Japan sights *the only two carriers China owns, traveling together.

Sure Liaoning (a refitted soviet design) and Shandong (a newer cv based on the soviet design plan) together is a sight to see and power projection, but even more so it means they're not elsewhere. Moving both to the same place near Japan means India and Taiwan aren't within quick response range. I understand its just a display but this is what a party waiting to strike watches for. Not setting them in the same fleet ALSO prevents you from getting pearl-harbor'd and losing both your CVs in a single strike, should that happen.

If these 2 are going to drill together it means China may be almost ready to launch Fujian (a flat top supercarrier of China's own design) to power project in 2 places again, and let the 2 older model designs travel together to cover any weaknesses they may have.

Depending on fuel availability and other obligations, it opens them up to some severe implications to enterprising forces. Logistically they must either weaken other theaters (like say Syria or Georgia or Kyrgyzstan) by flying them to replace the lost craft, or simply accept a weakened position with air power over Ukraine. (Assuming all are in service and none are reserve)

Even more so, Russian command will have to gauge if Ukraine is able to replicate this, and how often. If another strike like this is deemed not only possible but imminent, they will have to start using an airbase even further from the front, driving fuel costs up to deliver the same payloads. Additionally, increased flight time means less chance the target will be caught unprepared for your arrival and allows more time to relocate mobile AA to respond to your (now much longer and obvious) flight path.

Edit: The TU-95 (the nuclear capable bigboi) has a fuel range of 15k km (9300mi) so these were already well within range, just flight times will be longer.