转债市场跟踪：对比4月，转债TACO交易再现？

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - The market or still favors TACO trading, but the volatility of equity asset prices may be weaker than that during the April 2025 tariff 1.0 period [6]. - In the short - term, with relatively weak equity elasticity, it's recommended to maintain a moderately low position and focus on low - price convertible bonds with clause resonance, especially export - chain convertible bonds affected by tariff policies [7]. - In the medium - term, the upward repair of domestic micro - enterprise performance is becoming a consensus, and the high - price equity - biased strategy may still be structurally dominant, with high attention on the rotation strategy of small - cap growth convertible bonds in technology self - controllable directions [7]. 3. Summary According to Relevant Catalogs 3.1 April 2025 Market Phases and Performance - Tariff Upgrade Pre - period (April 2 - 7): A - shares and convertible bonds declined. The Shanghai Composite Index dropped 7.34% on April 7, and the Wind Convertible Bond Underlying Stock Weighted Index fell over 12%. High - price convertible bonds led the decline, and the equity - biased convertible bond strategy underperformed the market [1]. - Tariff Counter - measure Initiation (April 8 - 11): A - shares and convertible bonds rebounded. The CSI Convertible Bond Index rebounded 2.45%, and high - price convertible bonds rose 5.38% [1]. - Trade Friction Continuation (April 12 - 20): Market risk - aversion sentiment was high, and financial real - estate and dividend industries performed relatively well. Convertible bonds fluctuated narrowly [2]. - Trade Friction Easing (April 21 onwards): Advanced manufacturing and technology sectors drove the market up, while the financial real - estate sector corrected [2]. 3.2 April 2025 Convertible Bond Market Performance by Industry - High External - demand Exposure Industries: Industries such as power equipment, machinery, and electronics had deep declines during the tariff upgrade pre - period and weak rebounds later. For example, electronics and home appliance industry convertible bonds' underlying stocks fell over 15% initially and only rebounded about 5% later [3]. - Balanced Internal and External - demand Exposure Industries: Industries like national defense and military, computer, and environmental protection had high declines initially but strong rebounds later [3]. - Domestic - demand - led Industries: Industries such as agriculture, forestry, animal husbandry, and fishery, food and beverage, and transportation had low initial declines and led the rebounds [3]. 3.3 April 2025 Performance of Key Export - chain Convertible Bonds - Good Initial and Rebound Performance: Convertible bonds in chemical pesticides (Limin Convertible Bond, Suli Convertible Bond), textile and apparel (Shengtai Convertible Bond), and medical equipment (Yirui Convertible Bond, Kangyi Convertible Bond) had low initial declines and good rebounds [4]. - High Initial Decline but Strong Rebound: Convertible bonds in semiconductors (Huaya Convertible Bond, Weil Convertible Bond), military (Ruichuang Convertible Bond, Hangxin Convertible Bond), and agriculture, forestry, animal husbandry, and fishery (Zhongchong Convertible Bond 2) had high initial declines but strong rebounds [4]. - Deep Initial Decline and Weak Rebound: Convertible bonds in consumer electronics, cleaning home appliances, medical outsourcing, and tires had deep initial declines and weak rebounds [4]. 3.4 Current Situation of the Convertible Bond Market - Investor Behavior: Since the end of August, investors have tended to "take profits". By the end of September, the scale of Shanghai - listed convertible bonds decreased naturally by 7.1% compared to the end of July. Insurance institutions were the main force in reducing holdings, with a 33% reduction, and other major holders also reduced their holdings [6]. - Valuation: Thanks to the reverse increase of public funds, convertible bond valuations are still at a relatively high historical level, and valuation indicators have slightly repaired upwards since late September [6].