During China's National Day holiday, air passenger volume fell 1.5% year-over-year while rail surged 10.5%, as travelers favored road trips and high-speed rail over flying. However, average airfares rose 2.2% year-over-year, signaling potential pricing power.
Despite weak holiday air travel demand, improving fares and expected capacity discipline make Chinese airlines and rail stocks worth watching for a contrarian play.
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