被投资者告了的百亿基金经理施成，在管的6只基金，过去三年业绩惨不忍睹，管理费却收 了7.5亿元。 国投瑞银基金因此大火了一把。 文｜资市分子 作为公募中唯一一只投资于白银期货的基金——国投白银LOF（场外名称"国投瑞银白银期货"）一扫往 年颓势，拿下今年商品类基金收益率桂冠。 不过，过去一周（12月22日至12月26日），该基金经历过山车行情，从连续3天涨停到连收两个跌停。 12月29日，该基金盘中出现大幅震荡，从直线跌停到快速拉升震荡回落，收盘涨0.75%。 基民的经历可谓惊心动魄。 热闹之下，国投瑞银及其明星基金经理施成正在经历烦恼。 上海高级人民法院官网披露，以金融委托理财合同纠纷为由，投资者李某某将国投瑞银基金及百亿基金 经理施成起诉至上海市虹口区人民法院，开庭日期为2016年1月13日。 2025年底最疯狂的莫过于白银市场。 12月29日，伦敦银现、COMEX白银盘中突破80美元/盎司，创下历史新高，之后价格出现大幅下跌。12 月29日收盘，伦敦银现、COMEX白银分别收于72.127美元/盎司、71.64美元/盎司，今年涨幅分别达 149.69%、131.96%。 施成于2017年3月加入国投瑞银 ...

Core Viewpoint - The article discusses the significant volatility of the Guotou Silver LOF fund after its resumption of trading, highlighting rapid price fluctuations and the impact of market sentiment on its performance [2][5]. Market Performance - On December 29, after resuming trading, Guotou Silver LOF experienced a sharp drop to the daily limit before quickly rebounding, nearing the upper limit within about twenty minutes. By midday, the market price was 2.746 yuan, reflecting an increase of 8.8% with a premium rate of 34.06% [2][3]. - The fund's circulation shares surged significantly, with over 100 million shares added on December 24 and 25 alone, bringing the total circulation to over 2.96 billion shares and a circulation scale exceeding 6 billion yuan, marking an increase of over 2.4 billion yuan since the beginning of the month [5]. Price Fluctuations - The fund's market price exhibited extreme volatility, with a premium rate climbing to 68.16% from December 22 to 24, followed by a drop to below 30% from December 25 to 26 due to consecutive trading halts [5]. - The net asset value of the fund was significantly higher than its market price, prompting the fund manager to issue multiple risk warnings and implement trading restrictions to cool down the market [5][6]. Regulatory Actions - Guotou Ruibin Fund has reduced the daily subscription limit for Class A shares from 500 yuan to 100 yuan and suspended subscriptions for Class C shares, indicating a tightening of access to the fund amid rising speculative interest [6]. - The fund has issued 17 risk warnings or announcements related to trading halts since December 2, emphasizing the risks associated with high premium rates and market volatility [5]. Market Sentiment and Risks - The influx of speculative capital into the fund reflects a distortion in pricing due to a combination of unique product mechanisms and heightened market emotions, which may not align with fundamental values [6][7]. - Experts warn that while the current market conditions may appear as opportunities for ordinary investors, they carry significant risks, particularly with the potential for sharp declines in silver prices and rapid changes in premium rates [7].

Core Viewpoint - The article discusses the recent trading activity of Guotou Silver LOF, highlighting its price fluctuations and trading volume, as well as changes in subscription limits for its A and C class shares [1][3]. Group 1: Trading Activity - On December 29, Guotou Silver LOF experienced a rapid price rebound after hitting the limit down for two consecutive days, with a peak increase of over 9% [1]. - The trading volume for the product reached over 1.5 billion yuan within 30 minutes, indicating significant market interest [1]. - The premium rate for the product decreased from over 60% to around 30% [1]. Group 2: Fund Subscription Changes - The fund company announced that starting December 29, the daily subscription limit for A class shares was reduced to 100 yuan, while subscriptions for C class shares were suspended [3].

Group 1 - The core viewpoint of the news highlights a significant decline in the trading performance of various LOF funds, particularly the Guotai Silver LOF, which saw a drop of 9.99% in its value [2][5] - The trading volume for Guotai Silver LOF reached nearly 600 million yuan today, indicating a decrease compared to the previous day, suggesting growing concerns among investors [2] - The price of silver in the London market has surged, surpassing 75 USD, yet the enthusiasm for buying the silver LOF at the dip has diminished, indicating a more rational market behavior [4] Group 2 - Multiple LOF funds, especially those under the Guotai brand, experienced significant declines, with many hitting the daily limit down, reflecting a broader trend of panic selling among investors [5] - The premium rate for silver LOF remains high at approximately 30%, suggesting that investors are still paying a premium for the fund despite the recent price drop [7] - The announcement of a new subscription limit for the silver LOF at 100 yuan aims to reduce supply and potentially stabilize the market, indicating a strategic move by the company to control selling pressure [7]

Core Insights - The global commodity fund market experienced significant divergence in 2025, with gold and silver funds emerging as standout performers, some achieving nearly double returns, while energy and chemical funds faced downward pressure [1][2]. Group 1: 2025 Review - Gold and silver funds saw remarkable performance, with over 50 funds achieving annual returns exceeding 50%, making them one of the most notable segments in the fund market [1]. - Silver funds demonstrated exceptional strength, with the Guotou Ruijin Silver Futures A and C shares achieving annual returns of 98.27% and 97.52%, respectively, marking them as "dark horse" products of the year [1]. Group 2: Internal Fund Differentiation - Despite the success of gold and silver funds, there was significant internal differentiation within commodity funds, with some energy and chemical-focused products experiencing declines of over 20% since the beginning of 2025 [2]. Group 3: 2026 Outlook - Market sentiment for 2026 is optimistic regarding gold, with several institutions highlighting investment opportunities in gold, silver, copper, and other industrial metals [3]. - The Ant Group's research team maintains a positive outlook on gold, suggesting that while the market may be sensitive to negative factors, underlying demand will support buying, leading to potential price fluctuations [3]. - Citic Prudential's fund manager emphasizes that gold's financial attributes make it a better long-term holding compared to silver and industrial metals, which may be more volatile [3]. Group 4: Industrial Metals and AI Demand - Recent increases in industrial metals like copper are driven by demand expectations from AI infrastructure development, but potential interest rate changes and investment slowdowns could lead to price corrections [4]. - Different commodity categories are expected to perform variably in 2026, with industrial metals benefiting from AI-related demand, while precious metals' performance will depend on interest rate cycles and geopolitical developments [4]. Group 5: Investment Strategy for 2026 - Investors are advised to adopt a prudent investment approach, diversifying their portfolio and avoiding concentrated positions in a single commodity sector, with recommendations to limit commodity fund exposure to no more than 10% of the overall portfolio [5]. - The Ant Group's research team suggests a macro asset allocation strategy, emphasizing the importance of cross-regional, cross-asset, and cross-strategy diversification to navigate the complex global environment [5]. Group 6: Core and Satellite Strategy - Industry insiders recommend focusing on industrial metals and gold as core holdings due to their clearer long-term prospects, while considering energy metals and oil as satellite positions for supplementary returns [6]. - For ordinary investors, a focus on gold-based stable commodity funds is recommended, while those with higher risk tolerance may explore opportunities in industrial metals, ensuring strict control over position sizes and exit strategies [6].

12月25日，此前连续三日涨停、引发市场疯狂追捧的国投白银LOF(161226)迎来剧变。 当日10：30复牌后，该基金价格直线下挫，迅速触及10%跌停板，午盘报收2.804元。 与此同时，其场内溢价率从68.19%的高位急剧收窄至45.44%，回落超过22个百分点。 市场的非理性狂欢，正迎来第一轮清醒的代价。 | 国投白银LOF(161226.SZ) < W | | | | | | --- | --- | --- | --- | --- | | 休市中 12-25 11:30:00 | | | | | | 2.804 | 昨收 | 3.116 | 流通盘 27.05亿 | | | -0.312 -10.01% /+益 | | 3.116 | 流通值 76亿 | | | 酸高 3.116 | 成交量 | 2.4亿 | 换手率 8.83% | | | 最低 2.804 | 成交额 | 6.95亿 | 均价 2.909 | | | IOPV 0.0000 溢折率 0.00% | | | 贴水率 45.45% | | | 净值走势 国投瑞银白银期货A(161226.OF) 1.9278 +4.05 | | | | ...

Core Viewpoint - The article discusses the recent performance of the Guotou Silver LOF fund, which experienced a rapid decline after a period of significant price increase, highlighting the volatility and risks associated with high premium rates in the market [2][5]. Market Performance - On December 25, Guotou Silver LOF resumed trading at 10:30 AM and quickly hit the daily limit down, with a market price of 2.804 yuan and a premium rate of 45.45% [2][3]. - The fund's previous closing price on December 24 was 3.116 yuan, reflecting a premium rate of 68.19% [5]. - The fund's trading volume reached 2.2 billion yuan, with a turnover rate of 8.31% [3]. Fund Characteristics - Guotou Silver LOF is the only fund primarily investing in silver futures, which has attracted significant market interest, leading to multiple announcements regarding premium risks and trading suspensions since December 2 [5]. - The fund's A-class share subscription limit is currently set at 500 yuan, with adjustments made to manage investor interest [5]. Investor Behavior - There has been a notable trend of investors sharing arbitrage strategies related to the silver fund, with some reporting profits from trading based on premium fluctuations [5].

12月24日，国投白银LOF发布公告称，截至2025年12月24日，本基金二级市场的收盘价为3.116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，可能面临较大损失。为保护投资者 利益，本基金将于2025年12月25日开市起至当日10:30停牌，自2025年12月25日10:30复牌。 国投白银LOF(161226)跌停，成交额超6亿元。该基金此前3个交易日连续涨停，12月以来（截至12月24 日）累计涨幅超103%。截至12月24日收盘，溢价率高达68.19%。 | 2.804 -0.312 -10.01% | | | | 国投自银LOF 161226 | | | --- | --- | --- | --- | --- | --- | | SZSE CNY 10:43:39 交易中 查看L2全景 | | | | | 10 + | | 净值走势 国投瑞银白银期货A | | | 总量 | 207.55万 换手 | 7.67% | | 2839815 | | | 现手 | 305 量比 | 1.41 | | 壶五 | 2.808 | 5386 | 外盘 | 92.67万 内盘 | 114.8 ...

Core Viewpoint - The recent surge in the National Investment Silver LOF fund has led to a trading halt and a significant premium rate exceeding 47%, raising concerns about potential risks for investors buying at high premiums [1][2][10]. Group 1: Fund Performance - On December 22, the National Investment Silver LOF resumed trading after a 1.5-hour halt, experiencing a rapid price increase, with a peak rise of over 8% before closing at a 10% increase [2][4]. - The fund's market price has increased by over 87% since November 25, with a closing price of 2.575 yuan and a trading volume of 527.39 million shares [3][4]. Group 2: Premium Rate and Risk Warnings - The premium rate for the fund reached 47.63%, prompting the fund company to issue 11 risk warning announcements since December 1, advising investors of the potential for significant losses if they invest at high premiums [4][10]. - Industry experts indicate that the high premium is partly due to the fund's limited supply and the recent surge in silver prices, suggesting that the premium may quickly disappear if silver prices decline [10][11]. Group 3: Fund Management Actions - To mitigate the high premium, the fund company has adjusted the subscription limits for the A and C class shares, increasing the A class limit from 100 yuan to 500 yuan and decreasing the C class limit from 1000 yuan to 500 yuan [5][8]. - The adjustments aim to increase the effective supply of shares in the market, helping to cool down the overheated trading sentiment and guide market prices back to a rational range [8]. Group 4: Market Dynamics and Investor Behavior - The fund's performance is influenced by the limited availability of silver futures and the lack of market makers compared to more common equity ETFs, which can lead to greater price volatility [9][10]. - Investors are advised to be cautious of the high premium and to understand the characteristics and pricing mechanisms of the fund to avoid potential losses from buying at inflated prices [11].

Core Viewpoint - The A-share market has experienced a significant rebound since the "924" rally began in 2024, driven by economic recovery, supportive policies, and increased capital inflows, with notable performance from various fund products, particularly those managed by Guotou Ruijin Fund [2][3] Group 1: Active Equity Funds - Active equity funds are the core area for measuring the research and investment capabilities of fund companies, with Guotou Ruijin Fund's products showing over 30% returns in the past year, primarily driven by active equity funds [3][6] - Industry-themed funds have outperformed significantly, with Guotou Ruijin Ruiyi Reform A achieving a return of 72.58%, surpassing its benchmark by 62.81% [3][5] - Other notable performers include Guotou Ruijin Industrial Upgrade Two-Year Holding A with a return of 69.17% and Guotou Ruijin Advanced Manufacturing with a return of 50.64%, both also outperforming their benchmarks [3][5] Group 2: Quantitative Products - Active quantitative products aim for sustained excess returns through systematic investment, with Guotou Ruijin Specialized and New Quantitative Stock Selection A achieving a return of 69.46%, outperforming its benchmark by 41.31% [4][6] Group 3: Index Products - Guotou Ruijin Fund has developed a robust index product system to capture beta returns efficiently, with Guotou Ruijin CSI 500 Quantitative Enhancement A returning 29.62% over the past year, outperforming its benchmark [7][9] - The Guotou Ruijin CSI Upstream A also performed well, achieving a return of 25.90% [7][9] Group 4: Diversified Asset Allocation - The company has made significant strides in QDII, commodities, and FOF sectors, with Guotou Ruijin China Value Discovery QDII returning 22.34% and Guotou Ruijin Silver Futures A returning 33.60% [10][11] - Guotou Ruijin Balanced Pension Target Three-Year Holding A achieved a return of 20.98%, contributing to long-term pension investments [11][12] Group 5: Research and Team Development - Guotou Ruijin Fund emphasizes building a professional value creation capability, enhancing its research and investment integration, and fostering a diverse research team through mentorship [13] - The company aims to balance active and passive strategies, as well as domestic and cross-border investments, to effectively respond to investor demands [13]