□ Xiangcai Securities Zhu Huacheng
Yesterday, the stock index took on the weak situation of last Friday, and the Shanghai index plummeted 30 points within one hour of opening. The trend was obviously weak. The profit opportunities of individual stocks were quite limited. This brings frequent short-term profit opportunities for the warrant plate, especially the put warrants. The short-term sudden profit effect is extremely prominent. Due to the characteristics of high net assets, low P/E ratio and good defensiveness of steel stocks, they have a strong desire to supplement inflation, and the corresponding warrants have also been sought after by market funds. After the suspension of the call and put warrants of WISCO last Friday, a large amount of upward potential energy was accumulated, and a large amount of money was released at the stage of collective bidding. On the other hand, after continuous adjustment for a period of time, the value of subscription warrants such as Capital Subscription, Wanhua Subscription, Yage Subscription, Changdian Subscription, Anshan Iron and Steel Subscription and Handan Iron and Steel Subscription tends to be reasonable, so the decline is small. After the opening of the market yesterday afternoon, the put warrants fell one after another, but rose again an hour later. The Shanghai Airport was the only one to put warrants, and finally ended up with a 16.4% increase in the red market. The turnover rate of the top three warrants with the highest final increase is high, and the fund attention is high.
From a comprehensive analysis, the reverse "seesaw" feature of warrants and stock indexes still exists. However, with the expiration of Vanke put warrants at the end of August, the speculation of put warrants will become a hot potato. Investors are obviously afraid of war, so this "seesaw" effect is becoming weaker and weaker. Due to the weak performance of A-shares and the lack of hot spots, the warrant market has attracted a large number of hot money. Hot money has used T+0 trading rules to pull out of some warrant varieties, and the volatility of warrant prices has intensified. It is suggested that rational investors should try their best to operate on a short-term or even ultra short-term basis to avoid long-term capital stagnation in the market, not to mention blindly speculating in warrants.
Put warrants are selected for those with relatively low valuation and long time, such as airport put and Shanghai market put.
Yesterday, the stock price of Handan Iron and Steel Group was more volatile, and there were signs of changes. The warrant can be subscribed by Wuhan Iron and Steel Group, Baotou Iron and Steel Group and Handan Iron and Steel Group.
