Primary dealer of warrants GF Securities Liu Siling Guo Yong
Recently, the market has been focusing on Handan Steel 、 Sinochem International 、 Yangtze Power Such stocks and their warrants have been hyped, and these warrants have all experienced a single day increase of more than 10% Wuliangye 、 Yantai Wanhua When the warrants are moved to these warrants, it shows that the market is focusing on exploring explosive varieties.
Warrants are based on shares A derivative is the right to buy and sell specific stocks in the future. It has a fixed maturity date, and its value is closely related to the change in the price of positive shares. In particular, the price of positive shares at maturity will directly determine the value of warrants. Once the warrant expires and is out of the price, the warrant will become worthless WISCO JTP1 、 Airport JTP1 、 Raw water CTP1 The disastrous defeat on the previous day is often related to ignoring the maturity date and the last trading day of warrants and not knowing how to avoid risks in advance.
In theory, as long as the warrants have not expired, the price of the positive shares may change in the direction beneficial to the warrant holders, and the warrants may not be worthless, because the value of the warrants contains two parts: intrinsic value and time value. The intrinsic value refers to the price difference that can be obtained by immediate exercise, which is equal to zero (out of price or flat state) or the absolute value of the difference obtained by subtracting the exercise price from the current price of the shares (in price). The time value is the value of the warrant minus the intrinsic value. Its intuitive meaning is that the positive share price may change in a favorable direction before the expiration of the warrant, which makes the warrant have contingent value. Obviously, since the listing of warrants, the time value will be lost every day until it falls to zero when it expires. After understanding the definitions of intrinsic value and time value, it is not difficult to understand that both in price and out of price warrants have time value before maturity, and the in price warrants have more intrinsic value than out of price warrants because they can be exercised at maturity. However, the time value loss status of warrants with different characteristics is very different. The time value loss of in price, medium and long-term warrants is small. The time value loss of out of price and short-term warrants is fast if calculated as a percentage because they only have time value. Therefore, some out of price warrants that are about to expire should not be held, because the trend of positive shares may not fully meet expectations during the period, and the loss of time value is very obvious. For example, Shanghai Market JTP1 Although it has a low absolute price, it is not sensitive to the change of the price of the positive shares. Unless there is a significant change in the trend of the positive shares, there is little chance that the positive shares will become within the price on the maturity date. In addition to the upcoming Spring Festival holiday, investors should take the initiative to reduce risks, reduce positions or exchange positions to medium and long-term warrants.
