转债抗跌属性凸显，可转债ETF(511380)盘中持续上行

Core Viewpoint - The convertible bond market shows signs of resilience with a notable increase in the convertible bond ETF and active trading, despite underlying economic uncertainties and market volatility [2][3]. Group 1: Market Performance - As of November 28, 2025, the CSI Convertible Bond and Exchangeable Bond Index rose by 0.42%, while the convertible bond ETF increased by 0.49%, reaching a price of 13.36 yuan [2]. - Over the past six months, the convertible bond ETF has accumulated a rise of 11.37% [2]. - The trading volume for the convertible bond ETF was active, with a turnover rate of 10.08% and a transaction value of 5.712 billion yuan [2]. Group 2: Monetary Policy and Liquidity - The central bank conducted a reverse repurchase operation of 356.4 billion yuan at a fixed rate of 1.40% on November 27, resulting in a net injection of 56.4 billion yuan after accounting for maturing reverse repos [2]. Group 3: REITs Market Outlook - According to Huatai Fixed Income, the REITs market is expected to have limited trend opportunities in 2026, with a more pronounced differentiation in fundamentals [2]. - The investment strategy should focus on selecting high-quality assets with stable fundamentals and reasonable valuations, as REITs will play a more significant role in diversified asset allocation in a low-interest-rate environment [2]. Group 4: Convertible Bond ETF Insights - The latest size of the convertible bond ETF reached 56.8 billion yuan, with a recent net outflow of 5.3472 million yuan [3]. - Over the past five trading days, the ETF has attracted a total of 38.637 million yuan [3]. - The convertible bond ETF closely tracks the CSI Convertible Bond and Exchangeable Bond Index, which is composed of convertible and exchangeable bonds listed on the Shanghai and Shenzhen stock exchanges [3].