SA(SH:601021) Di Yi Cai Jing·2025-11-19 08:31Group 1 - The number of ticket cancellations for flights to Japan has significantly increased, with reports indicating several tens of thousands of cancellations due to a free refund and rescheduling policy implemented by multiple domestic airlines [1][2] - The decline in traveler volume to Japan has been noted for three consecutive days, with major airlines offering free cancellation until December 31, 2025, in response to government advisories urging caution for Chinese citizens traveling to Japan [2][3] - Data shows that as of November 18, the total number of flight bookings to Japan has decreased by 543,000 compared to November 15, indicating over 500,000 ticket cancellations, with cancellations primarily affecting leisure travelers heading to second-tier cities in Japan [3][4] Group 2 - Domestic airlines are adjusting their flight schedules by canceling flights to Japan and reallocating capacity to destinations with higher demand, resulting in a weekly flight volume decline to Japan [4][6] - The average passenger load factor for flights to Japan has dropped, with a reported decrease of 12.3 percentage points on November 18 compared to the previous week, alongside a 10.8% decline in traveler volume [3][4] - There is a noticeable shift in traveler preferences towards warmer destinations, with significant increases in flight bookings to domestic locations like Hainan and Yunnan, as well as international destinations such as Bangkok and Singapore, indicating a potential shift in market dynamics [6]