专题：估值争议未平，国投白银LOF复牌后上演逆转行情：从跌停到大涨超8% 2月9日，在经历连续五个交易日的跌停后，国投瑞银白银期货LOF（161226）复牌后上演戏剧性反转， 截至收盘，国投白银LOF（161226）基金涨幅8.36%报3.358元，场内溢价率达61.50%。 国投白银LOF（161226发布二级市场交易价格溢价风险提示及停复牌公告，将于 2026 年 2 月 10 日开市 起至当日 10：30 停牌，自 2026 年 2 月 10 日 10：30 复牌。若本基金 2026 年 2 月 10 日二级市场交易价 格溢价幅度未有效回落，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。 责任编辑：公司观察 专题：估值争议未平，国投白银LOF复牌后上演逆转行情：从跌停到大涨超8% 2月9日，在经历连续五个交易日的跌停后，国投瑞银白银期货LOF（161226）复牌后上演戏剧性反转， 截至收盘，国投白银LOF（161226）基金涨幅8.36%报3.358元，场内溢价率达61.50%。 国投白银LOF（161226发布二级市场交易价格溢价风险提示及停复牌公 ...

Core Viewpoint - The public fund industry is facing a liquidity and valuation crisis triggered by the sudden volatility in silver prices, particularly affecting the Guotou Ruijin Silver Futures LOF fund, which saw a dramatic drop in value and investor complaints [1][4]. Group 1: The Net Value Storm - The crisis began with an unprecedented surge in silver prices, causing the Guotou Ruijin Silver Futures LOF fund's net value to increase from 1.26 yuan in October 2025 to 5.25 yuan by January 29, 2026, a cumulative increase of over 300% [5]. - The fund's scale rapidly grew from 4.3 billion yuan to over 10 billion yuan, attracting a large number of investors [5]. - On January 30, 2026, the fund unexpectedly announced a one-day suspension, coinciding with a significant drop in international silver prices, which fell by over 25% [6]. Group 2: Valuation Adjustment and Investor Impact - On February 2, 2026, the fund opened with a 10% drop and subsequently announced a valuation adjustment, leading to a record single-day decline of 31.5%, with the net value plummeting from 3.2838 yuan to 2.2494 yuan [7][9]. - The fund's explanation for the adjustment was that domestic futures prices could not accurately reflect the underlying asset's value, which was deemed a compliant operation [9]. - Investors who submitted redemption requests before the adjustment faced significant losses due to the unexpected revaluation, leading to widespread dissatisfaction [10][11]. Group 3: Investor Complaints and Company Response - As losses mounted, investor complaints surged, questioning the sudden suspension and the lack of operational transparency [12][15]. - In response to the complaints, Guotou Ruijin announced the establishment of a special task force to address investor concerns and pledged to protect their rights [15][16]. - However, the announcement did not adequately address key investor concerns, such as the timing of the valuation adjustment and potential compensation for affected investors [18]. Group 4: Future Implications for the Company and Industry - The crisis represents both a challenge and a test for Guotou Ruijin, emphasizing the need for concrete solutions to investor grievances and improved risk management practices [19]. - The events of early 2026 will serve as a significant case study for the public fund industry, highlighting the importance of transparency and investor communication [20].