Core Viewpoint - The aviation sector is experiencing significant declines, particularly among major airlines, due to travel restrictions and demand impacts related to Japan. [1] Group 1: Stock Performance - China Southern Airlines (01055) has dropped by 7.67%, trading at HKD 5.54 - China Eastern Airlines (00670) has decreased by 7.12%, trading at HKD 5.22 - Air China (00753) has fallen by 3.5%, trading at HKD 6.89 [1] Group 2: Travel Restrictions - The Ministry of Foreign Affairs has advised Chinese citizens to avoid traveling to Japan during the Spring Festival - Data from DAST indicates that all 49 flights to Japan have been canceled in February - Major airlines including Air China, China Eastern, and China Southern have extended their free ticket refund and change policy for flights to Japan until October 24 [1] Group 3: Market Analysis - Dongxing Securities reports that the demand for flights to Japan is affected, leading to excess capacity as some flight capacity shifts to other routes - Airlines need to strengthen supply management for international routes to mitigate overcapacity risks - Huachuang Securities notes that a 10% change in oil prices could impact the annual costs of the three major airlines by approximately CNY 4.3 to 5.1 billion, while a 1% fluctuation in exchange rates could affect them by CNY 130 to 260 million [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司第七屆董事會第十二次會議決議公告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年一月二十七日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2026-005 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国国际航空股份有限公司 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 证券代码：601111 股票简称：中国国航 公告编号：2026-005 中国国际航空股份有限公司 第七届董事会第十二次会议决议公告 中国国际航空股份有限公司董事会 中国北京，二〇二六年一月二十七日 2 中国国际航空股份有限公司（以下简称"公司"）第七届董事会第十二次会 议（以下简称"本次会议"）的通知和材料于 2026 年 1 月 16 日以电子邮件的方 式发出。本次会议于 2026 年 1 月 27 日 11:30 在北京市顺义区天柱路 30 号国航总 部大楼 C713 会议室以现场结合视频方式召开。本次会议应出席董事 9 人，实际 出席董事 9 人，副董事长王明远先生因公务委托董事长刘铁祥先生出席并表决， 董事肖鹏先生因公务委托董事崔晓峰先生出席并表决，独立董事谭允芝女士因公 务委托独立董事徐念沙先生出席并表决。本次会议由董事长刘铁祥先生主持，公 司高级管理人员列席本次会议。本次会议的召集和召开符合《公司法》等相关法 律、行政法规、规章、规范性文件以及 ...

Core Viewpoint - China International Airlines has experienced a continuous decline in stock price, with a total drop of 5.82% over the last five days, raising concerns among investors [1] Group 1: Company Overview - China International Airlines is located in Beijing and was established on March 27, 2006, with its stock listed on August 18, 2006 [1] - The company's main business includes air passenger transport (90.64% of revenue), other services (4.93%), and air cargo and postal services (4.43%) [1] Group 2: Fund Holdings - The Fuguo Fund has a significant holding in China International Airlines, with the Fuguo CSI Tourism Theme ETF (159766) increasing its stake by 286,800 shares in the fourth quarter, totaling 31,325,800 shares, which represents 5.16% of the fund's net value [2] - The Fuguo CSI Tourism Theme ETF has reported a floating loss of approximately 3.13 million yuan today and a total floating loss of 16.6 million yuan during the five-day decline [2] - The fund was established on July 15, 2021, with a current size of 5.694 billion yuan, and has shown a year-to-date return of 0.2% [2]

（来源：经济日报） 转自：经济日报 国航、南航、东航1月26日发布公告称，根据外交部发布的出行提醒，为协助受影响旅客更好安排出 行，针对1月26日12时前已购买、旅行日期为3月29日至10月24日的上述航空公司日本航线进出港航班客 票，可办理免费退改手续。 据悉，自去年11月15日以来，中国航司已经取消大量赴日航班，根据航班管家DAST数据，2026年1月 中国大陆赴日本航班取消率达47.2％较2025年12月增长7.8个百分点。截至1月26日，2026年2月已有49条 航线取消全部航班。 1月15日，日本政府统计综合窗口公布2025年12月出入境统计数据。数据显示，2025年12月中国公民 （不含港澳台）赴日34.87万人，较2024年12月同比下降约40％，较2025年11月环比下降约35％。 ...

Group 1 - The core viewpoint of the article is that Chinese airlines have extended the free cancellation and rescheduling period for flights to Japan until October 24, 2026, due to safety concerns raised by the Chinese Ministry of Foreign Affairs [2][4] - The extension of the free cancellation and rescheduling policy is a response to warnings about the security situation in Japan, including a rise in criminal cases against Chinese citizens and recent earthquakes [4] - As of January 26, 2026, there has been a significant reduction in flights from China to Japan, with 49 flights canceled or reduced in February, marking a 47.2% decrease in January compared to December 2025, an increase of 7.8 percentage points [4] Group 2 - The three major Chinese airlines involved are China Southern Airlines, Air China, and China Eastern Airlines, all of which have announced the extension of the policy [2] - The impact of the extended cancellation policy may affect travel during the upcoming May Day holiday and summer vacation periods [4] - Data from the Japan Department Store Association indicates a 40% year-on-year decrease in both the number of Chinese customers and sales in Japanese department stores as of December 2025 [4]

Core Viewpoint - The article discusses the extension of the free ticket change and refund policy for flights to and from Japan until October 24, 2026, by several major airlines including Air China, China Eastern Airlines, and China Southern Airlines [1][4]. Group 1: Airlines' Policies - Air China announced that tickets purchased or exchanged before January 26, 2026, for flights between March 29, 2026, and October 24, 2026, can be changed or refunded for free, with certain conditions regarding fare differences [1]. - China Eastern Airlines allows free changes for flights within three days before or after the original flight date, with conditions for subsequent changes [2]. - China Southern Airlines offers free changes for the first change to the same itinerary, with conditions for further changes [2]. - Shandong Airlines and Xiamen Airlines have similar policies, allowing free changes and refunds for tickets purchased before January 26, 2026, for flights during the specified period [2][3]. - Shanghai Airlines and Sichuan Airlines also provide free change and refund options under similar conditions for tickets issued before January 26, 2026 [3][4]. Group 2: Seasonal Context - The announcement indicates that the free change and refund policy will be applicable during the summer and autumn seasons of 2026, specifically from March 29 to October 24, 2026 [4].

航班管家数据显示，截至1月26日，2026年2月已有49条中日航线取消全部航班，比1月进一步增加。 2026年1月，中国赴日本航班取消率达47.2%，较2025年12月增长7.8个百分点。(完) 国航、南航、东航、川航、厦航、上航、山航等航司发布公告称，根据外交部发布的出行提醒，为协助 旅客更好安排出行计划，针对1月26日12时前已购买、旅行日期为3月29日至10月24日的上述航空公司日 本航线进出港航班客票，在客票有效期内，可免费办理退改手续。据悉，上述航空公司已多次发布涉及 日本航线进出港航班客票特殊处置方案，此前的免费退改政策执行至3月28日。 中新社北京1月26日电 (记者 刘文文)据"领事直通车"公众号26日消息，农历春节临近，中国外交部和中 国驻日本使领馆提醒中国公民近期避免前往日本。当日，多家中国航司再次发布关于日本相关航线客票 特殊处理的通告，符合适用条件的客票免费退改政策延至今年10月24日。 ...

Core Viewpoint - Multiple airlines have announced an extension of the special ticket handling policy for Japan routes until October 24, 2026, allowing eligible tickets to be changed or refunded without fees [1][6]. Group 1: Airline Policies - Air China (国航) allows ticket changes or refunds for tickets purchased or exchanged before January 26, 2026, that involve travel dates from March 29, 2026, to October 24, 2026, for flights to and from Japan [1]. - China Eastern Airlines (东航) has similar conditions, requiring tickets to be purchased or exchanged before January 26, 2026, with travel dates between March 29, 2026, and October 24, 2026, for flights to Japan [1][3]. - China Southern Airlines (南航) specifies that eligible tickets must be purchased or exchanged before January 26, 2026, and involve travel dates from March 29, 2026, to October 24, 2026, for flights to Japan [1][3]. Group 2: Additional Airlines - Shandong Airlines (山航) has set conditions for tickets purchased or exchanged before January 26, 2026, with travel dates from March 29, 2026, to October 24, 2026, for flights to Japan [2][4]. - Xiamen Airlines (厦航) requires tickets to be purchased or exchanged before January 26, 2026, with travel dates from March 29, 2026, to October 24, 2026, for flights to Japan [2]. - Shanghai Airlines (上航) also follows similar guidelines, allowing changes or refunds for tickets purchased or exchanged before January 26, 2026, with travel dates from March 29, 2026, to October 24, 2026, for flights to Japan [5]. Group 3: Previous Announcements - Prior to this announcement, several airlines had issued a notice on November 15, 2025, allowing free changes or refunds for Japan route tickets until December 31, 2025 [6]. - On December 5, 2025, airlines further adjusted the special handling policy, allowing free changes or refunds for flights to Japan until March 28, 2026 [6].

Group 1 - The Chinese Ministry of Foreign Affairs has issued a warning for Chinese citizens to avoid traveling to Japan due to serious safety threats, including rising crime against Chinese nationals and recent earthquakes [1][2] - Major Chinese airlines, including Air China, China Southern Airlines, and China Eastern Airlines, have extended their free ticket refund and change policy for flights to Japan until October 24, 2026, in response to the travel advisory [1][2] - There has been a noticeable decline in Chinese tourists planning to visit Japan, with some travelers canceling their trips and opting for alternative destinations [3] Group 2 - The ticket refund and change policy applies to tickets purchased before January 26, 2026, for travel dates between March 29, 2026, and October 24, 2026, for various airlines [4][5][8] - Specific conditions for ticket changes or refunds include that the tickets must not have been used and must involve flights to or from Japan [6][7][12] - Each airline has outlined its own criteria for eligible tickets, including ticket number prefixes and the requirement for at least one unused segment involving Japan [9][10][11][13]