Orient Jincheng said renewed US–Iran hostilities, firmer Fed rate‑hike expectations and a weakening tech narrative have accelerated sector rotation and heightened trading volatility; convertibles are likely to follow underlying equities and remain under pressure, so short‑term allocations should emphasize defensive characteristics. Structurally, large‑cap, steady‑earnings sectors should outperform amid risk‑off flows, and recent inflows into convertible ETFs tilted to big‑cap issues will accentu

Orient Jincheng said renewed US–Iran hostilities, firmer Fed rate‑hike expectations and a weakening tech narrative have accelerated sector rotation and heightened trading volatility; convertibles are likely to follow underlying equities and remain under pressure, so short‑term allocations should emphasize defensive characteristics. Structurally, large‑cap, steady‑earnings sectors should outperform amid risk‑off flows, and recent inflows into convertible ETFs tilted to big‑cap issues will accentuate that relative strength. Faster issuance is expanding listings at the margin and supports new‑issue valuations, making primary deals an important source of incremental yield. With underlying stocks under strain, short‑dated convertibles may offer opportunistic trades tied to potential downward conversion‑price adjustments.