as of today's closing price, the closing price of Jiangxi Copper is 12.32 yuan/share, and that of Jiangtong CWB1 is 1.364 yuan/share. After calculation, the theoretical value of Jiangtong CWB1 is (12.32-15.44)/4=-.78 yuan. It is already in an obvious premium state, and the main reason for the premium is the stock market downturn. In the long run, this situation will change. The main reasons are: Jiangtong CWB1 is a newly issued warrant, and the exercise price is relatively low (15.44 yuan), and the potential of Jiangxi copper industry is relatively large, which makes the warrant have great imagination in the future. However, due to its exercise ratio of 4: 1, the value space of warrants is greatly limited. If Jiangxi copper industry rises to 25.44 yuan in the future, the actual value of Jiangxi copper CWB1 is only 2.5 yuan. At present, buying on dips has certain speculative and investment value.
at present, is it more cost-effective to buy stocks or warrants? From a speculative point of view, warrants are more valuable. In terms of investment value, the rise (value) of warrants should be based on the rise of Jiangxi Copper, which is a stock. If the future increases of the two are equal, the equilibrium point is: b = (a-15.44)/(4 * 1.364)-1 = a/12.32-1. (According to yesterday's closing price, A is the future price of 6362, and B is the relative increase. )
to solve the equation: A=27.713 yuan, B=124.9%.
In other words, based on today's closing price, Jiangxi Copper's share price rose to 27.713 yuan, which is consistent with the future increase of warrants and shares. If the stock price of Jiangxi Copper is less than 27.713 yuan when exercising the right, the investment warrant is not as cost-effective as the investment warrant. If the stock price of Jiangxi Copper can exceed 27.713 yuan, the investment warrant is more cost-effective.