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随着宝钢权证8月22日正式上市,阔别市场9年之久的权证市场重新开闸。众所周知,权证是一种高风险的金融工具,宝钢权证最近的大幅波动正印证了这一点。从上市第一天以83.5%的幅度涨停,权证价格从1.263元到1.586元到1.808元不断走高,最高摸至2.08元,远远偏离其0.7元左右的理论价值。是什么原因导致宝钢权证的疯狂热情?一方面由于目前权证的稀缺,供求关系严重失衡,宝钢权证流通量仅仅3.88亿元,而场外动辄上百亿的投机资金推高权证价格也是情理之中;另一方面我们看到权证市场的参与投机者并没有基金、券商的影子,大批短线交易者对权证的价值分析方法和工具知之甚少,92-96年权证炒作的惯性思维还大有市场,而导致了目前宝钢权证的狂热行情。随着长电权证即将上市,权证市场品种将不断丰富,权证投资迫切需要规范的分析方法和分析工具,在这样一个背景下,我们借鉴香港权证市场一些规范的分析工具,向投资者进行介绍和推荐,使得权证投资者能正确认识权证,掌握规范的分析方法,提高的投资能力。
With Baosteel warrants formally listed on August 22, 9 years away from the market warrant market restart. As we all know, warrants is a high-risk financial instruments, Baosteel warrants the recent sharp fluctuations have confirmed this point. From the first day of listing to a limit of 83.5%, warrants price from 1.263 yuan to 1.586 yuan to 1.808 yuan rising continuously, the maximum touch to 2.08 yuan, far from its theoretical value of about 0.7 yuan. What causes the crazy enthusiasm of Baosteel warrants? On the one hand, due to the current scarcity of warrants, a serious imbalance between supply and demand, the circulation of Baosteel Warrants is only 388 million yuan, while the off-site hundreds of billions of speculative funds to push up the price of warrants is reasonable ; On the other hand, we see speculators involved in the warrants market, there is no fund, the shadow of brokers, a large number of short-term traders on the value of warrants analysis methods and tools little known, 92-96 warcraft hype inertia thinking there is still much market , Which led to the current fan market Baosteel warrants. With the imminent issuance of long-term warrants, the variety of warrants market will continue to be enriched and there is an urgent need for normative analytical methods and analytical tools for warrants investment. Against such a background, we draw upon some normative analytical tools from the warrant market in Hong Kong to introduce to investors Recommended to enable warrants investors to correctly understand the warrants, to grasp the norms of analytical methods, improve investment ability.