【中文版】

可转债，全称为可转换债券，指的是持有者可以在特定时期内，按照一定比例或价格，将其转换为特定数量的另一种证券的债券。这种债券可以转换成股票。

可转债是债券的一种，但与普通债券相比，它具有转换为股票的权利。因此，可转债的价格受到股票价格的影响。如果股票价格上涨，可转债的价格也会随之上涨。

对于投资者来说，购买可转债可以同时获得债券的稳定收益和股票上涨的收益。如果投资者看多股票，购买可转债是一个不错的选择。此外，由于可转债具有转换为股票的权利，因此它也可以被视为一种看涨期权。

在实际操作中，投资者需要注意可转债的转换价格、转换期限以及赎回条款等条款。这些条款会影响到可转债的投资策略和收益。

总的来说，可转债是一种具有双重属性的投资品种。它既可以作为债券进行投资，也可以转换为股票进行投资。对于投资者来说，合理运用可转债可以优化投资组合，提高收益。

【英文版】

Convertible bond, also known as convertible debenture, refers to a bond that can be converted into another type of security at a certain ratio or price within a specific period of time. This bond can be converted into shares.

A convertible bond is a type of bond, but unlike a regular bond, it has the right to be converted into shares. Therefore, the price of a convertible bond is influenced by the stock price. If the stock price rises, the price of the convertible bond will also rise.

For investors, buying convertible bonds can provide both the stable income of bonds and the potential gains from stock appreciation. If investors are bullish on stocks, buying convertible bonds is a good choice. In addition, because convertible bonds have the right to be converted into shares, it can also be regarded as a call option.

In practical operation, investors need to pay attention to the conversion price, conversion period, and redemption terms of convertible bonds. These terms will affect the investment strategy and returns of convertible bonds.

Overall, convertible bonds are a dual-property investment product. It can be invested as a bond or converted into shares for investment. For investors, reasonable use of convertible bonds can optimize investment portfolios and enhance returns.