穿越迷雾，以守为攻

Group 1 - The report highlights that the convertible bond strategy for April 2026 focuses on stability and defensiveness, emphasizing valuation cost-effectiveness and performance certainty, particularly in the chemical, new energy, and cyclical sectors [2][11][17] - Since late February, external uncertainties have increased, leading to a simultaneous adjustment in the A-share and convertible bond markets, with geopolitical conflicts in the Middle East significantly boosting global risk aversion and impacting market dynamics [11][12][14] - The convertible bond market has seen a notable release of price and valuation pressure, with the median price dropping from 143 yuan to around 134 yuan, and the premium rate compressing from 35% to 32%, indicating a significant adjustment [15][18] Group 2 - The report suggests focusing on two aspects for bond selection: bonds with relatively low prices and stable credit ratings for down protection, and equity-type targets with clear underlying logic and no short-term redemption pressure, which are expected to recover first as market sentiment improves [16][19] - The top ten convertible bonds for April 2026 are recommended based on their performance in the context of rising oil prices and inflation expectations, with specific recommendations including HeBang, WanKai, and NengHua bonds in the chemical sector, and ZhuoBang, JingNeng, and JieNeng bonds in the new energy sector [17][19] - The cyclical sector is highlighted for its potential for profit elasticity and valuation recovery, with recommendations for DongNan, YaKe, and KeShun bonds as the economy shows signs of recovery and growth policies take effect [17][19]