2025年4月转债及权益行业轮动策略：短期波动加剧，防守或重于进攻

Core Insights - The report emphasizes a defensive investment strategy for April 2025 due to increased market volatility and uncertainty, suggesting that the potential for gains may be limited [2] - Key sectors recommended for investment include power equipment and non-ferrous metals, which are expected to show marginal improvements [1][5] - Specific convertible bonds highlighted for investment include Long 22, Tong 22, Jingneng, Guocheng, Bo 23, and Yuguang convertible bonds [1] Sector Recommendations - The report identifies the top sectors for investment as mechanical equipment, media, automotive, power equipment, and non-ferrous metals [5] - Defensive sectors to focus on include banks and coal, while sectors facing pressure include food and beverage, steel, and oil and petrochemicals [5] - The power equipment sector is noted for its recovery in component prices and improved market conditions in Europe, while non-ferrous metals are driven by geopolitical factors and domestic manufacturing recovery [5][8] Market Conditions - External factors contributing to market volatility include the cooling expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical tensions [5] - Internal pressures from structural adjustments are highlighted, with a focus on the performance of growth sectors and small-cap stocks, which may face challenges during the earnings disclosure period [5] - The report suggests that the market may experience increased selling pressure as profit-taking occurs [5]