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2021下半程:在新市场环境下布局双低与景气主线


  2021年上半年中证转债指数跑赢上证指数和沪深300,最大回撤亦低于各主要股指,展现自身“进可攻、退可守”的优势,配置价值显现。转债相对权益的优势背后有估值、类别(偏股和偏债)、行业、条款等多方面原因,这种复杂性使转债更善于应对多变的市场环境。由于2021年下半程股债两市不确定性依然较大,对转债市场的配置可以保持一定积极态度,但具体策略选择上要对转债特点考虑全面,并结合市场作出谨慎判断。
  转债市场结构发生了哪些变化?
  下修大年过半,是否存在较好条款博弈机会?
  下半年考虑哪些布局思路?
  投资建议
  由于转债兼有股债两方面特性以及条款博弈空间,在择券得当的前提下能够应对多种市场行情。结合2021年上半年各类策略实际表现,我们建议对双低和高价低估值转债 ....

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