转债年度展望（二）：2025年转债如何为固收＋提供增益

Group 1: Market Outlook - In 2025, both the interest rate bond market and equity market are expected to experience fluctuations, lacking a clear trend, making the "fixed income +" strategy a cost-effective investment approach[3] - Historical data shows that "fixed income +" products have expanded during periods of interest rate declines and market volatility, indicating a growing demand for stable returns in uncertain markets[17] Group 2: Investment Strategy - The "fixed income +" strategy aims for absolute returns, focusing on macro timing and position adjustments, with a preference for dividend or value sectors over more volatile growth sectors[20] - In a low interest rate environment, the core fixed income component of "fixed income +" products provides stable returns, while the risk asset portion seeks to enhance growth potential[19] Group 3: Convertible Bond Recommendations - High dividend convertible bonds such as Blue Sky Convertible Bond and Pingmei Convertible Bond are recommended for their strong underlying stock quality and industry positioning[5] - High Yield to Maturity (YTM) convertible bonds like Green Grass Convertible Bond and Huasheng Convertible Bond are highlighted for their potential to provide significant returns in a low-rate environment[14] Group 4: Market Trends and Performance - The performance of various fund indices in 2024 shows a range of returns, with equity funds averaging -11.7% in 2023, while fixed income funds yielded 4.5%[18] - The recent increase in convertible bond ETF shares indicates a growing institutional demand for convertible bonds as a means to enhance returns amid declining interest rates[10]