Core Viewpoint - Chinese airlines, including China Southern Airlines, Air China, and China Eastern Airlines, have announced a special ticket handling policy for flights involving Japan, allowing free cancellations and changes for travel until March 28, 2026 [1][4]. Group 1: Policy Details - The special handling policy applies to tickets with at least one unused segment involving flights to, from, or transiting through Japan, with travel dates from November 15, 2025, to March 28, 2026 [4]. - The policy is applicable for tickets issued or reissued before 12:00 on December 5, 2025 [4]. - Cancellations must occur before the scheduled departure time of the flight, and the policy does not apply to cancellations made after the flight's scheduled departure or before November 14, 2025 [4]. Group 2: Change and Refund Procedures - Passengers can change their flights to dates within three days before or after the original flight date for free, with additional changes subject to ticket conditions [5]. - Refunds for unused segments can be processed without a cancellation fee, but tickets that have already been changed must follow the original ticket conditions for refunds [5]. - For changes in itinerary or carrier, it is recommended to refund the original ticket and purchase a new one [5].

Group 1 - Major airlines including Air China, China Eastern Airlines, and China Southern Airlines have announced special handling for tickets related to flights to and from Japan [1] - Passengers traveling on flights to, from, or transiting through Japan before March 28, 2026, can change or cancel their tickets for free [1] - The previous policy allowing free changes and cancellations was set to expire on December 31, 2025 [1]

国航、东航、南航陆续发布日本相关航线客票特殊处理的通知，2026年3月28日（含）前出行的涉及日本进港、出港或经停航班可免费退攻。在此之 前，免费退改签政策到2025年12月31日结束。 |关于调整国航涉及日本航线客票特殊处置方案的通知 (2025年12月5日) 尊敬的旅客: 根据外交部发布的出行提醒，为协助受影响旅客更好地安排出行，现调整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 客票同时满足以下三点: （一）在2025年12月5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）； 三、本通知自2025年12月5日起生效。 (二) 客票未使用行程涉及就行目期为2025年11月15日（含）至2026年3月28日〈合〉之间东京、大阪、名古屋、福冈、仙台、广岛、札幌、神绳进出港的国航实际承运航班和控24航 班号的代码共享航班; (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96586或营业网点取消客票订座，待确定新 ...

Core Points - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have announced special handling for tickets related to flights to and from Japan, allowing free cancellations and changes for travel until March 28, 2026 [1] - The previous policy for free cancellations and changes was set to expire on December 31, 2025 [1] Group 1 - Air China, China Eastern Airlines, and China Southern Airlines are implementing a new policy for ticket handling related to Japan [1] - The new policy allows for free cancellations and changes for flights until March 28, 2026 [1] - The previous free cancellation and change policy was scheduled to end on December 31, 2025 [1]

Core Viewpoint - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have announced special handling for tickets related to flights to and from Japan, allowing free cancellations and changes for travel until March 28, 2026 [1] Group 1 - The free cancellation and change policy for flights to Japan was previously set to end on December 31, 2025 [1]

Core Viewpoint - China Eastern Airlines has successfully launched the world's longest direct flight route, connecting Shanghai to Buenos Aires via Auckland, enhancing travel convenience and comfort for passengers [1] Group 1: Route and Operations - The new route is the first commercial flight connecting antipodal cities, setting a record for the longest single-route flight globally [1] - The operation model allows passengers to travel from Shanghai to Buenos Aires without changing planes, only making a brief stop in Auckland, which significantly improves travel efficiency [1] Group 2: Cargo and Logistics - Alongside the new passenger route, China Eastern Airlines is enhancing its cargo operations by launching a fresh produce delivery channel from Argentina to China [1] - The return flight will carry 2.1 tons of cherries and 10.5 tons of chilled salmon from Argentina to China, utilizing the cargo space in the passenger aircraft [1]

Investment Rating - The industry rating is maintained as "Recommended" [3] Core Insights - The overall demand growth in the aviation industry has rebounded, with significant increases in passenger load factors and strong recovery in international routes during the National Day and Mid-Autumn Festival holidays [1] - The aviation sector is experiencing continuous improvement in volume and pricing data, driven by low base effects and increasing demand [7] - The report highlights the importance of addressing "involution" in the industry to enhance competition and market efficiency [7] Industry Overview - As of October 2025, the total passenger turnover in civil aviation reached 123 billion passenger-kilometers, representing a year-on-year increase of 23.4% compared to 2019 and 8.9% compared to 2024 [7][24] - Domestic routes accounted for 924 billion passenger-kilometers, with a year-on-year increase of 27.2% compared to 2019 and 5.7% compared to 2024 [7][24] - International and regional routes saw a turnover of 306 billion passenger-kilometers, with increases of 13.1% compared to 2019 and 19.7% compared to 2024 [7][24] - The available seat kilometers (ASK) in civil aviation reached 1,407 billion, up 17.3% from 2019 and 6.2% from 2024 [7][24] Airline Performance - In October 2025, major airlines showed varied performance, with China Southern Airlines, Air China, and Eastern Airlines reporting year-on-year increases in RPK (Revenue Passenger Kilometers) of 8.8%, 8.7%, and 10.6% respectively [49][51][52] - The overall passenger load factor for the industry was 87.4%, an increase of 4.3 percentage points compared to 2019 [24][53] - The report recommends focusing on specific airlines such as China National Aviation, China Southern Airlines, and Spring Airlines for potential investment opportunities [7] Cargo Transport Data - In October 2025, the number of international and regional cargo flights reached 14,220, reflecting a year-on-year increase of 10.4% [92] - The theoretical cargo capacity for these flights was 10.2 billion tons, with a month-on-month increase of 4.1% [92] Price Trends - Domestic ticket prices increased by 3.7% year-on-year, while the base ticket price rose by 5.5% [24] - The average outbound air freight price index from Shanghai was reported at 4,705 points, with a month-on-month increase of 3.8% but a year-on-year decrease of 5.5% [92]

Core Viewpoint - China Eastern Airlines has launched the world's first commercial flight route connecting antipodal cities, setting a new record for the longest one-way flight with its Shanghai-Oakland-Buenos Aires route [1] Group 1: Flight Operations - The MU745 flight from China Eastern Airlines landed smoothly at Buenos Aires' Ezeiza International Airport, welcomed by a traditional water salute [1] - The new route allows passengers to travel from Shanghai to Buenos Aires via Oakland without changing planes, enhancing travel convenience and comfort [1] Group 2: Logistics and Cargo - Alongside the new flight route, China Eastern Airlines is deepening its passenger and cargo integration by launching a fresh delivery channel for perishable goods from Argentina to China [1] - The return flight will carry 2.1 tons of cherries from Argentina and 10.5 tons of fresh Chilean salmon to China in the cargo hold of passenger aircraft [1]

Group 1 - The new route from Shanghai to Buenos Aires via Auckland fills a gap in direct flights between Shanghai and major cities in South America, establishing a "Southbound Corridor" and setting a record for the longest single-route flight globally [1] - The Shanghai-Auckland-Buenos Aires route is the first commercial flight connecting antipodal cities, with outbound flights operating on Mondays and Thursdays, taking approximately 25 hours and 55 minutes, while return flights take about 29 hours [1] - The new route reduces travel time from China to South America by over 4 hours compared to previous routes that required layovers in Europe or North America, optimizing the journey significantly [1] Group 2 - New Zealand has implemented a policy allowing travelers with Chinese passports to transit through Auckland without a transit visa, provided their stay is less than 24 hours, facilitating a seamless travel experience [2] - Eastern Airlines has leveraged this policy to create a "one-stop" operational model, enhancing convenience for passengers [2] - The "National Museum" themed aircraft used for this route was a collaborative design between Eastern Airlines and the National Museum of China [2]

Core Viewpoint - China Eastern Airlines has launched the world's longest non-stop flight route from Shanghai to Buenos Aires, establishing a new Pacific corridor between China, Oceania, and South America, and achieving coverage across all six continents [1][4]. Group 1: Route Details - The MU745 flight departs from Shanghai Pudong International Airport, stops in Auckland, and then continues to Buenos Aires, covering a distance of 20,000 kilometers [1]. - The new route reduces travel time from nearly 30 hours via the northern route to approximately 25 hours, providing a more efficient travel option [1]. Group 2: Flight Schedule and Aircraft - The inaugural flight is operated by a Boeing 777-300ER, specifically the "Guobiao" themed aircraft, which was designed in collaboration with the National Museum of China [2]. - The outbound flights are scheduled for Mondays and Thursdays, while return flights operate on Tuesdays and Fridays, with specific departure and arrival times detailed [2]. Group 3: Economic Impact - The route has been granted fifth freedom rights, allowing the airline to pick up and drop off passengers and cargo in Auckland, enhancing trade logistics between China, New Zealand, and Argentina [2][4]. - The return flight is expected to transport 2.1 tons of cherries from Argentina and 10.5 tons of fresh salmon from Chile back to China, promoting trade between the three countries [2]. Group 4: Strategic Importance - The new route fills a gap in the air corridor between the Asia-Pacific region and South America, linking major economic areas and strengthening the Belt and Road Initiative [4]. - China Eastern Airlines aims to expand its international network, focusing on emerging markets in the Middle East, Africa, and South America, having launched 23 new medium to long-haul international routes since 2024 [4].