人民币升破“7”字大关：造纸印刷板块领涨，市场静待跨年行情

Core Insights - The offshore RMB to USD exchange rate broke the psychological barrier of 7.0 on December 25, 2025, reaching a low of 6.99853, marking the first time since 2024 [1][2] - The RMB's appreciation is driven by strong domestic economic fundamentals and external factors, including the US Federal Reserve's interest rate cuts [3] Exchange Rate Dynamics - The RMB to USD exchange rate showed a trend of "initial decline followed by a rise" throughout 2025, with an increase of 2827 basis points (3.9%) for onshore RMB and 3305 basis points (4.5%) for offshore RMB [2] Market Response - The stock market reacted positively to the currency appreciation, with A-shares rising collectively, particularly benefiting sectors like paper, machinery, and military equipment [4] - The paper industry, heavily reliant on imported raw materials, stands to gain from reduced procurement costs due to RMB appreciation [4] Beneficiary Sectors - Key sectors benefiting from RMB appreciation include: - Import-dependent industries such as paper and aviation, which will see cost reductions [5] - Domestic consumption-related sectors including agriculture, light manufacturing, and consumer electronics [5] - Service industries like utilities, transportation, and cross-border e-commerce [5] Industry Leaders - Leading companies in the paper industry are gaining attention: - Bohui Paper is advancing a "pulp-paper integration" strategy to enhance self-sufficiency in raw materials [6] - Wuzhou Special Paper, a major player in specialty paper, will benefit from lower raw material costs due to RMB appreciation [6] - Sun Paper, a leader in pulp-paper integration, has significant raw material self-sufficiency due to its operations in Laos [6]