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]

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]

Group 1 - China International Airlines has launched and resumed 12 international routes this year, including Beijing to Vladivostok, Irkutsk, Toronto, Cairo, Tashkent, Almaty, and others [1] - For the winter-spring season of 2025, the company plans to increase capacity by opening new routes from Beijing to Brussels and Chengdu to Brussels, while steadily increasing the average daily flight volume on international and regional routes [1] - The fleet size of the parent company, China Aviation Group, has reached 983 aircraft, including 154 wide-body aircraft and 42 domestically produced aircraft, with a network covering over 1,150 destinations globally [1] Group 2 - In the digital ecosystem, the company has launched the "Phoenix Loyalty" digital asset, allowing core airline rights to be collectible, usable, and tradable, with benefits based on membership levels [1] - In the travel ecosystem, partnerships with automotive companies like FAW-Volkswagen and Li Auto allow users to accumulate loyalty miles through vehicle purchases and daily driving [2] - The company has collaborated with over 100 partners across various sectors, including finance, culture, e-commerce, travel, hotels, telecommunications, and dining [2]

作为"国航+"生态的重要组成部分，国航联合多个领域合作伙伴发布一系列跨界合作成果，在数字、出 行、文化等多个生态领域实现创新突破。具体来看，在数字生态领域，国航推出"凤凰知音"31周年礼遇 核心产品——数字资产，成为国内首批实现航空核心权益"可收藏、可使用、可交易"的航司。在出行生 态领域，国航分别与一汽大众、理想汽车达成"航空+车企"跨界创新合作，旅客在国航App专属页面购 车后，日常驾驶车辆即可累积"凤凰知音"里程，更可享受金卡会籍的专属权益。在文化生态领域，国航 携手央视打造"空中路演厅"，联名故宫推出《云端上的故宫》机上安全视频，并与瑞幸咖啡共创空中咖 啡体验。 此外，在发布会上，国航还展示了其在机队规模、航线网络、运力部署等方面的优势。机队方面，截至 目前，国航所在的中航集团机队规模达到983架，其中宽体机154架，国产民机42架。航线网络方面，国 航通达至全球1150余个目的地。运力方面，今年以来，国航已新开、复航北京—符拉迪沃斯托克、北京 —伊尔库茨克、北京—多伦多等12条国际航线。2025年冬春航季，国航将持续加大运力投入，预计新开 通北京—布鲁塞尔、成都—布鲁塞尔航线，同时持续推动国际及地区 ...

《中国民航报》、中国民航网 记者张丰蘩 报道：12月5日，中国国际航空股份有限公司（以下简称"国 航"）在京举办"云端无界 凤启耀星河——'国航+'生态主题发布会"。此次发布会聚焦联合市场推广、共 创会员权益、首发数字资产等，通过搭建跨行业合作平台，在数字、出行、文化等多个生态领域探索航 空服务与多元业态融合发展的新路径。 在数字生态领域，国航推出"凤凰知音"31周年礼遇核心产品——数字资产，成为国内首批实现航空核心 权益"可收藏、可使用、可交易"的航司。该权益体系依据会员等级进行匹配，2025年12月每周六乘坐指 定航班、指定舱位的会员可尊享保级航段、最高20000非定级里程及专属纪念礼品。 在出行生态领域，国航分别与车企达成"航空+车企"跨界创新合作，用户在国航APP专属页面购车后， 日常驾驶车辆即可累积"凤凰知音"里程，更可享受金卡会籍的专属权益。 在文化生态领域，国航携手央媒打造"空中路演厅"，联名故宫推出《云端上的故宫》机上安全视频，并 与咖啡品牌共创空中咖啡体验，为旅客带来融合视、听、味的云端盛宴。 发布会上，国航还全方位展示了在机队规模、航线网络、运力部署等方面的整体优势。机队方面，截至 目前， ...

Core Viewpoint - The report from CITIC Securities indicates that the capacity release of the civil aviation fleet is constrained by factors such as low introduction of new aircraft, engine maintenance, and spare parts availability, with the capacity utilization rate nearing its limit during peak season [1] Group 1: Capacity and Demand - The recent recovery in business and leisure travel demand is noted, with expectations for further policy stimulation for private travel by 2026 [1] - The capacity utilization rate of airlines is approaching its maximum limit, indicating a potential strain on operational efficiency [1] Group 2: Revenue and Profitability - In the third quarter, major airlines' revenue per passenger kilometer on international routes has matched that of domestic routes, marking a shift from the weak performance of international routes since 2015 [1] - The strategy of "flying further, flying internationally, and flying to emerging markets" is effectively reducing unit fuel costs against a backdrop of low oil prices and a weak recovery in domestic demand [1] - Major airlines are expected to achieve their first profit since the pandemic in 2025, marking the beginning of a profit release cycle, with positive performance anticipated over the next two years [1]

Core Insights - The report highlights that China National Airlines is the only flag carrier in China and has entered the top tier of global air transport companies, with a comprehensive international route network and a balanced domestic and international presence [1][5][6] - The growth rate of China's civil aviation fleet is showing a "step-down" trend, influenced by global supply chain disruptions, leading to a decline in major aircraft manufacturers' order fulfillment capabilities [1][8] - The continuous recovery of the tourism market is expected to boost air travel demand, with the average price of aviation kerosene decreasing compared to the same period last year, enhancing the company's profitability [1][8] Company Overview - China National Airlines was established in October 2002 through the merger of China International Airlines, China Aviation Corporation, and China Southwest Airlines, and it went public in Hong Kong and London in December 2004, followed by a listing on the Shanghai Stock Exchange in August 2006 [6] - The company's main business is air passenger services, which typically accounts for nearly 90% of total revenue, projected to be 91% in 2024 [6] - Revenue for 2024 is expected to reach CNY 166.699 billion, representing an 18.14% year-on-year growth, with a gross profit margin of 5.11% [6] Industry Performance - Over the past 15 years, the air passenger transport volume has increased by 172.8%, with domestic passenger transport volume expected to reach 730 million in 2024, a year-on-year increase of 17.86%, marking a historical high [7][8] - The cargo and mail transport volume is projected to reach 8.983 million tons in 2024, reflecting a year-on-year growth of 22.15% [7] - The commercial aviation market in China is dominated by three major airlines: China National Airlines, China Eastern Airlines, and China Southern Airlines, which together accounted for 62.64% of total transport turnover in 2024 [7] Key Factors Influencing Performance - Aircraft supply is constrained due to the "step-down" growth trend of China's civil aviation fleet and disruptions in global supply chains affecting aircraft manufacturers' order fulfillment [8] - Travel demand is expected to rise as per capita flight frequency in China has room for improvement compared to developed countries, alongside a steady increase in GDP and a recovering tourism market [8] - Oil prices and exchange rates are critical factors affecting airline profitability, with the average price of aviation kerosene at USD 86.01 per barrel in the first ten months of 2025, down 10.90% year-on-year [8] Financial Projections - Revenue projections for China National Airlines from 2025 to 2027 are CNY 174.715 billion, CNY 188.020 billion, and CNY 205.245 billion, with year-on-year growth rates of 4.8%, 7.6%, and 9.2% respectively [9] - The expected net profit attributable to shareholders for the same period is CNY 1.561 billion, CNY 6.503 billion, and CNY 10.265 billion, with earnings per share (EPS) of CNY 0.09, CNY 0.37, and CNY 0.59 [9]