Let me first add some information about yesterday's announcement regarding the Guotou Silver LOF Fund. I was writing the evening news at 9:30 PM and didn't see it.
To put it simply, the Guotou Fund's move to lower the valuation was reasonable. However, because they delayed the announcement until after the market closed (10 PM that night), investors who applied for redemption at 3 PM that day were unaware of the situation and thus incurred unexpected losses.
The actions of the SDIC Fund in this matter were indeed problematic, so faced with angry accusations and lawsuits from fund investors, they chose to reach a settlement as quickly as possible. I will summarize the specific settlement plan below:
1. Only individual investors will be compensated, not institutional investors.
2. Amounts affected by valuation adjustments below 1000 yuan will be fully compensated; amounts exceeding 1000 yuan will be compensated proportionally. The specific percentage has not yet been announced.
3. Each individual applicant needs to verify their identity through the Alipay mini-program in order to receive compensation.
The core of this plan is the guaranteed compensation for amounts under 1000 yuan, covering 92.4% of retail investors. This group is large, has limited funds, and is vocal; quickly paying them off will alleviate most of the public pressure. As for the isolated 7.6% of high-net-worth users, they will find it difficult to gain public attention and support, reducing their bargaining power, and they will need to negotiate separately with the SDIC Fund.
"Appease small investors and gamble with large investors" is a basic practice in the financial industry. This is how it was done in the past when there were bond defaults and P2P platform collapses. As a result, a new type of investment method has emerged: using multiple accounts to diversify investments in junk bonds and wealth management platforms. If nothing goes wrong, one can enjoy high returns; if something goes wrong, one can join the ranks of small investors, cry foul, and seek redress. This tactic has been repeatedly successful in China's financial system, which emphasizes maintaining stability.
I once bought Chaori Solar bonds priced over 60 yuan, and thanks to the retail investors' rights protection efforts, I got over 100 yuan back in principal and interest. It was much easier than trading stocks! ๐
Later, regulators got fed up with these retail investors who bought junk bonds and caused trouble, so they set a threshold of 5 million yuan to close the loophole for arbitrage through market stabilization. Then, Guotou Silver saw a similar plan, which made me secretly laugh โ it's the same old formula, the same old taste.
It is important to note that the compensation is only for the affected portion of the price. The 17% drop that occurred on the day itself will not be compensated; only the 14% difference between 31% and 17% will be compensated.
I asked AI to estimate the total amount of compensation from the SDIC Fund, which is roughly in the range of 100 million to 400 million yuan.
Tonight is Lunar New Year's Eve. It's kind of funny, we used to have big meals and gatherings every day, but tonight everyone probably had their own plans. We were just the whole family at home. My mom and wife didn't want to cook, so we ordered some takeout from Rong Xiaoguan.
One thing I remember vividly from my childhood New Year's Eve is that after dinner, my grandmother would always pack a basket of wheat oil (a local staple food in Linhai, long strips of dough filled with vegetables and meat) and have me ride my bike to my grandfather's house, about 2 kilometers away. After delivering it, my grandfather would give me some New Year's gifts in return, and then I would ride my bike back to my grandmother's house. Along the way, thousands of lights shone, pedestrians greeted each other with laughter, and fireworks and firecrackers popped incessantly, overflowing with the festive atmosphere. Even though my parents had been divorced for many years, I continued to deliver these gifts for many years, until my grandmother's health deteriorated and she no longer prepared New Year's Eve dinners.
As I write this, I copy the above paragraph and send it to Doubao and Gemini, asking them to generate the corresponding comic for me.
Before writing this evening report, I watched a bit of the Spring Festival Gala tonight. My first reaction was that Unitree Robotics had a very high screen presence, appearing in several programs as the main performer. Even the Gala sponsors didn't receive this kind of treatment. I think this reflects the national will to some extent, and that robotics will remain a policy-driven industry in the future.
Another detail I noticed was that, just like last year, the robot group dance performance didn't have any audience shots, not even from the side; there were only one or two distant shots of their backs. So I expect there will be endless debate about it online again.
A reader previously commented that the comedy sketches on the Spring Festival Gala are becoming increasingly boring. There's no way around it, because the primary goal of comedy sketches now isn't to make the audience laugh, but to convey social values, sometimes inevitably carrying a didactic tone. If you want to watch comedy, you're better off watching short videos. They have less censorship, and are the best of the best, the result of fierce competition among comedy talents nationwide. Sometimes they can really make you laugh your head off. 
I'll teach you a trick: go to short video platforms and search for "a picture to make you laugh" or "funny comments," then pick the ones with hundreds of thousands of likes and tens of thousands of comments and watch them. If you can hold back your laughter, I'll respect you as a tough guy.
That said, what's worth watching on the Spring Festival Gala? I recommend you mainly watch the dance and acrobatics performances. These programs are definitely top-notch in China, and you won't find so many national-level performers with exquisite costumes and makeup performing for free on the internet.
Another thing to do is check the program list to see if your favorite artists are on it. The most interesting programs I've ever seen on the Spring Festival Gala are all Zhao Benshan's skits, but unfortunately he made a mistake and can never go back.
That's all for tonight. Many readers have said they didn't expect me to update during the Spring Festival. Here's what I think: not everyone's Spring Festival is a time of joyous reunion. It's possible that many people spend the holiday alone. The surrounding noise might only amplify their loneliness. When they take out their phones and find that I'm still online and things are still lively here, they should feel comforted.
Happy New Year to everyone! Wishing you and your families good health and peace, and that everything goes smoothly and prosperously in the new year.
Original Article: View Chinese Version
