固收 还有哪些转债“进可攻，退可守”？

Summary of Conference Call Records Industry and Company Overview - The discussion primarily revolves around the convertible bond market and its strategies, particularly focusing on high convexity convertible bonds in the context of the Chinese stock market and emerging sectors like AI glasses and the semiconductor industry. Key Points and Arguments 1. High Convexity Convertible Bonds: These bonds exhibit higher gains when long-term interest rates decline and lower losses when rates rise, making them suitable for both offensive and defensive investment strategies [1][3][5]. 2. Market Performance: As of August 15, 2025, the high convexity strategy has yielded approximately 1% returns, slightly outperforming the CSI 500 index, indicating its effectiveness even in a high valuation environment [1][5]. 3. Investor Sentiment: There is a cautious sentiment among fixed-income investors, particularly in first and second-tier bond funds and convertible bond funds, due to concerns about potential market pullbacks [2]. 4. Stock Market Concentration: The concentration of stocks in the Chinese market is about 17%, which is lower than that of developed countries, suggesting a more stable market environment with funds dispersed among small and medium-sized stocks [8]. 5. ETF Inflows: The convertible bond market has seen strong performance with record inflows into ETFs, driven by asset scarcity and high valuations [9]. 6. AI Glasses Sector: Key companies in the AI glasses sector include Jiahua (ODM), Huanshu (components/modules), Lingyi and Weir, and Yirui (display modules), with varying degrees of revenue elasticity [10]. 7. Semiconductor Industry: Emerging companies in the semiconductor chain include Weidao and Maolai, which are positioned in critical areas of lithography and chip production [11]. 8. Active Directions: Recent active sectors include liquid cooling technology and robotics, with companies like Yinlun, Jiali, and Yonggui showing promise [12]. Additional Important Content 1. Calculation Methods for Convexity: Three primary methods for calculating the convexity of convertible bonds are discussed: regression analysis, BS formula optimization, and parity premium rate method, each with its own advantages and challenges [4][6]. 2. Market Outlook: The Shanghai Composite Index has reached a 10-year high, and while the outlook remains cautiously optimistic, adjustments to high convexity strategies will be made to adapt to potential market changes [7].