"But, don't you think that's interesting and exciting?"

"Not at all, you gamble because you like to gamble, I gamble just because I want to make money, that's the difference between us." Duan Tianwolf said, looking at the exchange price card, "However, I really have a question I want to ask you." ”

"What's the problem?"

"Why did I look at it for so long and see that the highest rise and fall of every stock was only 10 percent? Was it artificially controlled? ”

"Yes, the upper limit of the rise and fall of the stock is set at 10%, and once it reaches 10%, it is called the limit or the limit down, and the stock price will not change again. This setup is to curb excessive speculation in the stock market. ”

"In that case, I'm even less interested in stocks, which is too unfree." Duan Tianwolf said, shaking his head and walking out.

Long Guohai hurriedly chased after him and said, "Actually, not all stocks are like this. ”

"Really? What's the exception to that? ”

"Warrants."

"Right ...... Proof? Duan Tianwolf blinked, "What kind of stock is this?" ”

"To be exact, a warrant is not a stock, but it can be bought and sold in the securities market like a stock, so it is no different from a stock. Warrants, commonly known as turbines in Hong Kong, have a speculative surname, ten times more than stocks. ”

"Ten times?" Duan Tianluo seemed to be a little interested, he looked at Long Guohai, "Can you say come and listen?" ”

"Of course." Seeing Duan Tianwolf's interest, Long Guohai explained gratefully, "The world's earliest warrants were born in the United States in 1911, its English name is warrant, and warrants are divided into several types, including warrants, allotment warrants, covered warrants and convertible debt warrants. However, in the Chinese stock market, it is mainly warrants that are ready to be launched. ”

"There are two types of warrants: call and put. Each type of warrant has an underlying stock. For example, if there is a stock with a stock number of 000001 and a price of 10 yuan, then the stock will issue call warrants. As long as the person who purchases such a call warrant is eligible to purchase the stock at the purchase price stated at the time the call warrant is issued. And if it issues a put warrant, then the person who buys the warrant is eligible to sell the stock at the price stated on the put warrant. ”

"To put it simply, if the market expects the underlying stock to be bullish, then the call warrant will rise and the put warrant will fall, otherwise, the call warrant will fall and the put warrant will rise. However, the volatility of warrants is generally more violent than that of stocks, and there are also characteristics of small and broad, and speculation is much stronger than stocks, almost close to futures. ”

"The warrants that are popular now can be divided into American-style warrants and European-style warrants. The holder of the American-style warrant has the right to demand performance on the last expiration date of any of the previous transactions; Holders of European-style warrants, on the other hand, can only request performance on the day of the final expiry. Bermuda warrants combine the characteristics of American-style warrants and European-style warrants, and the exercise period is the last few trading days before the expiration date of the warrant. ”

These words sounded a little boring, but Duan Tianwolf listened to them with relish, he was naturally extremely interested in any rules, "Well, in this way, the rise and fall of warrants is unlimited?" ”

"No, not really, warrants have their ups and downs, but it's limited to 125 percent, which gives you plenty of room for speculation. China's stock market tried warrant trading 13 years ago, but it was stopped nine years ago because the speculation in the warrant market was too strong and there was a long-term sharp rise and fall. This time, if it were not for the reform of the share-sharing system and the realization of full circulation of state-owned non-tradable shares, this doomed to excessive speculation might not have appeared in the Chinese stock market. ”

Duan Tianluo asked again: "Does China now have a warrant to be listed?" ”

"Not yet, at present, the two major exchanges in Shanghai and Shenzhen have only issued the "Interim Measures for the Administration of Warrants", and the first warrant will not be listed until a month later. The name of this warrant is Baosteel warrant, and its underlying stock is Baosteel with the number 580000. ”

After listening to Long Guohai's words, Duan Tianluo asked Long Guohai, "Do you plan to buy this warrant?" ”

Long Guohai shook his head and said, "I won't buy it at first." As I said earlier, after nine years, highly speculative warrants have returned to the market, and the market's reaction must be ignored, and we cannot follow the surname, and we need to observe for a period of time before deciding whether to enter or not. ”

Duan Tianluo thought for a moment and said, "If it were me, I would buy it, but I will hold it for three days at most, no matter what the price is, I will sell it." ”

"Why?" Long Guohai asked.

"Play with people who don't have their last name and then leave the game before they get their last name, and in a casino, there's no one who makes more money than that kind of person. I'm sure it's the same in the stock market. ”

Long Guohai was silent for a while, and then said very solemnly: "I really seriously suggest that you learn how to invest in securities with me, I believe that in less than a year, you will become a top securities investment expert." ”

"I'm no longer thirteen, and I'm not interested in gambling that I can't indulge in. But if I choose to play, I'll play warrants, not stocks. Duan Tianluo said, looking at Long Guohai, "Since you have seen the points of the dice, you naturally have to make a big bet." If the stock market can grow fivefold in three years, as you said, then the next three years will inevitably be the world of call warrants. ”

After Duan Tianwolf finished speaking, he turned around and walked out of the securities business department.

But Long Guohai was still behind him, muttering thoughtfully the two words that Duan Tianwolf had said-"...... Longitudinal? ”

A month later, on August 22, Baosteel's call warrants were officially listed, and on the day of listing, a huge amount of 176 million buy orders were closed.

Two days later, on 24 August, the trading volume of Baosteel's subscription warrants reached 3 billion, accounting for 30% of the total trading volume of the entire Shanghai Stock Exchange on that day.

Another day, on 25 August, the price of Baosteel's call warrants soared again, reaching the highest point of 2.09 yuan, an increase of 30.3 percent from the theoretical reference price of 0.688 yuan three days ago.

After that, from 25 August to 27 October, Baosteel's call warrants fell from 2.09 yuan to 0.68 yuan, a drop of 67 percent. Just when people thought that the popularity of Baosteel's call warrants would become a thing of the past, it soared by 46.54 percent in one day, and since then it has been soaring all the way.

On October 31, Baosteel's call warrants once again set a new record of 4,171 million in transactions.

On November 1, Baosteel's call warrants hit a new high of 2.11 yuan again.

On November 23, Wuhan Iron and Steel warrants were listed on the Shanghai Stock Exchange, with a daily limit!

On 6 December, the turnover of the Shanghai and Shenzhen stock markets reached 101.8 billion yuan, while the total turnover of the stock markets in Shanghai and Shenzhen was only 8.531 billion yuan, surpassing the stock market for the first time.

On December 25, the share reform warrants of Vanke, Xingang Vanadium, and Anshan Iron and Steel Xinlu were listed on the Shenzhen Stock Exchange, and all of them were up and down!

The era of warrants in China's stock market has officially arrived!;