Investment Rating - The report maintains a "Buy" rating for the electricity sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The China Electricity Council forecasts a 5% growth in electricity consumption for the year, with total installed capacity of wind and solar expected to exceed 1.8 billion kilowatts by 2025. In the first three quarters of 2025, total electricity consumption reached 7.77 trillion kilowatt-hours, a year-on-year increase of 4.6%, with significant contributions from the secondary industry and high-tech equipment manufacturing [1][9]. - The report highlights a decline in holdings of both active and index funds in the electricity and public utilities sector, with active funds holding 0.65% and index funds holding 1.74% of their portfolios by the end of Q3 2025, both showing a decrease compared to previous quarters [1][9]. Summary by Sections Industry Overview - The report indicates that the total installed power generation capacity in China reached 3.72 billion kilowatts by the end of September 2025, reflecting a year-on-year growth of 17.5%. It is projected that the total installed capacity will reach approximately 3.9 billion kilowatts by the end of 2025, representing a 16.5% increase [1][9]. Fund Holdings - Active funds have seen a reduction in their holdings in the electricity sector, with the top five increased holdings being Jiufeng Energy (+0.53%), Jiantou Energy (+0.41%), and others, while the top five decreased holdings include CGN New Energy (-2.74%) and Datang New Energy (-1.61%) [1][9]. - Index funds also reflect a similar trend, with Shanghai Electric (+0.44%) and Shenneng Co. (+0.19%) being the top increased holdings, while Changjiang Electric (-0.58%) and Zheneng Electric (-0.16%) saw the largest decreases [2][10]. Investment Recommendations - The report suggests focusing on the thermal power sector, which is expected to see continued performance improvements, and highlights the importance of energy storage policies and the value of flexible power sources. Recommended stocks include Huaneng International, Huadian International, and others in the thermal power sector [2][6]. - Additionally, the report advises on investing in undervalued green electricity stocks, particularly in Hong Kong and wind power operators, with specific recommendations for Xintian Green Energy and Longyuan Power [2][6].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3]. Core Insights - The report emphasizes the need for further monetary and fiscal policy support to stabilize the real estate market, highlighting that the macroeconomic policy is set to be positive [9][10]. - It notes a shift in focus towards housing as a consumer good, with potential policy relaxations aimed at meeting both basic and improved housing needs [10]. - The report anticipates continued optimization of the real estate structure, with a focus on revitalizing existing assets and land [11]. - It discusses the construction of a new development model for real estate, which favors quality housing and better supply of affordable housing [12]. - Risk prevention and resolution remain critical, with ongoing support for systemically important real estate companies [12]. Summary by Sections Understanding the "14th Five-Year Plan" Recommendations - The report outlines five key understandings of the recommendations, including the need for coordinated fiscal and monetary policies, a focus on housing consumption, and the importance of optimizing real estate structures [9][10][11][12]. Market Review - The report indicates that the Shenwan Real Estate Index decreased by 0.7%, underperforming the CSI 300 Index by 0.27 percentage points, ranking 26th among 31 Shenwan primary industries [14]. New and Second-Hand Housing Transactions - In the latest week, new housing transaction area in 30 cities was 224.1 million square meters, a 5.8% increase month-on-month but a 39.5% decrease year-on-year [24]. - The second-hand housing transaction area in 14 sample cities totaled 206.0 million square meters, reflecting a 3.1% decrease month-on-month and a 21.1% decrease year-on-year [34]. Credit Bond Issuance - The report notes that eight credit bonds were issued by real estate companies this week, totaling 5.05 billion yuan, a decrease of 12 bonds from the previous week [3]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly those with strong fundamentals and those benefiting from policy changes, including specific companies listed in both H-shares and A-shares [3].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [9]. Core Insights - The report highlights a significant increase in capital expenditures by major Cloud Service Providers (CSPs) as they continue to invest heavily in AI infrastructure, which is expected to drive growth in the AI industry chain [1][10]. - The demand for AI-driven storage solutions is surging, with companies like Samsung and SK Hynix reporting record earnings due to increased sales of high-performance memory products tailored for AI applications [2][3][4]. Summary by Sections 1. CSP Capital Expenditure Increases - Microsoft anticipates accelerated capital expenditure growth in FY26, driven by strong demand for cloud services, with a projected total capital expenditure of $34.9 billion in FY26Q1 [13][16]. - Amazon reported a 12% year-over-year revenue growth in Q3, with a focus on expanding AI capabilities and infrastructure, planning a capital expenditure of approximately $125 billion for 2025 [17][19]. - Google has raised its capital expenditure forecast for 2025 to $91-93 billion, reflecting strong demand for AI and cloud services, with Q3 revenues surpassing $102 billion [33][47]. 2. Strong Performance in Storage Sector - Samsung's Q3 revenue reached 86.1 trillion KRW, with a 15.4% quarter-over-quarter increase, driven by AI storage product sales [2][62]. - SK Hynix reported a record revenue of 24.45 trillion KRW in Q3, a 39% year-over-year increase, attributed to robust demand for AI memory solutions [3][4]. - The report indicates a bullish outlook for DRAM contract prices, with expected increases of 18-23% in Q4 2025, driven by AI demand [4]. 3. Key Companies and Their Performance - Samsung is focusing on high-value AI storage products and expects to expand its HBM4 business in 2026, capitalizing on the growing AI market [2][65]. - SK Hynix plans to increase capital expenditures in 2026 to meet the rising demand for DRAM and NAND products, showcasing confidence in future market conditions [3]. - Meta has raised its capital expenditure guidance for 2025 to $70-72 billion, emphasizing its commitment to AI infrastructure [54][57].

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [10]. Core Viewpoints - The optical communication industry is transitioning from 800G to 1.6T technology, with a slight dip in performance in Q3 being a normal part of the technology upgrade and product ramp-up process. The industry is expected to enter a new growth cycle as the market improves in Q4 [20][21][24]. - The Q3 performance was relatively flat due to the transition phase, with leading companies like Xinyi Sheng and Tianfu Communication experiencing slight revenue declines. However, Zhongji Xuchuang maintained steady growth [21][22]. - The demand for 1.6T products is increasing, with major overseas computing companies starting to deploy and order these products, indicating a positive outlook for Q4 and beyond [21][24]. Summary by Sections Investment Strategy - The report recommends focusing on the computing sector, particularly optical communication leaders like Zhongji Xuchuang and Xinyi Sheng, as well as smaller firms in the optical device space [25][14]. Market Performance - The optical communication sector saw a decline of 5.8% in the recent week, underperforming compared to other sectors, while satellite communication showed relative strength [19][16]. Industry Trends - The optical communication industry is in a critical phase of upgrading from 800G to 1.6T technology, with expectations of increased demand and production in the coming years [20][24]. - The supply chain for optical devices is tightening, with core chip shortages impacting the industry. However, leading companies are expanding their production capabilities to meet rising demand [24][7]. Client Dynamics - Different overseas computing companies have varying order rhythms, affecting the quarterly performance of upstream suppliers. This variability is not indicative of a downturn in industry sentiment but rather reflects client-specific ordering patterns [22][3]. Future Outlook - The report anticipates a gradual recovery in industry sentiment starting in Q4, with significant growth expected in 2026-2027 as demand for 1.6T products scales up [21][24].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The report highlights significant price recovery in the polysilicon industry under the "anti-involution" policy, with major companies showing improved performance [14] - The report emphasizes the importance of collaboration among leading photovoltaic companies to escape low-price competition and achieve higher quality development [14] - The report identifies three key areas of focus: supply-side reform price increase opportunities, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [14] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The average price increase for the four main materials in the photovoltaic industry chain reached nearly 35% in Q3, marking the best quarterly performance in three years [14] - Major companies like Daqo Energy and GCL-Poly have reported improved profits, with Daqo achieving a net profit of 73.48 million yuan in Q3 [14] - A coalition of 17 leading companies is being formed to stabilize prices and improve product quality [14] 1.2 Wind Power & Grid - Goldwind Technology signed a 3GW wind power project in Saudi Arabia, expanding its global presence to 48 countries [15] - The project will provide a full lifecycle solution, and Saudi Arabia aims to derive 50% of its electricity from renewable sources by 2030 [15] - The report suggests focusing on companies involved in wind turbine manufacturing and high-voltage cable technology [15][18] 1.3 Hydrogen & Energy Storage - The first "green methanol" project in China was launched in Jilin, showcasing a new model for green liquid fuel production [19] - The report indicates a strong focus on energy storage, with a significant number of projects and a bidding price range for storage systems between 0.4300 yuan/Wh and 0.8500 yuan/Wh [19][24] - Companies with high growth potential in energy storage are highlighted, including Sungrow Power Supply and Kehua Tech [27] 2. New Energy Vehicles - The price of lithium hexafluorophosphate reached 103,500 yuan/ton, a 72.5% increase from the previous month, indicating tight supply conditions [28] - The report notes that the price of lithium iron phosphate has also increased, suggesting further price increase potential across various battery materials [28] - Key companies to watch include Tianqi Lithium, Hunan Yueneng, and Enjie [28][29]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted profit forecast for 2025-2027 [5][7]. Core Insights - The company experienced a slight decline in cotton sock revenue in Q3 2025, but the quality of seamless operations improved significantly. Revenue for Q1-Q3 2025 was CNY 1.89 billion, down 2% year-on-year, while net profit attributable to shareholders increased by 17% to CNY 310 million [1][3]. - In Q3 2025, the company reported a revenue of CNY 720 million, a decrease of 5% year-on-year, but net profit attributable to shareholders surged by 71% to CNY 170 million, driven by cost reduction and efficiency improvements [2][3]. - The company is focusing on expanding its integrated production capacity overseas, which is expected to enhance its competitive strength in the medium to long term [4]. Financial Performance Summary - For Q1-Q3 2025, the gross profit margin improved by 0.8 percentage points to 29.5%, while the net profit margin decreased by 0.7 percentage points to 12.7% [1]. - In Q3 2025, the gross profit margin increased by 3.3 percentage points to 31.8%, and the net profit margin rose by 1.7 percentage points to 14.3% [2]. - The company is actively managing its cash flow and inventory, with inventory at CNY 640 million, down 0.7% year-on-year, and a net operating cash flow of CNY 390 million, approximately 1.3 times the net profit for the same period [4]. Business Outlook - The company collaborates with key brand clients such as UNIQLO, PUMA, and Decathlon, indicating a stable order flow and ongoing efforts to develop new clients [3]. - The company is advancing its smart manufacturing capabilities and is set to complete a production line for 9 million pairs of mid-to-high-end cotton socks by the end of 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 performance exceeded expectations, with a revenue of 3.369 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.19%. However, Q3 alone saw a revenue of 1.445 billion yuan, representing a year-on-year increase of 25.12% [1]. - The company is expected to benefit from the growth of its new business segments, particularly in overseas markets, which are anticipated to contribute to stable revenue growth [2]. - The net profit margin remains robust, with a Q3 net profit margin of 23.25%, an increase of 0.91 percentage points year-on-year [3]. Summary by Sections Financial Performance - For Q1 to Q3 of 2025, the company achieved a gross margin of 39.89%, down 6.08 percentage points year-on-year. The Q3 gross margin was 37.67%, a decrease of 11.75 percentage points year-on-year [3]. - The company’s net profit for the first three quarters was 732 million yuan, a year-on-year decrease of 7.48%, while Q3 net profit reached 336 million yuan, up 30.21% year-on-year [1][3]. Business Development - The company is expanding its new business initiatives, particularly in renewable energy projects in regions with weak power grids, such as Africa and Latin America [2]. - The launch of a smart ultrasonic water meter factory in South Africa marks a significant step in local manufacturing and enhances the company's global brand influence [2]. Profit Forecast - The company is projected to see a net profit of 1.019 billion yuan in 2025, with expected growth rates of 1.7%, 17.2%, and 15.1% for the years 2025, 2026, and 2027 respectively [4][5].

Quantitative Models and Construction Methods - **Model Name**: Timing Radar Six-Factor Model **Model Construction Idea**: The model aims to evaluate equity market performance based on multiple dimensions, including liquidity, economic fundamentals, valuation, capital flow, technical indicators, and crowding. It aggregates 21 indicators into four categories: "Valuation Cost-Effectiveness," "Macroeconomic Fundamentals," "Capital & Trend," and "Crowding & Reversal," generating a comprehensive timing score ranging between [-1, 1] [1][6]. **Model Construction Process**: The model uses 21 indicators across six dimensions, which are grouped into four categories. Each indicator is scored based on its respective methodology, and the scores are aggregated to form the comprehensive timing score. The detailed construction process for each indicator is provided in the report [6]. **Model Evaluation**: The model provides a comprehensive view of market conditions, offering insights into multiple dimensions that influence equity market performance [1][6]. Quantitative Factors and Construction Methods Liquidity Factors 1. **Factor Name**: Monetary Direction Factor **Factor Construction Idea**: This factor evaluates the direction of monetary policy by analyzing changes in central bank policy rates and short-term market rates over the past 90 days [11]. **Factor Construction Process**: - Calculate the average change in central bank policy rates and short-term market rates over the past 90 days - If the factor value > 0, monetary policy is considered expansionary; if < 0, it is considered contractionary [11]. **Factor Evaluation**: Provides a clear signal of monetary policy direction, aiding in liquidity assessment [11]. 2. **Factor Name**: Monetary Strength Factor **Factor Construction Idea**: Based on the "interest rate corridor" concept, this factor measures the deviation of short-term market rates from policy rates [14]. **Factor Construction Process**: - Calculate deviation = DR007/7-year reverse repo rate - 1 - Smooth the deviation and apply z-score normalization - If the factor value < -1.5 standard deviations, it indicates a future 120-day easing environment (score = 1); if > 1.5 standard deviations, it indicates tightening (score = -1) [14]. **Factor Evaluation**: Useful for assessing the relative deviation of short-term rates from policy rates [14]. 3. **Factor Name**: Credit Direction Factor **Factor Construction Idea**: Measures the trend of credit transmission from commercial banks to the real economy using long-term loan data [16]. **Factor Construction Process**: - Calculate the monthly value of long-term loans - Compute the past 12-month increment and year-on-year change - If the factor value increases compared to three months ago, it signals a positive trend (score = 1); otherwise, it signals a negative trend (score = -1) [16]. **Factor Evaluation**: Effectively captures the transmission of credit to the real economy [16]. 4. **Factor Name**: Credit Strength Factor **Factor Construction Idea**: Captures whether credit indicators significantly exceed or fall short of expectations [20]. **Factor Construction Process**: - Calculate Credit Strength Factor = (New RMB loans monthly value - median forecast) / forecast standard deviation - If the factor value > 1.5 standard deviations, it indicates a significant credit surplus (score = 1); if < -1.5 standard deviations, it indicates a significant credit deficit (score = -1) [20]. **Factor Evaluation**: Provides insights into credit market surprises [20]. Economic Factors 1. **Factor Name**: Growth Direction Factor **Factor Construction Idea**: Based on PMI data, this factor measures the trend of economic growth [23]. **Factor Construction Process**: - Use PMI data (Manufacturing PMI, Non-Manufacturing PMI, Caixin Manufacturing PMI) - Calculate the past 12-month average and year-on-year change - If the factor value increases compared to three months ago, it signals a positive trend (score = 1); otherwise, it signals a negative trend (score = -1) [23]. **Factor Evaluation**: Provides a reliable measure of economic growth trends [23]. 2. **Factor Name**: Growth Strength Factor **Factor Construction Idea**: Captures whether economic growth indicators significantly exceed or fall short of expectations [26]. **Factor Construction Process**: - Calculate PMI forecast deviation = (PMI - median forecast) / forecast standard deviation - If the factor value > 1.5 standard deviations, it indicates significant growth (score = 1); if < -1.5 standard deviations, it indicates significant contraction (score = -1) [26]. **Factor Evaluation**: Useful for identifying unexpected economic growth trends [26]. 3. **Factor Name**: Inflation Direction Factor **Factor Construction Idea**: Measures the impact of inflation trends on monetary policy and equity performance [28]. **Factor Construction Process**: - Calculate Inflation Direction Factor = 0.5 × smoothed CPI year-on-year value + 0.5 × raw PPI year-on-year value - If the factor value decreases compared to three months ago, it signals a deflationary environment (score = 1); otherwise, it signals inflation (score = -1) [28]. **Factor Evaluation**: Provides insights into inflation trends and their impact on monetary policy [28]. 4. **Factor Name**: Inflation Strength Factor **Factor Construction Idea**: Captures whether inflation indicators significantly exceed or fall short of expectations [31]. **Factor Construction Process**: - Calculate CPI and PPI forecast deviation = (reported value - median forecast) / forecast standard deviation - Compute Inflation Strength Factor = average of CPI and PPI forecast deviations - If the factor value < -1.5, it indicates significant deflation (score = 1); if > 1.5 standard deviations, it indicates significant inflation (score = -1) [31]. **Factor Evaluation**: Provides a measure of inflation surprises [31]. Valuation Factors 1. **Factor Name**: Shiller ERP **Factor Construction Idea**: Adjusts earnings for inflation to assess market valuation [34]. **Factor Construction Process**: - Calculate Shiller PE using inflation-adjusted average earnings over the past six years - Compute Shiller ERP = 1/Shiller PE - 10-year government bond yield - Normalize using z-score over the past six years [34]. **Factor Evaluation**: Offers a robust measure of equity risk premium [34]. 2. **Factor Name**: PB **Factor Construction Idea**: Measures valuation using price-to-book ratio [37]. **Factor Construction Process**: - Calculate PB × (-1) - Normalize using z-score over the past six years, truncating at ±1.5 standard deviations [37]. **Factor Evaluation**: Provides insights into market valuation levels [37]. 3. **Factor Name**: AIAE **Factor Construction Idea**: Reflects market-wide equity allocation and risk preference [40]. **Factor Construction Process**: - Calculate AIAE = total market capitalization of CSI All Share Index / (total market capitalization + total debt) - Normalize using z-score over the past six years [40]. **Factor Evaluation**: Captures overall market risk appetite [40]. Capital Flow Factors 1. **Factor Name**: Margin Financing Increment **Factor Construction Idea**: Measures market leverage and sentiment through margin financing trends [43]. **Factor Construction Process**: - Calculate margin financing balance - margin selling balance - Compare 120-day average increment with 240-day average increment - If 120-day increment > 240-day increment, score = 1; otherwise, score = -1 [43]. **Factor Evaluation**: Reflects market sentiment and leverage dynamics [43]. 2. **Factor Name**: Turnover Trend **Factor Construction Idea**: Measures market activity and capital flow through turnover trends [46]. **Factor Construction Process**: - Calculate log turnover moving average distance = ma120/ma240 - 1 - If max(10) = max(30) = max(60), score = 1; if min(10) = min(30) = min(60), score = -1 [46]. **Factor Evaluation**: Indicates market activity and liquidity [46]. 3. **Factor Name**: China Sovereign CDS Spread **Factor Construction Idea**: Reflects foreign investors' perception of China's economic and credit risk [49]. **Factor Construction Process**: - Smooth CDS spread and calculate 20-day difference - If 20-day difference < 0, score = 1; otherwise, score = -1 [49]. **Factor Evaluation**: Captures foreign investors' sentiment towards China [49]. 4. **Factor Name**: Overseas Risk Aversion Index **Factor Construction Idea**: Measures overseas market risk preference using Citi RAI Index [52]. **Factor Construction Process**: - Smooth RAI and calculate 20-day difference - If 20-day difference < 0, score = 1; otherwise, score = -1 [52]. **Factor Evaluation**: Reflects overseas market risk appetite [52].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In Q3 2025, despite the accelerating decline in the convertible bond market's outstanding balance, institutional holdings of convertible bonds continued to increase. Convertible bond funds and secondary bond funds increased their positions in convertible bonds, and convertible bond funds showed good performance in terms of returns and positions. Some industries such as petroleum and petrochemicals, and power equipment saw significant increases in positions, while others like media and non - ferrous metals saw reductions [1][2][4]. 3. Summary by Related Catalogs 3.1 Public Fund Convertible Bond Holdings - In Q3 2025, public funds' convertible bond holdings accounted for 55.34% of the total convertible bond market value, a 12.93 - percentage - point increase from Q2, and the position increased slightly by 0.09 percentage points. The outstanding balance of the convertible bond market was 572.072 billion yuan, a 10.96% decrease from Q2 [1][9]. - Convertible bond funds and secondary bond funds increased their positions in convertible bonds. Secondary bond funds' convertible bond market value increased by 20.596 billion yuan (+2.55%), and convertible bond funds' market value increased by 35.972 billion yuan (+7.67%). On the other hand, first - level bond funds, partial - debt hybrid funds, and flexible allocation funds reduced their positions [2][11]. - As of Q3 2025, there were 61 public funds with convertible bond holdings exceeding 1 billion yuan, accounting for 69.46% of the market value of public funds investing in convertible bonds, a 6.71 - percentage - point increase from Q2. There were 291 funds with holdings exceeding 100 million yuan, accounting for 93.31% of the market value, a 1.76 - percentage - point increase from Q2 [3][18]. 3.2 Convertible Bond Fund's Convertible Bond Holdings - As of Q3 2025, there were 40 convertible bond funds, with a total convertible bond market value of 121.205 billion yuan, a 35.972 - billion - yuan increase from Q2, a 42.2% increase. The convertible bond position rose from 84.99% in Q2 to 87.17%, and the leverage ratio decreased from 142.08% to 135.17% [3][21][22]. - In Q3 2025, the average return of convertible bond funds outperformed the CSI Convertible Bond Index. The average annualized return of the CSI Convertible Bond Index was 41.57%, the average annualized return of convertible bond funds was 67.31%, and 32 funds outperformed the CSI Convertible Bond Index, with a winning rate of 80% [4]. - Industries such as petroleum and petrochemicals, power equipment, beauty and personal care, computer, and steel saw significant increases in positions. The market value of public funds' holdings in the petroleum and petrochemical industry increased by 59.14% compared to Q2, and that in the power equipment industry increased by 40.93%. Industries like media, non - ferrous metals, social services, and household appliances saw significant decreases in holdings [5][31]. - The top five heavy - position convertible bonds of convertible bond funds were Industrial Bank Convertible Bond, Shanghai Bank Convertible Bond, Wens Convertible Bond, Jingneng Convertible Bond, and SDIC Convertible Bond. Among the top 20 convertible bonds held by convertible bond funds, 19 had a credit rating of AA or above, and most were pro - cyclical targets [5][31][33].