转债量化类策略更新：权益市场回升，改良双低策略年内超额9%

Strategy Performance - The low-price enhancement strategy, low-price large-cap enhancement strategy, and improved dual-low strategy achieved returns of 2.3%, 1.7%, and 3.2% respectively during the last period (11.26-12.9), compared to a benchmark of 2.7%[2] - Year-to-date, these strategies have recorded returns of 8.5%, 8.6%, and 15.1%, outperforming the benchmark of 6.6% by 2-9%[2] - The improved dual-low strategy has shown a significant advantage with a return of 15.1% year-to-date, compared to the benchmark's 6.6%[3] Market Trends - The equity market rebounded with the Wind All A index rising by 4.05% and the China Securities convertible bond index increasing by 2.68% during the last period[2] - The dual-low style outperformed with a return of 3.25%, while the low-price enhancement and low-price large-cap strategies slightly underperformed the benchmark[2] Portfolio Adjustments - Recent adjustments in the low-price enhancement strategy included adding Huaitong Convertible Bond and Yongdong Convertible Bond, while removing inactive stocks like Xingrui Convertible Bond and high-priced bonds[3] - The low-price large-cap enhancement strategy saw new additions of Keli Convertible Bond, Zhongyin Convertible Bond, and Jiemai Convertible Bond, while removing less favorable options[3] Risk Considerations - The report highlights risks including historical data not replicating, potential over-adjustment in the convertible bond market, and the performance of underlying stocks not meeting expectations[4]