Non-ferrous metallurgical products have always been a trade deficit. For non-ferrous smelting enterprises that need to import a large number of non-ferrous mineral products, the appreciation of RMB can reduce production costs to some extent. I remember that several non-ferrous metal listed companies actually turned losses into profits in the interim report. Therefore, we can continue to pay attention to colored index funds, such as Thailand Securities Nonferrous and Xincheng CSI 800 Nonferrous Index.

Apart from non-ferrous metals, which industries will benefit from RMB appreciation? The most direct beneficiaries are the aviation industry (accurately called the air transport industry) and the paper industry. Because China Airlines has a large capital expenditure, high fixed costs and high general debt ratio, its liabilities are mainly in US dollars.

Therefore, the appreciation of RMB will obviously benefit air transport listed companies. In addition, it is also directly beneficial to the paper industry. 35% of the raw materials in China paper industry come from abroad, which is a typical industry with raw materials in foreign product markets. The appreciation of RMB can directly save costs and help enterprises reduce the cost of production materials.