可转债市场超调后或迎估值修复

Group 1 - The convertible bond market has experienced volatility, with the China Securities Convertible Bond Index declining for four consecutive days until June 24, but showing signs of stabilization with a 0.41% increase on June 25 and a further 1.40% increase on June 26 [1] - As of the end of Q1, there were 140 funds with over 50% allocation in convertible bonds, many of which faced significant net value declines during the market's downturn, leading to some funds turning from profit to loss [1] - A significant portion of funds, 51, reported floating profits as of June 26, while 94 funds had floating profits as of June 18, indicating a recovery trend in the market [1] Group 2 - The performance of convertible bond funds has shown a stark divergence, with the top and bottom products differing by over 20 percentage points in year-to-date returns, with Anxin Minwen Growth A leading at 9.74% [2] - Despite recent volatility, historical data suggests that convertible bonds have a higher Sharpe ratio compared to stock indices and equity funds, indicating better risk-adjusted returns [2] - The current valuation of convertible bonds is considered low, providing strong cost-effectiveness compared to pure bonds, and there is an expectation for valuation recovery as the market stabilizes [2]