Capital distribution observation: AAC Technologies' call warrant positioning is relatively high; the market is waiting for a breakout rather than chasing upward momentum.

Reviewing the March 24th [HK Stocks Podcast] viewpoint, the program’s analysis suggested that for further upside, the stock price must first stabilize effectively within the resistance zone of HKD 35 to HKD 35.90, before attempting to reclaim the vicinity of HKD 37. Only then would the market have the conditions to push the short-term target towards HKD 40. If the price rises only slightly above HKD 35 and quickly retreats, this movement would still be considered a rebound within the range. Currently, the stock price is at HKD 34.78, close to the lower edge of the mentioned HKD 35 resistance, placing it in the 'observation period for whether the rebound can continue.'

Regarding warrant capital distribution, there are 34 products available in the market, including 26 call warrants and 8 put warrants, clearly favoring call warrants in terms of product count. The most traded call warrants have strike prices ranging between HKD 46 to HKD 46.99, while put warrants concentrate around HKD 40 to HKD 40.99. This reflects that although more capital is positioned for a rebound, call warrant positions are set relatively higher, reflecting a more aggressive bullish outlook; bearish capital is concentrated closer to the upper resistance zone, carrying a defensive tone. In terms of street holdings, call warrants are mainly clustered around HKD 45 to HKD 45.99, while put warrants are centered at HKD 31 to HKD 31.99. The overall structure indicates a one-sided concentration, as the market's position clearly favors calls. In other words, market sentiment is not uniformly bearish; instead, more funds remain inclined to wait for a rebound, though their positioning is relatively high, meaning investors are anticipating upside but are also awaiting clearer confirmation of a breakout.

As for holding call warrants with a strike price of 42.08 yuan, this deployment itself is relatively aggressive because 42.08 yuan is already higher than the investor's original target of 40 yuan. In other words, even if the stock price rises to 40 yuan, these types of products may not directly reflect short-term upward momentum, as the strike price remains relatively high. Simply put, while the bullish direction can be understood, in terms of short-term reward-to-risk ratio, holding call warrants with a higher strike price like 42.08 yuan offers only average value unless the stock price first breaks through the range of 35 yuan to 37 yuan and continues its upward trend. At this stage, it’s more reasonable to consider 40 yuan as a later-stage target rather than an immediate or very short-term goal.