□ Ping An Securities Mai Qiuhong
Yesterday, the Shanghai Stock Exchange Index rose in shock, and the subscription certificates continued to rise in volume, with the transaction amount reaching 56.13 billion yuan, 18.7% more than the day before yesterday; The trading volume of the put warrant was significantly reduced, and the trading amount was 22.6% lower than the previous day.
The increase of steel subscription certificates was leading, while the increase and decrease of other subscription certificates were not obvious. Maanshan Steel CWB1, which was suspended the day before yesterday, closed the trading limit with a 19.38% increase at the opening yesterday. Although Maanshan Iron and Steel Co., Ltd. opened the limit board in the CWB1 panel for a short time, it was locked firmly immediately. WISCO CWB1 and Steel Vanadium GFC1 followed, with an increase of 14.57% and 8.43% respectively. Data shows that the average increase of the three steel subscription certificates yesterday was 14.12%, while the average increase of the corresponding positive shares was only 1.76%. In terms of transaction, three steel subscription certificates totaled 27.14 billion yuan, accounting for 48.4% of the total transaction volume of all subscription certificates. This shows that, on the one hand, the market is more confident about the future trend of the corresponding positive shares; On the other hand, steel subscription certificates with lower absolute prices are easily driven by market funds.
The overall premium level of subscription warrants has further increased, and the average premium rate has reached 16.9%. Among them, WISCO CWB1 rose 14.57% sharply while the positive shares rose slightly by 0.17%. By the close of yesterday, the premium rate of WISCO CWB1 had reached 57.33%, which was the highest premium rate among the subscription certificates.
The situation of simultaneous rise of put warrants is no longer. CMB CMP1 And Potash fertilizer JTP1 Yesterday, the decline was more than 10%, including the decline of potash JTP1 of 14.29%. Wuliang YGP1 It continued the rising trend of the day before yesterday and closed at 34.45%. From the perspective of turnover rate, the speculation atmosphere of put warrants has weakened. The turnover rate of most put warrants declined significantly, with an average turnover rate of about 360%, but the turnover rate of Wuliang YGP1 remained high. For the speculation of put warrants, the Exchange has warned of risks in various ways. If the speculation of the put warrant continues, it is not ruled out that the relevant departments should increase measures to curb excessive speculation. For example, for CMB CMP1 that can be created, the relevant departments may increase the creation measures and strengthen the creation efforts, curb the irrational drastic changes in warrant prices, and promote the return of CMB CMP1 value.
