Take a cautious view of the future market of warrants

The warrant market also continued the market situation on Wednesday: the call warrants generally rose while the put warrants almost fell across the board. The total transaction of warrants was 21.5 billion yuan, slightly smaller than the previous day. Among the warrants, only Baogang Warrant, Handan Steel Warrant and Wuliang Warrant declined, with the former leading the decline of 3.34%. At present, the warrant has only 11 trading days left, and the newly listed Yunhua Warrant has the largest increase (up limit, up 41.17%). In the put warrants, except for the Zhongji Warrant, which was flat, others fell. Baotou Steel's put warrants led the decline of 5.85%, which is also a normal return of value. Based on comprehensive judgment, we are cautious about the future market of warrants. Whether it is call warrants or put warrants, there is great selling pressure during the session. Investors should move in and out quickly to avoid market risks. On Thursday, the average implied volatility of warrants was 202%, the average implied volatility of call warrants (including warrants) was 188%, the average implied volatility of put warrants was 216%, and the largest implied volatility was Baogang's put warrants, which was 447%.