CITIC Securities research shows a low conversion-premium convertible bond strategy (20-issue portfolio) returned 36.64% in 2025 and 23.72% YTD to May 22, 2026. Historical data indicate stronger outcomes with smaller portfolios, implying the approach is more effective as an active/trading strategy than as an index-style allocation. The firm views the strategy as a relatively attractive relative-return play in the current China market and believes it may retain cost-effectiveness and efficacy goin

CITIC Securities research shows a low conversion-premium convertible bond strategy (20-issue portfolio) returned 36.64% in 2025 and 23.72% YTD to May 22, 2026. Historical data indicate stronger outcomes with smaller portfolios, implying the approach is more effective as an active/trading strategy than as an index-style allocation. The firm views the strategy as a relatively attractive relative-return play in the current China market and believes it may retain cost-effectiveness and efficacy going forward.