转债市场点评：轮动加速，主线掘金

Core Insights - The report suggests that the easing of the US-China tariff friction creates a favorable window for bullish investments, recommending a dual focus on "technology growth + consumer recovery" [1][16] - The report highlights that the market's response to tariff impacts has been relatively quick and fully priced in compared to previous trade tensions, indicating a more resilient market sentiment [13][12] Market Overview - Following the easing of tariff tensions, the equity market has shown signs of recovery, with major indices surpassing their levels from early April. The Shanghai Composite Index, CSI 300, and the Wind All A Index have all exceeded their April 2 levels as of May 16 [4][9] - The report notes that the convertible bond market has rebounded quickly, with the median price recovering from 115 yuan on April 7 to 120.13 yuan, indicating improved valuation attractiveness compared to early April [14][15] Investment Strategy - The report recommends prioritizing convertible bonds with lower absolute prices, especially those with high export revenue exposure, to hedge against potential volatility in the market [16][18] - It emphasizes that the themes of self-sufficiency and domestic demand are strong investment lines, alongside the potential resurgence of investment opportunities in humanoid robots, AI, and low-altitude economy sectors as market risk appetite improves [1][18] Sector Performance - The report observes a divergence in performance between large-cap and small-cap indices, with large-cap indices performing better in the wake of tariff easing, while small-cap indices experienced some pullback [6][7] - The transportation sector has led gains in the wake of tariff easing, with financial sectors and domestic demand-related stocks also showing strong performance [6]