As of August 21, the latest bull-to-bear ratio for Hang Seng Index-related warrants stands at 51:49, according to market data. The distribution map from CITIC Securities reveals notable shifts in positioning across key price zones.

For bear warrants, the heaviest concentration zone remains in the 26,200-26,299 range, with the latest count reaching 742 contracts—a rise of 194 contracts from the prior trading day. Meanwhile, the most significant increase in bear warrant positions occurred in the 26,100-26,199 interval, where the number of contracts climbed by 221 to a total of 503.

On the bull side, the primary heavy accumulation zone is situated in the 25,000-25,099 range, featuring 826 contracts as of the latest reading, reflecting a decrease of 33 contracts day-over-day. The largest addition of new bull positions took place in the 25,300-25,399 bracket, where the contract count surged by 232 to reach 251, marking a notable uptick in investor activity at that level.