PHASE 2 / CHINA CONVERTIBLE BOND QUANT RESEARCH
This hub studies China convertible bonds as a small-capital, low-frequency quant market: why the market can fit an individual investor, how the return structure was tested, and why the final candidate is a research-frozen strategy rather than a magic parameter.
这个 Hub 把国内可转债当作一个适合小资金、低频量化的市场来研究：为什么这个市场可能适合个人投资者，收益结构如何被检验，以及为什么最终候选是研究封板版本，而不是一个神奇参数。
If you only have half a minute, start here: this is a small-capital market study first, and a strategy page second. The core question is whether convertible bonds contain a return structure that a personal investor can realistically research, execute, and monitor.
如果只花半分钟看这一页，可以先看这里： 这首先是一份小资金市场研究，其次才是策略展示。核心问题是：可转债里是否存在一种个人投资者真实可研究、可执行、可监控的收益结构。
| Card | What it tells you | 中文说明 |
|---|---|---|
| Market fit | Convertible bonds are small enough for personal capital to matter, but constrained enough that scale becomes costly. | 可转债足够适合小资金参与，同时又有容量和流动性约束，规模变大后反而未必舒服。 |
| Return structure | The research starts from bond-side cheapness, then asks whether equity optionality and credit controls improve it. | 研究从债性便宜出发，再检验正股弹性和信用约束是否能让它更完整。 |
| Strategy path | The final candidate is not introduced as a magic parameter, but as the result of baseline, filtering, momentum, and turnover tests. | 最终候选不是神奇参数，而是 baseline、过滤、动量和换手控制逐步验证后的结果。 |
| Current status | Research-frozen for pre-live validation; execution, cost and data checks still matter. | 当前是研究冻结候选，下一步仍要验证成交、成本和数据质量。 |
| Step | Question | Page |
|---|---|---|
| 01 | Why does this market fit personal-capital quant research? | 01 / Market Reality & Personal Boundary |
| 02 | How did the research move from dual-low intuition to a frozen candidate? | 02 / Research Journey |
| 03 | What exactly does the frozen candidate do, and what evidence supports it? | 03 / Core Strategy & Evidence |
| 04 | What still needs pre-live validation? | 04 / Execution Robustness & Pre-live |
| 05 | Does the frozen candidate survive time splits and rolling windows? | 05 / Time-Split & Rolling Robustness |
| 06 | Which ideas were tested and archived? | 06 / Research Archive |
01 / Market Reality & Personal Boundary
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Market thesis. This entry page should first show the market logic: small-capital fit, scale diseconomy, return-structure hypothesis, and execution boundary.
市场论点。 入口页先让读者看到市场逻辑：小资金适配、规模不经济、收益结构假设和执行边界。