As a relatively complex financial product, Convertible Bonds have dual characteristics of both Bonds and Stocks, attracting the attention of numerous investors with their advantage of being able to ‘attack when possible, and defend when necessary’. Since the beginning of this year, the trading of Convertible Bonds has remained active, driven by the positive market trends of the underlying stocks. As of December 24, the market transaction amount and Volume of Convertible Bonds have both exceeded the same period last year and the overall level for the year, demonstrating robust market vitality. Looking ahead to 2025, Brokerage Analysts generally hold an optimistic view. They believe that the elasticity of the underlying stocks and the loose liquidity environment in the Bond market are likely to support the valuation of Convertible Bonds. Meanwhile, the scarcity of Convertible Bonds under a tight supply and demand pattern may lead to upward pricing on valuations; overall, the upward trend in Convertible Bonds is worth looking forward to. (Securities Daily)