Group 1 - The core view of the report indicates that the convertible bond market is expected to maintain a trend of oscillation and upward movement in 2026, with equity markets experiencing a "slow bull" market, leading to continued activity in equity and balanced convertible bonds [5][8] - The supply-demand situation for convertible bonds in 2026 is projected to be tight, with new bonds being issued to meet corresponding allocation needs after some bonds are redeemed or mature [5][14] - Institutional investors' holdings of convertible bonds have increased, indicating strong demand for allocation in a market characterized by asset scarcity [5][30] Group 2 - The report highlights that the domestic bond interest rates are expected to exhibit an "N" shaped trend in 2026, with a moderate impact on convertible bonds [47][48] - The report suggests that the funding side is likely to become the main driver of the stock market in 2026, with policies aimed at increasing the entry of long-term funds into the market [59][60] - The report recommends focusing on convertible bonds related to emerging pillar industries, future industries, and the construction of a new energy system, in line with the "14th Five-Year Plan" [61][62]
2026年转债投资策略：稳中求变，顺势而为
Guolian Minsheng Securities·2025-12-11 11:26