Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 0.2%, 2.3%, and 2.3% respectively during the last period, outperforming the benchmark return of 0.0% [1] - Year-to-date performance for these strategies shows returns of 17.4%, 29.4%, and 55.1%, with excess returns of 0.7%, 12.7%, and 38.4% compared to the benchmark return of 16.7% [1] Low Price Enhancement Strategy - Latest holdings include new entries such as Energy Convertible Bonds (Utilities), Hengyi Convertible Bonds (Petrochemicals), and others across various sectors [2] - The adjustment rationale for this strategy is based on a significant decline in the low-price index (down 0.6%), with a focus on selecting stable low-price varieties due to a relaxation of net profit constraints [3] Improved Dual Low Strategy - Latest holdings feature new entries like Changyin Convertible Bonds (Banking) and others from diverse sectors [4] - The adjustment rationale indicates a decline in the dual low index (down 0.5%), with a focus on stable performance and avoiding bonds in strong redemption progress [5] High Price High Elasticity Strategy - Latest holdings include new entries such as Yanggu Convertible Bonds (Basic Chemicals) and others from various industries [6] - The adjustment rationale reflects a 0.9% increase in the high-price index, with a focus on avoiding high-priced bonds facing strong redemption risks while maintaining industry diversification [7]

Core Insights - The report highlights that the equity market has reached new highs, with strong performance from high volatility strategies [1] - The report provides updates on convertible bond quantitative strategies, including low-price enhancement, improved dual-low, and high-price high-elasticity strategies, showcasing their respective performances and adjustments [2][3] Group 1: Strategy Performance and Recommendations - The low-price enhancement strategy recorded a performance of 3.5% during the last period (8.5-8.18), while the improved dual-low strategy and high-price high-elasticity strategy achieved 3% and 6.8% respectively, against a benchmark of 4% [2] - Year-to-date performances for these strategies are 13.5%, 26.4%, and 48.5%, respectively, with significant excess returns of -2.2%, 10.7%, and 32.8% compared to the benchmark of 15.7% [2] - The report notes that the equity market saw a rapid rise, with the Shanghai Composite Index surpassing 3700 points, and the Wande All A and Zhongzheng convertible bonds increasing by 5.6% and 4% respectively [2] Group 2: Low-Price Enhancement Strategy - The latest holdings for the low-price enhancement strategy include newly added convertible bonds such as Muyuan Convertible Bond (Agriculture), Hangyang Convertible Bond (Basic Chemicals), and Huayuan Convertible Bond (Pharmaceuticals) [2][10] - The rationale for adjustments in the low-price enhancement strategy is based on the rapid rise in the equity market, with a focus on companies showing growth in interim reports [2][10] Group 3: Improved Dual-Low Strategy - The improved dual-low strategy's latest holdings include new entries like Baichuan Convertible Bond (Basic Chemicals) and Jintian Convertible Bond (Non-ferrous Metals) [2][18] - Adjustments were made due to the dual-low style index's weaker performance compared to the benchmark, with a focus on companies with good interim performance [2][20] Group 4: High-Price High-Elasticity Strategy - The high-price high-elasticity strategy has seen a performance of 6.77% in the last period, significantly outperforming the benchmark [26] - Year-to-date performance for this strategy stands at 48.52%, with an excess return of 32.82% compared to the benchmark [26] - The strategy focuses on high-priced, low-premium convertible bonds, with adjustments made to maintain a balanced industry allocation [22][26]