转债周策略20250816：如何理解当前“双高”转债的投资价值

Group 1 - The report highlights the increasing number of "double high" convertible bonds (with a par value greater than 130 yuan and a conversion premium rate greater than 15%) since May, indicating a significant rise in investor interest in equity-linked convertible bonds [1][9][10] - Historical data analysis shows that the average premium rate of equity-linked convertible bonds has not yet reached the peak levels seen in early 2022, suggesting potential for further appreciation in premium rates [1][9][11] - The report suggests that equity-linked convertible bonds may still hold strong speculative value in a fluctuating or rising stock market, especially if companies announce they will not consider forced redemption in the near term [1][10][12] Group 2 - The report recommends investors focus on high-growth technology sectors with strong earnings certainty, as well as midstream and upstream segments that have not yet been priced in for "anti-involution" expectations [4][23][24] - Specific convertible bond recommendations include companies in the AI sector, such as Huanxu, Lingyi, and Xinfeng, as well as those in the high-end manufacturing sector like Tian 23, Jing'ao, and Huayou, which are expected to see a recovery in market conditions [4][24] - The report notes that while current convertible bond valuations are high, as long as the stock market maintains an upward or stable trend, the likelihood of a significant decline in convertible bond valuations remains low [4][23][24]