| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3583 | 0.66 | 3.2 | -0.41 | | 深证综指 | 2193 | 0.78 | 5.63 | -0.88 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.41 | 2.17 | 6.74 | | 中盘指数 | 0.45 | 4.75 | 7.98 | | 小盘指数 | 1.02 | 7.56 | 15.69 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 航天装备Ⅱ | 5.72 | 5.64 | 22.74 | | 地面兵装Ⅱ | 4.9 | 15.86 | 83.95 | | 贵金属 | 4.8 | 0.43 | 25.98 | | 军工电子Ⅱ | 3.42 | 5.46 | 29.56 | | 电机Ⅱ | ...

Group 1 - The core viewpoint of the report emphasizes the relationship between convertible bond prices and their parity, focusing on the first and second derivatives of this relationship, which are crucial for understanding the elasticity and convexity of convertible bonds [4][12][51] - The report identifies that high convexity in convertible bonds is concentrated in low parity zones, and that convexity increases during valuation uptrends [2][27] - The analysis indicates that during valuation uptrends, convertible bonds tend to rise more than they fall, exhibiting higher convexity, while during downtrends, they tend to fall more than they rise, showing lower convexity [48][49] Group 2 - The report discusses the effectiveness of convexity as a factor, noting that it reflects the asymmetry in how convertible bonds respond to price increases and decreases, and that it is a valuable characteristic for investment strategies [51][61] - It highlights that the timing of convexity-based trading strategies has been effective, with lower turnover but better timing compared to median prices of convertible bonds [52][61] - The report concludes that high convexity strategies have shown significant advantages over low-price strategies, particularly since 2020, although they do not outperform low-price strategies in terms of controlling drawdowns [61]