⊙ Intern reporter Pan Shengtao
Yesterday, ZTE ZXC1's huge late rally made the warrant market hot again. In recent days, several recently listed warrants have been in hot pursuit of funds in turn. Data shows that some of the funds that were keen on the speculation of put warrants in the early stage have shown signs of flowing into the warrant market.
Yesterday ZTE ZXC1 fluctuated around the average price line in a narrow range for a long time, and suddenly came into force at the end of the day. Two waves of almost straight line rallies locked the closing increase to an astonishing 21.49%. At the same time, the trading volume more than doubled the previous trading day. As for the newly listed secondary warrants, COSCO CWB1 and Jiangxi Guangdong CWB1 also performed well, both closing up more than 5%. In particular, the Jiangxi Guangdong CWB1, which runs against the positive stock market, maintained a high level and consolidated strongly yesterday.
When the market was extremely weak, the three new warrants went out of the independent rising or even soaring market. Huang Dong, an analyst with Orient Securities, believes that this may be a combination of several factors. First of all, several new warrants have been continuously adjusted since their listing, which technically requires a rebound. Secondly, the attractiveness of the "old" warrants that were listed earlier has gradually weakened over time, and the capital has a greater preference for the new warrants. However, the rebound of the communications sector late yesterday triggered the main fund's long momentum, especially ZTE ZXC1, which has a small plate. It is not difficult to understand that ZTE ZXC1 has soared driven by the big rise of its positive shares.
In fact, yesterday's speculation of warrants is not without signs. Since Monday, some new warrants have begun to "get ready". From Monday's Shanghong CWB1, Jiangxi Guangdong CWB1, Tuesday's Sinopec CWB1, to yesterday's outbreak of ZTE ZXC1, capital has long coveted warrants. Hua Jianqiang, an analyst of Ping An Securities, told reporters that in addition to being affected by positive shares, the existence of a large amount of speculation funds was also the reason why ZTE ZXC1 was able to soar yesterday. He believes that as put warrants gradually fade out of the historical stage, some of the funds originally keen on the speculation of put warrants have shifted to the warrant market. Through the analysis of the transaction amount, there is a trend of capital flowing from selling securities to purchasing securities. According to Wind's statistics, the total daily average turnover of put warrants in February this year was about 19.24 billion yuan. However, since March, this figure has plummeted to about 10.733 billion yuan, a drop of 79.26%. At the same time, the daily average transaction volume of warrants increased significantly from about 14.259 billion yuan in February to about 18.2 billion yuan, an increase of nearly 30%. "China Southern Airlines JTP1 has been standing alone. With the withdrawal of put warrants in succession, it is an inevitable trend for funds to flow to the warrant market," said a market person.
The fact that warrants are favored by funds does not mean that the overall situation has reversed. Hua Jianqiang reminds investors that they still need to be cautious before the market trend becomes clear.
