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Professionals believe that put warrants still have room for decline
Securities Times reporter Wan Peng
Yesterday, the warrant market continued the adjustment of last week and fell again as a whole. However, the expiring Vanke put warrants rose 11.03%, with a daily amplitude of 36%. In this regard, insiders still generally believe that although the overall warrant market
The risk has been initially released, but investors should still be cautious in the operation process, treat different types of warrants differently and invest rationally.
Preliminary risk release
From 0.744 yuan on May 19 to 0.136 yuan last week, Vanke put warrants ranked first in 27 warrants with a decline of 81.72% in less than two months. The potash put warrants have been in decline since they were listed. In just seven trading days, the price has been discounted in half. While the price drops, the turnover rate of the warrant market is also declining.
However, the risks in the warrant market have also been released to a greater extent in the continuous decline over the past month. Statistics show that the average premium rate of 27 warrants yesterday was 24.22%, and 11 warrants had a premium rate below 20%. At the beginning of June, the average premium rate of the warrant market was as high as 39%.
In this regard, Zhu Huacheng, chief quantitative analyst of Xiangcai Securities, pointed out that the premium rate of mature warrant markets such as Hong Kong is about 20%, and the premium rate of most of the warrants in the two cities is still lower than this level, which also means that the overall valuation level of the warrant market has become reasonable.
Investment opportunities have not yet arrived
However, the substantial release of risks does not mean that the overall investment opportunities in the warrant market are coming.
Jiao Jian, a researcher of Ping An Securities, believes that although there is basically no bubble in many warrants at present, their value is not underestimated and is not worth investing. Only when the warrants are fully linked with the stock price, the investment value of the warrants will appear with the reduction of the premium rate.
Generally speaking, positive shares rise, call warrants rise, put warrants fall, and vice versa. However, this rule is not obvious in the operation of China's warrant market in the past few months. The deviation between the warrant price and the regular shares has become the mainstream, and the most typical Maotai put warrants ( information quotation forum ) The increase once reached 22.25 times, while the underlying stock rose 24.11% in the same period.
Judging from Zhu Huacheng's training of more than 10 warrant investors in business departments, most investors did not have a clear operational concept to participate, but only to chase the myth of creating wealth of warrants and the convenience of T+0 operation. Moreover, quite a number of investors simply can not distinguish what is a call warrant, what is a put warrant, and have no basic knowledge of warrant operation. He believes that it is this blind mentality of "I am crazy about warrants" that has caused the sharp rise and fall of the warrant market.
Warrant differentiation remains the main tone
While the warrant market is in dire straits, the investment value of some low-risk varieties is increasingly reflected.
Last week, Fund Anshun held Wanhua warrant in excess of proportion ( information quotation forum ) This is also the first time that securities investment funds hold more than 5% of single warrants. In this regard, Huang Dong, a researcher of Orient Securities, believes that this not only means that warrants enter the asset allocation of funds for the first time, but also means that the investment of warrants is significantly enhanced.
In fact, this institution is far from the only one who is optimistic about Wanhua warrants. Many securities firms, including Guosen Securities, Shenyin Wanguo Securities, Changjiang Securities and Ping An Securities, have listed Wanhua warrants as a key concern. For example, Guosen Securities strongly suggests paying attention to Wanhua Warrants. They believe that Wanhua Warrants are more valuable for investment in the same risk range than Wanhua Zhenggu stocks. In the case of looking at Wanhua Zhenggu stocks, they can buy Wanhua Warrants as a substitute to obtain higher returns.
In addition, the more promising varieties of institutions also include Wuliang warrant and some steel warrant. For put warrants, insiders generally believe that there is still room for further decline.
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