Aviation stocks opened lower collectively. As of press time, CHINA EAST AIR (00670) fell 3.47% to HK$4.45, AIR CHINA (00753) dropped 2.92% to HK$6.31, and CHINA SOUTH AIR (01055) declined 2.62% to HK$5.20.

The decline follows recent developments where China's Ministry of Foreign Affairs and its embassy in Japan issued a strong advisory urging Chinese citizens to avoid traveling to Japan. Subsequently, on November 15, multiple airlines including AIR CHINA, CHINA SOUTH AIR, and CHINA EAST AIR announced free refund and rebooking policies for eligible Japan-bound tickets with travel dates before December 31.

Data shows a significant drop in weekly flight volumes between mainland China and Japan. According to industry reports, the 45th week (November 3–9) recorded 1,189 flights, representing an 82.9% recovery compared to 2019 levels but a 14.5% decline from the 40th week.

An airline market analyst noted that following the latest advisory and refund policies, carriers may further reduce Japan-bound flights and reallocate capacity to other routes.