The alarm of the doomsday round has just been lifted and speculative funds have been killed again

□ Our reporter Li Jianfeng

Under the leadership of the 32% rise of the Capital Call Warrants, the warrant market ushered in a hot market that has not been seen for a long time yesterday.

Yesterday coincided with the last day of the exercise of Vanke warrants, and the shadow of the doomsday round hanging over the market gradually faded. At the same time, after the adjustment on Friday, the market also experienced a strong rebound. Among the individual stocks, G Yage rose 3.79%, the first of its kind ( information quotation forum ) It also closed at the ceiling. Affected by this, the warrant market rose generally, and Capital Subscription ranked first in the two markets with an increase of 32.01%.

It is worth noting that yesterday the trading volume of the warrant market was significantly enlarged. The total turnover of the whole day market was 10.845 billion yuan, an increase of 83.40% over the previous trading day, which was the first time since August that the total turnover of the warrant market exceeded 10 billion yuan.

Pioneer subscription yesterday undoubtedly became the leader of the warrant market. With the trend of G's first trading limit, this variety attracted a lot of attention from funds. After wave by wave rising, the initial subscription was also pushed to the trading limit shortly after the opening in the afternoon. Throughout the day, Shouchuang Warrants sold 964 million yuan, with a turnover rate of 785.77%, the highest level in several months.

Although there was a high correlation between the Capital Warrant and the regular shares yesterday, many insiders believe that the possibility of Capital Subscription becoming the second place for Wuliang Subscription is not very high.

"The most important thing about the trend of the warrant is the trend of the positive shares Wuliangye ( information quotation forum ) The comparability is not high, "said Huang Dong, a derivatives researcher at Orient Securities. In his opinion, under the influence of some adverse market rumors, G had made significant adjustments in the early stage of its founding, so it is not surprising that there was a rebound. However, although the company may have a good growth in the next three to five years, it may still be difficult to achieve the high growth like G Wuliangye. Secondly, the listing of Wuliang warrant is at the peak of the Shanghai and Shenzhen stock markets, and G Wuliangye has accumulated a large number of market popularity, so the situation that the warrant is rising with the stock market. At present, the trend of the market is more subtle, and there is still greater uncertainty about the future direction of G Pioneer. "In addition, there is no creation mechanism for Wuliang subscription, and once the initial subscription rises sharply, it is likely to usher in a large number of securities companies' creation.".

Huang Wenqing, the analyst of Guotai Jun'an derivatives, believes that from the relationship between the exercise price and the price of warrants and equity shares, the price of Wuliang's subscription was reasonable at that time, while the current initial subscription is relatively overestimated. "In the future, G Capital must rise by 37.48%. Investors who bought Capital Warrants at the closing price yesterday and held them to maturity can not lose money.".

"The rebound in the warrant market at the beginning of September does not mean a repeat of history, nor another starting point, but is likely to be a short-term performance before another round of risk release. Unless we are fully confident of the rise of the regular stock, it would be better for ordinary investors to touch some high premium varieties less", said Dong Yiting, an analyst in the derivatives section of Guosen Securities.