Airlines and Airports - China Monthly Monitor – Jun’26: 2Q26 net loss as expected; soft start to summer peak

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Airlines and Airports - China Monthly Monitor – Jun’26: 2Q26 net loss as expected; soft start to summer peak

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Airlines and Airports - China

Monthly Monitor – Jun’26: 2Q26 net loss as

expected; soft start to summer peak

Industry Overview

Monthly Monitor to track China Airlines & Airports 17 July 2026

Our monthly China Airlines & Airports monitor includes monthly operational data for Equity

covered Chinese major airlines & airports, high frequency industry data and highlights on China

industry updates to track trends in the industry. Domestic capacity recovered modestly Airlines and Airports

in June but remained insufficient to offset weakening demand. Ex-fuel fares and load Amy Han >>

factors softened further, reflecting deteriorating domestic market conditions in June and Research Analyst

2Q26 amid elevated jet fuel prices. The summer peak season started weaker than Merrill+852 3508Lynch5344(Hong Kong)

expected, and despite some improvement in the second week, overall pricing remains amy.han@bofa.com

below expectations. The int’l capacity is relatively resilient with low single digit YoY in Nathan Gee, CFA >>

Research Analyst

2Q26 and solid long-haul performance supporting load factor improvement. The Big 3 Merrill Lynch (Singapore)

released well-expected 1H26 net loss with Air China the least followed CEA & CSA. +65 6678 0418

nathan.gee@bofa.com

Domestic: 2Q demand deterioration among high surcharge HiroResearchNakakura,Analyst CFA >>

Domestic ASK declines narrowed modestly in June versus May, but capacity for Big 3 Merrill Lynch (Singapore)

+65 6678 0972

remained down by high single digits YoY. Load factors turned negative YoY, with hiro.nakakura@bofa.com

declines of 1.5pp/1.3pp/0.9pp YoY for CEA/CSA/Spring, while Air China was the only