北京青年报2026-01-14 18:00:19 编辑 | 杨家瑞 随后，携程发布公告： 近日，携程接到国家市场监管总局通知，依法对携程涉嫌垄断行为进行立案调查。公司将积极配合监管 部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环境。目前，公司各项业务均正 常运行，将一如既往地为广大用户和合作伙伴提供优质的服务。 来源 | 携程黑板报 ...

Group 1 - Trip.com Group Ltd's stock has decreased by 16%, trading at $63.59, following the announcement of an antitrust probe by China's business regulator over suspected monopoly practices [1] - The stock is experiencing its largest single-day percentage loss since November 8, 2018, and is at its lowest level since August, breaking below the 120-day moving average [1] - Year-over-year, the stock is falling into negative territory, indicating a decline in performance [1] Group 2 - Options traders are exhibiting a more bearish sentiment, with a 50-day put/call volume ratio of 1.05, ranking higher than 97% of readings from the past year [2] - Today's options activity shows 11,000 calls and 11,000 puts traded, which is 73 times the intraday average, indicating significant trading volume [3] - The most active options contract is the January 16, 2026, 65-strike call, with new positions being sold to open, suggesting interest in future price movements [3]

2026年1月14日，国家市场监督管理总局正式发布公告，依据《反垄断法》，对携程集团有限公司涉嫌 滥用市场支配地位实施垄断行为立案调查。 这一消息引发资本市场剧烈震荡，携程集团港股（09961.HK）尾盘直线跳水，截至收盘跌幅达6.49%， 报569.5港元/股。 多地监管预警与行业积弊 市场监管总局的立案决定并非突袭。2025年以来，携程已多次因违规经营被地方监管部门约谈： 2025年8月，贵州省市场监管局集中约谈携程等5家涉旅平台，直指其"二选一"、干预商家定价、订单生 效后毁约加价等行为，并要求立即开展自查自纠。 2025年9月，郑州市市场监管局就携程通过"调价助手"功能强制修改酒店价格、阻碍功能取消等问题进 行行政约谈，并下达《责令改正通知书》。经核查，该平台存在"边整改边违规"现象。 2025年12月，云南省旅游民宿行业协会发起反垄断维权行动，公开征集携程"霸王条款"、单方面涨佣、 流量屏蔽等证据，一周内收到近千条商家投诉，成为推动国家层面立案的关键力量。 郑州市市场监管局此前已认定，携程此举违反《电子商务法》第三十五条及《网络反不正当竞争暂行规 定》第二十四条。 从"二选一"到流量霸权 除定价权争 ...

Core Viewpoint - The article discusses the investigation into Ctrip Group for alleged monopolistic practices, including requiring merchants to choose between platforms and automatic price adjustments, as reported by the National Market Supervision Administration [3][4]. Group 1: Investigation and Complaints - The National Market Supervision Administration has initiated an investigation into Ctrip for suspected abuse of market dominance under the Anti-Monopoly Law [3]. - Complaints from local regulatory bodies and businesses have highlighted Ctrip's alleged practices of requiring merchants to choose one platform ("二选一") and automatic price adjustments [2][4]. - The Yunnan Province Tourism Homestay Industry Association has documented complaints from its members regarding Ctrip's monopolistic behavior, including unfair trading conditions and price manipulation [4][5]. Group 2: Market Position and Impact - Ctrip's market share in the core travel market reached 56% by the end of 2024, and when including its strategic investment in Tongcheng Travel, the "Ctrip system" holds nearly 70% of the domestic OTA market [8]. - The association has noted that Ctrip's practices may hinder smaller and innovative platforms from gaining market access, as over 60% of online traffic for certain merchants is captured by Ctrip [6][7]. - Ctrip has made adjustments to its display rules in response to regulatory scrutiny, removing visual distinctions between different merchant categories on its platform [6].

Market Overview - On January 14, US stock indices opened lower, with the Dow Jones down 0.21%, the Nasdaq down 0.82%, and the S&P 500 down 0.55% [1] Technology Sector - Technology stocks experienced a broad decline, with Nvidia, Tesla, Google, and AMD all falling over 1%, while Apple and Netflix also saw declines [3] Chinese Stocks - Chinese stocks showed mixed performance; Ctrip fell over 18% due to an investigation by the State Administration for Market Regulation, while Pinduoduo dropped over 4%. In contrast, Bilibili rose over 5% and Alibaba increased by over 2% [3] Ctrip Group - Ctrip's stock price was reported at 61.740, reflecting a decline of 18.42%, with a market capitalization of 441 billion [4] - The stock's performance indicated a significant drop of 13.940, translating to a percentage decrease of 18.42% [4] Banking Sector - Bank stocks generally fell, with Wells Fargo and Bank of America both declining over 3% [3] Gold Sector - Gold stocks saw a rise, with Coeur Mining and AngloGold both increasing nearly 3% [3]

携程ADR下跌18%，创2022年10月以来最大盘中跌幅。 来源：滚动播报 ...

1月14日，国家市场监督管理总局通报，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌滥用市场支配 地位实施垄断行为立案调查。 对此，携程集团表示，公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环境。目前，公司各项业务均正常运 行，将一如既往地为广大用户和合作伙伴提供优质的服务。 ...

Core Viewpoint - Trip.com Group Limited's stock experienced a decline following the announcement of a formal investigation by China's market regulator, the State Administration for Market Regulation (SAMR) [1][2] Group 1: Investigation Details - SAMR has initiated an investigation into Trip.com Group under China's Anti-Monopoly Law, although specific allegations or potential penalties have not been disclosed [2] - The company received the investigation notice on Tuesday and has committed to cooperating with regulators throughout the process [2] Group 2: Regulatory Context - SAMR is the primary authority for competition and market oversight in China, operating on a nationwide level [3] - Trip.com Group has stated that it will fully support the investigation and that its operations are continuing as normal, with no expected immediate impact on daily services [3] Group 3: Stock Performance - Over the past year, Trip.com Group's stock has increased by more than 17% [4] - During premarket trading on Wednesday, the stock price fell by 16.11%, reaching $63.49 [4]

Core Viewpoint - The article discusses the significant antitrust investigation against Ctrip Group, highlighting the company's monopolistic practices and the resulting consumer dissatisfaction, which has led to a notable decline in its stock price [4][6]. Group 1: Antitrust Investigation - On January 14, 2026, the State Administration for Market Regulation initiated an antitrust investigation against Ctrip for allegedly abusing its market dominance [4]. - The announcement triggered a 6.49% drop in Ctrip's stock price, reflecting widespread consumer support for the investigation due to long-standing grievances against the company [4][6]. - Industry insiders indicate that businesses in the travel sector have been struggling with Ctrip's monopolistic practices, often feeling compelled to pay a "traffic tax" to maintain their customer base [6][7]. Group 2: Market Position and Financial Performance - Ctrip has emerged as one of the top internet companies in China, ranking seventh in market value by 2025, up from fifteenth in 2021 [10]. - The company reported a net profit of 199 billion yuan in Q3 2025, with a net profit margin of 32%, significantly higher than many of its peers [10][11]. - Ctrip controls over 56% of the domestic online travel market, solidifying its position alongside its subsidiary, Qunar, and creating a strong market presence [11][12]. Group 3: Industry Dynamics and Challenges - Despite Ctrip's dominance, there is a growing resistance from airlines and other businesses attempting to reduce their reliance on OTA platforms, with several airlines launching their own platforms to regain pricing power [13]. - The ongoing antitrust investigation signifies a critical shift in regulatory scrutiny, potentially impacting Ctrip's relationships with its numerous partners in the travel industry [13].

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected monopolistic behavior, specifically regarding the misuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1][3]. Group 1: Investigation Details - The investigation is based on prior checks and allegations that Ctrip's "Price Adjustment Assistant" disrupts market pricing and hotel operations [1][3]. - Hotel operators in Zhengzhou have complained that Ctrip unilaterally modifies the prices of hotel rooms listed on its platform, requiring merchants to use the "Price Adjustment Assistant" tool, which automatically adjusts prices based on competitor pricing [1][3]. - Ctrip's customer service acknowledged that if competitor prices are lower, the system would automatically adjust Ctrip's prices to maintain contractual consistency [1][3]. Group 2: Company Response - Ctrip has announced its intention to cooperate fully with the regulatory investigation and to implement regulatory requirements while continuing to provide quality services to users and partners [3][4]. - The company stated that all its business operations are currently running normally [4]. Group 3: Legal Implications - Legal experts indicate that if Ctrip is found to have abused its market dominance, it may face administrative penalties, emphasizing that technical or algorithmic settings cannot be used as a defense [2][4].