建议提高转债欠配资金配置比例

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Views of the Report - Overseas markets in the week from July 7th to July 11th continued the previous week's trend, with U.S. Treasuries falling and U.S. stocks remaining flat. The short - end of U.S. Treasuries had a weaker upward movement than the long - end. Market concerns about the impact of Trump's tariff policy on prices and the use of short - term U.S. Treasuries as reserves for stablecoins support the short - end of U.S. Treasuries. The global "re - globalization" process brings challenges of regional supply - demand imbalance, making it difficult for global central banks to act in unison [1][40]. - In the domestic market, it is the interim report preview period. Buying based on performance is the trading theme, and policies aim to clear the blockages in the "internal cycle". Three dimensions are used to find opportunities in the second half of the year: valuation repair for mid - low - rated targets, performance repair for mid - low - price style targets, and promoting conversion of quasi - expiring targets. The intersection of these three dimensions may be the key area for incremental allocation, and it is recommended to increase the allocation of under - invested funds while maintaining a high - low style switch [1][41]. 3. Summary According to the Directory 3.1. Week - on - Week Market Review 3.1.1. Equity Market - The equity market rose overall from July 7th to July 11th. The Shanghai Composite Index rose 1.09% to 3510.18 points, the Shenzhen Component Index rose 1.78% to 10696.10 points, the ChiNext Index rose 2.36% to 2207.10 points, and the CSI 300 rose 0.82% to 4014.81 points. The average daily trading volume of the two markets increased by about 608.87 billion yuan to 14761.69 billion yuan, a week - on - week increase of 4.30% [6][8]. - Among the 31 Shenwan primary industries, 25 industries rose, with 12 industries rising more than 2%. Steel, non - bank finance, building materials, computer, and environmental protection led the gains, while coal, banks, automobiles, and household appliances led the losses [13]. 3.1.2. Convertible Bond Market - The convertible bond market rose by 0.76% to 450.85 points from July 7th to July 11th. Among the 29 Shenwan primary industries, 28 industries rose, with 3 industries rising more than 2%. Coal, non - bank finance, social services, computer, and building materials led the gains, while banks led the losses [16]. - The average daily trading volume of the convertible bond market was 712.79 billion yuan, a significant increase of 32.55 billion yuan, a week - on - week change of 4.79%. The top ten convertible bonds in terms of trading volume had an average trading volume of 123.57 billion yuan, and the first - ranked had a trading volume of 373.80 billion yuan. About 73.17% of convertible bond issues rose [16]. - The overall market conversion premium rate continued to decline, with an average daily conversion premium rate of 44.32%, a decrease of 2.05 pcts compared to the previous week. Different price and parity intervals showed different trends in the conversion premium rate [22]. 3.1.3. Stock - Bond Market Sentiment Comparison - From July 7th to July 11th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The trading volume of both the convertible bond and underlying stock markets increased significantly. About 73.45% of convertible bonds and 70.47% of underlying stocks rose, and about 36.90% of convertible bonds had a higher gain - loss ratio than underlying stocks. Overall, the trading sentiment in the underlying stock market was better [35]. 3.2. Future Outlook and Investment Strategy - Continue to pay attention to the three dimensions of mid - low - rated targets, mid - low - price style targets, and quasi - expiring targets to find opportunities in the second half of the year. Increase the allocation of under - invested funds and maintain a high - low style switch to balance offense and defense [1][41]. - The top ten high - rated, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hexing Convertible Bond, Pufa Convertible Bond, Hailiang Convertible Bond, Haoke Convertible Bond, Xingsen Convertible Bond, Liqun Convertible Bond, Fenghuo Convertible Bond, Ying 19 Convertible Bond, Hope Convertible Bond, and Shouhua Convertible Bond [1][41]