资管下半年投向：加码科技与新消费，减持银行转债

Group 1 - The asset management institutions are adjusting their allocation strategies for the second half of the year, with a focus on increasing gold assets and new consumption sectors such as domestic brands and health industries [1][3] - The A-share market has shown an "N-shaped" trend in the first half of 2023, with the Shanghai Composite Index rising by 2.76% and the Shenzhen Composite Index increasing by 5.99% [1][2] - Insurance funds have significantly increased their equity asset allocation, with 44.8% of new investments in equities in the first quarter, up from 10.4% the previous year, indicating a shift from traditional fixed-income investments [3][4] Group 2 - The bond market is facing challenges such as an "asset shortage" and high competition, leading to a focus on timing trades and extending duration strategies [4][5] - The convertible bond market has gained attention due to its dual characteristics, with a notable increase in the China Convertible Bond Index, which rose by 2.1% in late June [5][6] - Some institutions are becoming cautious about the valuation risks associated with convertible bonds, planning to adjust their portfolios to focus on high-quality convertible bonds and sector ETFs, particularly in technology and new energy [6]