Fund valuation should follow the following three principles. 1 If the investment project belongs to an investment product with an active market, the fair value of the investment project shall be determined by using the market price of the active market. 2. If there is no corresponding active market for the investment project, the fair value shall be determined by the valuation method generally recognized by market participants, and verified by the actual transaction price in the past. The results obtained by using valuation technology should reflect the transaction price adopted by normal commercial exchanges under the fair conditions on the valuation date. When using valuation technology to determine fair value, all market parameters considered by market participants in pricing should be used as far as possible, and the effectiveness of valuation technology should be ensured through periodic verification. 3 If there are sufficient reasons to show that the fair value of the relevant investment project cannot be objectively reflected according to the above valuation principles, the fund manager will evaluate the investment project at the price that best reflects the fair value after consulting with the relevant parties or consulting other professional institutions.