类权益周报：稳扎稳打-20250720

Market Overview - The class equity market continued to strengthen from July 14-18, with the Wind All A closing at 5499.27, up 1.40% from July 11, and the China Convertible Bond Index rising 0.67%[1] - Since the beginning of 2025, the Wind All A has increased by 9.51%, while the China Convertible Bond Index has risen by 9.48%[10] - Financing balance has rebounded since the end of June, approaching the three-month high of 19402 billion yuan[13] Performance Insights - The Wind Pre-Increase Index has outperformed the Pre-Decrease Index by 15.81% compared to 3.60% and the Wind All A by 3.47% since July, indicating that performance forecasts are a key selection criterion for funds[18] - High-volatility assets have been favored, with sectors like telecommunications, military, electronics, and computers showing significant gains during this period[17] Strategy Recommendations - The strategy emphasizes maintaining positions while focusing on assets with higher safety margins and policy expectations, especially with the upcoming Politburo meeting at the end of July[37] - Two key investment themes are identified: sectors resonating with policy and performance growth, and sectors expected to rebound due to policy expectations, such as consumer goods and technology[39][48] Convertible Bond Market - Convertible bond valuations have approached historical highs, with the valuation center for 80 yuan parity at 50.11%, up 0.60 percentage points from July 11[27] - The current median price of convertible bonds is around 127.17 yuan, which is close to the historical high of 131.46 yuan from early 2022, indicating a strong demand despite high valuations[53] Risk Factors - Potential risks include accelerated rotation in equity market styles and unexpected adjustments in convertible bond market rules[5]