Aviation stocks experienced broad gains in early trading. At the time of writing, AIR CHINA (00753) rose 4.41% to HK$7.1; CHINA EAST AIR (00670) increased 3.73% to HK$5.29; and CHINA SOUTH AIR (01055) climbed 1.97% to HK$5.7. On the news front, the offshore yuan recently broke through the key psychological level of 7 against the US dollar. Separately, with the 2026 New Year holiday approaching, a growing number of consumers are choosing to travel to celebrate the occasion. Data indicates that for the 2026 New Year holiday, flight bookings from cities like Beijing, Tianjin, and Shanghai to popular destinations such as Sanya, Haikou, Kunming, Guangzhou, Changbaishan, and Harbin have shown a rapid sequential increase. As of December 25, domestic flight ticket bookings have exceeded 2.71 million, a year-on-year increase of approximately 35%. Zhongtai Securities believes that the appreciation of the yuan alleviates foreign exchange pressure for airlines. Furthermore, the upcoming New Year holiday (scheduled from Thursday, January 1st to Saturday, January 3rd, 2026) offers a flexible structure, allowing travelers to extend their break by taking additional leave, which is favorable for air travel. In the short term, with crude oil prices breaking downward, the yuan strengthening, and the catalytic effect of the New Year and Spring Festival holidays, expectations for improvements in airline volume and pricing are robust. The positive fundamental changes present promising investment opportunities in the aviation sector.