中文：

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，具有债券和股票的双重属性。在未转换为股票之前，可转债和普通债券一样，可以获得固定的利息收益，也可以在市场上卖出。但是，当转换为股票后，可转债的价格就和股票价格挂钩了，如果股票价格上涨，可转债的价格也会随之上涨。

可转债的优点在于，如果市场行情不好，投资者可以持有债券以获取固定收益；而如果市场行情好，投资者则可以将债券转换为股票，分享股票上涨带来的收益。因此，可转债是一种进可攻、退可守的投资工具。

英文：

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 of stock.

A convertible bond is a type of bond that has both debt and equity characteristics. Before converting into stock, the convertible bond is similar to a regular bond, which can provide fixed interest income and can be sold on the market. However, after converting into stock, the price of the convertible bond is linked to the stock price. If the stock price rises, the price of the convertible bond will also rise.

The advantage of the convertible bond is that if the market is not doing well, investors can hold the bond to obtain fixed income; and if the market is doing well, investors can convert the bond into stock and share in the benefits of stock appreciation. Therefore, the convertible bond is a flexible investment tool that can be used to take advantage of favorable market conditions while protecting against market downturns.