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 - 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]

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].

此前，日本新任首相高市早苗涉台问题的错误言论在中日两国及国际社会引发广泛关注和强烈批评，多 名日本国会议员要求高市早苗撤回相关言论。11月14日晚，外交部和中国驻日本使领馆郑重提醒中国公 民近期避免前往日本。 多家航司已于11月15日发布日本航线客票处理通知，2025年12月31日前日本进、出港（含经停）的航班 免费退改签。此外，已有多家国内航司取消或计划取消赴日航班。有航司人士此前向智通财经指出，赴 日航线的调整要看市场需求，航司目前仍在跟踪和评估旅客的退改签情况。 12月1日，据央视新闻报道，从网络平台了解到，12月中国境内到日本的计划航班中超40%的航班取 消，取消航班数量超1900个。11月15日后，赴日旅客量大幅下降。以11月25日为例，当天旅客量比11月 15日减少约23%。 智通财经记者 邵冰燕 多家国内航司延长涉及日本航线免费退改签政策。 12月5日，据智通财经不完全梳理，截至当日发稿，包括国航、东航、南航、海南航空、春秋航空、山 东航空、厦门航空等多家航司发布调整涉及日本航线客票特殊处置方案的通知。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改。 ...

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 - The excessive "seat locking" behavior by airlines is identified as a practice that limits consumer choice and increases passenger costs, which has been highlighted in a recent consumer survey report by the Jiangsu Provincial Consumer Protection Committee [1][3][12]. Group 1: Seat Locking Practices - A survey of 10 major domestic airlines revealed that the proportion of locked seats in economy class ranges from 19.9% to 62.1%, with an average of 38.7% [1][8]. - Airlines typically restrict access to preferred seats (such as those in the front row, window, and aisle) while only offering less desirable seats for free selection, effectively forcing consumers to pay for better options [1][8][12]. - The practice of locking seats is often justified by airlines as necessary for safety and special service needs, but the extent of seat locking suggests it has become a revenue-generating service [3][10]. Group 2: Consumer Rights and Complaints - Many consumers express frustration over the inability to select preferred seats without incurring additional costs, which they believe undermines their rights as ticket holders [4][5]. - The lack of transparency regarding the criteria for seat locking and the absence of clear communication about free selection options violate consumer rights, including the right to know and the right to fair trading [10][12]. - The Jiangsu Provincial Consumer Protection Committee has initiated discussions with the airlines and expects them to address consumer complaints and ensure equal seat selection opportunities for all passengers [3][12]. Group 3: Regulatory Response - The Jiangsu Provincial Consumer Protection Committee has mandated that the airlines submit written rectification plans within 15 working days to address the issues related to seat locking [12]. - Continuous monitoring of the airlines' compliance with the rectification requirements will be conducted by the consumer protection authority [12].

Core Viewpoint - Cambodia is set to implement a visa-free policy for Chinese citizens from June 15 to October 15, 2026, allowing a stay of 14 days, which is expected to significantly boost tourism from China [1] Group 1: Tourism Growth - Cambodia attracted approximately 1 million Chinese tourists from January to October this year [1] - The booking heat for flights between major cities in China and Cambodia increased by over 40% year-on-year from January to October [1] - Hotel bookings in Phnom Penh and other areas of Cambodia have surged by over 60% since November [1] Group 2: Airline Operations - Spring Airlines announced the resumption of direct flights from Chengdu to Phnom Penh, with a stable weekly flight volume of around 20 flights [1] - The airline has already restored direct flights from Shanghai, Guangzhou, and Xi'an to Phnom Penh, with additional routes planned to include Vietnam and Laos [1] Group 3: Future Expectations - The visa-free policy aligns with China's peak travel seasons, including summer vacations and the National Day holiday, which is expected to create a synergistic effect with Cambodia's cultural heritage and geographical advantages [1] - Anticipation of a record high in Chinese tourist visits to Cambodia during the summer and National Day holidays next year [1]

Group 1 - The Cambodian government announced a visa exemption policy for Chinese citizens from June 15 to October 15, 2026, allowing a stay of 14 days per entry [1] - From January to October this year, Cambodia attracted approximately 1 million Chinese tourists, establishing itself as a major destination for Chinese business and leisure travel [1] - Flight bookings between major cities in China and Cambodia increased by over 40% year-on-year from January to October, with hotel bookings in Phnom Penh rising by over 60% since November [1] Group 2 - The visa exemption policy coincides with China's summer travel peak and National Day holiday, potentially leading to a record high in Chinese tourist visits to Cambodia during these periods [2]

Core Viewpoint - Spring Airlines Japan faced a significant incident on December 1, where flight IJ005 from Narita to Shanghai Pudong had to return to Narita due to a passenger's disruptive behavior that compromised flight safety [1][2] Group 1: Incident Details - The flight IJ005, which took off from Narita, returned approximately 1 hour and 40 minutes into the flight due to an argument over a seat change request that escalated [2] - The flight returned to Narita at around 22:40 Japan time on December 1 [2] Group 2: Company Response - Spring Airlines Japan compensated each passenger upon arrival at Narita Airport and made efforts to arrange subsequent travel for them [2] - The flight successfully took off again from Narita at 10:00 Japan time on December 2 [2]

南都记者注意到，12月2日下午，春秋航空日本就此事发布情况说明称，"12月1日由成田飞往上海浦东 的IJ005航班，因发生旅客在机内妨碍航班安全运行的非法行为，导致无法维持机内秩序并继续安全飞 行。经综合判断，航班决定返回成田机场。" 春秋航空日本方面表示，"对于搭乘该航班的旅客，公司已在抵达成田机场后向每位旅客支付了补偿 金，尽最大努力为旅客安排后续事宜，该航班也已于当地时间12月2日10时从成田重新起飞。" （文章来源：南方都市报） 春秋航空日本从东京飞往上海的IJ005航班起飞后紧急返航一事引发热议。12月2日，东京成田机场工作 人员告诉南都N视频记者，"涉事航班发生延误，已于当日重新起飞并落地上海。"春秋航空日本株式会 社随后通报称，该航班返航系因发生旅客在机内妨碍航班安全运行的非法行为，导致无法维持机内秩 序，公司已向每位旅客支付了补偿金。 多位乘客反映称，有乘客在机上与机组人员发生争执，最终导致航班在起飞约1小时40分后紧急返航成 田机场。事件导致大批乘客滞留成田机场。 12月2日，东京成田机场工作人员就此事回应南都记者称，"涉事航班发生延误，已于当日上午从成田机 场重新起飞，目前航班已落地上海。 ...