New shares and secondary new shares generally open higher and go lower, and put warrants break down and high-risk varieties are ignored by funds
Securities Times reporter Wan Peng
Yesterday, the Shenzhen and Shanghai stock markets opened slightly higher and then fell in shock. Among them, the Shanghai Stock Exchange Index closed at 5395.27, down 29.94 points, with a turnover of 151.436 billion yuan; The Shenzhen Composite Index closed at 18073.34, down 243.08 points, with a turnover of 76.552 billion yuan. There were 441 gainers and 1112 losers in both cities. There were only 17 non S and ST stocks with trading limits, which hit a recent new low. This shows that as the stock index approaches the historical high, the market's mentality tends to be cautious again.
It is worth noting that recently listed new shares generally show a trend of high opening and low going. All the four new shares listed yesterday ended in a negative line. Among them, Zhiguang Electric and Shenzhen Huicheng were temporarily suspended by the Exchange due to their excessive decline compared with the opening price. However, the 15 minute suspension did not result in the stabilization of the stock price -- Zhiguang Electric's share price fell 6.23% in the closing compared with the suspension, and Shenzhen Huicheng also fell 0.43 yuan in the last five minutes.
In addition to the four new shares listed yesterday, several batches of new shares listed earlier also showed a continuous downward trend, such as HTC warp knitting, Fangyuan support Beidou Xingtong , Baoxiniao, Zhengbang Technology, Hanzhong Jingji, Sante Cableway, Smik, Sanxin Shares, Rhine Biology and other stocks have all hit new closing lows since their listing.
The continuous decline of this batch of new shares actually reflects the widespread concern of investors about the overvaluation of the current market, and the secondary new shares are the high valuation of the market. Statistics show that the latest P/E ratio of the above secondary new shares is more than 50 times, and that of some individual shares is even more than 100 times, with the highest being more than 800 times. For this reason, after a short period of speculation in July and August, the secondary new shares entered the process of accelerated return.
At the same time, the warrant market has begun to return to rationality recently. On the one hand, most warrants have changed from the previous high premium to low premium, or even discount. Among them, Maanshan Steel CWB1 is the most representative. The recent discount rate of the warrant once exceeded 21%, while the premium rate of Wuhan Steel CWB1 and Yunhua CWB1, which were once close to 50%, dropped to - 4.8% and 9.20% respectively yesterday. With the sharp decline of premium rate, warrants are gradually attracting more capital attention. This is from Wuliang YGC1 The public information of HQC1 and OCT obtained sufficient evidence. Yesterday, there were signs of large-scale buying of institutional seats in both warrants, with the buying amount of 91.347 million yuan and 170.7 million yuan respectively.
On the other hand, put warrants "unexpectedly" walked out of the break down trend in the overall market adjustment yesterday. Among them, Valin JTP1 、 Wuliang YGP1 、 CIMC ZYP1 The decline of the three warrants exceeded 10%. In this regard, industry analysts pointed out that the sharp drop in put warrants reflected that some funds had withdrawn ahead of schedule due to the approaching National Day holiday, and the more essential reason was that investors were currently deliberately avoiding such high-risk varieties with no intrinsic value.
From the above market changes, we can see that under the general environment that the current average market price is around 17 yuan and the P/E ratio is close to 50 times, not only incremental funds, but also stock funds are more rational. Therefore, investors also need to focus on the varieties that are undervalued or in low value, so as to avoid the risk of shocks and gain profits.
