债券市场专题研究：哑铃优先，韧性依旧

1. Report Industry Investment Rating - The document does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - After the joint statement of China, the US, and Japan, the convertible bond and equity markets showed a relatively strong oscillation throughout the week. The core logic lies in the rapid reversal of market sentiment. In the next stage, the market's perception of the marginal changes in tariff games may shift from pessimism to neutrality. Considering the potential risk - release pressure in the current convertible bond market, the dumbbell allocation strategy that combines stability and growth may continue to be dominant. Specifically, attention should be paid to sectors benefiting from domestic demand stimulation and new - quality productivity [1]. - In the past week (from May 12th to May 16th), most convertible bond indices rose. The price median of the convertible bond market slightly increased to 121.97 yuan, at the 87.38% level since 2017. The market style is likely to favor fundamentals rather than growth. In the short - term, the risk of a significant decline in the equity market is limited, and the trend of continuous upward repair may continue. It is recommended that investors focus on high - grade, fundamentally stable convertible bonds. Convertible bonds related to consumer electronics, home appliances, and home furnishings that benefit from consumption subsidies can also be appropriately considered. For new - quality productivity - related convertible bonds, high - priced targets can be appropriately taken profit [2]. 3. Summary According to the Directory 1.1 Convertible Bond Market Trends - The document does not provide specific content for this part other than indicating the data source and the cut - off date [8][9]. 1.2 Convertible Bond Individual Securities - The document presents figures on the top five and bottom five gainers and losers of individual convertible bonds and their underlying stocks in the past week, but no specific data is given [13][21]. 1.3 Convertible Bond Valuation - The document shows figures on the valuation trends of bond - type, balanced, and equity - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with different parities, but no specific data is given [17][22][24]. 1.4 Convertible Bond Prices - The document shows figures on the proportion trends of high - priced and low - priced bonds, the proportion trend of individual bonds falling below the bond floor, and the price median trend of the convertible bond market, but no specific data is given [29][33].