精选可转债 把握防守反击机会

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies involving stocks, convertible bonds, and quantitative methods being developed to create a comprehensive investment system [1][2]. Group 1: Market Conditions - The bond market has experienced significant adjustments this year, with a lack of trend-based opportunities and increased volatility impacting investor experiences [1][2]. - The rise in risk appetite has put pressure on the bond market, but the fundamental support for bonds remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The advantages of leveraged carry strategies are becoming more apparent, particularly as the negative carry issue for mid-to-short duration bonds has eased [2][3]. - The focus is shifting towards defensive strategies that control drawdowns, with an emphasis on capturing trading opportunities in a volatile environment [2][3]. Group 3: Convertible Bonds and Enhanced Products - There is a growing market for fixed income enhancement products that combine traditional bonds with equities and convertible bonds to meet investor demand for stable returns [3]. - The average price and conversion premium of convertible bonds have reached high levels, but current adjustments are seen as opportunities for allocation [3]. - A new product managed by the company, which combines fixed income with convertible bonds, is being launched, focusing on high-quality credit bonds while selectively engaging in long-duration bond trading [3].