类权益周报：新阶段，新叙事-20250518

Market Overview - From May 12 to 16, the overall A-share index closed at 5107.73, up 0.72% from May 9, while the convertible bond index rose 0.32%[9] - Year-to-date, the overall A-share index has increased by 1.71%, and the convertible bond index has risen by 3.44%[9] Trade Relations and Market Sentiment - The recent U.S.-China trade agreement led to significant tariff reductions, with China's tariffs on U.S. imports dropping from 125% to 10%, and U.S. tariffs on Chinese goods decreasing from 145% to 30%[12] - Following the trade agreement, the shipping sector saw a surge, with the shipping index and port index rising by 7.64% and 4.62%, respectively[16] Investment Strategy - The market is expected to focus on fundamental factors and domestic demand policies, with a defensive stance recommended in the current environment[39] - The consumer sector is gaining attention, while the technology sector is currently underperforming but may present mid-term opportunities[48] Convertible Bonds - The valuation of equity-linked convertible bonds has seen a decline, with the valuation center for bonds priced at 130 yuan dropping to 7.46%[27] - The market for convertible bonds is experiencing increased trading activity, with a notable rise in the number of new issues in 2025[8] Risk Factors - Potential volatility in the U.S. stock market remains a concern, particularly with the possibility of renewed tariff discussions and economic downturn risks in the latter half of the year[2] - The rapid rotation of market styles and unexpected adjustments in convertible bond market rules could pose additional risks[4]