中信建投研报指出，展望2026年，我们认为转债资产在权益资产催化与高强赎概率制约下，整体上可能 依然呈现较为显著的区间震荡特征。一方面，在权益资产预期回报率提升与转债自身稀缺性影响下，转 债资产出现大幅回撤难度较大；而另一方面，受制于转债资产整体不断提升的强赎概率以及不断缩短的 平均剩余期限，转债资产的时间价值可能进一步衰减，市场亦难以对其定价更高的估值。因此建议关注 转债估值与价格中枢的波动，灵活调整转债的配置力度，获取交易型收益。对于新发转债，除在一级市 场积极申购外，在转债上市初期依然可以持续关注，具备统计套利机会。 ...

Core Insights - China Galaxy's executives attended the Q3 2025 earnings conference, highlighting their unique strategies in international business, wealth management, and institutional services [1] - The low-interest environment has become a focal point for investors regarding asset allocation strategies [2] Group 1: International Business - The company maintains a functional-first approach in its investment banking operations, focusing on enhancing service quality aligned with national strategies and key industries outlined in the 14th Five-Year Plan [3] - China Galaxy's international business network spans regions including Hong Kong, Singapore, Malaysia, Indonesia, and Thailand, making it one of the most widely networked Chinese brokers in Asia [3] - Future plans include strengthening overseas subsidiaries' management and enhancing integrated operations to solidify its position in Southeast Asia [3] Group 2: Wealth Management - The wealth management division aims to resonate with national goals, collaborate with partners, and align closely with client needs, continuously upgrading its trading systems to create a diverse and stable service ecosystem [3] Group 3: Institutional Services - The institutional business is focused on becoming a reliable full-service provider, integrating technology deeply into operations, and offering a comprehensive range of services including research, derivatives, asset management, and brokerage [3] Group 4: Investment Strategy - In the current low-interest environment, traditional fixed-income investments face challenges such as low spreads and high volatility, prompting a shift towards quantitative, neutral, and structured investment strategies to enhance returns [3] - The company is also leveraging its own funds and responding to new financial policies to maintain stable investment scales in OCI accounts while exploring opportunities in the convertible bond market [4] Group 5: Strategic Planning - The company is engaged in thorough discussions and rigorous evaluations for its new strategic plan, which is crucial for its development over the next five years and beyond, ensuring that the strategy is clear, feasible, and capable of creating long-term value for shareholders [4]