Yesterday, five put warrants on the Shanghai and Shenzhen Stock Exchanges fell by 6% - 10%, while the warrants were in full swing. Is it the end of the market for put warrants or the transfer of speculation warrants to warrants? It is not good to say now, but it is certain that the management's supervision of warrant trading has achieved initial results, and investors' speculation of warrants has gradually shown a rational side.
A friend told an analyst of a securities firm that "none of the warrants today are valuable." I understand that the analyst should refer to put warrants Wuliangye The discount of warrants is 11%, and the premium rate of several warrants is less than 10%. These warrants cannot be said to be worthless. Therefore, warrants should not be beaten to death. Warrants and put warrants should be treated differently.
As for the differentiation trend of warrants yesterday, some friends believe that the focus of warrant speculation has shifted from put warrants to warrants, but this statement obviously does not hold water. The average trading volume of warrants is only several hundred thousand hands, and the largest number of Maanshan Iron and Steel CWB1 is only 6.84 million hands. Among the put warrants CMB CMP1 There were 112.02 million transactions, 37 million transactions of China Southern Airlines JTP1, and millions of transactions of the other three. Therefore, it is not objective to say that the focus of warrant speculation is shifted from put warrants to warrants.
So will the market for put warrants come to an end? In the context of the management's restrictions on the speculation of put warrants, the difficulty of re speculation of put warrants has increased unprecedentedly. In recent days, the continuous decline of CMP1, the leading authority of warrants, has clearly illustrated the problem. Some insiders said that the main funds have been withdrawn from the put warrants in an orderly manner, and the risk of the put warrants has increased unprecedentedly.
The price of put warrants is fully supported by funds. Once the main funds withdraw, the price of the warrants will inevitably approach its true value - 0 yuan. In CMB CMP1, too many hold up chips have been accumulated all the way. If new funds want to re operate CMB CMP1, they must liberate all hold up stocks. In the remaining time of only one month, it is extremely difficult to complete the whole process of raising, raising and shipping on a worthless variety.
Therefore, the management's supervision of put warrants has begun to take effect, and the future trend of put warrants depends on the face of the policy.
Zhou Kejing
