Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - This week, the market fluctuated and consolidated. Major broad - based indices and convertible bond indices recorded negative returns, but most sectors had shallow declines. The domestic market is still waiting for incremental information, with adjustments concentrated in previously crowded small - cap stocks, and bond yields showed a fluctuating downward trend. In May, the equity market may replicate the 2020 "first fluctuate, then break through" path under the expectations of seizing exports, stabilizing domestic demand, and stabilizing the capital market [1][3]. - In the short - term, the risk of a significant market decline is limited, and the fluctuating pattern is expected to continue. It is recommended to focus on high - grade, fundamentally stable convertible bonds, and the dumbbell strategy is dominant. In terms of strategies, it is necessary to balance defensive stability and theme flexibility, and dynamically balance the industry's prosperity rhythm and valuation cost - effectiveness [3]. - In terms of individual bonds, the top 10 convertible bonds in the low - volatility portfolio in May are Wenshan Convertible Bond, Ran 23 Convertible Bond, etc.; the top 10 in the stable portfolio are Yong 02 Convertible Bond, Dongjie Convertible Bond, etc.; the top 10 in the high - volatility portfolio are Furong Convertible Bond, Qilin Convertible Bond, etc. [3] Group 3: Summary by Relevant Catalogs 1. Convertible Bond Market Tracking 1.1 Convertible Bond Market Trends - The report provides the performance data of various convertible bond indices in different time periods (such as the past week, two weeks, since March, etc.). For example, the Wind Convertible Bond Energy Index had a 0.16% increase in the past week, while the Wind Convertible Bond Optional Consumption Index had a 0.77% decline in the past week [9]. 1.2 Convertible Bond Individual Bonds - Not elaborated in detail in the provided content 1.3 Convertible Bond Valuations - Not elaborated in detail in the provided content, but mentions the valuation trends of different types of convertible bonds (such as bond - type, balanced, and stock - type) through figures [20] 1.4 Convertible Bond Prices - The report presents the trends of high - price bond ratio, low - price bond ratio, the proportion of bonds breaking the bond floor, and the median price of the convertible bond market through figures [27][35]

1. Report Industry Investment Rating - The document does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - After the joint statement of China, the US, and Japan, the convertible bond and equity markets showed a relatively strong oscillation throughout the week. The core logic lies in the rapid reversal of market sentiment. In the next stage, the market's perception of the marginal changes in tariff games may shift from pessimism to neutrality. Considering the potential risk - release pressure in the current convertible bond market, the dumbbell allocation strategy that combines stability and growth may continue to be dominant. Specifically, attention should be paid to sectors benefiting from domestic demand stimulation and new - quality productivity [1]. - In the past week (from May 12th to May 16th), most convertible bond indices rose. The price median of the convertible bond market slightly increased to 121.97 yuan, at the 87.38% level since 2017. The market style is likely to favor fundamentals rather than growth. In the short - term, the risk of a significant decline in the equity market is limited, and the trend of continuous upward repair may continue. It is recommended that investors focus on high - grade, fundamentally stable convertible bonds. Convertible bonds related to consumer electronics, home appliances, and home furnishings that benefit from consumption subsidies can also be appropriately considered. For new - quality productivity - related convertible bonds, high - priced targets can be appropriately taken profit [2]. 3. Summary According to the Directory 1.1 Convertible Bond Market Trends - The document does not provide specific content for this part other than indicating the data source and the cut - off date [8][9]. 1.2 Convertible Bond Individual Securities - The document presents figures on the top five and bottom five gainers and losers of individual convertible bonds and their underlying stocks in the past week, but no specific data is given [13][21]. 1.3 Convertible Bond Valuation - The document shows figures on the valuation trends of bond - type, balanced, and equity - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with different parities, but no specific data is given [17][22][24]. 1.4 Convertible Bond Prices - The document shows figures on the proportion trends of high - priced and low - priced bonds, the proportion trend of individual bonds falling below the bond floor, and the price median trend of the convertible bond market, but no specific data is given [29][33].

Group 1 - The three major indices experienced a decline on May 15, with the Shanghai Composite Index down 0.68%, the Shenzhen Component Index down 1.62%, the ChiNext Index down 1.91%, and the CSI A500 Index down 1.04% [1] - Sectors such as beauty care, agriculture, and food and beverage showed strong performance, while the A500 ETF fund (512050) fell by 0.94% with a trading volume exceeding 3.7 billion yuan, leading its peers [1] - Financial data for April revealed that the social financing scale stock increased by 8.7% year-on-year, and the broad money supply M2 rose by 8%, indicating a supportive monetary policy for stable macroeconomic performance [1] Group 2 - CITIC Securities anticipates that the new public fund assessment rules will significantly impact the deviation from benchmarks and the ratio of profitable clients, as public funds have underperformed benchmarks over the past three years [2] - The A500 ETF fund (512050) is positioned to assist investors in efficiently allocating to core A-share assets, utilizing a balanced industry allocation and leading stock selection strategy [2] - The asset management industry is expected to see a clear differentiation in strategies, stock selection range, and pricing models between relative return and absolute return products [2]