中泰证券【中泰研究丨晨会聚焦】固收肖雨：信用下沉？还是拉长久期？——银行理财Q1信用债持仓分析

Group 1: Convertible Bonds Analysis - The report highlights that convertible bonds have the characteristic of being "offensive and defensive," providing a balance of risk and return for investors [8] - The impact of the bond market on convertible bonds is significant, with rising bond markets leading to increased convertible bond valuations, especially for those with low pure debt premium rates [2] - The supply and demand dynamics of the convertible bond market are crucial, with increased supply potentially leading to lower valuations, while demand factors are influenced by stock and bond market conditions [2] Group 2: Credit Debt Holdings Analysis - The total scale of bond assets in bank wealth management products decreased significantly after a redemption wave in Q4 2022, but showed a recovery in Q4 2023, with a reported scale of 23,661.81 billion yuan in Q1 2024, a decrease of 7.36% quarter-on-quarter [5] - The structure of bond assets remains stable, with credit bonds accounting for approximately 60% of holdings, while the scale of urban investment bonds has shown a marginal decline [5] - In Q1 2024, the scale of urban investment bonds was reported at 6,283.30 billion yuan, a decrease of 11.61% from the previous quarter, with a notable increase in the proportion of AAA and AA+ rated bonds [5]