On July 14, Dongfang Jincheng released a research report stating that under the triple influence of the resurgence of the US-Iran conflict, the strengthening of expectations of interest rate hikes by the Federal Reserve, and the pressure on technological narratives, the current characteristics of rapid rotation and intense gaming sentiment are expected to continue. The bond conversion market will still follow the pressure of original stocks, and the short-term debt conversion allocation still needs to be mainly defensive. Structurally, high-market sectors with strong stable performance are expected to excel under capital safe-haven demand. The recent increase in debt-conversion ETFs will also further expand the comparative advantage of large-market convertible bonds; as the bond issuer accelerates and the number of bond exchanges is marginally expanded, the valuation level of new securities is also strongly supported, which can become an important channel for increasing earnings; in addition, as the underlying equity side is under pressure, the downside of the game opportunities for converting bonds with a shorter period of time remaining will also continue to be watched.

On July 14, Dongfang Jincheng released a research report stating that under the triple influence of the resurgence of the US-Iran conflict, the strengthening of expectations of interest rate hikes by the Federal Reserve, and the pressure on technological narratives, the current characteristics of rapid rotation and intense gaming sentiment are expected to continue. The bond conversion market will still follow the pressure of original stocks, and the short-term debt conversion allocation still needs to be mainly defensive. Structurally, high-market sectors with strong stable performance are expected to excel under capital safe-haven demand. The recent increase in debt-conversion ETFs will also further expand the comparative advantage of large-market convertible bonds; as the bond issuer accelerates and the number of bond exchanges is marginally expanded, the valuation level of new securities is also strongly supported, which can become an important channel for increasing earnings; in addition, as the underlying equity side is under pressure, the downside of the game opportunities for converting bonds with a shorter period of time remaining will also continue to be watched.