Core Viewpoint - The convertible bond market is experiencing a high-level fluctuation, driven by supply-demand mismatches and strong underlying stocks, with optimism for future growth in the equity market and convertible bond approvals expected to accelerate [1][6][7]. Group 1: Investment Strategy - Liu Yimin and her team have developed a systematic quantitative investment framework for convertible bonds over three years, focusing on capturing market momentum and actively selecting bonds to enhance returns [1][3]. - The "Double Low" strategy targets undervalued and low-premium convertible bonds, which are often overlooked by the market, presenting strong upside potential [3][5]. - The team has established three types of quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions [4]. Group 2: Market Analysis - The current convertible bond market is characterized by a significant supply-demand imbalance, with a notable increase in demand and a reduction in supply, leading to higher valuations [6][7]. - Liu Yimin maintains a positive outlook on the A-share market, anticipating a dual rise in earnings and valuations driven by supportive policies and liquidity [7][8]. - The approval of convertible bonds has begun to accelerate, which could lead to a more favorable supply-demand environment, allowing investors to find quality assets at reasonable valuations [7][8]. Group 3: Performance Metrics - The "Guofu Hengjiu Credit Bond" fund, managed by Liu Yimin, has a convertible bond allocation of 38.38% of its net asset value, with strong performance metrics over the past year [5]. - The fund's one-year, two-year, and three-year returns are 9.34%, 12.15%, and 14.70%, respectively, ranking in the top 10 among similar funds [5].

Core Viewpoint - The convertible bond market presents investment opportunities, driven by supply-demand mismatches and strong underlying stocks, with a positive outlook for the equity market and potential for further exploration of undervalued convertible bonds [1][5]. Group 1: Investment Strategy - Liu Yimin and her team have developed a systematic quantitative investment framework for convertible bonds over three years, focusing on capturing market momentum and identifying quality opportunities through a bottom-up approach [1][2]. - The "Double Low" strategy emphasizes investing in undervalued and low-premium convertible bonds, which are often overlooked by the market, indicating strong upside potential [2][3]. - The team has established three types of quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions, enhancing the portfolio's resilience [3]. Group 2: Market Analysis - The current convertible bond market is experiencing high valuation levels, influenced by strong underlying stocks and a significant increase in demand against a backdrop of reduced supply [5][6]. - Liu Yimin maintains a bullish outlook on the A-share market, anticipating a dual rise in earnings and valuations driven by supportive policies and liquidity [5]. - The approval of convertible bonds has accelerated since November, which could lead to a balanced supply-demand situation, benefiting the long-term stability of the convertible bond market [5]. Group 3: Performance and Adjustments - The fund's investment in convertible bonds accounts for 38.38% of its net asset value, with strong performance metrics over the past year, placing it in the top 10 among similar funds [4]. - The team is currently maintaining a neutral to slightly low position in convertible bonds, focusing on individual bond opportunities while balancing risk [6]. - Continuous monitoring of both technology and traditional sector convertible bonds is essential, especially as policies supporting domestic demand and economic recovery are implemented [6].

Core Viewpoint - The article discusses the investment opportunities in the convertible bond market, highlighting the systematic investment framework developed by Guohai Franklin Fund's fixed income team, led by Liu Yimin, to capture market dynamics and enhance returns through a quantitative approach [1] Group 1: Market Analysis - The convertible bond market is currently in a high volatility range, driven by supply-demand mismatches and the strengthening of underlying stocks, which have elevated convertible bond valuations [1][6] - Liu Yimin maintains an optimistic outlook on the equity market, anticipating a balanced supply-demand scenario as the approval process for convertible bonds accelerates, with further opportunities in technology and undervalued traditional sector convertible bonds [1][6] Group 2: Investment Strategy - The core investment logic of Liu Yimin's team revolves around a "dual low" strategy, focusing on low valuation and low premium convertible bonds that are often underappreciated by the market, thus possessing significant upside potential [2] - The team has developed three distinct quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions, allowing for flexible adjustments based on market dynamics [3] Group 3: Active and Quantitative Approach - The team employs a complementary approach of active selection and quantitative strategies to enhance returns, focusing on fundamental research to identify high-quality convertible bonds, especially in sectors where suitable assets are scarce [4] - Liu Yimin emphasizes a dynamic allocation between active and quantitative strategies based on market conditions, which has led to resilient performance across different market environments [4] Group 4: Performance Metrics - The Guofu Hengjiu Credit Bond Fund, representing the "dual low" strategy, has a significant allocation of 38.38% of its net asset value in convertible bonds as of the end of Q3 [4] - The fund has achieved impressive returns over the past year, with one-year, two-year, and three-year returns of 9.34%, 12.15%, and 14.70%, respectively, ranking in the top 10 among similar funds [5] Group 5: Future Outlook - The convertible bond market is expected to experience a robust supply-demand dynamic, with an increase in approvals for new convertible bonds potentially leading to a stable long-term development of the market [6] - Liu Yimin is closely monitoring the market for opportunities in both technology and traditional sectors, particularly in light of supportive policies aimed at stimulating domestic demand and enhancing performance in the equity market [7]

Core Viewpoint - The article discusses the investment opportunities in the convertible bond market, highlighting the strategies developed by Liu Yimin and her team at Guohai Franklin Fund to capture market dynamics and enhance returns through a systematic quantitative investment framework [1][2][4]. Group 1: Market Analysis - The convertible bond market is currently experiencing a high volatility phase, driven by supply-demand mismatches and strong performance in underlying stocks, which has led to an increase in convertible bond valuations [1][4]. - Liu Yimin expresses optimism about the equity market, anticipating a favorable supply-demand balance as the approval process for convertible bonds accelerates, particularly in technology and undervalued traditional sectors [1][4][5]. Group 2: Investment Strategy - The core investment logic is the "double low" strategy, focusing on low valuation and low premium convertible bonds that are often underappreciated by the market, indicating strong upside potential [1][2]. - The team has developed three types of quantitative investment strategies: defensive, balanced, and aggressive, tailored to different market conditions, enhancing the ability to capture opportunities [2][3]. Group 3: Active and Quantitative Approach - The team combines quantitative strategies with active selection to enhance returns, focusing on fundamental research to identify high-quality convertible bonds, especially in sectors with potential turnaround opportunities [3]. - Liu Yimin emphasizes a flexible approach to the balance between active and quantitative strategies, adjusting based on market conditions to maintain resilience in the portfolio [3]. Group 4: Future Outlook - The convertible bond market is expected to see a robust supply-demand dynamic, with an increase in approvals for new bonds potentially leading to more investment opportunities [4][5]. - The team is closely monitoring the market for both technology-related convertible bonds, which may have high valuations but acceptable profit expectations, and traditional sector bonds that are undervalued and could benefit from policy support [5].