人民币持续升值，哪些资产会受到影响？

Group 1 - The recent appreciation of the RMB is attributed to both market beta factors, such as the decline of the US dollar index, and some domestic alpha factors, including China's economic fundamentals and monetary policy decisions [1][3] - The RMB has appreciated approximately 2% from 7.15 to around 7, while the US dollar index has depreciated by 1.8% during the same period, indicating that the RMB's appreciation is primarily driven by market conditions [1][3] - Looking ahead, the US dollar index is expected to remain weak, which may continue to favor RMB appreciation in the coming years [4] Group 2 - RMB appreciation is beneficial for overall Chinese assets, as it often coincides with a declining US dollar index, which improves liquidity for many countries' assets [5] - Historical data shows that RMB appreciation typically leads to increases in both Hong Kong and A-share indices, although there have been instances of divergence [5][6] - The current market conditions suggest that the A-share market may experience upward movement following the recent RMB appreciation, despite some short-term fluctuations [6] Group 3 - RMB appreciation negatively impacts export-oriented companies, as it reduces the value of their dollar-denominated earnings when converted to RMB [7] - However, the impact varies by region; companies exporting to emerging markets may benefit from increased business volume due to improved dollar liquidity [7] - Conversely, companies engaged in import businesses, particularly those with significant dollar-denominated costs, stand to gain from RMB appreciation, such as airlines and duty-free companies [8] Group 4 - For H-shares, RMB appreciation increases the converted profits and dividends for companies listed in Hong Kong, enhancing the actual dividend yield for foreign investors [9] - The current divergence in the market is not expected to last long, as historical patterns suggest a correction will occur [9] - The focus should be on identifying sectors with strong fundamentals that can sustain growth despite the RMB's appreciation [10]