散户必看：可转债投资的三大陷阱，我踩过的坑你别再跳！

Core Viewpoint - The article discusses the complexities and risks associated with convertible bonds, highlighting that the market has changed significantly over the years, leading to potential pitfalls for investors who may not fully understand the intricacies involved [1][3]. Group 1: Market Dynamics - The China Convertible Bond Index has experienced a maximum drawdown of over 20% in the past three years, indicating a shift from the previously stable perception of convertible bonds as a safe investment [3]. - The current convertible bond market features complex terms such as forced redemption, price adjustment, and repurchase clauses, making it difficult for ordinary investors to navigate [3][5]. Group 2: Investment Risks - Investors may face hidden risks, such as the stringent conditions for price adjustments, which can be difficult to meet, leading to potential losses [5]. - Liquidity issues can arise unexpectedly, where high daily trading volumes do not guarantee the ability to sell bonds when needed, resulting in significant losses for investors [5][7]. - The price fluctuations of convertible bonds are closely tied to the underlying stock performance, meaning that a decline in stock prices can lead to a corresponding drop in bond prices [7]. Group 3: Investor Considerations - The investment in convertible bonds requires a certain level of expertise, including a minimum of two years of trading experience and an average asset threshold, which may not be accessible to all retail investors [7]. - Investors are advised to thoroughly understand the terms and risks associated with convertible bonds before participating in the market, to avoid costly mistakes [7].