1月14日，据央视新闻报道，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。 同日，携程黑板报发布公告称，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。 什么是"滥用市场支配地位实施垄断行为"？携程的哪些行为可能构成违法？如果查实，携程可能面临哪些处罚？ 北京京都律师事务所林斐然律师分析，在确定携程的确具有市场支配地位的前提下，对消费者"杀熟"、要求酒店商家"二选一"等行为，都有可能构成滥用市 场支配地位。一旦查实，携程可能面临数十亿元的罚款。 市场监管总局依法对携程集团有限公司立案调查。图/央视新闻 【1】何为"滥用市场支配地位实施垄断行为" 九派新闻此前报道，多位酒店商家反映携程私自修改房间定价，一旦发现携程上酒店定价高于其他平台，就会自动调低底价或让酒店产品参与促销，也不会 通知商家。商户取消"调价助手"功能后，又被强行恢复。 林斐然律师表示，这些情况并不能直接认定携程涉嫌"滥用市场支配地位实施垄断行为"。要判断其 ...

Core Insights - RF Industries Ltd reported better-than-expected fourth-quarter financial results, leading to a significant rise in its share price during pre-market trading [1][2]. Financial Performance - The company reported fourth-quarter net sales of $22.7 million, which represents a 23% increase from $18.5 million in the same quarter of the previous year and a 15% increase from $19.8 million in the third quarter of fiscal 2025 [2]. - Non-GAAP net income for the fourth quarter was $2.1 million, or 20 cents per diluted share, compared to $394,000, or 4 cents per share, in the fourth quarter of 2024 [2]. Market Reaction - RF Industries shares jumped 21.4% to $8.76 in the pre-market trading session following the announcement of its financial results [2].

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for alleged monopolistic practices, including requiring merchants to choose between platforms and automatic price adjustments [4][5]. Group 1: Investigation and Complaints - The investigation was initiated following complaints from local regulatory bodies and businesses regarding Ctrip's alleged monopolistic behavior in the online travel agency (OTA) sector [5]. - The Yunnan Province Tourism Homestay Industry Association reported multiple complaints from its members about Ctrip's practices, including "choose one" clauses and unfair trading conditions [5][6]. - The association, which has nearly 7,000 member hotels and homestays, is collecting evidence of Ctrip's alleged monopolistic actions [6]. Group 2: Market Practices - Ctrip's practices reportedly include requiring certain merchants to delist their products from other OTA platforms, which raises concerns about market access for smaller platforms [6][7]. - Ctrip has adjusted its display rules for hotel listings, removing visual distinctions between "gold" and "special" merchant labels, which previously indicated a level of certification [7]. - A Ctrip representative indicated that the platform's pricing algorithm automatically adjusts merchant prices based on competitor pricing, which can lead to what is termed "price locking" [8]. Group 3: Market Share and Competition - As of the end of 2024, Ctrip's market share in the core hotel and travel market is estimated to be 56%, and when including its strategic investment in Tongcheng Travel, the "Ctrip system" holds nearly 70% of the domestic OTA market [9]. - This market dominance significantly surpasses competitors such as Meituan (approximately 13%), Fliggy (around 8%), and Douyin (about 3%) [9].

Core Viewpoint - The National Market Supervision Administration has initiated an investigation into Ctrip for suspected monopolistic behavior, citing the Anti-Monopoly Law of the People's Republic of China [3][17]. Group 1: Market Position and Financial Performance - Ctrip is recognized as the dominant player in the online travel market, controlling a significant portion of the industry, with a projected GMV market share of 56% in the hotel and travel sector for 2024, leading to a total OTA market share of 70% when combined with Tongcheng [4][19]. - In the third quarter of 2025, Ctrip reported revenues of 18.3 billion yuan, a year-on-year increase of 16%, and a net profit of 19.9 billion yuan, reflecting a staggering growth of 192.6% [5][20]. - Ctrip's net profit translates to approximately 216 million yuan per day, with a net profit margin of 32%, significantly higher than many of its internet peers [5][21]. Group 2: Market Influence and Competitive Practices - Ctrip's market influence has led to significant pressure on other platforms and merchants, with reports indicating that many small and medium-sized businesses feel they are working for Ctrip due to its dominant position [6][23]. - The company employs a tool called "Price Adjustment Assistant," which has been criticized for allowing Ctrip to unilaterally modify merchant prices without consent, thereby undermining merchants' pricing power and forcing them into price wars [10][23]. - Ctrip has also been accused of engaging in "choose one from two" practices, leveraging its market dominance to impose unfair competition on merchants, as highlighted by various regulatory investigations [11][24]. Group 3: Regulatory Response and Industry Implications - The investigation into Ctrip marks a significant regulatory response to the growing concerns over platform monopolies and their impact on small businesses, following a period of relatively lenient oversight [25][28]. - Recent government meetings have emphasized the need for a balanced development approach that benefits both platform enterprises and their operators, indicating a shift towards stricter regulations in the platform economy [12][26]. - The ongoing issues of high commissions, opaque fees, and unfair practices have created a challenging environment for small merchants, leading to calls for reform to ensure sustainable development in the platform economy [13][27].

Market Overview - The Hong Kong stock market experienced a pullback, with the Hang Seng Index closing down 0.28% at 26,923.62 points, and a total trading volume of 290.45 billion HKD [1] - The Hang Seng Tech Index fell by 1.35%, closing at 5,828.35 points, indicating a challenging environment for tech stocks [1] Blue-Chip Stocks Performance - Ctrip Group-S (09961) led the decline among blue-chip stocks, dropping 19.23% to 460 HKD, influenced by an antitrust investigation by the market regulator [2] - BYD Electronics (00285) rose by 3.26%, contributing 1.41 points to the Hang Seng Index, while China Life (02628) fell by 2.87%, detracting 11.17 points from the index [2] Sector Highlights - The technology sector showed mixed results, with Alibaba's stock declining by 2.6% following the launch of its Q&A app, while Baidu gained 0.76% [3] - TSMC announced a significant increase in capital expenditure, projected to reach 56 billion USD in 2026, a 37% increase from 2025, which is expected to benefit the semiconductor industry [4] - The real estate sector saw strong performance, with Vanke Enterprises (02202) rising by 6.85% amid upcoming debt meetings [4] Nickel and Lithium Battery Stocks - Nickel stocks performed well, with LME nickel prices rising by 6.73% to 18,785 USD/ton, driven by potential production quota adjustments in Indonesia [5][6] - Lithium battery stocks also saw gains, with Ganfeng Lithium (01772) increasing by 7.66% as the industry anticipates price increases due to new export tax policies [6] Notable Stock Movements - Dongyao Pharmaceutical-B (01875) surged by 67.6% after a voluntary takeover offer was announced, significantly above its previous closing price [7] - Zhizhu (02513) climbed 11.57% following the announcement of a new AI model in collaboration with Huawei [8] - Jinju Group (02009) issued a profit warning, predicting a net loss of 900 to 1,200 million CNY for 2025, leading to a 6.9% drop in its stock price [9]

1月15日，港股三大指数集体收跌，并且止步4连升行情。恒生科技指数一度大跌至2%，最终收跌1.35%，恒生指数、国企指数分别 下跌0.28%及0.52%，恒指最新报26923点。 | 代码 名称 | 最新价 涨跌额 涨跌幅 ^ | | --- | --- | | 800700 恒生科技指数 | 5828.35 -79.91 -1.35% | | 800100 国企指数 | 9266.86 -48.70 -0.52% | | 900000 同年毕业 2602362 7610 00204 | | 盘面上，AI应用相关概念股集体低迷，AI医疗概念股跌幅较大，其中阿里健康跌近8%；手游股、纸业股、影视股、中资券商股、 煤炭股、餐饮股、军工股纷纷下跌。另一方面，半导体巨头台积电第四季度净利润飙升35%，港股半导体午后闻声上涨，权重股中 芯国际涨近2%，政策红利继续释放，内房股集体冲高，锂电池股继续上涨，中创新航实现6连升。 | | | 电讯服务 | 能源储存装 | 地产发展商 +1.99% | 生物技术 -0.37% | | 药品 -0.63% | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The State Administration for Market Regulation has initiated an antitrust investigation into Ctrip Group for suspected abuse of market dominance, particularly in its hotel business operations [1][6]. Group 1: Investigation Background - The investigation is based on prior checks and is in accordance with the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip holds a significant market share in the online travel industry, particularly in hotel bookings and flight ticketing [1]. - Complaints from numerous merchants indicate that Ctrip imposes unreasonable terms and conditions, leading to claims of market manipulation [2][3]. Group 2: Merchant Complaints - Merchants have reported difficulties in adjusting prices on Ctrip, with some stating that their pricing autonomy has been completely taken away [2]. - The "price adjustment assistant" feature has been a point of contention, with merchants struggling to disable it despite repeated attempts [2]. - Ctrip's "choose one from two" policy, which may force merchants into exclusive agreements, is also under scrutiny [2][3]. Group 3: Market Dynamics - Ctrip's market share in the hotel and travel market is projected to reach 56% by 2024, with its closest competitor holding only 13% [3]. - The company has expanded its operations to over 120,000 international hotels across more than 200 countries, as well as 750,000 hotels in over 600 cities in China [3]. - Merchants face high commission rates, with total commission costs potentially nearing 40% when including hidden fees [4]. Group 4: Financial Performance - Despite the challenges faced by merchants, Ctrip's financial performance has been strong, with a projected net profit of 17.2 billion yuan in 2024, a 72% increase year-on-year [4]. - Approximately 40% of Ctrip's revenue comes from hotel booking services [4]. Group 5: Regulatory Context - The investigation is part of a broader effort by the government to address "involutionary" competition, which is characterized by low-quality, low-price competition that undermines long-term business viability [6]. - The new Anti-Unfair Competition Law, effective from 2025, aims to regulate practices such as forced low-cost sales and manipulation of market rules [6]. Group 6: Potential Consequences - If found guilty of abusing its market position, Ctrip could face administrative fines and confiscation of illegal gains, with penalties ranging from 1% to 10% of the previous year's sales [7].

Market Performance - The Hang Seng Index declined by 0.28% [1] - The Hang Seng Tech Index fell by 1.35% [1] Company Movements - Trip.com Group experienced a drop of over 19% [1] - Tongcheng Travel saw a decline of over 8% [1] - Kingdee International decreased by over 8% [1] - Alibaba Health dropped by over 7% [1] - Hua Hong Semiconductor increased by over 6% [1]

Core Viewpoint - The investigation by the State Administration for Market Regulation into Ctrip Group-S (09961) for monopolistic behavior has led to a 17% drop in Ctrip's ADR price, but the company continues normal operations [1] Group 1: Investigation Impact - The investigation may focus on exclusive cooperation rights and whether the platform pressures merchants using its advantages [1] - Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term partnerships with hotels, even if it loses exclusive cooperation rights [1] Group 2: Financial Projections - Ctrip's adjusted operating profit margin is projected to be around 29% for 2025-2026, although support measures for merchants may pressure profit margins [1] - The relatively mild competition in the online travel market allows the company to potentially offset some impacts through improved operational efficiency [1]

Group 1 - The core point of the article is that the National Market Regulatory Administration has initiated an investigation into Ctrip Group-S (09961) for monopolistic behavior, leading to a 17% drop in Ctrip's ADR price in the US market [1][5]. - Citi estimates that antitrust actions in China may become more routine, with the investigation focusing on exclusive cooperation rights and whether the platform is pressuring merchants due to its advantages [1][5]. - Despite potential loss of exclusive cooperation rights, Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term relationships with hotels [1][5]. Group 2 - Ctrip may need to provide more support to merchants, which could pressure profit margins in the short term [1][5]. - The adjusted operating profit margin for Ctrip is projected to be around 29% for the years 2025 to 2026, although merchant support measures may impact this margin [1][5]. - Given the relatively mild competition in the online travel market, the company is believed to be able to offset some of the impacts through further operational efficiency improvements [1][5].