逆袭！创十年新高

Group 1 - The convertible bond market has reached a ten-year high, with the China Convertible Bond Index hitting 469.56 points and a year-to-date increase of 12.74% [2] - More than ten convertible bond funds have seen net value growth rates exceeding 15% this year, with the top performer, Southern Changyuan Convertible Bond A, achieving 24.78% [2][3] - The strong performance of convertible bonds is attributed to a supply-demand imbalance and a robust equity market, making them an attractive investment option due to their debt protection and equity-like characteristics [1][2] Group 2 - The current valuation of convertible bonds is considered to be at a relatively high level within a 3-4 year range, with potential opportunities for accumulation if valuations decline [3] - The convertible bond market is expected to experience three phases: initial price recovery, balanced valuation expansion, and high volatility/high return phase [3] - The market is currently characterized by limited downward space, with a focus on sectors like photovoltaic and pig farming for risk-controlled investments [4]