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Core Viewpoint - Convertible bonds have gained increasing attention from investors in the capital market due to their unique characteristics, providing alternative investment options [1]. Group 1: Definition of Convertible Bonds - Convertible bonds, or "convertible corporate bonds," are a special type of bond issued by listed companies, granting bondholders the right to convert the bonds into common stock under specific conditions [3]. Group 2: Characteristics of Convertible Bonds - Convertible bonds combine features of both bonds and stocks, offering a unique appeal to investors [4]. Group 3: Investment Advantages of Convertible Bonds - Convertible bonds provide a balanced investment strategy, allowing investors to benefit from both fixed income and potential capital appreciation [5]. - They offer a safety net due to their bond-like characteristics, ensuring investors can redeem their principal and interest at maturity [6]. - The conversion mechanism allows investors to convert bonds into stocks when the company's stock price rises above the conversion price, enabling capital gains [6]. - Investors have the flexibility to choose between holding the bond for fixed income or converting to stock for potential higher returns [6]. Group 4: Key Considerations for Investing in Convertible Bonds - The conversion price directly impacts the profitability of converting bonds into stocks; if the stock price is below the conversion price, conversion may lead to losses [6]. - Redemption clauses allow the issuing company to redeem bonds under certain conditions, which may affect investor returns if not managed properly [6]. - Put options provide a safety mechanism for investors, allowing them to sell the bonds back to the issuer if the stock price falls significantly below the conversion price [6].