类权益周报：新阶段，新叙事

Market Review - From May 12 to 16, the Wande All A index closed at 5107.73, up 0.72% from May 9, while the China Convertible Bond Index rose 0.32%[9] - The significant reduction in tariffs and the "fund reallocation" narrative drove market performance, particularly in the shipping sector, which saw the Wande Shipping Index and Port Index increase by 7.64% and 4.62%, respectively[12][15] - The U.S. and China agreed to significantly lower tariffs, with China's tariffs on U.S. imports dropping from 125% to 10% and the U.S. tariffs on Chinese imports decreasing from 145% to 30%[12] Global Insights - The easing of U.S.-China trade tensions boosted global risk appetite, leading to a substantial rise in U.S. stock markets, with the Nasdaq, S&P 500, and Dow Jones increasing by 7.15%, 5.27%, and 3.41%, respectively[32] - Gold prices fell by 4.7% to $3187.2 per ounce, nearing pre-tariff levels, while U.S. Treasury yields rose, indicating a shift in investor sentiment towards riskier assets[32][34] Strategy Recommendations - The market is expected to adopt a defensive posture, focusing on dividend stocks and sectors like consumption and technology, as volatility remains low[36][40] - The consumer sector is gaining traction, with a moderate increase in trading volume, while the technology sector is currently underperforming but may present mid-term opportunities[42][43] Convertible Bond Insights - Convertible bonds have seen a decline in valuation, particularly in equity-linked bonds, as the market remains focused on large-cap stocks[25] - The valuation for convertible bonds at an 80 yuan parity is 46.27%, while at 100 yuan parity, it is 26.09%, reflecting a slight decrease in market confidence[25][30]