美东时间周一，美股三大指数均大幅收涨，纳指涨4.35%，标普500指数涨3.26%，均创3月3日以来收盘 新高；道指涨2.81%，创3月27日以来收盘新高。大型科技股多数上涨，亚马逊涨超8%，Meta涨超7%， 苹果、特斯拉涨超6%，英伟达涨逾5%。 纳斯达克中国金龙指数大幅收涨5.40%，创4月4日以来新高。热门中概股普涨，文远知行涨超27%，小 马智行涨近12%，小鹏汽车、哔哩哔哩涨近8%。 富时A50期指连续夜盘收跌0.14%，报13616点。 离岸人民币（CNH）兑美元北京时间04：59报7.2006元，较上周五纽约尾盘跌397点，日内整体交投于 7.2406~7.1922元区间。在岸人民币兑美元（CNY）北京时间03：00收报7.2075元，较上周五夜盘收盘涨 324点。成交量517.22亿美元。 周一（5月12日）纽约尾盘，CME比特币期货BTC主力合约较上周五纽约尾盘跌1.66%，报10.2万美元。 CME以太币期货DCR主力合约涨5.04%，报2460.50美元。 商品方面，COMEX黄金期货跌2.76%，报3240.1美元/盎司；COMEX白银期货跌0.42%，报32.775美元/ 盎司。 ...

Core Viewpoint - The convertible bond market in China has entered a technical bull market, with the China Convertible Bond Index reaching a new high since June 2015, driven by strong demand and limited supply [1][3][4]. Market Performance - As of March 17, the China Convertible Bond Index rose to 438.41 points, marking a significant increase of over 20% since September 2024, indicating a technical bull market [1][3][4]. - Nearly 50% of convertible bonds have seen a cumulative increase of over 20% since September 2024, with some bonds like Fuxin Convertible Bond and Outong Convertible Bond experiencing gains exceeding 200% [4][5]. Supply and Demand Dynamics - The convertible bond market is experiencing a supply-demand imbalance, with a reduction in the overall stock of convertible bonds due to strong redemptions and an increase in near-term bonds, while new issuances remain low [6]. - Institutional investors, including insurance funds and public funds, are increasing their allocation to convertible bonds in a low-interest-rate environment, contributing to the demand [6]. Valuation Outlook - The valuation of convertible bonds is expected to remain high due to anticipated scarcity in supply by 2025, with estimates suggesting a reduction in the stock of convertible bonds to around 650 billion yuan [8][9]. - The current price levels of certain convertible bonds are approaching those seen in 2021, raising concerns about potential overvaluation, but many institutions believe the pricing is justified given the market conditions [8][9]. Market Trends and Risks - The convertible bond market is closely tied to the performance of the equity market, particularly in the technology sector, which has shown significant gains this year [11]. - Investors are advised to be cautious of high volatility in the convertible bond market, especially if there is a shift in market style from growth to value stocks [11][12].

Core Viewpoint - The A-share market has shown a strong rebound since September last year, leading to a continuous upward trend in the China Convertible Bond Index, which has reached new highs not seen since June 2015 [1] Group 1: Market Performance - The China Convertible Bond Index rose by over 438.30 points during intraday trading on March 17, marking a new high since June 2015 [1] - Since September last year, the cumulative increase of the China Convertible Bond Index has exceeded 20%, indicating that the convertible bond market has entered a technical bull market [1] Group 2: Supply and Demand Dynamics - The convertible bond market has demonstrated stronger performance this year due to an imbalance in supply and demand [1]

文 | 银行螺丝钉 （转载请注明出处） 买主动基金，就是买基金经理。 不过目前市场上已经有几千位基金经理了。如果没有系统的方法论，只凭个人感觉进行挑选，会比较困难。 想要获取这个课程，可以添加下方「课程小助手」为好友，给小助手发送「 主动基金 」领取哦～ ◆◆◆ 这里有一门限时免费的福利课程。螺丝钉通过两门图文课程，介绍了主动基金的投资方法。 反之，从顶部下跌超过20%，则被称为技 术性熊市。 例如，2024年9月中旬市场出现大幅上 涨，A股和港股均进入技术性牛市，即从 底部上涨超过20%。 此后几个月，市场呈现横盘震荡态势。 然而，自10月国庆节后，港股震荡上扬， 目前正经历第二波行情。 A股则仍在震荡之中,且未从10月高位下 跌超过20%。 因此，按照国际惯例，自9月开始的上涨 行情中，A股和港股均进入技术性牛市, 港股更是进入第二波技术性牛市，而A股 在第一波技术性牛市后进入横盘震荡。 【 】【日】【 】 ヘリ 】【 如果问100位投资者"涨多少算牛市" 他们给出的答案可能都不一样。 有人认为涨一倍才算牛市，有人则认为涨 20%即可视为牛市。 通常在国际上，有一个惯例：从熊市底部 反弹上涨超过20%，就 ...

A 股买啥都涨的一天。 Vision Pro 可能要大改。 在 Meta 最近的一系列 MR 新品发布后，苹果感受到更多压力。知名科技记者 Mark Gurman 说，苹果的 Vision 产品团队正在评估几种不同的策略： 基础路线 —— 专注于降本后的便宜版本，和第二代 Vision Pro； 节前最后一个交易日，沪深两市开盘 35 分钟成交破万亿元，全天成交额 2.59 万亿元，均创下历史新纪 录。两市及北交所共超过 5300 只股票上涨，只有 8 只下跌，3467 只股票涨幅超过 9%，所有申万行业 板块均上涨，涨幅垫底的银行板块涨了 4.72%。从金融部委公布支持股市、楼市政策开始，在北京、上 海、广州等核心城市进一步松绑楼市政策的催化下，上证指数在 9 月 13 日至 30 日的 10 个交易日内， 大涨 22.8%，进入所谓的技术性牛市。 六大行公告存量房贷利率调整政策。 9 月 29 日晚，六大国有商业银行均发布公告称，将在 10 月 12 日公布存量房贷利率调整具体操作指 引，并于 10 月 31 日前完成存量房贷利率批量调整。市场利率定价自律机制倡议，各商业银行将存量房 贷加点幅度最多调整为 ...