国海证券晨会纪要-20250605

Group 1 - Market activity has slightly decreased, while the transportation infrastructure sector has seen continuous growth in total market value [2][3] - The primary market has a sufficient project reserve, with multiple projects in various stages of the approval process as of May 30, 2025 [2] - The REITs index has outperformed other indices, with the total market value of REITs decreasing to 198.207 billion, reflecting a drop of 0.224 billion from the previous week [2][3] Group 2 - The transportation infrastructure sector leads with a weighted average weekly increase of 0.67%, while the energy infrastructure sector follows with a 0.60% increase [3] - The cash distribution rates for different types of REITs show significant variation, with the average cash distribution rate for property-type REITs at 3.87% and for concession-type REITs at 8.33% [3] - The current market valuation for convertible bonds is at a moderately high level, with the premium rate maintaining between 22%-23% as of May 30, 2025 [5][6] Group 3 - The Vega strategy is highlighted as a method to identify mispricing in convertible bonds, particularly in volatile market conditions [6][7] - The mid-low Vega strategy is recommended for current market conditions, as it has shown strong adaptability and performance across various market environments [7]