问题如下：
Wang, a fixed-income analyst, wants to identify the bonds with the best relative value within the automobile sector by using the bottom-up strategy. According to Wang’s strategy, which of the following is correct?
选项：
A.If two issuers have similar credit-related risks, buy bonds of the issuer with the higher spread.
B.the analysis starts from formulating a view on major macroeconomic trends.
C.Sector divisions used in the bottom-up approach are often broader than those used in the top-down approach.
解释：
A is correct.
考点：Top-down、bottom-up方法的辨析
解析：B选项描述的是Top-down approach；对于C选择，Sector divisions在Top-down approach中更加broader。讲义中的描述为：sector divisions used by a top-down investor are often broader than those used by a bottom-up investor.
为什么sector divisions used by a top-down investor are often broader than those used by a bottom-up investor？不是说bottom up的方法更加穷尽且互斥吗？
