Baotou Steel's JTB1 premium rate is still within a reasonable range Handan Steel's JTB1 is undervalued

Collective soaring of steel subscription certificates

Driven by the positive shares, the steel subscription certificate got off to a good start after the festival, and the big increase overshadowed the other warrants. All four steel subscription certificates increased by more than 10%, with an average increase of 16.43%. Among them, Baotou Steel JTB1 At the end of the afternoon, the CWB1 of Maanshan Iron and Steel Co., Ltd. soared by 22% and 21.93%. Different from the previous sharp rise of some warrants due to market speculation, this sharp rise of steel warrants is a reflection of the underlying stock fundamentals and the value of the warrants themselves.

From the perspective of the fundamentals of the steel industry, the industry is booming. This year, some steel enterprises raised the ex factory price of steel, and the gross profit rate of products rose. The enhancement of profitability is expected to further improve the valuation level of the steel industry. Some high-quality steel listed companies are favored by the market, Baotou Steel and Masteel Yesterday, it even closed at the ceiling, which led to a sharp rise in the corresponding subscription certificates.

On the last trading day before the festival, Baotou Steel JTB1 and Hangang JTB1 The increase was lower than that of the regular shares, and the increase of the steel subscription certificate yesterday was not only far greater than that of the regular shares, but also higher than the theoretical increase calculated according to the effective leverage ratio. This is mainly due to the caution of funds in the warrant market before the festival and the relatively high enthusiasm of investing in warrants after the long holiday.

Although Baotou Steel JTB1 and Handan Steel JTB1 will expire in March, the time value is small, but based on yesterday's closing price, the premium rate of Baotou Steel JTB1 is 1.05%, still within a reasonable range, while Handan Steel JTB1's premium rate is as low as -3.46%, still undervalued. safety