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#Amber #固收 #可转债...

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附件总结 东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903.mp3

  1. 转债 流动性 宏观因子 九月份 估值 配置 风险前置 产业逻辑 轮动 中小盘 科技主线 溢价率 绝对价格 行业因子 负面清单 软件传媒 游戏 顶级转债 五年转债 渠道。
  2. 在具体行业投资方面，软件传媒与游戏、农业、有色等领域展现出一定的投资机会，关键在于选择那些拥有坚实业绩基础、估值合理且具有较高配置价值的标的。
  3. 建议投资者关注流动性变化与产业趋势，同时利用负面清单策略提升超额收益，避免行业因子影响，实现充分对冲。
  4. 对话围绕AI应用端投资机会展开，重点分析软件传媒与游戏行业，指出B端业绩稳健，C端降本增效显著，推荐顶级转债和普联转债作为投资标的，强调其安全边际与弹性，适合当前市场环境下构建底仓。
  5. 分析了各标的的绝对价格、安全边际、公司举措及市场预期，强调了分散投资与弱化趋势性因子的重要性，以期在农业板块寻找投资机会。
  6. 建议建立负面清单而非正面清单，避免押注特定行业如有色、科技等，因为这些行业的表现可能受到联储政策、产业趋势等因素影响，存在较大风险。
  7. 发言人1：在光伏板块中选择新能转债时，我主要从现金流、利空是否出尽、市场化电价下行对其利润下滑的影响、光照时长变化导致的利润下滑是否为阶段性问题等方面进行深入分析。
  8. 同时，也考虑了新能转债目前的价格位置（约在122-112开头区间），其绝对价格的安全边际足够，并且公司有积极促转股的举措，实控人也对转债价格有一定诉求，因此该转债在光伏板块中值得关注。

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903.mp3

  1. Amber国际宣布战略转变，从数字财富管理转向AI代理技术，此举对公司财务表现产生积极影响，展现了公司在AI技术领域的进展和承诺，强调了对长期价值创造的关注。
  2. 会议被录音，强调了会议的正式内容及财务表现，包括收入增长79.45%，经营收入及调整后净利润实现盈利，特别强调了代理业务进展。
  3. 发言人1 答：Revenue for the second quarter was $13.9 million, an increase from the first quarter's revenue of $10.1 million. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from the loss reported in the previous quarter. Additionally, revenue from agents and access businesses was at $10.1 million.
  4. 发言人1 答：The new strategy introduced by the company involves building specialized AI agents, which is exemplified by the introduction of M-Br, a company that builds these agents.
  5. 发言人1 答：M-Br is a company that builds specialized AI agents, and it is a core part of the new strategy for Amber International.
  6. 发言人1 答：The company plans to utilize its AI agents across user platforms, including existing exchanges and brokerage accounts, to provide monitoring and alerts for financial services. The goal is to offer these services to a broader audience and to have the agents' authority and reliability verified before being opened to the public.
  7. 发言人1 答：The company has started transitioning to AI agent-based operations, with substantial data campaign operations already being managed by AI agents. This transition is expected to be completed before the year, and the company plans to lay out the financial framework for this transition.
  8. 发言人1 答：The AI agent strategy involves operating the business, converting expertise into an AI agent, and then taking that agent to the market. The strategy is operational and aims to generate revenue by providing services to enterprise customers.

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903_导读.docx

  1. Amber国际宣布战略转变，从数字财富管理转向AI代理技术，此举对公司财务表现产生积极影响，展现了公司在AI技术领域的进展和承诺，强调了对长期价值创造的关注。
  2. 会议被录音，强调了会议的正式内容及财务表现，包括收入增长79.45%，经营收入及调整后净利润实现盈利，特别强调了代理业务进展。
  3. 发言人1 答：Revenue for the second quarter was $13.9 million, an increase from the first quarter's revenue of $10.1 million. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from the loss reported in the previous quarter. Additionally, revenue from agents and access businesses was at $10.1 million.
  4. 发言人1 答：The new strategy introduced by the company involves building specialized AI agents, which is exemplified by the introduction of M-Br, a company that builds these agents.
  5. 发言人1 答：M-Br is a company that builds specialized AI agents, and it is a core part of the new strategy for Amber International.
  6. 发言人1 答：The company plans to utilize its AI agents across user platforms, including existing exchanges and brokerage accounts, to provide monitoring and alerts for financial services. The goal is to offer these services to a broader audience and to have the agents' authority and reliability verified before being opened to the public.
  7. 发言人1 答：The company has started transitioning to AI agent-based operations, with substantial data campaign operations already being managed by AI agents. This transition is expected to be completed before the year, and the company plans to lay out the financial framework for this transition.
  8. 发言人1 答：The AI agent strategy involves operating the business, converting expertise into an AI agent, and then taking that agent to the market. The strategy is operational and aims to generate revenue by providing services to enterprise customers.

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903_原文.docx

  1. Good morning, and welcomed to Amber international second quarter two thousand twenty stick financial results. At this time, all participants aren't listen, only mode. A question and answer session will follow the formal presentation at that time.
  2. If you like to ask a question, please put start one on your telephone, he pad. As reminder, this conference is being recorded. It's now my pleasure to introduce your host.
  3. AMDRAIN tasted ma me may be gan. Good morning, and welcome to Amber international holding limited second quarter two thousand twenty six earnings conference. I am mia Amber, the official AI agent moderators for today's call.
  4. Before we begin, please note that today's discussion will contain forward looking statements under the private security litigation reform act of nineteen ninety five. These statements involve risks and uncertainties that could cause actual results to defer materially from those projected. For a more detailed discussion of these risks, they refer to the company's filings with the U.
  5. S. Security and exchange commission, including our most recent annual report on form twenty f joining us on today's call, our Michael woo, chairman of the board, and CE. O, Vicky wong, president evo, chief Operating officer, Joseph and guy, chief financial officer, and Steve jung, cochise, f financial officer.
  6. Following the reMarks, we will open the line for QNA. With that, let me now turn the call over to Michael. Will请关注公众号思维纪要社。
  7. Revenue was thirteen point nine million dollars, thirty nine set from the first quarter, rock more and to seventy nine, four, five. Operating income was one million dollars and adjusted happy. That was one point nine million, both turning positive from lost last quarter and revenue from our agents.
  8. Look, we gave you that court. And on our familiar we purchase program, we walked back approximately point six million ADS. For about five point eight million through june thirty was roundly forty four point two million dollars with.

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_导读.docx

  1. 转债 流动性 宏观因子 九月份 估值 配置 风险前置 产业逻辑 轮动 中小盘 科技主线 溢价率 绝对价格 行业因子 负面清单 软件传媒 游戏 顶级转债 五年转债 渠道。
  2. 在具体行业投资方面，软件传媒与游戏、农业、有色等领域展现出一定的投资机会，关键在于选择那些拥有坚实业绩基础、估值合理且具有较高配置价值的标的。
  3. 建议投资者关注流动性变化与产业趋势，同时利用负面清单策略提升超额收益，避免行业因子影响，实现充分对冲。
  4. 对话围绕AI应用端投资机会展开，重点分析软件传媒与游戏行业，指出B端业绩稳健，C端降本增效显著，推荐顶级转债和普联转债作为投资标的，强调其安全边际与弹性，适合当前市场环境下构建底仓。
  5. 分析了各标的的绝对价格、安全边际、公司举措及市场预期，强调了分散投资与弱化趋势性因子的重要性，以期在农业板块寻找投资机会。
  6. 建议建立负面清单而非正面清单，避免押注特定行业如有色、科技等，因为这些行业的表现可能受到联储政策、产业趋势等因素影响，存在较大风险。
  7. 发言人1：在光伏板块中选择新能转债时，我主要从现金流、利空是否出尽、市场化电价下行对其利润下滑的影响、光照时长变化导致的利润下滑是否为阶段性问题等方面进行深入分析。
  8. 同时，也考虑了新能转债目前的价格位置（约在122-112开头区间），其绝对价格的安全边际足够，并且公司有积极促转股的举措，实控人也对转债价格有一定诉求，因此该转债在光伏板块中值得关注。

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_原文.docx

  1. 之前也聊过，包括从节奏上36 92这个节点，可能被动资金会有一定的调仓的这个需求诉求在这个里面，但目前市场分歧还是比较大，然后这个大的就是我们看到最大的宏观因子在九月份，这个就是九月份我明确能看到日央行是要加息的那欧央行要加息的，这个市场基本快进了。
  2. 我想强调的就是，更多的我们对手方还是主动的资金为主，主动资金在思考这个问题的时候，它其实是有一个筹码的，就是我到底比对方的筹码的价格低多少，就我这个筹码价格到底有多少，后市去可操作的灵活性主动权。
  3. 到一会儿我会说，我觉得哪几个行业可能会起飞，但是我们至少能看好哪些行业，可能短期是没机会的那短期没机会，尤其这里面还是底仓偏偏这个权重的那这些票是否可以规避一下，尤其在当前这个时间，我觉得可能更有必要。
  4. 你把B端占78成之后，这个C端其实大部分这里面的六七成，其实又是放在这个AI短剧然后这个游戏游戏主要是降本，能不能增效不好说，主要是降本，所以它的利润都有一定的呈现，这是一个相请关注公众号思维纪要社，更多纪要请加V西安20210130。
  5. 这个绝对价格的安全边际我们是否经过推敲，这个我都帮大家看过，所以这里面有四只，一只是湖北油化转的，它价格不高，这上市我觉得适合做底仓，在底仓分散里面，它一定有它的一个生态位，还有就是深能转债，智能股份，智能转债同样的道理。
  6. 所以然后实控人对它的那个转债的价格也有一定的诉求，所以从多方来看，我也把这个标的算作这条线上的比较值得关注的一个标的，就是一化深能这个小二十六和新能。
  7. 那我们知道银邦这支其实也可以算作端测里面的消费电子，在秋季每年的秋季上都有一定的催化，现在的价格也比较合理，而且它的估值从前期的比较高的位置，其实也有一定的压缩，所以这个标的也建议大家去关注，但可能局限在九月份，九月份去看一看这个标的有没有一些反弹迹象，安全边际我觉得是够的。
  8. 因为如果在历史上政府这边都没有比较强的弹性的话，那它的赔率是不够的，它的含金价值是比较低的那我们买低的标的的价格上就陷入到低价陷阱里了，就卖一个低的，其实它政府它就不波动，或者他做框向下的波动。

音频总结

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903.mp3

  1. 转债 流动性 宏观因子 九月份 估值 配置 风险前置 产业逻辑 轮动 中小盘 科技主线 溢价率 绝对价格 行业因子 负面清单 软件传媒 游戏 顶级转债 五年转债 渠道。
  2. 在具体行业投资方面，软件传媒与游戏、农业、有色等领域展现出一定的投资机会，关键在于选择那些拥有坚实业绩基础、估值合理且具有较高配置价值的标的。
  3. 建议投资者关注流动性变化与产业趋势，同时利用负面清单策略提升超额收益，避免行业因子影响，实现充分对冲。
  4. 对话围绕AI应用端投资机会展开，重点分析软件传媒与游戏行业，指出B端业绩稳健，C端降本增效显著，推荐顶级转债和普联转债作为投资标的，强调其安全边际与弹性，适合当前市场环境下构建底仓。
  5. 分析了各标的的绝对价格、安全边际、公司举措及市场预期，强调了分散投资与弱化趋势性因子的重要性，以期在农业板块寻找投资机会。
  6. 建议建立负面清单而非正面清单，避免押注特定行业如有色、科技等，因为这些行业的表现可能受到联储政策、产业趋势等因素影响，存在较大风险。
  7. 发言人1：在光伏板块中选择新能转债时，我主要从现金流、利空是否出尽、市场化电价下行对其利润下滑的影响、光照时长变化导致的利润下滑是否为阶段性问题等方面进行深入分析。
  8. 同时，也考虑了新能转债目前的价格位置（约在122-112开头区间），其绝对价格的安全边际足够，并且公司有积极促转股的举措，实控人也对转债价格有一定诉求，因此该转债在光伏板块中值得关注。

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903.mp3

  1. Amber国际宣布战略转变，从数字财富管理转向AI代理技术，此举对公司财务表现产生积极影响，展现了公司在AI技术领域的进展和承诺，强调了对长期价值创造的关注。
  2. 会议被录音，强调了会议的正式内容及财务表现，包括收入增长79.45%，经营收入及调整后净利润实现盈利，特别强调了代理业务进展。
  3. 发言人1 答：Revenue for the second quarter was $13.9 million, an increase from the first quarter's revenue of $10.1 million. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from the loss reported in the previous quarter. Additionally, revenue from agents and access businesses was at $10.1 million.
  4. 发言人1 答：The new strategy introduced by the company involves building specialized AI agents, which is exemplified by the introduction of M-Br, a company that builds these agents.
  5. 发言人1 答：M-Br is a company that builds specialized AI agents, and it is a core part of the new strategy for Amber International.
  6. 发言人1 答：The company plans to utilize its AI agents across user platforms, including existing exchanges and brokerage accounts, to provide monitoring and alerts for financial services. The goal is to offer these services to a broader audience and to have the agents' authority and reliability verified before being opened to the public.
  7. 发言人1 答：The company has started transitioning to AI agent-based operations, with substantial data campaign operations already being managed by AI agents. This transition is expected to be completed before the year, and the company plans to lay out the financial framework for this transition.
  8. 发言人1 答：The AI agent strategy involves operating the business, converting expertise into an AI agent, and then taking that agent to the market. The strategy is operational and aims to generate revenue by providing services to enterprise customers.

音频

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903.mp3

总结

  1. 转债 流动性 宏观因子 九月份 估值 配置 风险前置 产业逻辑 轮动 中小盘 科技主线 溢价率 绝对价格 行业因子 负面清单 软件传媒 游戏 顶级转债 五年转债 渠道。
  2. 在具体行业投资方面，软件传媒与游戏、农业、有色等领域展现出一定的投资机会，关键在于选择那些拥有坚实业绩基础、估值合理且具有较高配置价值的标的。
  3. 建议投资者关注流动性变化与产业趋势，同时利用负面清单策略提升超额收益，避免行业因子影响，实现充分对冲。
  4. 对话围绕AI应用端投资机会展开，重点分析软件传媒与游戏行业，指出B端业绩稳健，C端降本增效显著，推荐顶级转债和普联转债作为投资标的，强调其安全边际与弹性，适合当前市场环境下构建底仓。
  5. 分析了各标的的绝对价格、安全边际、公司举措及市场预期，强调了分散投资与弱化趋势性因子的重要性，以期在农业板块寻找投资机会。
  6. 建议建立负面清单而非正面清单，避免押注特定行业如有色、科技等，因为这些行业的表现可能受到联储政策、产业趋势等因素影响，存在较大风险。
  7. 发言人1：在光伏板块中选择新能转债时，我主要从现金流、利空是否出尽、市场化电价下行对其利润下滑的影响、光照时长变化导致的利润下滑是否为阶段性问题等方面进行深入分析。
  8. 同时，也考虑了新能转债目前的价格位置（约在122-112开头区间），其绝对价格的安全边际足够，并且公司有积极促转股的举措，实控人也对转债价格有一定诉求，因此该转债在光伏板块中值得关注。

预览

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903.mp3

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903.mp3

总结

  1. Amber国际宣布战略转变，从数字财富管理转向AI代理技术，此举对公司财务表现产生积极影响，展现了公司在AI技术领域的进展和承诺，强调了对长期价值创造的关注。
  2. 会议被录音，强调了会议的正式内容及财务表现，包括收入增长79.45%，经营收入及调整后净利润实现盈利，特别强调了代理业务进展。
  3. 发言人1 答：Revenue for the second quarter was $13.9 million, an increase from the first quarter's revenue of $10.1 million. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from the loss reported in the previous quarter. Additionally, revenue from agents and access businesses was at $10.1 million.
  4. 发言人1 答：The new strategy introduced by the company involves building specialized AI agents, which is exemplified by the introduction of M-Br, a company that builds these agents.
  5. 发言人1 答：M-Br is a company that builds specialized AI agents, and it is a core part of the new strategy for Amber International.
  6. 发言人1 答：The company plans to utilize its AI agents across user platforms, including existing exchanges and brokerage accounts, to provide monitoring and alerts for financial services. The goal is to offer these services to a broader audience and to have the agents' authority and reliability verified before being opened to the public.
  7. 发言人1 答：The company has started transitioning to AI agent-based operations, with substantial data campaign operations already being managed by AI agents. This transition is expected to be completed before the year, and the company plans to lay out the financial framework for this transition.
  8. 发言人1 答：The AI agent strategy involves operating the business, converting expertise into an AI agent, and then taking that agent to the market. The strategy is operational and aims to generate revenue by providing services to enterprise customers.

预览

AMBER INTERNATIONAL_AMBR.O_2026年第二季度业绩交流会 260903.mp3

文档

AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903_导读.docx

总结

  1. Amber国际宣布战略转变，从数字财富管理转向AI代理技术，此举对公司财务表现产生积极影响，展现了公司在AI技术领域的进展和承诺，强调了对长期价值创造的关注。
  2. 会议被录音，强调了会议的正式内容及财务表现，包括收入增长79.45%，经营收入及调整后净利润实现盈利，特别强调了代理业务进展。
  3. 发言人1 答：Revenue for the second quarter was $13.9 million, an increase from the first quarter's revenue of $10.1 million. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from the loss reported in the previous quarter. Additionally, revenue from agents and access businesses was at $10.1 million.
  4. 发言人1 答：The new strategy introduced by the company involves building specialized AI agents, which is exemplified by the introduction of M-Br, a company that builds these agents.
  5. 发言人1 答：M-Br is a company that builds specialized AI agents, and it is a core part of the new strategy for Amber International.
  6. 发言人1 答：The company plans to utilize its AI agents across user platforms, including existing exchanges and brokerage accounts, to provide monitoring and alerts for financial services. The goal is to offer these services to a broader audience and to have the agents' authority and reliability verified before being opened to the public.
  7. 发言人1 答：The company has started transitioning to AI agent-based operations, with substantial data campaign operations already being managed by AI agents. This transition is expected to be completed before the year, and the company plans to lay out the financial framework for this transition.
  8. 发言人1 答：The AI agent strategy involves operating the business, converting expertise into an AI agent, and then taking that agent to the market. The strategy is operational and aims to generate revenue by providing services to enterprise customers.

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AMBER INTERNATIONAL[AMBR.O]2026年第二季度业绩交流会 260903_原文.docx

总结

  1. Good morning, and welcomed to Amber international second quarter two thousand twenty stick financial results. At this time, all participants aren't listen, only mode. A question and answer session will follow the formal presentation at that time.
  2. If you like to ask a question, please put start one on your telephone, he pad. As reminder, this conference is being recorded. It's now my pleasure to introduce your host.
  3. AMDRAIN tasted ma me may be gan. Good morning, and welcome to Amber international holding limited second quarter two thousand twenty six earnings conference. I am mia Amber, the official AI agent moderators for today's call.
  4. Before we begin, please note that today's discussion will contain forward looking statements under the private security litigation reform act of nineteen ninety five. These statements involve risks and uncertainties that could cause actual results to defer materially from those projected. For a more detailed discussion of these risks, they refer to the company's filings with the U.
  5. S. Security and exchange commission, including our most recent annual report on form twenty f joining us on today's call, our Michael woo, chairman of the board, and CE. O, Vicky wong, president evo, chief Operating officer, Joseph and guy, chief financial officer, and Steve jung, cochise, f financial officer.
  6. Following the reMarks, we will open the line for QNA. With that, let me now turn the call over to Michael. Will请关注公众号思维纪要社。
  7. Revenue was thirteen point nine million dollars, thirty nine set from the first quarter, rock more and to seventy nine, four, five. Operating income was one million dollars and adjusted happy. That was one point nine million, both turning positive from lost last quarter and revenue from our agents.
  8. Look, we gave you that court. And on our familiar we purchase program, we walked back approximately point six million ADS. For about five point eight million through june thirty was roundly forty four point two million dollars with.

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东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_导读.docx

总结

  1. 转债 流动性 宏观因子 九月份 估值 配置 风险前置 产业逻辑 轮动 中小盘 科技主线 溢价率 绝对价格 行业因子 负面清单 软件传媒 游戏 顶级转债 五年转债 渠道。
  2. 在具体行业投资方面，软件传媒与游戏、农业、有色等领域展现出一定的投资机会，关键在于选择那些拥有坚实业绩基础、估值合理且具有较高配置价值的标的。
  3. 建议投资者关注流动性变化与产业趋势，同时利用负面清单策略提升超额收益，避免行业因子影响，实现充分对冲。
  4. 对话围绕AI应用端投资机会展开，重点分析软件传媒与游戏行业，指出B端业绩稳健，C端降本增效显著，推荐顶级转债和普联转债作为投资标的，强调其安全边际与弹性，适合当前市场环境下构建底仓。
  5. 分析了各标的的绝对价格、安全边际、公司举措及市场预期，强调了分散投资与弱化趋势性因子的重要性，以期在农业板块寻找投资机会。
  6. 建议建立负面清单而非正面清单，避免押注特定行业如有色、科技等，因为这些行业的表现可能受到联储政策、产业趋势等因素影响，存在较大风险。
  7. 发言人1：在光伏板块中选择新能转债时，我主要从现金流、利空是否出尽、市场化电价下行对其利润下滑的影响、光照时长变化导致的利润下滑是否为阶段性问题等方面进行深入分析。
  8. 同时，也考虑了新能转债目前的价格位置（约在122-112开头区间），其绝对价格的安全边际足够，并且公司有积极促转股的举措，实控人也对转债价格有一定诉求，因此该转债在光伏板块中值得关注。

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东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_导读.docx

东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_原文.docx

总结

  1. 之前也聊过，包括从节奏上36 92这个节点，可能被动资金会有一定的调仓的这个需求诉求在这个里面，但目前市场分歧还是比较大，然后这个大的就是我们看到最大的宏观因子在九月份，这个就是九月份我明确能看到日央行是要加息的那欧央行要加息的，这个市场基本快进了。
  2. 我想强调的就是，更多的我们对手方还是主动的资金为主，主动资金在思考这个问题的时候，它其实是有一个筹码的，就是我到底比对方的筹码的价格低多少，就我这个筹码价格到底有多少，后市去可操作的灵活性主动权。
  3. 到一会儿我会说，我觉得哪几个行业可能会起飞，但是我们至少能看好哪些行业，可能短期是没机会的那短期没机会，尤其这里面还是底仓偏偏这个权重的那这些票是否可以规避一下，尤其在当前这个时间，我觉得可能更有必要。
  4. 你把B端占78成之后，这个C端其实大部分这里面的六七成，其实又是放在这个AI短剧然后这个游戏游戏主要是降本，能不能增效不好说，主要是降本，所以它的利润都有一定的呈现，这是一个相请关注公众号思维纪要社，更多纪要请加V西安20210130。
  5. 这个绝对价格的安全边际我们是否经过推敲，这个我都帮大家看过，所以这里面有四只，一只是湖北油化转的，它价格不高，这上市我觉得适合做底仓，在底仓分散里面，它一定有它的一个生态位，还有就是深能转债，智能股份，智能转债同样的道理。
  6. 所以然后实控人对它的那个转债的价格也有一定的诉求，所以从多方来看，我也把这个标的算作这条线上的比较值得关注的一个标的，就是一化深能这个小二十六和新能。
  7. 那我们知道银邦这支其实也可以算作端测里面的消费电子，在秋季每年的秋季上都有一定的催化，现在的价格也比较合理，而且它的估值从前期的比较高的位置，其实也有一定的压缩，所以这个标的也建议大家去关注，但可能局限在九月份，九月份去看一看这个标的有没有一些反弹迹象，安全边际我觉得是够的。
  8. 因为如果在历史上政府这边都没有比较强的弹性的话，那它的赔率是不够的，它的含金价值是比较低的那我们买低的标的的价格上就陷入到低价陷阱里了，就卖一个低的，其实它政府它就不波动，或者他做框向下的波动。

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东吴固收 - 研究有温度：9月转债配置策略及标的筛推 260903_原文.docx

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