Xin Lang Cai Jing·2025-11-14 00:17Core Viewpoint - The convertible bond market has shown strong performance in the previous cycle, with the high-price index rising by 1% and significant excess returns from high-wave strategies [1] Group 1: Market Performance - The convertible bond market performed outstandingly in the last cycle, with a 1% increase in the high-price index [1] - High-wave strategies demonstrated notable excess returns [1] Group 2: Adjustments in Holdings - The current period has seen an acceleration in the redemption process for strong redemptions, with high-priced convertible bonds being removed from the portfolio [1] - Bonds with weakened Q3 performance, such as Fuchun Convertible Bond and Lantian Convertible Bond, have also been excluded [1] - New additions include high-priced targets with stable overall performance in the first three quarters and lower redemption risks [1] Group 3: Market Conditions and Strategy - Overall prices and premium rates of convertible bonds have risen to high levels [1] - While bullish sentiment remains, increased volatility is observed in the high-price environment, necessitating appropriate control of downside risks [1] - Continuous monitoring of market trends and sector rotations is advised [1]