CITIC Securities: Which credit sectors are more cost-effective under the impact of tariffs?

According to the research report from CITIC Securities, since 2025, there has been increased volatility in the bond market, and under the influence of tariffs, it has become more difficult to explore returns in the credit sector. In addition, tariffs may impact the operating conditions of some foreign trade companies, which could potentially affect the credit ratings of corporate bonds, leading to misjudgments in valuations. Looking ahead to May, it is expected that credit spreads will continue to trend upward, so if certain sectors with a high export proportion experience misjudgments in valuations, there may be some speculative value, and the key provincial and municipal urban investment sectors with relatively high credit spreads also have potential for participation. Furthermore, while continuing to adopt a strategy that combines short-term interest rates with flexibility, the profitability of long-term investments has also become apparent. For institutions with stable liabilities, lengthening the duration appropriately can increase returns.