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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China Tightens Rules for Freewheeling Drone Hobbyists</li><li>China’s Factory Activity Returns to Expansion in March Amid Surging Costs</li><li>Hong Kong Delays Issuance of First Compliant Stablecoin Licenses</li></ul>

In Depth: China Tightens Rules for Freewheeling Drone HobbyistsChina’s Factory Activity Returns to Expansion in March Amid Surging CostsHong Kong Delays Issuance of First Compliant Stablecoin Licenses

CX Daily: China Tightens Rules for Freewheeling Drone Hobbyists 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The airlines and marine transportation sectors are the most exposed to the rise in Brent oil prices caused by the current US-Iran conflicts in the Middle East.</li>
<li>For the airlines, <a href="https://www.smartkarma.com/entities/china-eastern-airlines-co-h" target="_blank" data-smartkarma-citation="entities:1079:1" rel="noopener">China Eastern Airlines (670 HK)</a> is the most vulnerable, while <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> is relatively more insulated.</li>
<li>For marine transportation, <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a> is the least exposed, but <a href="https://www.smartkarma.com/entities/pacific-basin-shipping-ltd" target="_blank" data-smartkarma-citation="entities:929:1" rel="noopener">Pacific Basin Shipping (2343 HK)</a> looks to be more negatively affected.</li>
</ul>


The airlines and marine transportation sectors are the most exposed to the rise in Brent oil prices caused by the current US-Iran conflicts in the Middle East.
For the airlines, China Eastern Airlines (670 HK) is the most vulnerable, while Cathay Pacific Airways (293 HK) is relatively more insulated.
For marine transportation, SITC International (1308 HK) is the least exposed, but Pacific Basin Shipping (2343 HK) looks to be more negatively affected.


HK Strategy: Assessing the Oil Vulnerability

<ul>
<li>The appreciation of Rmb will bring benefits to some companies. With a lower USD rate and an inflow of funds to China, this trend is expected to continue into 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/h-world-group-ltd" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">H World Group (1179 HK)</a>, <a href="https://www.smartkarma.com/entities/china-everbright-environment-group-limited" target="_blank" data-smartkarma-citation="entities:15946:1" rel="noopener">China Everbright Environment (257 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a> are the most likely ones to gain the most.</li>
<li>The newly listed companies in Hong Kong are exposed due to the translation of massive HKD proceeds to Rmb, with the impact on <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a> being the heaviest. </li>
</ul>


The appreciation of Rmb will bring benefits to some companies. With a lower USD rate and an inflow of funds to China, this trend is expected to continue into 2026.

H World Group (1179 HK), China Everbright Environment (257 HK), and China National Building Material (3323 HK) are the most likely ones to gain the most.
The newly listed companies in Hong Kong are exposed due to the translation of massive HKD proceeds to Rmb, with the impact on SICC (2631 HK) being the heaviest. 


China Strategy: Revisiting the Rmb Appreciation Story

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Growth trends at four listed Chinese airports YTD 2025 showed surprising differences</li>
<li>The fastest-growing airports were also the worst performing stocks in the group in 2025</li>
<li>Shares of Guangzhou's and Shanghai's airports also lagged those of "hometown" airlines</li>
</ul>


Growth trends at four listed Chinese airports YTD 2025 showed surprising differences
The fastest-growing airports were also the worst performing stocks in the group in 2025
Shares of Guangzhou's and Shanghai's airports also lagged those of "hometown" airlines


Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

China

China Southern Airlines Company Limited provides air transportation services. The Company offers passenger and freight air transportation services, aviation equipment maintenance and aircraft leasing services. Shanghai Airlines also provides ticket and hotel booking and consulting services. China Southern Airlines provides services worldwide.

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China Southern Airlines (600029 CH)

CX Daily: China Tightens Rules for Freewheeling Drone Hobbyists

TOP STORIES In Depth: China Tightens Rules for Freewheeling Drone Hobbyists In January, Sun Wei was detained by authorities after flying a drone...

Caixin Global

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

HK Strategy: Assessing the Oil Vulnerability

Rise in Brent oil prices due to US-Iran conflicts hits airlines and marine transportation sectors as fuel and bunker costs increase, with China...

Osbert Tang, CFA

China Strategy: Revisiting the Rmb Appreciation Story

The Rmb has accelerated its appreciation this year, with a gain of 1.1% against the USD in just under 1.5 months. In 2025, it appreciated 4.3%,...

Osbert Tang, CFA

Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Surprising growth trends among four listed Chinese airports in 2025 and striking differences in recent share performance suggest a pair trade: Long...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: China Tightens Rules for Freewheeling Drone Hobbyists

TOP STORIES In Depth: China Tightens Rules for Freewheeling Drone Hobbyists In January, Sun Wei was detained by authorities after flying a drone...

Caixin Global

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

HK Strategy: Assessing the Oil Vulnerability

​Rise in Brent oil prices due to US-Iran conflicts hits airlines and marine transportation sectors as fuel and bunker costs increase, with China...

Osbert Tang, CFA

China Strategy: Revisiting the Rmb Appreciation Story

The Rmb has accelerated its appreciation this year, with a gain of 1.1% against the USD in just under 1.5 months. In 2025, it appreciated 4.3%,...

Osbert Tang, CFA

Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Surprising growth trends among four listed Chinese airports in 2025 and striking differences in recent share performance suggest a pair trade: Long...

Tracking Traffic

Rise in Brent oil prices due to US-Iran conflicts hits airlines and marine transportation sectors as fuel and bunker costs increase, with China...