Group 1 - The short-term market for convertible bonds is influenced by three main pillars: equity market trends, strong redemption clauses, and pure bond costs, which remain valid in the March market environment [1][9] - The equity market is currently in a chaotic state due to the impact of ETF liquidity withdrawal, regulatory attitudes, geopolitical conflicts, and price volatility of major resources, making it difficult to replicate the single upward trend of equity assets seen in January [2][11] - The absolute magnitude of strong redemptions is not large, but their impact on the market at current valuation levels is significant, with approximately 60 convertible bonds needing to confirm strong redemption intentions in March, amounting to over 70 billion [2][20][23] Group 2 - The report emphasizes that convertible bonds have transformed into a "leveraged asset" in the current market environment, making it challenging to mitigate risks through selective bond picking [3][34] - The report suggests that effective position management is currently a more viable strategy than relying on the three pillars to support strong asset performance [3][34] - The report identifies specific convertible bonds to focus on in March, categorized into four strategies: high-priced stocks with no imminent strong redemptions, mid-high parity with marginal fundamental changes, defensive bonds, and those related to the chemical cycle [3][41][44]