Subscribing for new bonds generally refers to subscribing for convertible bonds or exchangeable bonds issued by listed companies. Convertible bonds are called convertible corporate bonds. Like other bonds, convertible bonds have stipulated interest rates and maturities, but unlike ordinary bonds, convertible bonds can be converted into stocks under certain conditions.

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First of all, according to the economic development cycle, judge the buying opportunity. We often say that the stock market is a barometer of the economy. If the stock market is effective, the performance of the stock market roughly reflects the prosperity of economic development. Economic development has the characteristics of periodic cycle, and an economic cycle includes several stages: recession, recovery, expansion and overheating. Generally speaking, it is most appropriate to invest in equity funds at the stage of economic cycle recession to the bottom, gradual recovery and then expansion.

When it is clearly believed that the economy is at the bottom of the boom, the proportion of low-risk funds such as bond funds and monetary funds should be increased, and if the economy is in the recovery stage of development, the investment proportion of equity funds should be increased. When the speed of economic development gradually declines, it is necessary to gradually make profits and convert them into fund products with stable income. Considering the situation of stock market and economic development, it is expected that there will be good development in the next few years, which should be a good opportunity to invest in stock funds.

The second is the popularity of fund-raising. It is a time-tested truth that the stock market ends in high spirits and unfolds in pessimism. When people who don't usually buy stocks begin to talk about the possibility of stock profit, when buying and selling stocks becomes a national movement, it is not far from the high point of the stock market. On the contrary, when retail investors withdraw from the market, the market may start to rebound. In fact, judging whether the market is cold or hot can be seen from the situation of fund raising. Experience shows that well-raised funds usually perform poorly, while poor-performing funds have higher returns. This is because investors are always brave in chasing up and down, and dare not intervene on dips.