2026年春季可转债投资策略：主线清晰，冲击已过，仓位致胜

Group 1 - The report highlights that the equity market has experienced three main upward waves, with a shift in market style from TMT to cyclical sectors, and from the ChiNext to the CSI 500. The cumulative gains show that the Sci-Tech 200, Wind Micro Index, Sci-Tech 100, ChiNext 50, and ChiNext Index have significantly outperformed [3] - The convertible bond market has shown a consistent style during the three upward waves, with only one switch in style observed. The characteristics of the convertible bond market are expected to remain stable in the medium term [3][4] - The report indicates that the valuation of convertible bonds has improved, with the weighted average conversion premium rate increasing by 11.66% during the current upward wave, compared to a 6.30% increase in the previous wave [3][4] Group 2 - In the short term, the convertible bond market has been affected by events such as significant fluctuations in metal prices and rising strong redemption expectations, leading to a range-bound market. The focus should be on identifying individual bond opportunities [4] - The medium-term strategy emphasizes maintaining a high position in convertible bonds while exploring high-elasticity individual bonds and sector opportunities to achieve excess returns [4][6] - Specific recommendations for individual bonds include low-volatility combinations and stable combinations, as well as elastic combinations to enhance portfolio performance [4][6]