方正富邦基金吕拙愚：把握转债投资两大主线

Core Viewpoint - The investment strategy conference held by Fangzheng Fubang Fund on December 26, 2025, focused on the theme of "Change and Innovation," discussing investment opportunities and challenges for the upcoming year 2026 [1][4]. Group 1: Convertible Bond Market Outlook - The convertible bond market in 2025 followed the equity bull market, with significant increases in conversion value driven by sectors like innovative pharmaceuticals, semiconductors, and robotics [1][4]. - The macroeconomic outlook for 2026 suggests stable overall demand, supported by external demand and manufacturing upgrades, with corporate profits expected to continue a slow recovery [1][4]. - The supply-demand balance in the convertible bond market is expected to remain tight, with strong institutional demand but limited new issuance due to many individual bonds being redeemed and delisted [1][4]. Group 2: Investment Strategy Recommendations - Two main investment themes are suggested: 1. Focus on the AI industry chain (e.g., optical chips, power, storage) and new productive forces (e.g., solid-state batteries, humanoid robots, low-altitude economy) [2][5]. 2. Concentrate on high-prosperity industries with improving profitability during the performance verification period, particularly in midstream manufacturing, overseas supply chains, and resource sectors [2][5]. - Attention should also be given to the scarcity of high-rated convertible bonds and structural opportunities arising from market style balance [2][5].