1. For the investment products with active market, if the valuation H has a market price, the fair value shall be determined by using the market price. If there is no market price on the valuation date, but the economic environment has not changed significantly after the recent trading day, the latest trading market price shall be adopted to determine the fair value. If there is no market price on the valuation date, and the economic environment has changed significantly after the recent trading day, we should refer to the current market price of similar investment products and major change factors, adjust the market price of the recent trading, and determine the fair value. If there is conclusive evidence that the recently traded market price cannot truly reflect the fair value (such as stocks that have been suspended for a long time or temporarily suspended for abnormal reasons, etc.). ), the market price of recent transactions should be adjusted to determine the fair value of investment products.

2. For investment products with no active market, the fair value shall be determined by the valuation technology 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.

3. If there are sufficient reasons to show that the fair value of the relevant investment products cannot be objectively reflected according to the above valuation principles, the fund management company shall negotiate with the custodian bank according to the specific circumstances and make a valuation at the price that best reflects the fair value.