Covered warrant: Liquidity declined ahead of the Lunar New Year holiday

During the week, although the number of advancing covered warrants continued to outnumber decliners, overall market liquidity edged lower compared to the previous week. This suggests that buying interest remains present and the price trend has not reversed; however, capital flows turned more cautious as the Lunar New Year holiday approaches. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVIC2517, CVIC2514, and CVRE2522 being the most notable examples. In contrast, CTCB2521, CVIC2516, and CMWG2525 were assessed to be overvalued, based on a total sample of 325 listed CWs.