CITIC Construction Investment: Convertible bonds return to neutral, focus on marginal changes in the war situation to find expected differences

CITIC Construction Investment Securities Research pointed out that the convertible bond market has returned to a neutral state, suggesting that investors pay attention to marginal changes in the war situation to seek expected differences. Recently, due to the impact of the situation in Iran, the convertible bond index fell by 5.65%. Although the valuation of convertible bonds has not yet been significantly undervalued, there is already operational space. Investors should pay attention to the trends in related sectors such as non-ferrous metals, look for suitable layout opportunities, and hold firmly