针对投资者普遍关心的补偿资金来源问题，国投瑞银基金公司人士向21世纪经济报道记者表示，补偿资 金出自公司资产。 2月2日，国投白银LOF调整估值导致单日净值下跌31.5%，引发关注后，国投瑞银基金在春节前公告了 对受影响投资者的补偿方案： 受估值调整影响金额在1000元以下的投资者，可获得全额补偿； 影响金额超过1000元（含）的，则在1000元基础上，对超出部分按特定比例计算补偿，受影响超出部分 为1000元（含）至2000元的，和解金额比例为35%； 2000元（含）至3000元的，和解金额比例为25%； 3000元（含）至5000元的，和解金额比例为15%； 5000元（含）至1万元的，和解金额比例为10%； 国投瑞银基金这场估值调整风波起源于国际白银市场的史诗级暴跌。1月30日至2月2日的两个交易日， COMEX白银期货跌幅约31%，而国内上期所白银期货受±17%涨跌停板制度限制，价格波动被大幅约 束。 今日（2月26日）起，受国投白银LOF估值调整影响投资者补偿工作正式启动，投资者可通过支付宝搜 索"国投瑞银白银基金"小程序，在线完成身份核验后办理相关事宜。 2月2日晚间，国投瑞银发布公告，决定参考 ...

2月23日，国投白银LOF(161226)公告称，本基金将于2026年2月24日开市起至当日10:30停牌，自2026年2月24日10:30复牌，停牌 期间本基金赎回业务照常办理。 国投白银LOF强调，若本基金2026年2月24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。 国投资本称，经初步测算，预计本次方案将对公司2026年度归母净利润产生一定负面影响，影响金额低于公司2024年度经审计 归母净利润的5%，不会对公司整体业务发展产生实质性影响。 2月23日下午，国投资本(600061.SH)公告称，近期，公司下属三级控股投资企业国投瑞银基金管理有限公司旗下国投瑞银白银期 货证券投资基金(LOF)估值调整事项受到市场关注，国投瑞银基金已于2026年2月15日发布相关事项的专项工作方案。 1.对估值调整影响金额(由-17%调至-31.5%的部分)为1000元以下的自然人投资者，按实际影响金额全额确定和解金额(该部分投 资者占当日赎回投资者的比例超9成)。 2.对估值调整影响金额(由-17%调至-31.5%的部分) ...

【环球网财经综合报道】近日，全球贵金属市场经历剧烈波动，芝加哥商品交易所（CME）与上海期货交易所（上期所）相继出台新规，通 过上调保证金及涨跌停板幅度等措施强化市场风险管理。 芝商所大幅上调贵金属期货保证金 1月31日，在金价和银价经历数十年来最大幅度下跌后，芝加哥商品交易所宣布，自下周一收盘后，将全面上调Comex黄金、白银期货的保证 金要求。具体来看，黄金期货合约中，非高风险等级保证金从6%提高至8%，高风险等级保证金从6.6%提高至8.8%；白银期货合约调整幅度 更大，非高风险等级保证金从11%提高至15%，高风险等级保证金从12.1%提高至16.5%。此外，铂金和钯金期货合约的保证金也将同步提 高。 芝商所表示，此次调整是针对市场波动进行的"常规审查"结果，旨在确保抵押品覆盖充足，维护市场稳定运行。保证金上调意味着投资者需 缴纳更多资金以确保履约能力，这一举措虽在市场大幅波动时较为常见，但可能对资金量较小的参与者形成挤压。部分投资者可能因无法及 时追加保证金而被迫平仓，进一步加剧市场波动。 值得注意的是，本周早些时候，在贵金属价格快速上涨后，芝商所已上调过白银、铂金和钯金期货的保证金要求，显示出其对 ...

Core Insights - The silver futures market is experiencing a significant price surge, with the main contract breaking the 20,000 yuan mark in early 2026, reflecting a year-to-date increase of over 38% [1] - Despite the rising prices, there is a notable decline in net long positions among the main futures seats, indicating a cautious sentiment among investors [1][3] Price and Position Divergence - On January 14, 2026, the London spot silver price exceeded $93 per ounce, while the domestic silver futures reached a high of 23,000 yuan per kilogram [1] - The net long positions of the top five seats in the Shanghai silver futures market dropped sharply from 77,781 contracts on December 22, 2025, to 16,430 contracts by January 14, 2026, marking a near one-year low [3] Market Sentiment and Historical Context - The decline in net long positions amidst rising prices suggests a shift towards caution among investors, as noted by Zhou Cong, Chief Economist at Hengfu Securities [4] - Similar patterns have been observed in the gold futures market, where price increases were followed by reductions in net long positions, leading to subsequent price corrections [4] Regulatory and Index Adjustments - The Shanghai Futures Exchange has issued multiple risk warnings and adjusted trading parameters, including margin requirements and trading limits, to curb excessive speculation [5] - Bloomberg Commodity Index has reduced the weight of silver and gold, with silver's target weight dropping from 9% to just below 4%, which may contribute to market caution [5] Future Outlook - Despite recent volatility and cautious signals, there are optimistic views on the silver market, with expectations of continued upward price movement driven by economic factors and demand dynamics [6] - Analysts from Tianfeng Securities and Ping An Securities highlight the dual drivers of silver's price increase, including financial and industrial attributes, alongside a favorable supply-demand outlook [6]

Market Performance - The A-share market showed a positive performance on December 25, with the Shanghai Composite Index recording a 7-day consecutive rise, closing up by 0.47% [2][11] - A total of 3,773 stocks rose, with 93 stocks hitting the daily limit up, while 1,473 stocks declined [3][12] Trading Volume and Activity - The total trading volume reached 194.39 billion CNY, with a total of 113.82 million shares traded [4][12] - The increase in the number of rising stocks was 1,040, representing a growth rate of 38.05% [4][12] Sector Highlights - The commercial aerospace sector continued its strong performance, with Shenjian Co. achieving six consecutive limit-ups, and over 20 stocks including China Satellite and Shanghai Port Bay hitting the daily limit up [4][12] - The robotics sector saw a collective surge, with stocks like Haozhi Electromechanical and Fenglong Co. also hitting the daily limit up [5][14] Fund Performance - The Guotou Silver LOF fund experienced a significant drop, hitting the daily limit down on December 25, following a period of high premium and speculation [7][10] - The fund's premium had reached approximately 62%, up from about 7% earlier in the month, indicating a strong market interest in precious metals [10][19] Notable Stock Movements - Stocks such as Wu Zhi Electromechanical and Chaojie Co. saw substantial gains, with increases of 20.01% and 20.00% respectively [6][15] - Conversely, the Hainan sector faced declines, with Hainan Ruize and Caesar Travel dropping over 6% [16]

Price Performance - London Gold's latest price is 3318.25 with no change [2] - London Silver's latest price is 35.77 with no change [2] - London Platinum's latest price is 1304.00 with no change [2] - London Palladium's latest price is 1049.00, down 22.00 [2] - WTI Crude's latest price is 64.92 with no change [2] - LME Copper's latest price is 9761.00, up 35.50 [2] - The latest Dollar Index is 97.70 with no change [2] - The latest Euro to US Dollar exchange rate is 1.17 with no change [2] - The latest British Pound to US Dollar exchange rate is 1.37 with no change [2] - The latest US Dollar to Japanese Yen exchange rate is 145.27 with no change [2] - The latest US 10 - year TIPS is 2.01 with no change [2] Trading Data - COMEX Silver's latest inventory is 15561.77 with no change [3] - SHFE Silver's latest inventory is 1270.83, down 5.97 [3] - Gold ETF's latest holding is 953.39 with no change [3] - Silver ETF's latest holding is 14866.19, down 50.88 [3] - SGE Silver's latest inventory is 1378.88 with no change [3] - SGE Gold's latest deferred fee payment direction is 1 with no change [3] - SGE Silver's latest deferred fee payment direction is 1 with no change [3] Data Source - The data in the report is sourced from Bloomberg, Yong'an Yuandian Information, and Wind [10]