First, by counting the yields of convertible bond funds, partial stock funds and all debt-based funds in different bond and stock markets, it is found that "double bull and bear" is the most suitable period to invest in convertible bond funds, and in these two environments, the performance of convertible bond funds is far better than other debt-based funds, even better than partial stock funds; However, in the environment of "share-debt double bear" and "share-bear-debt bull", convertible bond funds should be avoided and pure debt funds with lower risk should be selected, but convertible bond funds still have relative advantages over partial stock funds. Second, pay attention to the leverage level and the position level of convertible bonds. In a favorable stock market environment, the higher the position of convertible bonds, the higher the leverage level and the stronger the ability to obtain excess returns. Third, the asset allocation of the selected fund matches its own risk preference. Except convertible bonds, the proportion of convertible bond funds investing in convertible bonds is not less than 80%, and some convertible bond funds do not participate in stock investment in the primary and secondary markets; Some only participate in the subscription or issuance of new shares in the primary market, and do not participate in stock investment in the secondary market, such as Huabao convertible bonds; Most convertible bond funds can also invest in equity assets such as stocks, generally not exceeding 20% of the fund assets. Fourthly, combine the premium rate of share conversion, yield to maturity and pure debt premium rate to judge the heavy convertible bonds. The lower the premium rate of convertible bonds, the more valuable they are, and the stronger the correlation between price fluctuations and stocks. Once the stock market reverses, the follow-up ability of convertible bonds will be extremely prominent. When the conversion value is negative, theoretically, investors can arbitrage by buying convertible bonds, converting shares and selling shares. The premium rate of pure debt is an index to judge debt-to-equity swap. The lower the premium rate of pure debt, the stronger the debt of convertible bonds, and the stronger the protection of debt bottom. Fifth, choose a fund with strong fixed income team and strong investment management ability of fund managers. The ratio of convertible bonds to convertible bonds is not limited by 10%, which tests the fund manager's ability to select and allocate bonds. Fund managers with rich investment experience and strong investment ability have certain advantages in bond selection, allocation, leverage and market judgment.