Sinochem CWB1 enters the exercise period today, and investors should exercise in time
Ping An Securities Derivatives Department Zhang Junjie
On Monday, the Shanghai Stock Exchange Index opened lower and moved higher, and finally closed at 5161.92, up 1.38% from the previous trading day. Influenced by the overall market, the positive stocks of warrants generally rose, and only Shenzhen Development A fell slightly by 1.71%. The overall performance of the warrant market was active, with both call warrants and put warrants showing a general increase. From the transaction situation, the total transaction amount of warrants was 23.736 billion yuan, including 16.272 billion yuan of subscription warrants and 7.464 billion yuan of put warrants, both of which increased significantly from the previous trading day.
In terms of subscription certificates, only SFC1 and CWB1 of Shenzhen Stock Exchange and Shenzhen High Tech declined slightly, and the rest were settled in red. Due to the excellent performance of the steel sector, the three steel subscription certificates performed strongly, and their growth exceeded that of the corresponding positive shares. Steel Vanadium GFC1, Maanshan Iron and Steel CWB1 and Wuhan Iron and Steel CWB1 rose 7.66%, 6.23% and 5.31% respectively, ranking the top of the increase list of subscription certificates. From the perspective of valuation level, the current valuation of the three steel subscription certificates is low. Based on the closing data on Monday, the premium rates of Steel Vanadium GFC1, Masteel CWB1 and WISCO CWB1 are -0.66%, -4.72% and 0.38% respectively, which are at a low level in the subscription certificates.
Yesterday was the last trading day of Sinochem CWB1, and the warrant rose by 6.75% driven by regular shares. Last Friday, Sinochem CWB1's premium rate was low, -5.82%. As yesterday was the last trading day of Sinochem CWB1, theoretically, the premium rate of warrants should rise to zero. Therefore, the leverage effect of Sinochem CWB1 is more obvious when the positive shares are rising. Based on yesterday's closing data, Sinochem CWB1's premium rate is -4.20%, and there is still a certain discount.
From today, Sinochem CWB1 entered the exercise period of five trading days and ended on December 17. The exercise price of Sinochem CWB1 is 6.52 yuan, while Sinochem International Yesterday's closing price was 20.10 yuan, and the warrants were in the deep price. Investors who still hold Sinochem CWB1 should exercise in time during the exercise period.
For the exercise of Sinochem CWB1, investors should pay attention to two points: first, for every 100 Sinochem CWB1 exercises, 652 yuan (excluding 0.05% share transfer fee) should be prepared. When exercising, investors should ensure that there is sufficient funds in their accounts to avoid failure of exercise; Second, Sinochem International shares obtained through exercise can be sold on the next trading day, and investors should pay attention to overnight risks.
Yesterday, three put warrants were also active. Wuliang YGP1 After the opening, the market soared sharply, and speculation of speculative funds showed obvious signs. In order to curb speculation and reduce the blind following of ordinary investors, SZSE temporarily suspended the trading of Wuliang YGP1 for one hour. After the resumption of trading, Wuliang YGP1 gradually fell back, but rose again in the late afternoon, closing up 10.22%. Judging from the transaction, the turnover rate of Wuliang YGP1 yesterday was 218.97%, nearly twice that of the previous trading day. In addition, Valin JTP1 And China Southern JTP1 also rose 5.46% and 1.45% respectively. At present, the three put warrants are all out of the deep price, and the premium rate is more than 70%, which is extremely risky, reminding investors not to participate in the speculation of put warrants.
