来源：郭一鸣- 1、股市震荡之际，人民币创一年新高 最近股市震荡整理，但汇率市场却悄然生变！ 11月26日，美元兑离岸人民币汇率升破7.08关口，创2024年10月14日以来新高；11月27日走势再加速，离岸人民币进一步突破7.07，连续刷新一年来峰值。 与此同时，在岸人民币对美元即期汇率同步升破7.09关口，同样创下逾一年新高。 美元兑离岸人民币汇率升破7.08，创下去年10月14日以来新高。与此同时，在岸人民币对美元即期汇率也升破7.09关口，同样创下逾一年新高。今年以来， 人民币对美元汇率中间价年内涨幅约1000个基点。衡量人民币对一篮子货币的CFETS人民币汇率指数亦升至98.22，创下4月初以来的高点。 这轮人民币升值既反映了国内外经济环境的变化，也为A股市场带来了新的活力和机遇！ 值得注意的是，每一次人民币的升值，往往股市就会有反应。而我们也乐于从人民币的升值中寻找和分析股市的影响和机遇。 理论上看，人民币升值通过三大渠道影响股市：其一，资本流动渠道，升值提升人民币资产相对收益，吸引外资流入；其二，企业盈利渠道，进口依赖型企 业因成本下降增厚利润，出口导向型企业则面临竞争力削弱压力；其三，政策空间 ...

Market Overview - The U.S. stock market showed a significant upward trend, with major indices rising for the fourth consecutive trading day, indicating a recovery in market sentiment[9] - The CBOE Volatility Index (VIX) dropped approximately 35% over four days, marking its largest decline since mid-April[9] - The Hang Seng Index closed at 25,928, up 0.13% for the day and 29.25% year-to-date[3] Sector Performance - Large tech stocks exhibited mixed results, with Meituan surging 5.65% while Kuaishou fell nearly 3%[9] - Paper stocks led gains, with Nine Dragons Paper up 5% and Lee & Man Paper up 4.88%, driven by price hikes in packaging and cultural paper products[9] - Airline stocks performed strongly, with China Eastern Airlines rising nearly 7%[9] Economic Indicators - The Federal Reserve's Beige Book indicated a further decline in U.S. consumer spending, reflecting a stagnant economic activity[13] - Initial jobless claims in the U.S. fell to 216,000, the lowest level since mid-April, suggesting a tightening labor market[13] - Morgan Stanley economists adjusted their rate predictions, now expecting a rate cut from the Fed in December rather than January[13] International Markets - The Nikkei 225 index in Japan rose by 1.9%, driven by strong tech sector performance and expectations of a potential rate hike by the Bank of Japan[13] - The Singapore Straits Times Index showed a year-to-date performance of 0.00%, indicating a stagnant market[3]

Core Viewpoint - Miluo Low Altitude Economic Technology Co., Ltd. has been established with a registered capital of 200 million RMB, focusing on low-altitude economic activities and various aviation-related services [1]. Company Information - The company is wholly owned by the Miluo City State-owned Assets Service Center [1]. - The legal representative of the company is Zhang Zhou [1]. - The company was registered on November 24, 2025, and is classified as a limited liability company (wholly state-owned) [2]. Business Scope - The business scope includes engineering and technology research and experimental development, aviation operation support services, manufacturing and sales of intelligent unmanned aerial vehicles [1][2]. - Additional services include technical services, technology development, consulting, and various aviation-related services such as public air transport and maintenance training for civil aviation [2].

Group 1 - The establishment of Hangtie Group (Shanghai) Aircraft Maintenance Co., Ltd. has been officially registered with a capital of 5 million RMB [1][2] - The company is wholly owned by Hangtie Group Co., Ltd. and is engaged in various aviation-related services including radar and radio navigation equipment repair, satellite communication services, and cargo import and export [1][2] - The company operates under the transportation and storage industry, specifically within the aviation sector, and has a business license that allows it to conduct a range of activities including flight training and aviation fuel services [1][2] Group 2 - The legal representative of the company is Dai Hongchen, and it is classified as a limited liability company with foreign investment [2] - The registered address of the company is located at No. 24, Yangxin East Road, Pudong New District, Shanghai [2] - The business license is valid until November 25, 2025, with no fixed term thereafter [2]

Core Insights - Guangdong Tengjian Investment Development Co., Ltd. has been established with a registered capital of 5 million RMB, and its legal representative is Chen Xinyu [1] Company Overview - The company is co-owned by Shenzhen Tengxinli Technology Co., Ltd. (51% stake) and Shenzhen Zhongjia Chao Business Co., Ltd. (49% stake) [1] - The company operates in the transportation, storage, and postal industry, specifically in the aviation transportation sector [1] Business Scope - The business scope includes general operations such as aviation operation support services, investment activities with self-owned funds, software development, manufacturing and sales of intelligent unmanned aerial vehicles, and AI application system integration services [1] - The company also provides technical services, environmental protection monitoring, educational consulting services, and emergency rescue services among others [1] - Licensed operations include general aviation services, construction engineering, and real estate development [1]

Group 1 - The core point of the article is that Huaxia Airlines has announced a pledge of approximately 9.86 million shares by its controlling shareholder, Huaxia Airlines Holdings (Shenzhen) Co., Ltd., which represents 8.08% of the total shares held by the shareholder [1] - As of the announcement date, the total number of pledged shares by Huaxia Airlines Holdings amounts to approximately 24.19 million shares [1] - The company's revenue composition for the first half of 2025 indicates that 98.73% of its revenue comes from the air transportation sector, while other business revenues account for 1.27% [1] Group 2 - The current market capitalization of Huaxia Airlines is 14.7 billion yuan [1]

Group 1 - Spring Airlines announced a share buyback of approximately 35,800 shares, representing 0.0037% of the total share capital, with a total expenditure of around 2 million RMB [1] - The buyback occurred at a maximum price of 55.99 RMB per share and a minimum price of 55.42 RMB per share [1] - As of the report, Spring Airlines has a market capitalization of 54.7 billion RMB [1] Group 2 - For the year 2024, Spring Airlines' revenue composition is 97.67% from air transportation and 2.33% from other businesses [1]

Group 1 - Zhejiang Changlong Airlines Co., Ltd. has made progress in its IPO journey after being included in the "Key Proposed Listed Companies List of Hangzhou City" (July 2025 edition) [1] - The company has completed the counseling filing registration for its initial public offering and plans to list its shares [1] - Established on April 19, 2011, Changlong Airlines is the only local passenger and cargo airline in Zhejiang Province, classified as a medium to large airline [2] Group 2 - The controlling shareholder of Changlong Airlines is Zhejiang Changlong Group Co., Ltd., holding a 40.58% stake, with Liu Qihong as the actual controller [2] - If the IPO is successful, it will mark the eighth airline company listed on the A-share market, which currently has seven listed airlines [3] - The three major state-owned airlines continued to incur losses in the first half of the year, while the four private airlines achieved profitability, with Spring Airlines reporting a net profit of 1.169 billion yuan [3]

Group 1 - The establishment of China Electric Power Construction Aviation Port (Sichuan) Development Co., Ltd. has been recently reported, with a registered capital of 100 million yuan [1] - The company is located in Nanchong City, Sichuan Province, and primarily engages in the aviation transportation industry [1] - The business scope includes general aviation services, public air transportation, artificial intelligence industry application system integration services, and manufacturing of intelligent unmanned aerial vehicles [1] - The company is jointly held by China Electric Power Construction Group Chengdu Survey and Design Research Institute Co., Ltd. and other entities under China Electric Power Construction [1]

Core Points - Sanya Phoenix International Airport has launched its first regular international route to Cheongju, South Korea, with the inaugural flight landing on November 17 [1] - The route is operated by a B737-800 aircraft, with two flights per week, enhancing connectivity between Hainan and South Korea [1] - South Korea is a major source of inbound tourism for Hainan, and the launch of this route is expected to boost tourism collaboration between the two regions [1] Summary by Category Flight Operations - The inaugural flight TW633 departs from Cheongju every Monday and Friday at 19:25, arriving in Sanya at 00:35 the next day [1] - The return flight TW634 leaves Sanya every Tuesday and Saturday at 01:35, arriving in Cheongju at 05:40 [1] Tourism Impact - The Hainan Provincial Department of Tourism and the Sanya Tourism Development Bureau invited nearly 100 key travel agents from South Korea to participate in a 5-day, 4-night tourism resource inspection trip [1] - The launch of this route is part of a broader strategy to strengthen the air network connecting Hainan and South Korea, with additional flights to Seoul (Incheon) starting on November 19 [1]