5月，转债相机而动

Group 1 - The equity market experienced a "V-shaped" trend in April, with financial and consumer sectors showing resilience while technology and advanced manufacturing sectors faced significant declines of 6.38% and 5.76% respectively [11][15] - The convertible bond market demonstrated relative strength, with small-cap convertible bonds only declining by 0.39%, while financial convertible bonds increased by 0.44% [15][28] - The premium rate for convertible bonds remained stable at approximately 22%, with the median price around 119 yuan, indicating a strong demand for convertible bonds despite slight declines in bond valuations [30][35] Group 2 - Economic indicators suggest a recovery in domestic consumption and investment, with GDP growth in Q1 reaching 5.4%, exceeding market expectations [42][44] - The manufacturing PMI fell to 49% in April, indicating a contraction, driven by weakened external demand due to tariff impacts [44][45] - The report highlights potential investment opportunities in sectors such as technology, defense, and precious metals, while also emphasizing the importance of domestic demand in supporting export chains [45][48] Group 3 - The outlook for the convertible bond market suggests a stable valuation for equity-sensitive convertible bonds, with potential for upward adjustment in AAA-rated large-cap convertible bonds [51][58] - A balanced strategy is recommended, focusing on low-priced debt-oriented convertible bonds and growth-oriented equity-sensitive varieties, particularly in sectors like agriculture, wind energy, and transportation [58][59] - The proposed convertible bond portfolio includes various bonds from sectors such as new energy, cyclical industries, and semiconductor equipment, indicating a diversified investment approach [59][60]