Chinese Airlines Dragon Boat Holiday air travel review and an early look at summer travel

研报英文原文证据摘录

Chinese Airlines Dragon Boat Holiday air travel review and an early look at summer travel

J P M O R G A N Asia Pacific Equity Research

22 June 2026

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Chinese Airlines

Dragon Boat Holiday air travel review and an early look

at summer travel

Dragon Boat Festival air travel offered limited comfort: holiday fares held up, but Infrastructure, Industrials &

June’s broader price and volume trends remained weak outside peak travel days, Transport

and early summer data also point to a decline. Civil aviation passenger flow rose Jenny Qiu, CFA AC

only 0.6% Y/Y during the holiday, lagging rail’s 3% Y/Y growth, reinforcing our (852) 2800 8503

view that airlines are still losing share among price-sensitive domestic travelers. jenny.qiu@jpmorgan.com

Headline domestic economy fares reached Rmb827, up 29% Y/Y, but fuel Karen Li, CFA

surcharge support explains much of the strength. The underlying June trend looked (852) 2800-8589

weaker, with first-half domestic flights and passenger traffic down 5–10% Y/Y karen.yy.li@jpmorgan.com

and base fares down ~10% Y/Y. Early summer travel indicators add to the caution, Sunny Su

(852) 2800 8551

with July–August passenger expectations down ~4% Y/Y. We would use any sunny.su@jpmorgan.com

share price rally linked to oil or Strait of Hormuz news as a selling opportunity, and

Mufan Shi

keep UW on China Eastern H/A and China Southern H/A, with Neutral on Air (852) 2800-8502

China H/A and Spring Airlines. mufan.shi@jpmorgan.com

J.P.