Intra-day valuation is the fund net value estimated by the fund website according to the proportion of fund positions and the fluctuation range of Shanghai and Shenzhen stock markets on that day. Valuation is not the true net value of the fund, but ultimately the actual net value of the fund announced by the fund company.

Among them, the fund net value refers to the "fund unit net value", that is, the net asset value of each fund unit, and its calculation formula is: fund unit net value = (total assets-total liabilities) ÷ total number of fund units.

The essence of intraday valuation is that the fund holder establishes a model according to the data published in the quarterly report of the fund, estimates the number of stock positions published in the previous quarterly report of the fund, and predicts the rising and falling trend of the fund's net value. Due to the low timeliness of data, the greater the change of stock position structure, the greater the error of intraday valuation, so intraday valuation can only be used as a general reference.