Drop in the stock market Put warrants are eager to try

□ Our reporter Xu Haiyang

With the gradual reduction of trading varieties and leverage ratio (subscription), the warrant market has almost become a corner forgotten by investors, and the trading volume and fluctuation of warrants are generally small. However, with the decline of the positive stock market, put warrants showed an eager desire to rise.

Affected by the suspension of regular shares and gradual delisting, the number of tradable warrants in the two markets yesterday was only 15, hitting a recent low. The sharp decline of the stock market has hit the warrants, and the warrants with the highest decline in both markets are warrants. Overseas Chinese Town HQC1 fell 9.06% under the influence of 7.97% sharp drop in its regular shares, ranking the first among all warrants, which is also its biggest one-day decline since February 27, 2007. Previously, the warrant rose from 10 yuan to 27 yuan in more than two months. Changdian CWB1 It also fell 5.94%, driven by a 4.14% fall in the positive shares.

It can be seen from a simple calculation that the ratio of the decline of the two warrants to the decline of the stock is 1.1367 and 1.4347, respectively, which are less than their leverage ratios of 1.3508 and 1.662. Market analysts pointed out that the reason for this situation is that there is a widespread discount phenomenon in the current warrants, which can effectively hedge the impact of the decline of the positive shares on the warrants. However, the discount rates of the above two warrants are still 5.07% and 1.97%. at present Wuliang YGC1 The discount rate is as high as 8.45%, and the discount rate of Masteel CWB1 is also 5.52%, which will become a buffer to reduce investors' losses in the falling market.

It is worth noting that due to some head signs in the positive stock market, the market's short momentum has not been fully released, and the put warrants that have been silent for a long time have shown some signs of activity. Maotai JCP1 The intraday increase was more than 30%, and the final increase was as high as 21.05%. However, from the perspective of value, the warrant is about to end trading on May 22, and the loss of time value is its biggest risk, which investors should be aware of. Among the other warrants, Potash fertilizer JTP1 、 CIMC ZYP1 Both closed in red, but the increase was not significant. As put warrants currently have a large premium, the current decline in the market cannot provide them with value support. Analysts believe that the performance of put warrants is more just an attitude of some speculative funds towards the short-term trend of the equity market.