银行转债存量“缩编”，机构底仓资产或腾挪

Core Viewpoint - The market for convertible bonds in the banking sector is expected to shrink significantly this year, with an estimated reduction of up to 100 billion yuan due to the large-scale exit of convertible bonds, which may pose challenges for asset management institutions in their asset allocation strategies [1] Group 1: Market Dynamics - The anticipated "shrinkage" of the convertible bond market is driven by the expiration of existing bonds, leading to a decrease in the overall market size [1] - The decline in the supply of convertible bonds is expected to increase pressure on the existing market, potentially affecting the valuation of these financial instruments [1] Group 2: Asset Management Implications - Convertible bonds have become a standard component in the "fixed income plus" strategy for asset management products, enhancing yield for institutions [1] - With the supply of convertible bonds decreasing while demand remains strong, asset management firms may need to explore more diverse options for yield-enhancing base assets beyond just increasing their allocation to convertible bonds [1]