国海富兰克林基金刘怡敏：“双低”策略助力挖掘优质转债

Core Viewpoint - The convertible bond market is experiencing an upward trend and active trading, with optimism for future performance despite high valuations, driven by opportunities in both technology and traditional sectors [1][4]. Group 1: Strategy Overview - The "dual low" strategy focuses on identifying undervalued convertible bonds through a systematic approach that emphasizes "low price, low premium" standards [2]. - The strategy involves dynamic portfolio adjustments to seize market opportunities while avoiding high valuation securities that could lead to significant volatility [2][3]. - The strategy is segmented into defensive, balanced, and aggressive types, each tailored to different market conditions and risk profiles [3]. Group 2: Market Outlook - Current valuations in the convertible bond market are at historical highs, influenced by strong underlying stocks and supply-demand imbalances [4]. - Despite high valuations, there is a positive outlook for the market, with expectations of finding reasonably valued securities and potential for profit in both technology and traditional sectors [4][5]. - Anticipated policy measures aimed at stimulating domestic demand and reducing competition are expected to support a recovery in profitability and valuations in the coming year [4][5].