转债创出新高，接下来怎么看？

Core Viewpoint - The recent fluctuations in the equity market, influenced by geopolitical conflicts, tempered expectations for a December Fed rate cut, and profit-taking by institutions, have led to a high-level oscillation in major stock indices. However, the convertible bond market has shown resilience, with significant increases in various convertible bond indices since November [1][2]. Group 1: Convertible Bonds Characteristics - Convertible bonds, or "转债," are a type of bond that can be converted into a company's stock at a predetermined price within a specified timeframe, distinguishing them from regular credit bonds due to their conversion rights [1][2]. - Key features of convertible bonds include: they are still bonds requiring regular principal and interest payments; they can be converted into stocks during the conversion period; their prices are significantly influenced by the underlying stock prices; and they often include redemption, repurchase, and downward adjustment clauses, making their pricing more complex [2]. Group 2: Market Dynamics and Opportunities - The core logic supporting the current equity market bull run remains unchanged, driven by a low-interest-rate environment and domestic policy support, suggesting a sustained bullish trend in the domestic equity market [2][3]. - The pure bond market is experiencing limited disturbances due to the central bank's supportive monetary policy and recent resumption of government bond trading, which keeps liquidity conditions favorable and prevents significant increases in pure bond yields [3]. - The supply-demand dynamics in the convertible bond market are expected to remain tight, with limited issuance of new convertible bonds and strong demand driven by the belief in a slow bull market for equities, indicating that convertible bonds may outperform pure bonds [3].