1. The minimum daily turnover in the warrant market this week was 13.028 billion yuan, the maximum was 16.619 billion yuan, and the average daily turnover was 15.214 billion yuan, down 4.9% compared with the previous week, with an average daily turnover rate of 77.17%.

2. Due to the large-scale adjustment of the market this week, a total of 20 warrants fell, of which the decline of warrants was particularly severe, with a cumulative decline of more than 12% for as many as 8 warrants. Affected by Zhenggu, Qiaocheng HQC1 Wuliang YGC1 , Yili CWB1 Hangang JTB1 and Changdian CWB1 The cumulative decline ranked top, respectively -15.987%, -15.896%, -15.584%, -15.095% and -15.052%. In warrant Guodian JTB1 One branch stood out, up 5.331% in total. Although the market fluctuates, Guodian Power The previous period saw a continuous increase of 22.76%. At the same time, due to the decline of positive shares and the speculation of funds on the doomsday round, some put warrants were stirred by the news. E.g. Friday Raw water CTP1 The amplitude was up to 109.22% due to the crazy upward pull of funds, which led to the strength of all put warrants, and the turnover rate was up to 1471.20%; However, the current premium of raw water CTP1 is 31.66%. Within a short week from February 6 to 12 Raw water shares There is still a great risk of falling 31.66%.

3. From the perspective of valuation, the average premium rate of warrants is 8.11%, Wanhua HXB1 (- 13.00%) and Wuliang YGC1 (- 8.57%) were lower, Sinochem CWB1 (36.96%) and Steel Vanadium GFC1 (23.91%) were higher; The average premium rate of put warrants was 56.42%, Wuliang YGP1 (72.11%) and CMB CMP1 (68.45%) higher, Valin JTP1 (31.46%) and raw water CTP1 (31.66%) are low. The average implied volatility of the warrant is 1.0684, while that of Wanhua HXB1 is low, 0.84. Sinochem CWB1 is high (1.90); The average implied volatility of put warrants is 1.5837. The average ratio of market price to theoretical value in call warrants is 1.18 times, and the average ratio of put warrants is 235.15 times.

4. The maturity date of raw water CTP1 is February 12. According to the regulations of the Exchange, the trading of warrants will be stopped five days before the expiration. Even if the price of raw water CTP1 drops to 0.001 yuan, it has no exercise value. Investors should pay attention to this to avoid losses. In addition to raw water CTP1, Shanghai Stock Exchange, Baotou Steel, Steel Vanadium and other put warrants are gradually approaching their expiration dates. At present, the average put premium rate has reached 56.42%. With the return of the value of maturing warrants, its demonstration effect will also drive other put warrants out of the bubble. Therefore, as the put warrants expire one by one, other put warrants will also accelerate their return to their intrinsic value. The recent sharp drop in the put is just the beginning of the return of value, and investors should not rush for a rebound blindly with fluke psychology. At the same time, it is suggested that investors focus on the upcoming Yuntianhua Warrants attached to separable convertible bonds. ( Changjiang Securities Li Qiang)