Group 1 - The core point of the article indicates that Hong Kong airline stocks continue to decline, with China National Aviation falling by 2.8%, China Southern Airlines by 2.6%, Cathay Pacific by 1.7%, and China Eastern Airlines by 1.69% [1][2] - On December 5, major Chinese airlines including China National Aviation, China Eastern Airlines, and China Southern Airlines announced a continuation of the free cancellation and change policy for flights to and from Japan until March 28, 2026 [1] - This extension of the free cancellation policy reflects ongoing demand uncertainty, which poses pressure on the mid-term sentiment and performance recovery of airline stocks [1] Group 2 - The latest stock prices and changes for the airlines are as follows: China National Aviation at 6.260 (-2.80%), China Southern Airlines at 5.220 (-2.61%), Cathay Pacific at 11.970 (-1.72%), China Eastern Airlines at 4.660 (-1.69%), and Meilan Airport at 10.480 (-0.38%) [2]