共振的机遇，稳步打磨固收底座，在投研一体化 平台上持续兑现长期承诺，并以更贴近用户的陪伴方式，传递理性投资的价值。 辨光 | 把握时代主线，权益布局精准落子 2025年的A股市场并非普涨行情，而是围绕新质生产力展开的结构性机会。上银基金敏锐捕捉到这一特 征，在半导体、资源、高端制造等关键赛道提前卡位，不断丰富产品矩阵。 不逐浮光掠影，锚定长期价值之光，在多元配置的新阶段，与投资者共赴一场理性而温暖的财富远征。 成果不断显现：3月成立的上银资源精选A①，精准把握有色金属板块上涨机会，收益率达99.32%，大 幅跑赢基准（60.27%）；5月成立的上银中证半导体指数A②，亦斩获91.52%的回报，超越业绩比较基 准（85.93%）。（数据截至2026年1月23日） 这些并非偶然——背后是公司对中观产业的深度跟踪、动态更新的主题库，以及"以产品为中心"的团队 作战机制。主题库锚定国 ...

2026.02.03 按照基金合同约定，国投瑞银白银LOF基金净值的估算通常采用"估值当日该合约的结算价"作为基础。 而国内期货市场设有涨跌停板制度。以上期所某白银期货合约为例，目前的涨跌停幅度为±17%。这意 味着，即便国际市场价格出现更大波动，国内合约价格在单个交易日内最多只能反映17%的变动。 国投瑞银基金2日晚间表示，在近期的极端行情中，白银期货国际主要市场价格单日波动远超上期所白 银期货价格的涨跌停比例限制。此时，若仍沿用当日上期所白银期货结算价进行估值，可能导致基金净 本文字数：1846，阅读时长大约3分钟 作者 |第一财经 曹璐 国投瑞银基金昨日晚间发布公告，宣布对旗下国投白银LOF所持白银期货合约的估值方法进行调整。受 此影响，国投瑞银白银期货A当日复权单位净值跌幅超过31%，这一净值正是按照新估值方法重估后的 结果。 不过，此次估值调整在投资者中引发巨大争议，核心焦点集中在调整时点上——为何公告在2月2日交易 结束后才发布？ 对此，国投瑞银基金向第一财经回应称，如果提前公告，担心被解读为有意引导投资者不要赎回，进而 推测基金资产流动性出现严重问题，引发市场恐慌，出现挤兑。 2月2日对于持有国 ...

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。公司强调，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。 二是为何没有提前公告？基金的净值是基于每日收盘后的资产价格计算得出的。这意味着，在交易时间 结束前，基金的实际价值本身是一个"未知数"。如果提前公告，公司担心被解读为有意引导投资者不要 赎回，进而推测基金资产流动性出现严重问题，引发市场恐慌，出现挤兑。基于价格确定时点、公平性 考量等原因，公募基金行业的惯例也是在估值调整方案确定后再发布公告。 国投白银LOF昨晚调整估值导致单日净值下跌31.5%，引发投资者质疑。对此，国投瑞银基金进行了回 应： 一是为何调整估值？公司表示，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 ...

2026.02. 03 本文字数：1846，阅读时长大约3分钟 国投瑞银基金认为，若基金继续按其下跌17%的价格估值，其净值将"高估"实际资产价值，形成所谓的"估值滞后"。这种偏差意味着，基金账面的净值 已不能准确代表其所持资产的真实价值。换言之，2月2日公布的净值，正是按新方法"重估"后的结果。 作者 | 第一财经 曹璐 国投瑞银基金昨日晚间发布公告，宣布对旗下国投白银LOF所持白银期货合约的估值方法进行调整。受此影响，国投瑞银白银期货A当日复权单位净值 跌幅超过31%，这一净值正是按照新估值方法重估后的结果。 不过，此次估值调整在投资者中引发巨大争议，核心焦点集中在调整时点上——为何公告在2月2日交易结束后才发布？ 对此，国投瑞银基金向第一财经回应称，如果提前公告，担心被解读为有意引导投资者不要赎回，进而推测基金资产流动性出现严重问题，引发市场恐 慌，出现挤兑。 2月2日对于持有国投瑞银白银期货LOF的投资者而言，无疑是惊心动魄的一天。这只国内唯一跟踪白银期货的LOF基金，净值从前一日的3.2838元骤 降至2.2494元，单日跌幅高达31.5%，创下罕见的极端记录。而这一数字的背后，源于基金公司的一则深 ...

可转债市场经历调整。数据显示，2月2日，可转债等权指数下跌2.59%，可转债高价指数下跌4.33%， 自1月29日以来分别回调4.97%和8.71%。 对此，业内人士指出，目前可转债正处于估值高位，转股溢价率、百元溢价率等指标均处在历史较高水 平。短期来看，一旦市场出现风险偏好回落、流动性收紧、中小盘因子调整等因素，可转债波动就将加 剧；中长期看，可转债价格将出现均值回归。"从配置的角度看，相较于可转债，我们目前更加看好股 票资产。"该人士表示。 从公募基金四季报看，不少公司对可转债持相似观点。汇添富固收+团队普遍对可转债配置价值保持谨 慎。例如，基金经理胡奕在四季报中写道:"转债市场随股票市场同步走强，中证转债指数与估值均创阶 段性新高，成交活跃度同步升温。由于转债市场风险偏好上升、需求上升、供给收缩，共同推升转股溢 价率持续上升，转股平价和转股溢价率均达到历史极高位置，交易价值大于配置价值。" 从组合实际运作看，2025年四季度，部分固收+基金已提前对可转债进行减仓操作。以汇添富双鑫添利 为例，可转债（可交换债）占基金资产净值比例已从2024年末的9.73%大幅降至2025年末的1.93%。同 期，汇添富 ...

Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in its net asset value, raising concerns among investors regarding the timing and transparency of the announcement [1][3][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin Fund announced a change in the valuation method for its silver futures contracts due to significant price fluctuations in the international silver market [2][3]. - The fund's net asset value dropped from 3.2838 yuan to 2.2494 yuan, a decline of 31.5%, marking an extreme record for a single day [1][2]. - The new valuation method references the price changes in the international silver futures market, which allows for a more accurate reflection of the underlying asset's fair value [2][3]. Group 2: Investor Reaction - The timing of the announcement, made after the trading day ended, has sparked outrage among investors who felt blindsided by the sudden change in valuation rules [4][5]. - Investors expressed concerns about fairness and transparency, arguing that the lack of prior notice violated principles of timely information disclosure [4][5]. - Complaints and calls for action from investors flooded online platforms, highlighting dissatisfaction with the handling of the valuation adjustment [4][5]. Group 3: Company Explanation - Guotou Ruijin Fund stated that the decision not to announce the adjustment in advance was to prevent panic and potential runs on the fund [1][5]. - The company emphasized that the adjustment was necessary due to the extreme market conditions and the limitations imposed by domestic trading rules, which could lead to a misrepresentation of the fund's actual value [3][6]. - The fund clarified that the actual value of the assets is uncertain until the market closes, which justifies the timing of the announcement [6].