科技成长有望成2026年可转债市场布局主线

Core Viewpoint - The convertible bond market has seen active trading in 2023, with a total transaction volume of 15.89 trillion yuan, reflecting a year-on-year increase of 22.33%. The overall market trend is positive, with the China Convertible Bond Index rising by 15.44% year-to-date [1]. Group 1: Market Overview - The convertible bond market is expected to maintain a tight supply-demand balance, with continued strong demand driven by the positive equity market and the rise of "fixed income+" funds [1][2]. - As of December 3, the average price of convertible bonds in the market is 142.77 yuan, with an average conversion premium rate of 41.32%. There are 37 convertible bonds with a conversion premium rate exceeding 100% [1]. Group 2: Investment Outlook - Analysts predict that the valuation of the convertible bond market will remain high in 2026, supported by optimistic expectations for the equity market and potential policy benefits [2]. - Key investment opportunities are identified in sectors such as hard technology, new consumption, and "anti-involution" themes, with a focus on industries likely to experience significant performance turning points [2].