1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].

股市里有一句老话叫"五穷六绝七翻身"。是说五月股市容易陷入"穷途"，六月则逼近"绝路"，直到七月才能 迎来翻身的机会。 | | 2010-2024年-A股5-7月涨跌统计 | | | | --- | --- | --- | --- | | 年份 | 5月涨跌幅 | 6月涨跌幅 | 7月涨跌幅 | | 2010 | -1.20% | -7.40% | 7.00% | | 2011 | -6.10% | -7.20% | -1.50% | | 2012 | 3.50% | -6.30% | 2.50% | | 2013 | 0.30% | -9.10% | 7.00% | | 2014 | 3.30% | 0.50% | 7.40% | | 2015 | 6.10% | -20.30% | 10.50% | | 2016 | -1.30% | -0.80% | 3.00% | | 2017 | 1.30% | 1.60% | 1.70% | | 2018 | -0.70% | -7.00% | -8.50% | | 2019 | 1.20% | -6.60% | 1.30% | | 2020 | 4.00% | ...

Core Viewpoint - The market experienced a strong opening after the holiday, with the ChiNext Index leading the gains and the Shanghai Composite Index closing above 3300 points, indicating positive market sentiment and robust trading activity [1][3]. Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion, an increase of 166.8 billion compared to the previous trading day [1]. - The Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index increased by 1.84%, and the ChiNext Index surged by 1.97% [3]. Sector Performance - Key sectors that saw significant gains included controlled nuclear fusion, rare earth permanent magnets, Hongmeng, and CPO, while a few sectors like banking experienced declines [2]. - The controlled nuclear fusion concept stocks collectively surged, with companies like Hailu Heavy Industry hitting the daily limit [1]. - Hongmeng and computing power concept stocks showed strong fluctuations, with over ten stocks, including Nantian Information, reaching the daily limit [1]. - Robotics concept stocks remained active, with multiple stocks such as Nanshan Zhishang also hitting the daily limit [1].