Because the fund valuation is based on the data of the fund's heavy positions, positions and positions at the end of last quarter, if the heavy positions or positions change, there will be errors in the net value and valuation. Intra-day valuation is updated in real time during the trading hours of each trading day and cannot be used as the final price of fund subscription and redemption; The net value of the fund represents the final confirmation price of the fund when the investor purchases and redeems, and will generally be announced after the market closes on 15 in the afternoon.

The rise and fall of net worth is influenced by the trend of actual subject matter. For example, the top ten heavyweight stocks rose on average, and the net value of the fund rose on that day. The income of the top ten heavyweights falls after the average, so the net value of the fund will fall. Therefore, the difference between the two references will inevitably lead to the difference between the valuation and the actual increase. Investors should buy funds according to the actual net value, not according to the valuation. Valuation is for investors' reference only, not as a basis for buying.

Some investors often say that the problem of fund managers stealing vegetables is caused by new investors' ignorance of the operating mechanism of fund products. In fact, everyone's money to buy a fund will form a special fund asset, and an independent fund account will be opened, which will be managed by the custodian institution (take the Jing Shun Great Wall Environmental Protection Advantage Stock Fund managed by Alipay Gold Select Manager Yang as an example, which is managed by China Construction Bank). The fund manager only has the right to invest and allocate the fund assets. The custody mechanism of fund assets determines that the person who helps you make investments and the person who helps you keep money are two institutions respectively. The fund accounting of the fund company and the fund accounting of the custodian bank have net value on the liquidation day of each trading day, which plays the role of mutual supervision of fund assets; In addition, the annual report of the fund also needs to be audited by an accounting firm. Under these strict monitoring systems and perfect operation procedures, the fund's capital security is guaranteed.

Personal suggestion: usually at the end of the quarter, the net value and valuation will be close, because the fund manager should maintain the stability of this fund and will not adjust the stock samples and positions frequently because of performance pressure.