人民币汇率“涨声”不断三类资产配置价值升温

Core Viewpoint - The recent appreciation of the offshore RMB against the USD is expected to positively impact the equity market, with certain sectors likely to benefit from this trend [1][2]. Group 1: Impact of RMB Appreciation on the Market - The RMB has appreciated significantly since April 9, 2025, leading to increased investor interest in its effects on the equity market [1]. - The appreciation of the RMB is believed to improve liquidity and risk appetite in the A-share market, as it encourages foreign capital inflow [2]. - Analysts suggest that the relationship between currency appreciation and stock market performance is complex, influenced by both external monetary policies and internal economic conditions [1][2]. Group 2: Beneficial Sectors - Three asset classes are highlighted for potential investment: industries benefiting from RMB appreciation such as aviation, paper manufacturing, and high-growth sectors like computing and electronics [1][3]. - Specific sectors recommended for investment include steel, chemicals, aviation, industrial metals, and gas, with a focus on how exchange rate fluctuations impact their fundamentals [3]. - The computer and electronics sectors are noted for their high growth potential, while the power equipment sector is expected to benefit from ongoing market recovery [3]. Group 3: Hong Kong Market Performance - Despite the RMB's strength, the Hong Kong stock market has shown relatively weak performance compared to the A-share market since Q4 2025 [3]. - The appreciation of the RMB is expected to enhance the profitability of Hong Kong-listed companies when profits are converted back to HKD, but the overall impact on earnings has been limited due to weaker performance in key sectors [3]. - Analysts anticipate a strong "January effect" for the Hong Kong market in early 2026, driven by factors such as nominal GDP recovery and the revaluation of assets due to RMB appreciation [4].