Core Viewpoint - The announcement by major Chinese airlines (Air China, China Eastern Airlines, and China Southern Airlines) regarding free cancellations and changes for flights to and from Japan from March 29 to October 24, 2026, indicates a significant contraction in the Japan travel market for Chinese tourists in 2026, especially during peak holiday seasons [1]. Summary by Sections Airline Policy Changes - Major Chinese airlines have collectively announced free cancellation and modification policies for flights to Japan, effective for tickets purchased before January 26, 2026, for travel between March 29 and October 24, 2026 [1]. - It is anticipated that other Chinese airlines will follow suit with similar policies [1]. Impact on Travel Market - The Japan travel market is expected to experience a significant decline in Chinese tourists, missing out on key holiday periods such as Spring Festival, Qingming, May Day, summer vacations, Mid-Autumn Festival, and National Day [1]. - Data indicates that in 2025, the number of Chinese tourists to Japan is projected to reach 9.09 million, a 30% increase from 6.98 million in 2024. However, this growth is primarily driven by the first ten months of 2025, with a monthly average of over 800,000 tourists [1]. Flight Cancellations - Since November 15, 2025, Chinese airlines have canceled a significant number of flights to Japan, with a cancellation rate of 47.2% for January 2026, an increase of 7.8 percentage points from December 2025 [1]. - As of January 26, 2026, there are 49 routes with all flights canceled for February 2026 [1]. Specific Route Cancellations - A detailed list shows that multiple routes from various cities in China to Japan have a 100% cancellation rate, including major routes from Beijing, Shanghai, and Chengdu [2][3]. - The cancellation of flights is expected to further impact the number of Chinese tourists visiting Japan in 2026, with December 2025 statistics showing a significant drop in travelers compared to previous years [3].

Group 1 - Major airlines including Air China, China Eastern Airlines, and China Southern Airlines announced a special policy for ticket refunds and changes for flights to and from Japan, applicable for tickets purchased or changed before January 26, 2026, 12:00 PM, for travel dates from March 29, 2026, to October 24, 2026 [1][2] - The policy aims to assist travelers in light of the Chinese Ministry of Foreign Affairs' warnings regarding travel to Japan, allowing for free changes and cancellations for affected flights [2][3] - As of January 26, 2026, the cancellation rate for flights from mainland China to Japan reached 47.2%, an increase of 7.8 percentage points compared to December 2025, with 49 routes already canceling all flights in February 2026 [3]

Market Overview - The aviation and airport sector declined by 1.1% on January 26, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable stock performances include: - Spring Airlines (601021) closed at 58.13, up 0.05% with a trading volume of 50,900 shares and a turnover of 297 million yuan - China Eastern Airlines (600115) closed at 5.81, down 1.19% with a trading volume of 2,620,300 shares and a turnover of 1.536 billion yuan - CITIC Hainan Airlines (000099) closed at 20.44, down 3.90% with a trading volume of 251,500 shares and a turnover of 518 million yuan [1][3] Capital Flow - The aviation and airport sector experienced a net outflow of 999.1 million yuan from institutional investors, while retail investors saw a net inflow of 624.0 million yuan [3][4] - The capital flow for specific stocks shows: - Shenzhen Airport (000089) had a net outflow of 6.15 million yuan from retail investors - CITIC Hainan Airlines (000099) had a significant net outflow of 60.43 million yuan from institutional investors [4] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 6.64% increase over the past five days, with a net subscription of 190 million yuan [6] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and had a 5.15% increase, but saw a decrease of 10 million shares in its latest subscription [7]

Group 1 - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, announced free ticket changes and cancellations for flights to and from Japan scheduled between March 29, 2026, and October 24, 2026, for tickets purchased before January 26, 2026 [1][9] - The announcement indicates a contraction in the Japanese travel market, with significant losses of Chinese tourists expected during major holidays in 2026, including Qingming, Labor Day, summer vacation, Mid-Autumn Festival, and National Day [1] - Data shows that in 2025, the number of Chinese tourists to Japan reached 9.09 million, a 30% increase from 6.98 million in 2024, but there was a notable decline in November and December 2025, with visitor numbers dropping to 560,000 and 330,000 respectively [2][1] Group 2 - Since November 15, 2025, Chinese airlines have canceled a significant number of flights to Japan, with a cancellation rate of 47.2% in January 2026, an increase of 7.8 percentage points from December 2025 [1] - As of January 26, 2026, a total of 49 routes for February 2026 have had all flights canceled, indicating a severe reduction in flight availability [1]

1月26日，国航、东航、南航、山航、川航、厦航等航司陆续发布通知称，1月26日前出票，航班起飞日 期在2026年3月29日（含）至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 此前的2025年11月，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。11月15日，国 航、东航、南航、川航、厦航、春秋航空分别发布通知，对日本航线客票特殊处理，符合适用范围的客 票在有效期内可按规则办理退改手续。当时改退措施适用于航班起飞日期在2025年11月15日至2025年12 月31日期间的机票。 今年1月3日，驻日本大使馆再次提醒在日中国公民注意人身安全。 近期，日本部分地区治安环境不靖。福冈县、静冈县、爱知县等多地发生杀人未遂、报复社会案件。 多名旅日中国公民报告遭无端辱骂殴打并受伤。2025年12月31日，东京新宿区发生汽车撞人事件。两名 中国公民被严重撞伤，后被紧急送往医院救治。 获悉上述有关案情后，驻日本大使馆第一时间向受伤中国公民及其家属表示慰问并提供协助，同时向日 本警方交涉，敦促尽快破案，切实保护中国公民合法权益。 出行在外，安全最重要。值此岁末年初、春节将至之际，中国驻日本大使 ...

Group 1 - Multiple airlines, including Air China, Eastern Airlines, and Southern Airlines, announced special handling policies for tickets related to flights to Japan, effective until January 26, 2026 [1][2] - Air China allows for one free change of tickets purchased before January 26, 2026, for travel dates between March 29, 2026, and October 24, 2026, with no change fee for the first change [1] - Eastern Airlines permits free changes for flights within three days before or after the original flight, with conditions for subsequent changes [2] Group 2 - The collective announcement extends the free cancellation and change policy for Japan routes through the summer and autumn seasons of 2026 [2] - Reports indicate that over 40% of planned flights from China to Japan in December 2025 were canceled, reflecting a significant reduction in travel demand [4] - The number of Chinese tourists visiting Japan in December 2025 dropped by 45.3% year-on-year, with a notable decline in shopping and consumption in Japanese department stores [3][4]

记者 ｜ 陈姗姗 编辑 ｜ 钉钉 今天下午，国航、东航、南航陆续发布通知称，1月26日前出票，航班起飞日期在2026年3月29日 （含）至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 在此之前，免费退改签政策执行到3月28日。 ...

今天下午，国航、东航、南航陆续发布通知称，1月26日前出票，航班起飞日期在2026年3月29日（含） 至2026年10月24日（含）的日本进出港或经停航班，可免费退改签。 （文章来源：第一财经） 在此之前，免费退改签政策执行到3月28日。 ...

Core Viewpoint - China Southern Airlines will launch a direct flight route from Beijing Daxing to Helsinki, Finland, on March 29, 2026, marking its first service to Finland and Daxing Airport's first direct route to Northern Europe [1][5]. Group 1: Route Details - The initial operation will feature three flights per week on Tuesdays, Thursdays, and Sundays, increasing to daily flights starting June 20 [1]. - Flight CZ8171 will depart from Beijing Daxing at 14:45 and arrive in Helsinki at 18:35, while return flight CZ8172 will leave Helsinki at 20:35 and arrive back in Beijing at 09:45 the next day [3]. Group 2: Strategic Importance - The opening of this route is significant for Daxing Airport's international network expansion, enhancing its connectivity and solidifying its role as a key driver of national development [9]. - Helsinki serves as a major aviation hub and is expected to cater to both business and leisure travel demands, facilitating connections to other major cities in Northern Europe [5][9]. Group 3: Bilateral Relations - Finland was one of the first Western countries to recognize and establish diplomatic relations with New China, and the partnership between China and Finland continues to deepen across various sectors [7]. - Trade between China and Nordic countries is on the rise, with China becoming an increasingly important market for Finnish companies [7].

北京商报讯（记者 关子辰 牛清妍）1月26日，记者从南航获悉，即日起，南航联合广州白云国际机场，在广州始发的所有国内航班上推出"一刻登机"服务。 值得留意的是，"一刻登机"服务覆盖的航线，对于有行李托运的旅客，托运行李截止办理时间仍为航班起飞前30分钟。针对没有行李托运的旅客，该服务取 消了值机柜台停止办理手续（值机截载）的时间要求，旅客只需在航班登机口关闭前（即航班计划起飞时刻之前15分钟）完成值机、安检及登机即可。对于 轮椅旅客、行动不便旅客、首次乘机旅客等有特殊服务需求的群体，南航建议预留足够的乘机时间。南航也为特殊旅客群体设置了服务专区，减少旅客等候 时间。 除了航线的拓宽外，南航通过官方App上线机场航站楼内导航功能，覆盖值机柜台、安检通道、登机口、行李转盘、到达出口及机场商圈全场景的导航，为 出行旅客自动生成最优通行路线，并能跟随旅客位置变化实时更新导航指引，以此支持"一刻登机"服务。 据了解，"一刻登机"服务打破国内民航业普遍提前30至40分钟关闭值机柜台的惯例，减少传统值机截载时间对旅客改签的限制，进一步把时间留给旅客。 ...