如果说2025年底最受市场和投资者关注的基金产品，那么LOF（上市型开放式基金）基金一定榜上 有名。 彼时，随着沪银主力期货一路飙升，全市场独一份投资白银期货的基金产品——国投白银LOF成为 资金热炒的对象，连续多日涨停，同时带动场内LOF基金掀起涨停潮，但很快，这些产品陆续迎来跌 停，也给奔着套利去的投资者敲响了一记警钟。 2026年伊始，多家基金公司又集中发布溢价风险提示公告，称旗下LOF在二级市场的交易价格出现 较大幅度溢价，提示投资者关注溢价风险。 诞生于2004年，已有多年历史的LOF基金为何始终做不大？如今还成为"套利狂欢"的重要工具，未 来又将如何发展？《每日经济新闻》记者就此展开了调查。 LOF基金成资金热炒对象 2026年开年，LOF基金再次掀起溢价潮。 1月5日，广发积极FOFLOF、招商增荣LOF、长信利鑫LOF、国投白银LOF等近10只LOF基金扎堆 发布溢价风险提示，其中还有产品从1月5日开市起至当日10时30分停牌，就是因为二级市场交易价格溢 价幅度过大。 1月6日，国投白银LOF继续发布二级市场交易价格溢价风险提示公告，同时还有多只LOF基金宣布 暂停大额申购，侧面也显示出资金炒 ...

如果说2025年底最受市场和投资者关注的基金产品，那么LOF(上市型开放式基金)基金一定榜上有名。 彼时，随着沪银主力期货一路飙升，全市场独一份投资白银期货的基金产品——国投白银LOF成为资金 热炒的对象，连续多日涨停，同时带动场内LOF基金掀起涨停潮，但很快，这些产品陆续迎来跌停，也 给奔着套利去的投资者敲响了一记警钟。 2026年伊始，多家基金公司又集中发布溢价风险提示公告，称旗下LOF在二级市场的交易价格出现较大 幅度溢价，提示投资者关注溢价风险。 在这些公告中，基金管理人反复提醒投资者，如果盲目投资高溢价率的基金份额，可能遭受重大损失。 这可以说是非常直白的风险提示了。 2025年底，国投白银LOF连续多日涨停，带动近20只场内LOF基金因溢价出现涨停。在社交媒体上，关 于基金套利的教程大火后，更多个人投资者涌入这些大幅溢价的LOF基金，但很快，这些产品盘中陆续 跌停，市场风险给试图套利的投资者上了一课。 《每日经济新闻》记者注意到，在这场围绕高溢价LOF的资本狂欢中，不少个人投资者其实是第一次接 触LOF基金，甚至完全不了解这类产品就已经开始入场，这是比较盲目甚至危险的。 事实上，从2025年全年的 ...

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 LOF基金的流价 是怎么来的? LOF基金溢价的本质是同一资 产在不同市场的定价差异。 LOF基金是一种特殊的存在,既可以在场外按净 值(根据底层资产计算的实际价格)申赎,也可以 在场内以市价实时交易。其折溢价就来自于两种 中泰证券资产管理 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

2004年，LOF（上市型开放式基金）和ETF（交易所交易基金）先后问世。二十余年过去，ETF已凭借6万亿元的体量稳居市场"C位"，而LOF却 在需求萎缩、规模停滞的泥潭中艰难求生。 2014年至今新成立LOF基金情况 | 序号 | | | | 新成立基金 | | | --- | --- | --- | --- | --- | --- | | | 截止日期 | 总数 | 发行份额(亿份) | 平均发行份额(亿份) | 截止日份额(亿份) | | 1 | 2025年 | 1 | 2. 19 | 2. 19 | 1. 70 | | 2 | 2023年 | 2 | 7.03 | 3.52 | 8.92 | | 3 | 2022年 | 5 | 2. 25 | 2. 25 | 5.02 | | র্ব | 2021年 | 12 | 42. 01 | 10. 50 | 122. 35 | | 5 | 2020年 | 31 | 354. 70 | 19. 71 | 326. 55 | | 6 | 2019年 | 26 | 119. 92 | 11.99 | 94. 94 | | 7 | 2018年 | 24 | 179. ...

Core Insights - The article discusses the concept of arbitrage between off-market and on-market funds, emphasizing that not all off-market funds can be converted to on-market for profit. Successful arbitrage requires selecting the right funds with both "off-market subscription and redemption" and "on-market trading" attributes [1] Group 1: Fund Types and Selection Criteria - LOF funds (Listed Open-Ended Funds) are highlighted as the primary targets for off-market to on-market arbitrage, suitable for individual investors due to their dual functionality [3] - Key selection criteria for LOF funds include: 1. Support for transfer custody, prioritizing A shares as C shares often do not allow on-market trading [3] 2. Presence of arbitrage space, with a recommended premium rate of 2%-3% to cover costs [3] 3. Sufficient liquidity, with daily trading volume exceeding 10 million yuan to avoid difficulties in selling [3] Group 2: Case Studies and Practical Tips - A recent example is the Guotou Ruijin Silver Futures LOF (161226), which saw a peak premium rate exceeding 57%, allowing investors to profit from the price difference after purchasing at net value [3] - Practical tips for LOF arbitrage include prioritizing "premium arbitrage" (off-market subscription followed by on-market sale) and avoiding "discount arbitrage" due to high redemption fees [3] Group 3: ETF and QDII Fund Insights - ETFs can only be traded on-market, but ETF-linked funds allow indirect participation through off-market subscription and on-market trading, leveraging price differences [4] - For QDII funds operating as LOFs, high premium rates can occur due to foreign exchange limits, with an example showing a premium rate of 25.9% [5] Group 4: Cost and Risk Management - Investors must calculate costs to ensure profits exceed subscription fees and commissions, with a warning that low premium rates (below 2%) likely lead to losses [6] - Time risk is significant, as the period from subscription to sale can lead to changes in premium rates, potentially erasing profit opportunities [6] - It is crucial for the off-market fund account and securities account to have matching identification information for successful transfer custody [6]

Core Viewpoint - The article discusses the concept of "offshore fund arbitrage," emphasizing that it is not a speculative tactic but a strategy to profit from price differences or time windows in fund trading rules. Group 1: Offshore Fund Arbitrage - Offshore fund arbitrage is based on the principle of "buy low, sell high" or "earning time differences through rules," but it is important to note that there is no risk-free arbitrage [1]. - All operations must account for costs and control risks, ensuring that profits exceed costs before proceeding [1]. Group 2: LOF Fund Arbitrage - The easiest arbitrage method for individual investors involves LOF funds (Listed Open-Ended Funds), which can be traded both off-market at net value and on-market at market price [3]. - When the on-market trading price exceeds the off-market net value, a "premium arbitrage" opportunity arises, allowing investors to buy low off-market and sell high on-market for profit [3]. Group 3: Practical Steps for LOF Arbitrage - Step 1: Select targets by using tools like Jisilu to find LOF funds with a premium rate of at least 3% and a daily trading volume over 10 million, avoiding those with suspended subscriptions [4]. - Step 2: Purchase the selected LOF A shares through platforms like Alipay or Tian Tian Fund, and after confirmation (usually T+2 days), initiate a "cross-system transfer" to a brokerage [4]. - Step 3: After the transfer application is submitted, the shares will arrive in the securities account on T+2 days, and investors can sell them like stocks [5]. Group 4: Example of LOF Arbitrage - An example is provided where a certain S&P 500 LOF has a premium rate of 25.9%, with an off-market purchase net value of 1 yuan and an on-market trading price of 1.259 yuan, leading to a potential profit of approximately 0.2 yuan per 1 yuan invested after deducting fees [6]. Group 5: ETF Arbitrage - ETF arbitrage was traditionally exclusive to institutions, but individual investors can participate through offshore ETF linked funds, which invest primarily in corresponding ETFs [7]. - The core logic involves taking advantage of the lag in net value response of linked funds when ETFs are at a premium or discount [7]. Group 6: Directions for ETF Arbitrage - Premium arbitrage occurs when the on-market price of an ETF exceeds its net value, allowing for off-market purchases of linked funds, followed by redemption for profit once the net value rises [8]. - Discount arbitrage happens when the on-market price is lower than the net value, allowing for redemption of linked funds and re-purchase at a lower net value for profit [9]. Group 7: Key Considerations for Arbitrage - It is crucial to calculate costs accurately, ensuring that arbitrage profits cover all fees, as a premium rate below 3% may lead to losses [11]. - Control time risks, as the transfer and confirmation processes require time, during which market fluctuations may erode profit margins [12]. - Confirm liquidity by selecting LOF/ETF targets with high daily trading volumes to avoid difficulties in selling once transferred to the market [13]. - Adhere to rules, ensuring accounts are in the same name and that shares are in whole numbers during transfers to avoid arbitrage failures [14]. - Avoid excessive greed; new investors are advised to start with small amounts to familiarize themselves with the process before scaling up [15].

Core Insights - The article discusses the concept of fund arbitrage, which involves exploiting price differences of the same asset in different markets to achieve profit through low buying and high selling [1] Group 1: Arbitrage Mechanism - The most common form of arbitrage mentioned is "on-exchange and off-exchange price difference arbitrage," where a LOF fund trades at 1.2 yuan in the market while its actual net value is only 1.0 yuan, resulting in a 20% premium [3] - Arbitrageurs can purchase the fund at the off-exchange net value of 1.0 yuan and sell it on-exchange at 1.2 yuan, thereby locking in the price difference instantly [4] Group 2: Risks and Considerations - The article emphasizes that this is not a guaranteed profit strategy; it involves risk arbitrage, where the key factors are speed and precision in calculations [4] - Investors must consider time costs (with a T+2 day settlement for purchases and redemptions), liquidity risks (the price may drop back to net value before the transfer), and the risk of arbitrage crowding (where many participants act simultaneously, causing the price difference to vanish) [4] Group 3: Investor Strategy - Ordinary investors are advised to observe rather than actively participate, using the price premium as an indicator of market sentiment (high premiums often signal overheating) rather than a daily profit tool [4]

Group 1 - The A-share market regularly adjusts index constituents in June and December to maintain representativeness and investability [1] - The CSI 300 index replaced 11 constituents, adding companies like Huadian New Energy and Dongshan Precision, with increases in the information technology and communication services sectors [1] - The average P/E ratio of removed constituents from the CSI 300 was approximately 25.95 times, while the average P/E ratio of added constituents was about 35.23 times [1] Group 2 - The CSI 500 index replaced 50 constituents, adding companies such as Zhongtung High-tech and Huahong Semiconductor, with an increase in the industrial sector [2] - The average P/E ratio of removed constituents from the CSI 500 was around 27.17 times, while the average P/E ratio of added constituents was approximately 34.30 times [2] - The CSI 1000 index replaced 100 constituents, adding companies like Shijia Photon and Yongding Co., with increases in the communication services and industrial sectors [2] Group 3 - The adjustments across indices generally increased the sample size and weight of sectors like information technology, communication services, and industrial, enhancing the indices' productivity attributes [3] - The overall market capitalization coverage of the CSI 300, CSI 500, and CSI 1000 indices remains significant, indicating strong market representation and influence on market sentiment [3] - The adjustments will lead to corresponding changes in ETFs and other funds tracking these indices, significantly impacting the prices of related stocks [3] Group 4 - Newly included stocks typically experience price increases and higher trading volumes, while excluded stocks often see price declines and reduced trading volumes [4] - Historical data suggests that index adjustments lead to short-term positive performance due to increased attention and capital influx, but the long-term impact on index trends is limited [4]

Core Insights - The article discusses the early days of LOF funds in China, highlighting the arbitrage opportunities that existed due to the mispricing between market prices and net asset values [1][2] - It reflects on the transition from a manual, hands-on approach to arbitrage to a more automated and sophisticated trading environment, marking the end of an era for simple arbitrage strategies [2] Group 1: Arbitrage Opportunities - In the early 2000s, LOF funds often traded at a discount to their net asset values, creating opportunities for risk-free arbitrage [1] - Investors could buy LOF funds at a lower market price and redeem them at a higher net asset value, locking in profits [1][2] - The article describes a young investor who capitalized on these opportunities, earning significant profits by frequently redeeming funds at the brokerage [1] Group 2: Evolution of the Market - As the market matured, the pricing discrepancies in LOF funds diminished, and brokerages began offering in-house redemption options, reducing the need for manual arbitrage [2] - The influx of arbitrageurs and improved information flow contributed to the decline of the arbitrage opportunities that once existed [2] - The narrative emphasizes the shift from a "golden age" of arbitrage to a more structured and automated trading environment, where strategies have evolved significantly [2]

Group 1: Federal Reserve Rate Cut - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00% to 4.25%, restarting the rate cut cycle that had been paused since December of the previous year [2] - This decision is expected to lead to a continued downward trend in the US dollar and US Treasury yields, positively impacting gold and overseas assets [2] - The A-share market is anticipated to maintain its momentum, with technology growth sectors expected to benefit the most from the rate cut [2] Group 2: Fund Manager Changes - Recent announcements indicate that high-performing fund managers are likely to leave their positions, as seen with the addition of new managers to funds managed by Jiang Feng and Liu Peng [4] - The trend of fund manager turnover is attributed to the high-quality development action plan for public funds and the increasing "Matthew effect" in the industry, prompting some managers to move to larger platforms or private equity [4][6] Group 3: Public Fund Sales Fee Reform - The China Securities Regulatory Commission has introduced a sales fee reform plan aimed at reducing investor costs and promoting high-quality development in the public fund industry [7] - Key highlights of the reform include enhancing personal customer service, promoting direct sales to institutional investors, and regulating advisory services to prevent double charging [8] - The reform is seen as a significant step towards reshaping the public fund sales ecosystem and addressing industry pain points [8] Group 4: Chemical Theme Fund Launches - There has been a surge in the number of chemical theme funds being launched, with four new funds reported in September alone, indicating increased enthusiasm from fund companies towards this sector [5][6] - The optimism is driven by expectations of a global economic recovery and supply-side reforms in the chemical industry, which are seen as potential turning points for investment opportunities [6] Group 5: REITs Market Performance - The public REITs market experienced a downturn, with the China Securities REITs total return index falling by 0.81% as of September 12 [13] - Among the 74 publicly listed REITs, only 12 saw an increase in value, while 61 experienced declines, highlighting a challenging environment for the sector [14] Group 6: Private Fund Issues - A private fund has come under scrutiny for illegal fundraising activities, leading to the arrest of key individuals involved [23][24] - This incident reflects ongoing regulatory challenges within the private fund sector and the need for increased compliance measures [23]