⊙ Our reporter Pan Shengtao
According to the latest analysis report on the trading behavior of the warrant market released by the Shanghai Stock Exchange, in the past June, the trading activity of the warrant market has declined, the participation of retail investors has weakened, and the average trading frequency of the market has risen slightly.
In June, the overall trading activity of the warrant market declined, which was reflected in the obvious decrease in the number of accounts that had traded in the month. Statistics show that the total number of trading accounts in June was only 1.2473 million, a decrease of about 18.18 million compared with the previous month. This is the first decline in the data since the Lunar New Year, and also broke the situation of 1.4 million households in the first three months. In addition, among all trading accounts in June, the proportion of accounts carrying out warrant T+0 transactions increased by about 7.2 percentage points compared with the previous month, reaching 60.54%.
From the perspective of transaction frequency of the month, except for the frequent trading accounts with 10 or more transactions, the number of other types of transaction accounts has declined to varying degrees. Therefore, the proportion of accounts with 10 or more warrant transactions in June has increased significantly, from 29.14% in May to 35.83%, which makes the average market transaction frequency rise. Statistics also show that the average number of transactions of accounts with T+0 warrants in June was 26, an increase of 4 compared with the previous month.
From the perspective of capital scale, the large A-type accounts with an average daily trading amount of more than 500000 yuan are still the backbone of the warrant market. In June, the proportion of such accounts in the total amount of warrant transactions did not change much, and the four week average value remained stable between 76% and 77%. However, the number of retail accounts with an average daily transaction amount of less than 10000 yuan decreased significantly in June, and from weekly data, such accounts generally showed a downward trend. In the last week of June (23-27), the number of retail accounts involved in transactions was only 246100, nearly 40% less than the week at the beginning of the month (2-6). At the same time, the proportion of retail investors in trading accounts has also dropped significantly, and only one week in four weeks exceeded 50%, while the data for four weeks in May remained above 50%.
In addition, in June, the number of dangerous accounts with a capital turnover rate (total monthly transactions/average monthly asset size) of more than 2000% and the proportion of their transaction amount increased. Accordingly, the proportion of general accounts and speculative accounts with a capital turnover rate of less than 500% decreased slightly.
Hua Jianqiang, an analyst of Ping An Securities, said that there may be two reasons for the decline in transaction activity, the increase in transaction frequency and the decrease in the proportion of retail transactions in the warrant market in June: First, some investors who participated in the early stage are not very profitable due to market fluctuations, and the risk of long-term holding is high, Therefore, exit wait-and-see or T+0 fast in fast out mode is adopted; In addition, the two warrants of China Southern Airlines and Shenzhen Development Bank were delisted in June, which on the one hand caused the loss of some put warrant investors, and on the other hand, the crazy speculation of funds before the delisting of these two warrants also led to a sharp increase in the frequency of short-term and ultra short-term transactions.
