Core Viewpoint - The article discusses the current state of convertible bonds, indicating that their price-performance ratio has reached a high level not seen since 2022, suggesting a potential shift in investment strategy for holders of convertible bonds [1][3]. Summary by Sections Performance Analysis - The pricing of convertible bonds has entered a high range, with the option pricing relative to stocks also at a medium to high level [1]. - During the period from January 1, 2018, to December 31, 2021, convertible bonds were in a favorable pricing environment, yielding a cumulative return of 99.7% with a maximum drawdown of 12% [3]. - In contrast, from January 1, 2022, to October 31, 2024, convertible bonds faced a disadvantageous pricing environment, resulting in a cumulative return of -7.5% and a maximum drawdown of 38% [4]. - From November 2024 to the present, convertible bonds have shown a cumulative return of 17.3% with a maximum drawdown of 9.2%, indicating a recovery phase [4]. Recommendations - For investors holding convertible bonds or ETFs, it is suggested to gradually shift a significant portion of their holdings to investment management (IM) or high-quality public funds, as public funds have outperformed broader indices this year [5]. - Investors who can achieve noticeable alpha from convertible bonds are encouraged to dynamically adjust their asset allocation between equity and convertible bonds based on the current price-performance ratio to optimize returns [5].

当正股股价持续下跌时，可转债价格接近纯债价值后，跌幅将显著小于股票。例如，某转债面值100 元，纯债价值90元，即便正股下跌30%，转债可能仅跌至92元至95元区间。而一旦正股企稳，转债将率 先反弹。 当市场出现反弹时，投资者可重点关注两类可转债。一是低溢价率的平衡型转债，这类品种与正股联动 性强，适合博取弹性。二是正股处于景气回升行业的小盘转债，容易在板块轮动中爆发，比较适合激进 型投资者。 一方面，可转债的债券属性为其提供了价格下限。即使正股持续下跌，可转债价格跌至纯债价值附近 时，其纯债收益率也将吸引配置型资金入场，形成支撑。以当前市场为例，多数可转债到期收益率已高 于同期限国债，部分标的甚至出现收益率溢价，持有到期仍能保本。另一方面，若市场反弹，可转债的 转股溢价率会随正股上涨而压缩，价格弹性显著提升。 在当前的市场修复期，A股市场的核心特征是结构性机会与波动并存，可转债的相关条款，刚好帮助投 资者做到动态调整风险收益比的功能。 此外，投资者还有机会享受到可转债降低转股价的额外收益，如果投资者买入了转债价格接近纯债价 值，同时正股股价远低于转股价的可转换债券，此时一旦上市公司宣布降低转股价格，可转债的 ...