1, stock valuation method

(1) valuation of listed circulating stocks

The listed circulating shares are valued at the closing price of the stock exchange on the valuation date; If there is no transaction on the valuation date and the economic environment has not changed significantly after the latest trading day, the closing price of the latest trading day shall be taken as the valuation benchmark; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar investment products and major change factors, adjust the recent trading market price, and determine the fair price.

(2) Valuation of unlisted stocks

Unlisted shares such as share issuance, share transfer, rights issue and public offering of new shares shall be valued according to the closing price of the same stock listed on the exchange on the valuation date; If there is no transaction on the valuation date and the economic environment has not changed significantly after the latest trading day, the closing price of the latest trading day shall be taken as the valuation benchmark; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar investment products and major change factors, adjust the recent trading market price, and determine the fair price.

When issuing unlisted shares for the first time, the fair value shall be determined by the valuation technology. When the valuation technology is difficult to measure reliably, the valuation shall be made according to the cost.

(3) Stock valuation with clear lock-up period

The initial public offering of shares with a clear lock-up period, after the same stock is listed on the exchange, is valued according to the closing price of the stock listed on the exchange; The fair value of non-public offering of shares shall be determined according to the relevant regulations of regulatory agencies or industry associations within a clear lock-up period.

2. Valuation method of fixed income securities

(1) Bonds with net price transactions in the stock exchange market are valued at the closing net price on the valuation date. If there is no transaction on the valuation date and the economic environment has not changed significantly after the latest trading day, the valuation shall be based on the closing net price of the latest trading day; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar investment products and major change factors, adjust the recent trading market price, and determine the fair price.

(2) Bonds that are not traded at the net price in the stock exchange market shall be valued at the net price after deducting the interest receivable (interest from the interest-bearing start date or the last interest-bearing date of the bond to the valuation date) from the closing price of the bond. If there is no transaction on the valuation date and the economic environment has not changed significantly after the latest trading day, the valuation shall be based on the net price adopted on the latest trading day when there is a transaction; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar investment products and major change factors, adjust the recent trading market price, and determine the fair price.

(3) The fair value of unlisted bonds is determined by the valuation technology. When the valuation technology is difficult to measure reliably, it is valued at cost.

(4) The fair value of fixed-income varieties such as bonds and asset-backed securities traded in the inter-bank bond market shall be determined by valuation techniques.

(5) The fair value of the asset-backed securities transferred by the exchange through block transactions shall be determined by the valuation technique. If it is difficult to reliably measure the fair value by the valuation technique, the subsequent measurement shall be made according to the cost.

(6) If the same bond is traded in more than two markets at the same time, it shall be valued separately according to the market where the bond is located.

3. Warrant valuation

(1) Warrant valuation

If the allocation right enjoyed by holding stocks is similar to that of warrants, valuation techniques shall be adopted for valuation.

(2) valuation of put/call warrants

From the confirmation date of holding to the sale date or exercise date, the put/call warrants of listed transactions are valued at the closing price on the valuation date. If there is no transaction on the valuation date and the economic environment has not changed significantly after the latest trading day, the valuation shall be based on the closing price of the latest trading day; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar investment products and major change factors, adjust the recent trading market price, and determine the fair price. Put/call warrants for unlisted transactions are determined by valuation technology, and are priced at cost when valuation technology is difficult to measure reliably; The fair value of the stock options and warrants that have stopped trading but have not been exercised shall be determined by valuation techniques.

4. Valuation methods of other assets

Other assets are evaluated in accordance with relevant state regulations or industry agreements.

5. In any case, if the fund manager uses the method specified in 1-4 above to evaluate the fund property, it shall be deemed that an appropriate valuation method has been adopted. However, if the fund manager has sufficient reasons to believe that the valuation of the fund property by the above method cannot objectively reflect its fair value, the fund manager can negotiate with the fund custodian to make the valuation at the price that best reflects the fair value on the basis of comprehensive consideration of market transaction price, market quotation, liquidity, yield curve and other factors.

6 countries have the latest provisions, according to its provisions.

(v) Valuation procedures

The daily valuation of the fund is jointly conducted by the fund manager and the fund custodian. After the fund manager completes the valuation of the net value of fund shares, he will report the valuation results to the fund custodian in written form, and the fund custodian will review them according to the valuation method, time and procedures stipulated in the fund contract. After the review is correct, the fund custodian will sign it and return it to the fund manager, who will announce it to the public. At the end of the month, the middle of the year and the end of the year, the valuation review and the fund accounting account check are carried out at the same time.

(six) the suspension of valuation

1. When the stock exchange involved in the fund investment is closed due to legal holidays or other reasons;

2. When the fund manager or fund custodian cannot accurately evaluate the value of the fund property due to force majeure or other circumstances;

3 other circumstances identified by the China Securities Regulatory Commission.

(VII) Confirmation of the net value of fund shares

The net value of fund shares used for fund information disclosure shall be calculated by the fund manager and rechecked by the fund custodian. The fund manager shall calculate the net value of fund shares on the day after the transaction ends every working day and send it to the fund custodian. The fund custodian checks and confirms the calculation result of net value and sends it to the fund manager, who announces the net value of fund shares.

The calculation of the net value of fund shares is accurate to 0.000 1 yuan, and the fifth place after the decimal point is rounded off. Unless otherwise stipulated by the state, such provisions shall prevail.

(VIII) Handling of valuation errors

1. When the valuation of fund assets leads to an error within four decimal places (including the fourth place) of the net value of fund shares, it is deemed that there is an error in the valuation of the net value of fund shares.

2. Fund managers and fund custodians will take necessary, appropriate and reasonable measures to ensure the accuracy and timeliness of fund asset valuation. When there is an error in the net value of the fund share, the fund manager shall immediately correct it and take reasonable measures to prevent the loss from further expanding; When the valuation error reaches or exceeds 0.25% of the net value of the fund share, the fund manager shall report it to the China Securities Regulatory Commission for the record; When the valuation error reaches or exceeds 0.5% of the net value of the fund share, the fund manager shall make an announcement and report it to the China Securities Regulatory Commission for the record.

3. Where laws, regulations or regulatory agencies have other provisions on the foregoing contents, such provisions shall prevail.

(9) Handling of special circumstances

1. When the fund manager makes the valuation according to Item 5 of the valuation method specified in Paragraph (4) of this article, the error caused by it shall not be treated as the error of the net value of the fund shares.

2. If the fund manager and the fund custodian have taken necessary, appropriate and reasonable measures to check due to force majeure or data errors sent by the stock exchange and the registration and clearing company, but failed to find the errors, the fund manager and the fund custodian may be exempted from the liability for compensation for the resulting incorrect valuation of the fund assets. However, fund managers should actively take necessary measures to eliminate the resulting impact.