锦艺集团控股(00565)发布公告，本公司分别于2025年6月25日及2025年7月30日接获MSC Air Cargo SA(作为原告)(MSC)向香港特别行政区高等法院提交，并由该法院发出的传票及申索陈述书，当中要求 (其中包括)根据本公司作为担保人向MSC签发的按需公司担保支付200万美元，该担保涉及MSC与本公 司的附属公司琼港澳航空发展投资有限公司所订立的货机租赁协议项下的责任(该诉讼)。 本公司将继续就该诉讼咨询法律顾问，并采取适当行动。根据初步评估及现有资料，于本公布日期，该 诉讼对本集团整体业务或日常营运并无重大不利影响，亦对本集团财务状况并无重大影响。 ...

Exchange Rate Projections - Under the baseline scenario, the USD/CNY exchange rate is expected to approach 7.0 by the end of the year[1] - In an optimistic scenario, with extraordinary counter-cyclical policies, the new equilibrium for USD/CNY could be around 6.7[1] Monetary Policy Implications - A potential interest rate cut of 10-20 basis points (BP) by the People's Bank of China (PBOC) in Q4 may not delay RMB appreciation but could intensify it[1] - The current market does not fully anticipate a rate cut, meaning the existing exchange rate does not factor in this possibility[1] Economic Context - The recent RMB appreciation is not driven by strong economic fundamentals but rather by expectations and a self-fulfilling cycle of currency appreciation[1][10] - The Chinese government's debt cost is currently lower than economic growth rates, supporting fiscal expansion and the exchange rate[1] Investment Insights - RMB appreciation is expected to benefit Chinese stocks, with historical data showing that a 1% appreciation typically leads to a 2.73% increase in A-shares and a 4.52% increase in Hong Kong stocks[6] - The current RMB appreciation cycle has seen A-shares rise by an average of 8.31% and Hong Kong stocks by 10.52% since April 8, 2025[6] Risks and Considerations - Risks include misinterpretation of policy, unexpected monetary policy actions, and potential increases in U.S. tariffs[50]

最近美国财政部长贝森特的一番言论引发热议。在中美贸易谈判问题上，他高调宣称美国并非无计可施，特别提到中国若继续限制稀土出口，美国完全可以 拿飞机发动机和某些化工产品作为谈判筹码。这番言论看似强硬，实则经不起推敲。 美国想用航空技术要挟中国？专家：这张牌恐怕打不响 贝森特重点提及的飞机发动机领域，目前确实是美国及其盟友的技术强项。值得注意的是，就在他发表这番言论的同时，美国媒体曝出消息称中国商飞因供 应链问题，不得不将C919客机今年的交付目标从75架下调至25架。这主要是由于美国7月份暂停了通用电气关键零部件的出口许可。 这一事件确实暴露出我国在高端制造领域仍存在卡脖子的风险，但贝森特想借此要挟中国在稀土问题上让步，恐怕打错了算盘。 首先，贝森特犯了一个根本性错误——将暂时的技术依赖误判为永久的软肋。中国在C919项目上选择国外发动机，主要是为了更快获得适航认证、抢占市 场先机，绝非没有自主研发能力。事实上，我国长江-1000A等国产航空发动机项目一直在稳步推进。历史经验告诉我们，外部封锁往往只会加速自主创新 的步伐。 其次，现代航空产业链高度全球化。美国企业深度参与C919供应链，若实施禁运，首当其冲受损的 ...

Group 1 - The Guangdong Provincial Department of Commerce is actively promoting the development of the low-altitude economy and welcomes global enterprises to participate in the construction of the low-altitude industry in the Greater Bay Area [2] - The event featured a detailed explanation of provincial policies and development opportunities related to the low-altitude economy, highlighting the financial support provided by CITIC Bank Guangzhou Branch [2][3] - A list of intended low-altitude economic projects was released, including 23 enterprise settlement intentions, 37 application scenario demands from 13 cities, and 21 cooperation needs from 16 low-altitude economic enterprises [2] Group 2 - CITIC Bank Guangzhou Branch aims to deepen cooperation with government and enterprises to efficiently connect low-altitude economic resources with financial resources, contributing to the establishment of a global low-altitude economic industry hub in the Greater Bay Area [3]

中国航空工业文化中心表示，"理想汽车未经我方授权，擅自使用中航飞机型号形象进行广告宣传的行 为，侵犯了公司合法权益，误导了消费者的合法知情权，已经属于严重虚假宣传以及知识产权侵权行 为。"该中心要求理想汽车立即停止所有侵权内容传播，删除所有侵权内容，并正式道歉，对外澄清双 方无联名宣传关系。 对此，9月26日，理想汽车相关负责人向南都记者表示，"此前确实通过非正式渠道收到了'中国航空工 业文化中心'的函件图片。鉴于涉及航空相关议题，公司高度重视，已在收到函件图片后第一时间暂停 相关宣传，并主动与'中航工业品牌运营管理中心'和'中国航空工业文化中心'建立联系沟通、开展核 实。" 中航工业官网显示，该公司是由中央管理的国有特大型企业，是国家授权的投资机构，于2008年11月6 日由原中国航空工业第一、第二集团公司重组整合而成立。集团公司设有航空武器装备、军用运输类飞 机、直升机、机载系统、通用航空、航空研究、飞行试验、航空供应链与军贸、专用装备、汽车零部 件、资产管理、金融、工程建设等产业，下辖100余家成员单位、26家上市公司。 相关海报。 据了解，近日，有消息称中国航空工业文化中心向理想汽车发送了《关于立即停 ...

www.ccxi.com.cn 特别评论 2025 年 9 月 目录 | 要点 | 1 | | --- | --- | | 主要关注因素 | 2 | | 航空行业 | 2 | | 机场行业 | 6 | | 收费公路行业 | 9 | | 港口行业 | 12 | 联络人 | 作者 | | --- | | 企业评级部 | | 吴亚婷 027-87339288 | | ytwu@ccxi.com.cn | | 曲甘雨 027-87339288 | | gyqu@ccxi.com.cn | | 王 昭 027-87339288 | | zhaow02@ccxi.com.cn | | 何瑞婷 027-87339288 | | rthe@ccxi.com.cn | 其他联络人 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 交通运输行业 交通运输行业中期信用观察—稳健增长，温和前行 要点 1 交通运输行业中期信用观察 2025 年上半年我国航空客运市场保持较好增长，其中航空国 内客运量增速有所回落，境内航司国际及地区客运量在国际航 线加速修复的推动下恢复至 2019 年同期水平；同时，货运市 ...

Group 1 - An Australian Airlines flight from Sydney to Auckland experienced an emergency situation upon landing, with the Boeing 737 flight QFA141 arriving at Auckland International Airport at 11:47 AM local time [3] - Emergency services responded with nine fire crews and additional support units to the scene, surrounding the aircraft after it left the runway [3] - The aircraft remains near the runway, and specific details regarding the incident have not yet been disclosed [3] Group 2 - Former President Trump announced a 25% tariff on imported heavy trucks, indicating potential impacts on the automotive industry [4] - The Ministry of National Defense responded to inquiries about whether China is building a fourth aircraft carrier, which could have implications for defense and military sectors [4] - The Ministry of Commerce is conducting an investigation into trade and investment barriers related to restrictions on China by Mexico, which may affect trade relations and economic dynamics [4]

Group 1 - The Marbat festival in India has unexpectedly become a focal point of international public opinion, with a statue resembling Trump symbolizing the deteriorating India-US relations [2][4] - The statue's base features slogans expressing anti-American sentiments, reflecting the growing discontent among the Indian populace due to US tariffs and scrutiny over India's oil purchases from Russia [4][6] - India's foreign minister responded assertively to US criticisms, highlighting the hypocrisy of US oil purchases while accusing India of wrongdoing [6] Group 2 - In response to the deteriorating relations, India has initiated a dual strategy of domestic and international actions, including public protests against American goods and a push for "Make in India" initiatives [8][10] - The "Mya Jyan Shakti" project aims to establish a robust air defense network, signaling India's intent to enhance its defense capabilities and reduce reliance on the US [10][12] - India is also pursuing ambitious goals in the semiconductor and electric vehicle sectors, aiming to revive its semiconductor industry and become the largest electric vehicle producer by 2030 [10][12] Group 3 - India's diplomatic efforts include seeking cooperation with China for resources and negotiating with France for technology transfer in defense projects, although skepticism exists regarding the feasibility of these collaborations [12][14] - The deepening of oil cooperation with Russia and forming alliances with countries like Brazil indicate India's strategy to counter US pressure, though these alliances may lack long-term stability [15][19] - India's misjudgment of its strategic value has led to a decline in the special treatment it previously received from the West, resulting in punitive tariffs and a potential loss of industrial support [17][19] Group 4 - The Marbat festival's statue and the strong responses from Indian officials highlight the underlying weaknesses in India's industrial base and diplomatic foundations, suggesting that mere rhetoric will not suffice for long-term success [21] - India's ambitious military and industrial goals, such as the AMCA fighter jet program, may not be achievable without addressing fundamental industrial shortcomings and establishing stable diplomatic relations [21]

北京商报讯(记者关子辰牛清妍)9月25日，北京商报记者从波音公司获悉，波音9月24日向金鹏航空交付 了一架777货机。金鹏航空共订购了两架777货机，此次交付的是首架。 金鹏航空表示，777货机将补充金鹏航空的747货机机队，实现高达3米的行业标准货物的无缝联运，同 时具备针对高密度货物的107吨业载能力。 ...

巴菲特在投资股票时会研究股票的基本面，他希望能够长期持有。但是一旦发生三种情况，他会毫不犹 豫地卖掉。第一种是所投资的公司出现基本面恶化，比如当年他投资于航空股，但后来发生了疫情，航 空业受到重创，巴菲特果断卖掉；第二种是当估值过高产生泡沫时，巴菲特也会及时卖掉，他在过去两 年大幅减仓美股，其实也反映出对美股高估值的担忧；第三种是当在同行业中找到更好的公司，巴菲特 也会进行调仓换股，比如他曾经重仓配置的科技股是IBM，但后来他发现IBM在手机移动端并没有太大 机会，后来听从著名价值投资者段永平的建议，配置了苹果，从而获得了更好的回报。巴菲特的这种从 善如流的作风，也值得我们学习。 9月25日，创业板指数表现亮眼，全日上涨1.58%，盘中一度达到3266点，续创近三年新高。沪深两市 上午放量上涨，特别是科技板块继续领涨，有色金属板块表现活跃。游戏、AI应用、可控核聚变等板 块涨幅居前。值得一提的是，锂电板块大涨，锂电龙头股创历史新高，总市值一度超越茅台，具有重要 的信号意义。先前科技龙头大幅上涨，一度超过白酒龙头，这本身也意味着经济转型的趋势越来越明 显。随着动力电池交货旺季的到来，储能电池的需求进一步爆发，锂 ...