WISCO Yunhua warrant can be followed for a long time

The transaction amount of warrant market drops sharply, and the subscription still has investment value

WISCO and Yunhua warrant can be followed for a long time

Following the roller coaster trend of the A-share market in June, the market still experienced a sharp shock in July, but after the two major negative effects of interest rate increase and interest tax reduction were exhausted, the Shanghai Stock Exchange Index regained its upward momentum and broke through several integer thresholds at one fell swoop. The transaction amount of warrants in July was 435.765 billion yuan, 30.85% less than that in June; The transaction amount of put warrants was 611.205 billion yuan, a decrease of 49.60% over June, and the transaction amount in the warrant market dropped sharply.

The steel plate performed well in the strong rebound of the market in late July. Masteel 、 Wuhan Iron & Steel 、 Pangang Steel Vanadium The monthly increases of the warrants were 28.57%, 25.65% and 19.83% respectively, but their corresponding increases were small, only 7.11%, 6.89% and 10.42% respectively, and the warrants significantly outperformed the regular stocks. Even from July 20, the opening day of the rebound, the increase of the three steel warrants was also less than that of the regular shares. Steel shares have relative valuation advantages and are expected to perform well in the medium and long term, so we can continue to pay attention to steel warrants and their positive shares. In the short term, the warrant may still show high leverage, which will lead to excess returns, and investors can carry out corresponding short-term operations.

Since the strong counter attack of the market, the atmosphere of market bulls has gathered again, and a new round of upward trend has been shown to investors. The corresponding positive shares of the warrants are high-quality blue chips. On the premise of continuing to be bullish on A-shares, these stocks are expected to become hot investment targets in the market, which will bring good investment opportunities to the corresponding warrants.

At present, there are three steel warrants, namely WISCO, Maanshan Iron and Steel and Vanadium Steel. The remaining term of these three warrants is more than one year, and they all have certain long-term holding value. Among them, we are particularly optimistic about the investment value subscribed by WISCO. Corresponding to the current positive share price of about 13 yuan in WISCO, the implied volatility of about 82% of WISCO warrants and the premium rate of about 24% are within a reasonable range. Due to the long remaining period of WISCO warrants, we still recommend that WISCO warrants can be held for a long time, and short-term investors can focus on the trading opportunities brought about by the recent sharp upward fluctuation of WISCO stock prices.

In addition, we suggest that we can focus on cloud CWB1 for a long time and configure it in the medium and short term Wuliang YGC1 Avoid the varieties with high recent growth and short term, and avoid the put warrants.

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