转债量化类策略更新：权益市场回调，低价增强策略重新占优

Strategy Performance - The low-price enhancement strategy recorded a performance of 1.2% from December 10 to December 23, outperforming the benchmark which declined by 0.4%[12] - Year-to-date, the low-price enhancement strategy has achieved a return of 9.9%, exceeding the benchmark return of 6.9% by 2.95%[12] - The modified dual-low strategy has a year-to-date return of 14.46%, significantly outperforming the benchmark by 7.56%[61] Market Conditions - The equity market experienced a decline of 3.3%, while convertible bonds showed resilience with a minor drop of 0.4%[12] - Concerns regarding the upcoming "delisting regulations" have increased, prompting adjustments in strategy to mitigate related risks[12] Portfolio Adjustments - New additions to the low-price enhancement strategy include Hengyi Convertible Bond (petroleum and petrochemicals) and Xingrui Convertible Bond (automotive) among others[13] - The modified dual-low strategy has removed securities with low trading activity and those at risk of delisting, while adding new positions in sectors with balanced exposure[62] Risk Management - The report emphasizes controlling credit risk in light of the anticipated impact of new regulations on convertible bonds[30] - The strategies are designed to maintain a balance between potential returns and the inherent risks associated with the convertible bond market[49]