Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is driven by multiple factors, including a weakening dollar, asset revaluation, a surge in currency settlement, and policy guidance from the central bank [2][3]. Group 1: Drivers of RMB Appreciation - The primary external driver of the RMB's appreciation is the significant decline in the US dollar index, which fell approximately 9.7% in 2025 due to weak economic data and expectations of a more accommodative monetary policy from the Federal Reserve [3]. - Internal dynamics have shifted from an "Anything but China" strategy to an "AI & China" focus, with foreign capital reassessing the value of Chinese assets, leading to a noticeable trend of capital inflow [3][4]. - The peak period for currency settlement among export enterprises, particularly around the Chinese New Year, has led to a substantial sell-off of US dollars in favor of RMB, creating a positive feedback loop that amplifies the appreciation momentum [4]. - The central bank has maintained stability in the RMB through market-oriented measures rather than direct intervention, ensuring that the real effective exchange rate remains competitive for exports [4]. Group 2: Beneficiary Sectors of RMB Appreciation - Cost-compression industries, such as aviation and paper manufacturing, benefit significantly from RMB appreciation due to reduced costs associated with dollar-denominated debts and imported raw materials [5][6]. - Resource and commodity import sectors, including steel and petrochemicals, gain from enhanced global purchasing power, allowing them to stabilize profit margins amid fluctuating international prices [6][7]. - Financial and technology sectors are likely to see increased foreign investment, enhancing the relative return on RMB assets and boosting consumer purchasing power for cross-border consumption [7][8].

有分析称，春节刚过，像北京飞三亚300元这样的"白菜价"机票满天飞，这确实是民航市场典型的节后 现象。它对航空股的影响需要分两个层面来看：短期是情绪上的"小困扰"，但中长期反而强化了行业景 气的"大逻辑"。 | 代码 | 名称 | 最新价 涨跌幅 ^ | | --- | --- | --- | | 01055 | 中国南方航空股 | 5.920 -4.36% | | 00753 | 中国国航 | 6.830 -3.53% | | 00670 | 中国东方航空股 | 5.600 -3.45% | | 02588 | 中银航空租赁 | 86.200 -2.05% | | 00357 | 美兰空港 | 8.700 -1.14% | 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 2月27日，港股航空股集体走低，其中，中国南方航空跌超5%，中国国航、中国东方航空跌超4%，美 兰空港跌近2%。 消息上，随着2026年马年春节假期结束，民航市场也进入传统的淡季周期。与春节期间"一票难求"的景 象形成鲜明对比，国内多条热门航线机票价格已出现大幅"跳水"迹象，甚至出现了低至1折以下的"白菜 价"。从多家旅行平台获 ...

港股航空股集体走低，其中，中国南方航空跌超5%，中国国航、中国东方航空跌超4%，美兰空港跌近 2%。 消息上，随着2026年马年春节假期结束，民航市场也进入传统的淡季周期。与春节期间"一票难求"的景 象形成鲜明对比，国内多条热门航线机票价格已出现大幅"跳水"迹象，甚至出现了低至1折以下的"白菜 价"。从多家旅行平台获悉，自2月23日（正月初七）客流高峰触顶后，国内航线机票价格开始显著回 落。预计至3月13日，机票均价将降至低点，整体降幅超过50%。即日起至3月底，错峰出游机票将持续 维持低位。 有分析称，春节刚过，像北京飞三亚300元这样的"白菜价"机票满天飞，这确实是民航市场典型的节后 现象。它对航空股的影响需要分两个层面来看：短期是情绪上的"小困扰"，但中长期反而强化了行业景 气的"大逻辑"。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 01055 | 中国南方航空股 | 5.920 | -4.36% | | 00753 | 中国国航 | 6.830 | -3.53% | | 00670 | 中国东方航空股 | | 5.600 -3 ...

新京报讯 据"黑龙江发布"微信公众号消息，自2026年3月29日起，哈尔滨机场将正式进入2026年夏航 季。届时，国产大飞机C919将重磅入驻，由中国国际航空执飞北京首都—哈尔滨太平航线，每日执行 两班往返航班，为广大旅客带来全新的航空出行体验。 此次投入哈尔滨机场运营的国航C919机型，采用8个公务舱+148个经济舱的两舱布局，共计156个座 位。客舱设计充分兼顾舒适性与便捷性，能满足不同旅客的出行需求，让旅客在享受国产大飞机科技魅 力的同时，拥有更惬意的航程体验。 | 航班号 | 航线 | 计划时刻 | 航站楼 | 机型 | 客舱布局 | | --- | --- | --- | --- | --- | --- | | CA1611 | 北京首都→哈尔滨太 | 17:30-19:2 | 北京T3→哈尔滨T | Cal | 8/148 | | | 라 | 5 | N | 9 | | | CA1612 | 哈尔滨太平→北京首 | 20:15-22:1 | 哈尔滨T2→北京T | C91 | 8/148 | | | 都 | 0 | 3 | ්‍රි | | | CA1641 | 北京首都→哈尔滨太 | 19:30 ...

| Wind代码 | 证券简称 | 截至2月26日 年内涨幅(%) | | --- | --- | --- | | 671010.OF | 西部利得策略优选A | 54.37 | | 673071.OF | 西部利得新动力A | 53.48 | | 673040.OF | 西部利得行业主题优选A | 48.54 | | 001302.OF | 前海开源金银珠宝A | 32.51 | | | 数据来源:Wind,数据截取:2026年1月1日-2026年2月26日; | | 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 年初至今，资源板块的结构性行情持续演绎，重仓相关赛道的基金净值表现抢眼，成为公募权益类基金 排名大战中的领跑者。Wind数据显示，截至2月26日，西部利得策略优选A今年以来收益率已达 54.37%，在偏股混合型基金中名列前茅；同一位基金经理管理的西部利得新动力A和西部利得行业主题 优选A年内涨幅也分别达到53.48%和48.54%；前海开源金银珠宝A同样录得32.51%的收益率。 然而，记者查阅基金官方公开信息发现，上述凭借重仓资源股斩获亮眼回报的基金，其基金合同约定的 投 ...

Investment Rating - The industry rating is "Outperform" [1] Core Insights - Aircraft manufacturers are slowly recovering their production capacity, but the backlog of aircraft orders remains at a historically high level. In January 2026, Boeing delivered 46 aircraft, while Airbus delivered 19. IBA predicts that Airbus will deliver slightly more than 900 aircraft in 2026, and Boeing is expected to deliver around 670 aircraft for the year. The demand for aircraft orders continues to be strong, with backlog levels remaining high [2][7][8]. - The secondary aircraft trading market has been strengthening since the pandemic's impact has diminished. Narrow-body aircraft, particularly the Airbus A320/A321 series and Boeing 737NG series, dominate the market. Demand comes from existing operators, as well as from dismantling traders and spare parts suppliers. The market value and rental levels for wide-body aircraft are also on the rise, driven by high engine overhaul costs and a shortage of maintenance slots. Despite limited availability of aircraft and engines for sale, the overall aircraft trading market is expected to remain strong [2][41]. - Overall, while aircraft manufacturers' production capacity has improved, it still struggles to meet the ongoing demand for aircraft. The aircraft leasing industry is expected to benefit from the tight supply-demand dynamics. The Asia-Pacific aviation market has significant growth potential, providing broader development space for Chinese aircraft leasing companies. Compared to global leasing leader AerCap, Chinese leasing companies are currently undervalued and possess higher order elasticity, making them worthy of attention [2]. Summary by Sections 1. Aircraft Supply Continues to be Tight - Aircraft manufacturers are facing production constraints due to supply chain issues and labor shortages, leading to delivery delays. The backlog of orders remains high, with a total of 15,560 aircraft orders as of the end of January 2026 [2][8]. 2. Civil Aviation Passenger Demand Update - Global aviation passenger traffic growth has slowed, with a year-on-year increase of 5.6% in December 2025, slightly down from 5.8% in November. The load factor was 83.7%, a slight decrease from 83.9% in December of the previous year [13][17]. - International routes are showing steady growth, with international passenger RPK increasing by 7.7% year-on-year in December 2025. The Asia-Pacific region's international passenger traffic remains strong, with a year-on-year growth of 7.5% [20]. 3. Aircraft Leasing Company Dynamics - As of June 30, 2025, Bohai Leasing has the highest number of owned aircraft (628), while China Aircraft Leasing has the least (151). In terms of aircraft orders, Bohai Leasing also leads with 442 orders [39][45]. - The average remaining lease term for China Aircraft Leasing is relatively long at 7.9 years, ensuring long-term stability for the company's leases [48].

消息面上，离岸人民币兑美元升破6.85，创2023年4月14日以来新高。据悉，航企有较多外币负债且多 以美元负债为主，美元走弱有助产生汇兑收益。国信证券此前表示，油价下行以及人民币升值均有利于 航司释放业绩。 申万宏源则表示，当前飞机制造链困境前所未有，供给高度约束，客座率水平已经达历史高位，出入境 旅客量增长趋势确定，航空板块投资有望迎来黄金时代。往后看天气转暖加快将利好3月旅游出行；"晚 春运"背景下节后各行业冲刺一季度订单任务，预计3月公商务恢复较快；中美元首将会晤，预计中美航 线未来有增加预期。 航空股全线走高，截至发稿，东方航空(00670)涨5.42%，报6.03港元；南方航空（600029）(01055)涨 3.9%，报6.4港元；中国国航（601111）(00753)涨2.66%，报7.34港元；国泰航空(00293)涨1.11%，报 13.7港元。 ...

Group 1 - The aviation stocks have risen across the board, with Eastern Airlines up 5.42% to HKD 6.03, Southern Airlines up 3.9% to HKD 6.4, Air China up 2.66% to HKD 7.34, and Cathay Pacific up 1.11% to HKD 13.7 [1] - The offshore RMB has strengthened against the USD, breaking the 6.85 mark, the highest since April 14, 2023, which is beneficial for airlines with significant foreign currency liabilities, primarily in USD [1] - Guosen Securities indicated that the decline in oil prices and the appreciation of the RMB are favorable for airlines to improve their performance [1] Group 2 - Shenwan Hongyuan noted that the current aircraft manufacturing chain challenges are unprecedented, with supply highly constrained and passenger load factors reaching historical highs [1] - There is a confirmed growth trend in inbound and outbound passenger volumes, suggesting a potential golden era for aviation sector investments [1] - Warmer weather is expected to boost travel in March, and the upcoming meeting between Chinese and U.S. leaders may lead to an increase in China-U.S. flight routes [1]

港股航空股走高，中国东方航空股份涨超5%，中国 南方航空股份涨超3%， 中国国航、国泰航空跟 涨。 ...

Group 1 - Ms. Yan Bing has been appointed as the General Manager of Lufthansa Group's Greater China region, effective March 1, 2026 [1][3] - Ms. Yan will oversee all commercial activities of Lufthansa, Swiss International Air Lines, and Austrian Airlines operating in China, and will represent the commercial interests of other member airlines [3] - The role includes managing and strategically developing the joint venture cooperation with Air China, which is one of Lufthansa's most important global joint ventures [3] Group 2 - Ms. Yan brings over 20 years of experience with Lufthansa Group, having held various management positions, including responsibilities in finance, human resources, and compliance across 16 Asia-Pacific markets [4] - She will be based in her hometown of Shanghai in this new position [4] - Felipe Bonifatti, Vice President of Lufthansa Group for Asia Pacific, Middle East, and Eastern Alliances, expressed confidence in Ms. Yan's ability to drive sales, marketing, and distribution strategies, enhance customer and partner relationships, and accelerate business growth in the region [3]