GF Securities Product Innovation Department, the primary dealer of warrants
Last week, the market surged in shock, and the transaction was moderately enlarged. However, the transaction of warrants fell, with an average daily transaction of about 36. 5 billion yuan, 18% less than the previous week. The proportion of overall warrant transactions in the average transaction of A shares also fell from 18.58% to 15.24%. It shows that in the case of drastic fluctuations in the market, warrant investors tend to be cautious. At this stage, it may be necessary to reconsider the investment strategy.
Looking at last week, the warrants with the largest trading volume were Masteel call warrants, accounting for about 15% of the total warrant transactions. Masteel Last week, it was relatively strong, with a cumulative increase of 17.6%, but the call warrants of Maanshan Iron and Steel Group rose only 7.85%, and the performance of warrants was lower than that of regular stocks. Investors may be disappointed and see the right direction of the positive shares, but the warrant price does not follow and does not get the expected return. The reason is that the warrant price is affected not only by the actual leverage ratio and the extended volatility, but also by the market sentiment. The peripheral market has been greatly shaken recently, and the market is worried about affecting the A-share market, so the attitude has become cautious. Last week, the subscription certificate of Maanshan Iron and Steel Co., Ltd. was always at a discount. Based on the closing data on Friday, the premium reached -8.19%, which more or less reflects that the warrant and regular shares are not optimistic or in insufficient demand. Look at the other one CMB CMP1 The put warrant (580997) has been falling for 9 trading days. In the face of CMB CMP1, a super market and worthless speculative capital, since giving up 0.5 yuan to flee, more and more holders are leaving the market, and the warrant is automatically returning to reasonable value.
At present, the external factors are not yet clear, and the regulation expectations are strengthened. The A-share market does not rule out continuous fluctuations in the short term. If there is no clear view of the midline of the regular shares, investors who have not yet entered the market should not invest a large amount of money in warrants. Even if you decide to participate in the warrant investment, you should also consider the warrants with a longer residual period in terms of choosing the types of warrants. Compared with warrants with shorter residual maturity, warrants with longer residual maturity are less sensitive to the trend of positive shares and have lower time value loss. Even if the stock price fluctuates in the short term, the price of warrants will not fluctuate significantly. The positions used should also be less than usual.
