"Butterfly mix" is not optimistic about the more popular Warrants.

<P Align=left> </ P> <P> today, Wuhan Iron and Steel butterfly will land stock warrants, the value of warrants and operating strategy to become a hot topic in the industry, many agencies also issued a report forecasts the corresponding research. .The report shows that is widely recognized in the "butterfly mix" is not the best choice, Wuhan Iron and Steel warrants more than the put option by the market. .</ P> <P> Ping An Securities research report that if the share price one year after the Wuhan Iron and Steel G ~ 3.4 yuan at 2.1 yuan range, even without considering the combination of cost, subscription card + Put the "butterfly mix" yield to maturity .also only 0.23 yuan to 1.03 yuan, even with the same time holding stock, yield to maturity rose to 0.58 yuan was only 1.35 yuan. .Baosteel Warrants even if the reference to the volatility of the lowest premium rate, and the Wuhan Iron and Steel warrants combination of not less than 1.67 yuan market, that "butterfly mix" is not the best choice, in order to hedge more harm than good. .Therefore, when the daily limit of Wuhan Iron and Steel both warrants, the funds and other institutional investors might consider throwing Wuhan put warrants, put warrants giving up the use of hedging. .According to warrants Bijiaxiaoying Baosteel, Wuhan Iron and Steel warrants have continued to rise in power, institutions may be sold in the market rallies again the next day. .</ P> <P> Although the lack of hedging mechanisms of the stock market, Wuhan Iron and Steel put warrants become more valuable, to hedge the risks of decline, but analysts SW Yang Guoping, in a speculative market, the more valuable .the more speculation is not up, so warrants a better chance. .</ P> <P> TX Investment believe that the value of put warrants a cap, the price can not be higher than the exercise price of 3.13 yuan, more than warrants a lack of imagination, could lead to less speculative. .The estimated value of the Wuhan Iron and Steel warrants less imagination is relatively large, if the bull market have expected, warrants may be pushed up very high. .Fan Xiangpeng proposed robust investors can put warrants more attention to Wuhan, and a high risk appetite of investors for more attention to the Wuhan Iron and warrants. .</ P> <P> investment banking operation of the proposed </ P> <P> SW Securities: Warrants of Wuhan Iron and Steel, the firm bought 0.5 yuan less, 0.5 yuan to 0.7 yuan can buy; 0.7 yuan to 1.8 .element may be the major volatile region. .For put warrants on Wuhan Iron and Steel, 0.6 yuan strong buy, 0.6 yuan to 0.8 yuan can buy; 0.8 yuan ~ 1.3 yuan may be the major volatile region. .</ P> <P> Changjiang Securities: Wuhan Iron and Steel warrants were trading at 0.6 yuan more than the possibility of relatively large, 0.5 yuan may consider buying, at 1.2 yuan to consider selling. .Wuhan Iron and Steel put warrants were trading at around 0.8 yuan, 0.6 yuan may consider buying more than 1.3 yuan should be considered in the sale. .</ P>.