14日，外交部和中国驻日本使领馆就中国公民前往日本发布郑重提醒。 15日，国航、南航、东航三 家航司已发出通知，公布了涉及日本航线客票的特殊处置方案，对于出行日期在12月31日之前且符 合相关条件的客票，可予以免费退改处理。 东航在通知中明确，对于在今年11月15日12:00（含）前购买或换开的东航781客票填开的国 际、地区或国内航班。客票中至少含有一段未使用的涉及日本（包括但不限于东京、大阪、广 岛、札幌、小松、鹿儿岛、长崎、新泻、冈山、福冈、静冈、名古屋、松山、冲绳、富山、熊 本）进港、出港或经停航班（包括东航、上航或其他航空公司航班），航班起飞日期在2025年 11月15日至2025年12月31日期间，同一客票内的其他未使用航段日期不限。办理变更至原航班 前后3天（含）以内的航班，可免费变更一次。再次变更或变更超出原航班前后3天（含）内的 航班，需依据客票使用条件办理。在客票有效期内，可至原购票渠道办理未使用航段非自愿退 票，免收退票手续费。 国航在通知中明确，对于在今年11月15日12时（含）前购买或换开产生新票号的国航999开头 的客票（包括里程奖励客票）；客票未使用行程涉及旅行日期为2025年1 ...

Core Points - Multiple airlines, including Air China and China Southern Airlines, have announced special handling procedures for tickets related to Japan routes, allowing free refunds and changes for tickets meeting specific conditions [1][3][4] Group 1: Air China - Air China has issued a notice regarding special handling for Japan route tickets, applicable to tickets purchased or changed before November 15, 2025, with travel dates between November 15, 2025, and December 31, 2025 [3] - Passengers can cancel their bookings before the flight departure and apply for a refund without incurring cancellation fees, provided they meet the specified conditions [3] - The first change to the same itinerary on Air China's actual operating flights is free of charge, although fare differences may apply [3] Group 2: China Southern Airlines - China Southern Airlines has also released a notice for special handling of Japan route tickets, applicable to tickets purchased or changed before November 15, 2025, with travel dates from November 15, 2025, to December 31, 2025 [1] - Similar to Air China, passengers can cancel their bookings before the flight and request a refund without cancellation fees if they meet the criteria [1] - The first change to the same itinerary on China Southern Airlines' actual operating flights is free of charge, with fare differences applicable [1] Group 3: Sichuan Airlines - Sichuan Airlines has announced a special handling plan for Japan route tickets, applicable to tickets issued or changed before November 15, 2025, with travel dates from November 15, 2025, to December 31, 2025 [4] - Passengers can cancel their bookings before the flight and apply for a refund without incurring cancellation fees, provided they meet the specified conditions [5] - The first change to the same itinerary on Sichuan Airlines' actual operating flights is free of charge, with fare differences applicable [4]

Core Points - Three major Chinese airlines, Air China, China Southern Airlines, and China Eastern Airlines, announced special ticket handling policies for flights to Japan, allowing free changes and refunds for tickets purchased before November 15, 2025 [1][2][3] Group 1: Air China - Air China allows free changes and refunds for tickets purchased before November 15, 2025, for flights to Tokyo, Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, and Okinawa, with travel dates between November 15, 2025, and December 31, 2025 [1] - The first change is free of charge, but fare differences may apply, and subsequent changes will follow the ticket's usage conditions [1] Group 2: China Southern Airlines - China Southern Airlines offers similar policies for tickets purchased before November 15, 2025, for flights to Japan, with travel dates from November 15, 2025, to December 31, 2025 [2] - The first change to the same itinerary is free, but fare differences will be charged, and further changes will adhere to the ticket's usage conditions [2] Group 3: China Eastern Airlines - China Eastern Airlines allows free changes for tickets purchased before November 15, 2025, for flights involving Japan, with travel dates from November 15, 2025, to December 31, 2025 [3][4] - Passengers can change their flights to dates within three days before or after the original flight without a fee, while further changes will follow the ticket's usage conditions [3][4]

客票同时满足以下三点： （一）在2025年11月15日12时（含）前购买或换开产生新票号的国航999开头的客票（包括里程奖励客票）； （二）客票未使用行程涉及旅行日期为2025年11月15日（含）至2025年12月31日（含）之间东京、大阪、名古 屋、福冈、仙台、广岛、札幌、冲绳进出港的国航实际承运航班和挂CA航班号的代码共享航班； 新京报讯 11月14日晚，外交部领事司提醒中国公民近期避免前往日本。11月15日，国航、东航、南航均发布关于 日本航线客票特殊处理的通知，对于出行日期在12月31日之前且符合相关条件的客票，可予以免费退改处理。以 下为全文： 国航发布涉及日本航线客票特殊处置方案的通知 根据外交部近期发布的出行提醒，为协助受影响旅客更好地安排出行，现发布国航涉及日本航线进出港航班客票 特殊处置方案，具体内容如下： 一、适用条件 （三）在2025年11月15日0时（含）以后申请客票变更或退票（以取消客票订座时间为准）。 二、客票变更及退票规则 如您未确定新的旅行时间，请在航班计划起飞时间前联系原购票渠道、国航客服热线95583或营业网点取消客票订 座，待确定新的旅行时间后，按如下规则办理客票变更或退 ...

Core Points - Three major airlines in China, Air China, China Southern Airlines, and China Eastern Airlines, have announced special handling measures for tickets related to Japan routes, allowing free changes and refunds for eligible tickets purchased before November 15, 2023 [1][5]. Group 1: Air China - Air China allows free changes for tickets purchased before November 15, 2023, for travel dates between November 15, 2025, and December 31, 2025, for flights to and from various Japanese cities [3]. - The first change is free of charge, but fare differences and seasonal price differences will apply; subsequent changes will follow ticket usage conditions [3]. - Refunds for unused segments can be processed without a cancellation fee within the ticket's validity [3]. Group 2: China Southern Airlines - China Southern Airlines offers similar provisions for tickets purchased before November 15, 2023, for travel dates between November 15, 2025, and December 31, 2025, for flights to and from Japan [4]. - Passengers can cancel their seats before the flight without incurring a refund fee, and the first change to the same itinerary is also free, with fare differences applicable [4]. Group 3: China Eastern Airlines - China Eastern Airlines has outlined that tickets purchased before November 15, 2023, for travel dates between November 15, 2025, and December 31, 2025, involving Japan routes are eligible for free changes within three days of the original flight [4]. - Additional changes or changes outside the three-day window will be subject to ticket usage conditions [4]. - Refunds for unused segments can be processed without a cancellation fee within the ticket's validity [4]. Group 4: Safety Advisory - The Chinese Ministry of Foreign Affairs has issued a warning for citizens to avoid traveling to Japan due to rising safety concerns and incidents involving Chinese nationals [5][6]. - Citizens currently in Japan are advised to stay vigilant and contact local authorities or the Chinese consulate in case of emergencies [6].

Core Viewpoint - The article discusses the recent advisory from the Chinese Ministry of Foreign Affairs and Chinese embassies in Japan, urging Chinese citizens to avoid traveling to Japan due to safety concerns, which has led to major Chinese airlines offering free ticket changes and refunds for flights to Japan [5][6]. Group 1: Advisory and Airline Responses - The Chinese Ministry of Foreign Affairs has issued a warning regarding the safety of Chinese citizens in Japan, citing an increase in criminal incidents against them [5][6]. - Major Chinese airlines, including Eastern Airlines, Southern Airlines, and Air China, have implemented free ticket change and refund policies for flights to Japan from November 15 to December 31, 2025 [5][6]. - The advisory has sparked significant discussion on social media about the safety of traveling to Japan [7]. Group 2: Travel Trends and Market Impact - Japan was a popular travel destination for Chinese tourists during the recent National Day holiday, with high demand leading to sold-out flights [7]. - Following the holiday, there has been a notable decline in demand for flights to Japan, with ticket prices dropping below 500 yuan, indicating a shift in market dynamics [7]. - The weekly flight volume from mainland China to Japan has decreased significantly, with a reported 14.5% drop compared to the previous week [9]. Group 3: Shift in Travel Preferences - Due to safety concerns in Thailand, there has been a shift in travel demand towards Japan and South Korea, with airlines potentially reallocating capacity from Japan to other routes [9]. - Spring Airlines reported strong demand for South Korea, while the Japanese market has seen an increase in supply, leading to improved demand-supply dynamics [9]. - The Southeast Asian market is gradually recovering as travelers perceive conventional tourism as having no significant risks [9].

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting strong supply logic and elastic demand, with specific recommendations for several airlines and global aircraft leasing companies [4][104][105]. Core Insights - The global aviation market is experiencing steady recovery, with passenger turnover (RPK) increasing by 4.8% year-on-year in the first three quarters of 2025, driven by international routes [4][7]. - The report emphasizes the ongoing constraints in the aircraft manufacturing supply chain, predicting that the trend of aging aircraft will continue for the next 5-10 years, leading to significant supply limitations [4][104]. - Airlines are expected to see substantial improvements in profitability as they approach a pivotal moment in the industry, with a notable increase in international passenger traffic anticipated [4][104]. Summary by Sections Global Aviation Market Overview - The global aviation market is stabilizing, with RPK growth of 4.8% and ASK growth of 4.7% in the first three quarters of 2025, resulting in an overall passenger load factor increase to 83.5% [4][7]. - The Asia-Pacific region leads in RPK growth at 7.7%, while North America shows minimal growth [4][13]. U.S. Aviation Market Tracking - In Q3 2025, U.S. airline ticket sales saw a rebound with domestic passenger volume up by 7.4% and average ticket prices increasing by 4.1% [4][43]. - The report notes a divergence in performance among major U.S. airlines, with Delta Airlines showing significant profit growth while American Airlines reported losses [4][61][69]. European Aviation Market Tracking - The European aviation market has shown steady recovery, with passenger volumes returning to pre-pandemic levels and ticket prices experiencing slight increases [4][74][83]. - Lufthansa reported a 4% increase in revenue for Q3 2025, driven by strong demand for leisure travel [4][83]. Asian Aviation Market Tracking - Major airports in Southeast Asia and Japan are experiencing continued growth, with passenger volumes surpassing pre-pandemic levels [4][88][94]. - The report highlights the strong recovery in passenger traffic at key transit airports, benefiting from robust demand [4][94]. Investment Analysis - The report suggests that the aviation sector is at a turning point, with airlines likely to experience a "golden era" of profitability due to increasing international travel and effective capacity management [4][104]. - Specific airline recommendations include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others, with a focus on companies showing continuous improvement in performance [4][104][105].

Core Insights - China Southern Airlines (CSA) has established a new operating branch in Xiong'an New Area, aiming to enhance travel services and support the region's development [3][4] - The launch event highlighted CSA's commitment to providing high-quality travel experiences, including direct access to Daxing Airport and seamless global connections [3] - The establishment of the Xiong'an branch is part of a broader initiative to improve transportation services and create a favorable business environment in the region [3] Group 1 - CSA's new operating branch will offer services such as "home check-in" and direct flights to Daxing Airport, enhancing convenience for travelers [3] - The company has introduced three core products focused on the coordinated development of the Beijing-Tianjin-Hebei region, including enhanced city routes and new international destinations [4] - The launch of integrated transport solutions, combining air and ground services, aims to create a comprehensive travel network and improve connectivity [4] Group 2 - The new services include "Nanchang Express" and "One-Minute Boarding" to facilitate global connectivity and optimize the Daxing hub [4] - CSA is also focusing on eco-friendly products that integrate hotel services and business accommodations, catering to personalized travel needs [4] - The initiative is expected to significantly contribute to the internationalization and convenience of the business environment in Xiong'an New Area [3][4]

Core Insights - The 2025 Fliggy "Double 11" Global Travel Festival achieved record-breaking sales, with overall fulfillment GMV increasing by 30% compared to last year [1] - The number of participating users and their spending power continued to rise, with transaction user numbers growing over 20% year-on-year [1][2] - The event saw significant participation from travel agencies, with the number of merchants achieving over 10 million yuan in GMV increasing by approximately 30% [1] Group 1 - Fliggy reported that the number of 88VIP transaction users grew by about 30%, contributing to over 70% of the sales from top merchants [1] - The GMV of travel products that have been used or booked by consumers increased by over 30% year-on-year as of November 14 [1] - The number of travel agency merchants increased by 160%, indicating strong growth in the sector [1] Group 2 - Consumers placed orders for over 6 million promotional items during the "Double 11" event, including nearly 1 million flight tickets and approximately 3 million hotel packages [2] - The share of outbound travel products accounted for nearly half of the total orders, while inbound travel made a strong debut with GMV increasing by over 4 times compared to the peak travel season earlier in the year [2] - Fliggy's CEO emphasized the importance of resource integration and efficient connection between quality supply and diverse demand to ensure mutual benefits for consumers and merchants [2]

Core Points - China Southern Airlines (CSA) has officially established its Xiong'an branch to enhance travel services in the Beijing-Tianjin-Hebei region, aiming to create a high-quality travel experience for passengers [1][2] - The launch includes three core aviation products designed to improve connectivity and service efficiency, including route products, intermodal products, and ecological products [1][2] Group 1: Service Offerings - The three major products launched by CSA include: - Route products that enhance core city routes and introduce new international destinations, complemented by services like "CSA Fast Line" and "One-Minute Boarding" to strengthen the hub function of Beijing Daxing Airport [1] - Intermodal products that integrate air and ground resources, creating urban terminals and providing services like "CSA Smooth Travel" and Daxing pick-up services to address ground transportation challenges [1] - Ecological products that link CSA's resources such as Meizhu Hotel and CSA Catering to create a comprehensive service system covering the entire travel chain for passengers [1] Group 2: Future Development Plans - CSA plans to focus on three areas for future growth: - Improving the route network and increasing the frequency of key routes [2] - Strengthening the hub status of Daxing Airport and promoting a service pattern that emphasizes collaboration among Beijing, Tianjin, and Hebei, with Xiong'an as a key player [2] - Collaborating with government and enterprises to build a multi-modal transport and customer management community, optimizing the entire service process [2]