另类资产观察：REITs规避沿海仓储，可转债以防御为主

Market Overview - REITs outperformed stocks but underperformed bonds during the period from March 28 to April 11, with the REITs index declining by 0.56% [2][11] - The best-performing REITs included 华夏北京保障房 REIT, 华夏大悦城商业 REIT, and 博时津开科工产业园 REIT, with increases of 6.42%, 5.42%, and 4.77% respectively [2][19] Strategy Outlook - Tariff frictions have suppressed risk appetite, negatively impacting cyclical REITs. The correlation between REITs and stocks/bonds has been low this year, indicating some independence in market movements [3] - Structural differentiation is evident, with stable sectors like保障房, 水利, and 市政 showing gains, while cyclical sectors such as产业园 and 仓储物流 have declined [3] - Coastal logistics REITs are directly affected by tariff impacts, with specific REITs in Shenzhen, Shanghai, and Hangzhou experiencing declines of 4.41%, 2.11%, and 2.05% respectively [3] Convertible Bonds - The convertible bond market saw a decline of 2.03%, following the broader equity market downturn, but exhibited moderate resilience [4][33] - Defensive strategies, particularly high-rated (AAA) convertible bonds, performed relatively well, while sectors with high overseas revenue contributions faced deeper declines [4][47] - The average price of convertible bonds has rebounded to 119 yuan, indicating a narrowing of potential returns, with ongoing uncertainty in the policy environment [4][56]