证券日报网讯12月5日，海航控股（600221）在互动平台回答投资者提问时表示，此次空客A320系列机 型仅为软件系统优化，每架飞机维保时长约为2小时，公司所运营该系列机型已在自有维保体系内完成 系统优化，未对公司生产经营产生影响。 ...

Group 1 - Multiple domestic airlines have extended the free cancellation and change policy for flights to Japan until March 28, 2026, allowing passengers to modify their travel plans without fees [1] - The decision follows significant criticism of Japanese Prime Minister Suga Yoshihide's remarks regarding Taiwan, which has led to a decline in travel demand to Japan [1] - As of December 1, over 40% of planned flights from China to Japan have been canceled, totaling more than 1,900 flights, indicating a sharp drop in traveler numbers since mid-November [2] Group 2 - The number of travelers to Japan decreased significantly, with a reported 23% drop in passenger volume on November 25 compared to November 15 [2] - Airlines are monitoring market demand and evaluating passenger cancellation and change requests as they adjust their flight schedules to Japan [1]

Core Viewpoint - The ticket refund and change policy for flights to and from Japan has been extended by several Chinese airlines, allowing free modifications and cancellations for tickets purchased before December 5, 2025, for travel dates between November 15, 2025, and March 28, 2026 [1][13]. Group 1: Airlines Involved - Major airlines such as Air China, China Southern Airlines, China Eastern Airlines, Hainan Airlines, and Shandong Airlines have announced the extension of their free refund and change policy for Japan routes [1][13]. - The policy applies to tickets purchased or exchanged before December 5, 2025, for flights to Tokyo, Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, and Okinawa [1]. Group 2: Ticket Change and Refund Rules - For Air China, the first change to a flight on the same route incurs no fee, and refunds are also free of charge for eligible tickets [1]. - China Southern Airlines has similar rules, allowing the first change without a fee and refunds without charge for tickets that meet the specified criteria [4][5]. - Hainan Airlines and Shandong Airlines have also implemented comparable policies, allowing free changes and refunds under certain conditions [9][11]. Group 3: Impact on Flight Operations - As of November 30, 2023, the number of one-way flights from China to Japan has decreased from 4,703 to 3,537, a reduction of 1,166 flights or 25% [13]. - The total seating capacity has also dropped from 884,148 to 672,568, representing a 24% decrease [13]. - The future flight arrangements for the next three months remain uncertain, with only some airlines announcing adjustments extending into March 2026 [13].

Core Viewpoint - The article discusses the extension of the free ticket change and refund policy for flights between China and Japan, allowing travelers to adjust their plans without incurring fees due to ongoing reductions in flight availability [1][12]. Group 1: Policy Changes - Multiple Chinese airlines, including Air China, China Southern Airlines, and Hainan Airlines, have announced that tickets purchased before December 5, 2025, for flights to and from Japan can be changed or refunded without fees if the travel dates fall between November 15, 2025, and March 28, 2026 [1][3][8]. - The policy applies to specific ticket types, including those issued under certain flight numbers and those that have not been used [1][3][8]. Group 2: Flight Reductions - Data from AeroRoutes indicates a significant reduction in flights from China to Japan, with the number of one-way flights decreasing from 4,703 in mid-November to 3,537 by the end of November, representing a 25% reduction [12]. - The total number of available seats has also decreased from 884,148 to 672,568, marking a 24% drop in capacity [12]. Group 3: Implementation Details - The airlines have specified that the first change to a new flight on the same route will not incur a fee, although fare differences may apply [4][9]. - Refund requests made within the ticket's validity period will also be processed without a fee, provided the ticket has not been previously changed [5][9].

Core Viewpoint - Major Chinese airlines including Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines, Spring Airlines, Sichuan Airlines, Xiamen Airlines, and Shandong Airlines announced a free refund and change policy for flights to and from Japan until March 28, 2026, which extends the previous policy that was set to end on December 31, 2025 [1] Summary by Category Airline Policy Changes - The free refund and change policy applies to flights involving Japan, including inbound, outbound, or transit flights [1] - This policy extension reflects the airlines' response to ongoing travel uncertainties [1] Flight Operations Data - According to DAST data, the number of round-trip flights on the China-Japan route during the 48th week (November 24-30) was 1,167, marking the lowest weekly flight volume in the past month [1] - The flight recovery rate for this route reached a new low of 78.1% [1]

Group 1 - Multiple airlines including Air China, China Southern Airlines, China Eastern Airlines, Hainan Airlines, and Shenzhen Airlines announced a free refund and change policy for flights to and from Japan booked before March 28, 2026 [1] - The previous free refund and change policy was set to expire on December 31, 2025 [1] Group 2 - The announcement includes specific routes such as flights to and from Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, and Okinawa operated by Air China and its code-sharing flights [4] - Passengers wishing to change or refund their tickets after November 15, 2025, must do so based on the cancellation time of their ticket reservation [4] Group 3 - For ticket changes and refunds, passengers who have not confirmed new travel dates should contact the original booking channel or Air China's customer service hotline 95583 before the scheduled flight departure time [5]

Core Viewpoint - Multiple Chinese airlines have extended their free ticket change and refund policy for flights to Japan due to recent geopolitical tensions, allowing passengers to adjust their travel plans without incurring fees [1][6]. Group 1: Policy Adjustments - Airlines including Air China, China Eastern, China Southern, Hainan Airlines, Spring Airlines, Shandong Airlines, Xiamen Airlines, and Shenzhen Airlines have announced changes to their ticket handling policies for flights to Japan [1]. - The new policy allows free changes and refunds for tickets purchased or exchanged before December 5, 2025, for travel dates between November 15, 2025, and March 28, 2026 [1]. - For example, Air China's policy specifies that tickets must be purchased before December 5, 2025, and must involve flights to or from specific Japanese cities [1]. Group 2: Impact on Flight Operations - Following the diplomatic tensions, as of November 27, 2023, Chinese airlines had canceled 904 flights on 72 routes to Japan, representing 16% of the planned 5,548 flights, equating to approximately 156,000 seats [6]. - The reduction in Chinese tourists traveling to Japan is expected to significantly impact Japan's GDP, with estimates suggesting a decrease of 0.36% and an economic loss of about 2.2 trillion yen (approximately 101.16 billion yuan) [8].

Group 1 - Multiple domestic airlines have extended the free cancellation and change policy for flights involving Japan until March 28, 2026 [1] - The policy adjustment comes in response to controversial remarks made by Japan's new Prime Minister, which have drawn significant criticism and led to a warning from Chinese authorities for citizens to avoid traveling to Japan [1] - Following the announcement on November 15, over 40% of planned flights from China to Japan have been canceled, totaling more than 1,900 flights [1] Group 2 - The number of travelers to Japan has significantly decreased, with a reported drop of approximately 23% in passenger volume on November 25 compared to November 15 [1] - Airlines are currently monitoring market demand and evaluating the situation regarding passenger cancellations and changes [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问近期空客A320紧急停飞，海航旗下有维修中心可 以提供此次维保升级吗？ 海航控股（600221.SH）12月5日在投资者互动平台表示，尊敬的投资者，您好。此次空客A320系列机 型仅为软件系统优化，每架飞机维保时长约为2小时，公司所运营该系列机型已在自有维保体系内完成 系统优化，未对公司生产经营产生影响。感谢您对公司的关注。 ...

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]