Valuation generates the net value of the fund, but we often see another concept-intraday valuation/real-time valuation. Many people often complain that it is obvious that the valuation is rising during the day, and how it became a loss when the net value was announced at night, and then they cursed "cheat people, a fund company". The net value of the fund is the benchmark price for daily trading and income settlement, while the intraday valuation, for most third-party sales platforms, refers to the proportion of heavy positions and positions at the end of the last quarter, position data, etc., and comprehensively estimates the net value, not the real net value. Therefore, what we see on the third-party sales platform is that "intraday valuation/real-time valuation" is lagging behind.