惠誉：中日航线缩减对中国航空业整体影响有限

Core Viewpoint - Fitch Ratings indicates that the reduction of flights on the China-Japan route is not expected to significantly hinder the recovery of the Chinese aviation industry in the medium term [1] Industry Impact - The overall exposure of the Chinese aviation industry to the Japanese market is low, and international passenger traffic is diversifying, leading to limited industry-level impacts [1] - Operational impacts are most pronounced on city routes primarily serving leisure travelers, particularly in secondary hubs with less diversified demand [1] Flight Operations - Recent adjustments by airlines include cutting flights and shifting to narrower or smaller aircraft, resulting in increased passenger cancellations and changes, as well as weakened load factors on affected routes [1] - In November, flights to Japan dropped to approximately 82% of 2019 levels, highlighting that the impact is concentrated on specific routes [1] Market Share - The Japanese market typically accounts for 10% to 15% of the capacity in China's international routes, thus limiting its drag on overall industry throughput and airport productivity [1]