微信公众号"郑州市场监管"消息，9月17日，郑州市市场监管局依法对携程旅行网运营主体进行行政约 谈。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监管：一要 建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规经营能力，积极配 合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行为，充分尊重商户自主经营权， 针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商户为中心的服务理念；三要切实保障 平台内经营者合法权益，严禁利用技术手段变相操控价格、限制交易，真正尊重商户自主定价权，积极 构建开放、公平、透明的平台环境。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂行规定》 第二十四条的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易及交易价格进行不 合理限制的问题。郑州市市场监管局已于2025年9月4日依法向其下达《责令改正通知书》。本次约谈旨 在督促企业全面整改、规范运营，切实维护公平竞争市场秩序，保障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成 ...

Group 1 - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network for violating the Electronic Commerce Law and regulations against unfair competition, specifically regarding unreasonable restrictions on transactions and pricing for platform operators [1] - The administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify its practices and ensure compliance with market regulations [1] - Ctrip is mandated to revise contract terms, optimize pricing tools, and establish a long-term compliance mechanism to prevent similar issues in the future [1] Group 2 - The meeting emphasized that fair competition is central to a market economy, urging internet platform companies to enhance legal awareness and actively cooperate with regulatory authorities [2] - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues like "mandatory activation and inability to exit" [2] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of corrections and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly market [2]

Core Viewpoint - Ctrip Travel Network has been summoned by the Zhengzhou Market Supervision Administration for violating e-commerce laws and regulations, specifically regarding unreasonable restrictions on transaction and pricing for platform operators [2][3] Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip on September 17, 2025, following an investigation that confirmed violations of the E-commerce Law and the Interim Provisions on Anti-Unfair Competition [2] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [2] Group 2: Required Rectifications - Ctrip is required to complete contract clause revisions and optimize pricing tools within a specified timeframe, as part of the corrective measures [2] - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure accountability to prevent future violations [2][3] Group 3: Emphasis on Fair Competition - The meeting highlighted that fair competition is essential to a market economy, urging internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [3] - Ctrip is expected to respect merchants' autonomy in pricing and rectify issues related to forced service activation and inability to opt-out [3] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectifications and conduct inspections to ensure compliance with market order [3]

Group 1 - Disney's "Wonder" cruise has postponed certain voyages, affecting travelers' itineraries [1][2] - Ctrip has announced a special guarantee plan for affected customers, offering free rescheduling or full refunds for eligible flight and hotel bookings [1] - The guarantee applies to customers impacted by the cruise's postponement for travel dates between December 15, 2025, and March 12, 2026 [1] Group 2 - Fliggy has also introduced a special guarantee for affected users, providing full refunds or free rescheduling for flight and hotel bookings related to the Disney cruise [2] - The refund will be processed back to the original payment method, while any fare differences for rescheduling will be covered by Fliggy [2] - Fliggy is proactively contacting consumers to address any additional concerns beyond the guarantee [2]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Core Points - Ctrip Group has announced a special guarantee plan due to the delay of Disney's Adventure Cruise affecting customer itineraries [1] - The guarantee plan offers free rescheduling or full refund services for eligible flight and hotel bookings impacted by the cruise delay [1] - Ctrip will contact affected customers by September 30, 2025, to provide solutions and will refund any additional losses by the end of September [1] Summary by Category Company Actions - Ctrip has implemented a special guarantee plan for customers affected by the delay of Disney's Adventure Cruise [1] - The plan applies to customers with bookings from December 15, 2025, to March 12, 2026 [1] - Ctrip will provide support for round-trip flights to Singapore and local hotel bookings made through its platform within 7 days of the original itinerary [1] Customer Support - Ctrip's customer service team will reach out to affected customers to offer either free rescheduling or cancellation without loss [1] - The company aims to minimize actual losses for customers by refunding any additional costs incurred during the rescheduling or cancellation process [1] - Refund processes are being coordinated with Disney Cruise Line, with implementation expected within the week [1]

Core Viewpoint - The recent postponement of certain voyages of the Disney Wonder cruise has significantly impacted travelers, leading to concerns over who will bear the associated costs [1] Group 1: Impact on Travelers - The postponement has resulted in financial losses for some travelers due to changes in flight and hotel bookings [1] - Affected travelers have reported issues with their travel arrangements, prompting responses from online travel agencies (OTAs) [1] Group 2: OTA Response - Ctrip Cruise announced a special guarantee plan on September 16, offering free rescheduling or full refunds for eligible flight and hotel bookings affected by the cruise delay [1] - The guarantee applies to Ctrip Cruise customers whose travel dates fall between December 15, 2025, and March 12, 2026 [1] - Ctrip will contact affected customers by September 30, 2025, to provide solutions and will refund any additional losses incurred during the rescheduling process [1] Group 3: Disney Wonder Specifications - The Disney Wonder has a gross tonnage of 208,000 tons and can accommodate 6,700 passengers and 2,500 crew members [1]

Group 1 - The report from Citigroup highlights new policies from the Ministry of Commerce aimed at attracting more inbound tourists and optimizing student holiday arrangements, which may significantly boost long-term family travel [1] - The upcoming National Day holiday will last for 8 days, one day longer than last year, leading to strong travel demand, particularly for long-distance and outbound travel [1] - The China Railway Group predicts that during the 12-day railway transport period, passenger volume will reach 219 million, averaging 18.25 million passengers per day, compared to 177 million passengers during the 10-day period last year, averaging 17.7 million per day [1] Group 2 - Citigroup maintains a "Buy" rating for Trip.com and Tongcheng, with target prices set at $85 and HKD 28 respectively [1]

Group 1 - Disney's Adventure cruise has postponed some voyages, affecting travel plans for customers [1] - Ctrip announced a free rescheduling or full refund service for eligible flight and hotel bookings impacted by the cruise delay [1] - The guarantee applies to Ctrip cruise customers affected by the postponement for travel dates between December 15, 2025, and March 12, 2026 [1] Group 2 - Ctrip will provide support for customers to book round-trip flights to Singapore and local hotel reservations within 7 days before and after the original travel schedule [1] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1]

Market Overview - The US stock market indices closed lower on September 16, with the Dow Jones Industrial Average down by 0.35% and the S&P 500 down by 0.12% [2] - The Nasdaq China Golden Dragon Index rose by 1.05%, reaching 8540 points, marking a new high since February 2022, with a year-to-date increase of over 26% [1][2] Technology Sector Performance - Major tech stocks showed mixed results, with Tesla increasing by 2.38%, while Google, Microsoft, and Nvidia experienced slight declines [3] - The Nasdaq 100 index saw a minor decrease of 0.03%, while the WenDe US Tech Giants Index rose by 0.31% [2] Chinese Stocks - Chinese stocks performed strongly, with several stocks like ROBO.AI and INTERCONT seeing significant gains of 42.33% and 29.23% respectively [4] - Notable increases were also observed in other Chinese tech stocks, with Baidu up by 5.04% and NIO up by 3% [5] Gold Market - The gold market experienced a surge, with spot gold prices rising above $3700 per ounce, marking a historical high and a year-to-date increase of $1076 per ounce [5] Federal Reserve's Interest Rate Decisions - The Federal Reserve is expected to announce a rate cut, with market predictions suggesting a reduction of at least 25 basis points [6][7] - There is a possibility of dissent within the Fed, which could lead to a more cautious approach to future rate cuts [8] Impact on Chinese Assets - The anticipated Fed rate cut may trigger a global trend of central bank rate reductions, potentially benefiting the A-share market in China [9] - Analysts suggest that sectors sensitive to interest rates, such as AI, semiconductors, and innovative pharmaceuticals, may see positive impacts from a lower interest rate environment [10]