中信证券：债市走牛逻辑已然清晰，股市中具备防御属性的红利资产或将成资金抵御\"关税风暴\"的核心避风港

Core Viewpoint - The report from CITIC Securities indicates that the logic behind the bond market rally is clear, and dividend assets with defensive attributes in the stock market may become the core safe haven for capital against the "tariff storm" [1] Group 1: Market Reactions - On April 2, 2025, the Trump administration officially implemented the "reciprocal tariff" policy, triggering a global capital risk-averse mode [1] - Risk assets have experienced significant declines, while safe-haven assets have emerged as the biggest winners [1] Group 2: Bond Market Insights - The yield on the 10-year U.S. Treasury bond dropped sharply, with China's bond market breaking a nearly quarter-long stalemate [1] - The yield on the 10-year Chinese government bond approached a previous low of 1.6% [1] Group 3: Investment Strategy - From an allocation perspective, the logic for a bond market rally is evident, suggesting a high probability of a bullish trend [1] - Dividend assets in the stock market, characterized by defensive properties, are expected to resonate with the strong catalyst of the tariff storm and solid dividend fundamentals [1]