可转债定期策略：11月，转债“待发”

Group 1 - The equity market experienced a narrow "V-shaped" trend in October, with the Sci-Tech 50 index leading the decline with a drop of 5.33% [3][13] - The convertible bond market showed weakness, with AAA-rated convertible bonds rising by 1.40% in October, while high-priced convertible bonds fell by 2.72% [3][34] - As of October 31, the median price of convertible bonds remained above 132.34 yuan, marking a relatively high level since 2017, with a median premium rate of 30.43% [3][32] Group 2 - The October PMI weakened, indicating that there is still potential for economic stability, with the manufacturing PMI dropping to 49.0% [4][54] - Approximately 51.6% of convertible bond underlying stocks saw a year-on-year decline in net profit for the first three quarters of 2025, with industries like petrochemicals, steel, and environmental protection showing upward performance [4][51] - The report suggests focusing on high-quality convertible bonds that benefit from improving fundamentals and economic conditions, particularly in sectors supported by domestic policies such as transportation, steel, and coal [5][57] Group 3 - In November, it is recommended to maintain a neutral position in convertible bonds and seek quality targets based on fundamental improvements [5][57] - The report highlights the importance of low-priced convertible bonds and equity-type convertible bonds, particularly in sectors like AI, semiconductors, and innovative pharmaceuticals [5][57] - The convertible bond market is expected to see a reopening of incremental funds, which could boost valuations, especially for mid-to-low-priced large-cap convertible bonds [5][57]