|
Ping An Securities Jiao Jian
Warrant market in Baosteel JTB1 on Tuesday ( information quotation forum ) And Handan Steel JTB1 ( information quotation forum ) Led by. In terms of turnover, the whole market reached 4.9 billion yuan, slightly larger than Monday.
Among them, Handan Iron and Steel JTB1 continued the hype of the concept of "merger and construction", and rose 11% in the morning, then gradually fell back, and rose only 2% at the closing; Baosteel Warrant ( information quotation forum ) It seems to have become a routine to rebound with a big positive line after a continuous decline, but yesterday's rebound is not as powerful as the previous three large-scale rebounds; Baotou Steel JTB1 ( information quotation forum ) The performance of the whole day was normal, but it suddenly rose at the end of the day, rising by 16.5% to close. Instead, it became the product with the largest increase in the warrant market yesterday. Among the two warrant products with low trend, Airport JTP1 ( information quotation forum ) With G Shanghai Airport ( information quotation forum ) Rebounded and fell; Wuliang JTC1 fell with the decline of G Wuliangye, which is reasonable.
From the perspective of valuation level, at present, the implied volatility of call warrants is far greater than that of put warrants. However, the market is still optimistic about the theoretical "infinite rise" of call warrants, and Handan Iron and Steel JTB1 is an obvious example. Since Baosteel bought Handan Steel from the secondary market shares , which triggered the speculation on the market that "Baosteel acquired Handan Steel". As a possible way of M&A, warrant acquisition is quickly captured and amplified by the market. What investors should pay attention to here is that whether Baosteel will acquire Handan Steel in the future and whether it will acquire Handan Steel through Handan Steel JTB1 are still unknown. What is certain is that the creation warrant of Handan Steel JTB1 will be listed on Wednesday. Although we analyze the transaction data after G Handan Steel resumed trading, there will not be too many creation warrants that can be listed and traded today, and the total number should be less than 100 million. However, investors must be aware of the huge impact of creation on the price of warrants while pursuing the acquisition concept of Handan Steel JTB1.
It seems that Baosteel JTB1 has become the "immortal bird" in the warrant market. Every time the price continues to fall, it will launch a fierce rebound. However, we must see that over time, the strength of the rebound of Baosteel JTB1 has gradually decreased. No market force can change the trend of the price of warrants approaching its intrinsic value near the maturity date, and Baosteel JTB1 is no exception. Under the condition of stable trend of G Baotou Steel, the late rally of JTB1 of Baotou Steel was more unexpected. If the recent price of Baotou Steel JTB1 continues to be around 0.55 yuan, the incentive for brokers to create Baotou Steel JTB1 will be greatly enhanced.
|
