量化+主动择券！可转债投资“双轮驱动”

Core Viewpoint - The convertible bond market is experiencing a high-level fluctuation, driven by supply-demand mismatches and strong underlying stocks, with optimism for future growth in the equity market and convertible bond approvals expected to accelerate [1][6][7]. Group 1: Investment Strategy - Liu Yimin and her team have developed a systematic quantitative investment framework for convertible bonds over three years, focusing on capturing market momentum and actively selecting bonds to enhance returns [1][3]. - The "Double Low" strategy targets undervalued and low-premium convertible bonds, which are often overlooked by the market, presenting strong upside potential [3][5]. - The team has established three types of quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions [4]. Group 2: Market Analysis - The current convertible bond market is characterized by a significant supply-demand imbalance, with a notable increase in demand and a reduction in supply, leading to higher valuations [6][7]. - Liu Yimin maintains a positive outlook on the A-share market, anticipating a dual rise in earnings and valuations driven by supportive policies and liquidity [7][8]. - The approval of convertible bonds has begun to accelerate, which could lead to a more favorable supply-demand environment, allowing investors to find quality assets at reasonable valuations [7][8]. Group 3: Performance Metrics - The "Guofu Hengjiu Credit Bond" fund, managed by Liu Yimin, has a convertible bond allocation of 38.38% of its net asset value, with strong performance metrics over the past year [5]. - The fund's one-year, two-year, and three-year returns are 9.34%, 12.15%, and 14.70%, respectively, ranking in the top 10 among similar funds [5].