可转债定期策略：6月，转债择券在“稳”

Group 1 - The report indicates that in May, the equity market experienced a mixed performance with financial and pharmaceutical sectors leading the gains, while the technology sector saw a slight decline, with the Sci-Tech 50 Index dropping by 3.5% [11][13] - The convertible bond market showed resilience, with the overall market rising by 2.22% and financial convertible bonds increasing by 2.94%, outperforming other sectors [2][13] - The report highlights that the valuation of convertible bonds has retreated from high levels, with the premium rate for bonds trading at par falling below 22%, which is around the 50th percentile of 2017 [2][29] Group 2 - The economic outlook for June suggests a low visibility macroeconomic environment, with A-share indices at historically high valuation percentiles, indicating potential for a volatile market with limited upward elasticity [3][50] - The report emphasizes the importance of focusing on specific sectors such as technology, food security, and high-dividend defensive sectors, as well as industry leaders with low exposure to U.S. exports and strong domestic demand [3][50] - The convertible bond market is expected to face challenges in upward valuation due to credit risk adjustments, suggesting a cautious approach to bond positioning while waiting for clearer market signals [4][44] Group 3 - The report notes that in May, the agricultural and electronic semiconductor-themed convertible bonds led the market, while the top ten declining bonds were primarily those with strong redemption or those that peaked and then fell [40][41] - The analysis of the convertible bond market indicates that the credit risk pricing feedback is relatively controllable, and it suggests a balanced allocation between low-priced debt-oriented bonds and growth-oriented equity bonds [4][44] - The report provides a specific convertible bond portfolio for June, including bonds from sectors such as new energy, cyclical industries, and electronics, highlighting their potential for performance [4][52]