China’s hotels are welcoming record numbers of travelers, yet room rates are sinking—a paradox many operators blame on Trip.com Group Ltd.For Gary Huang, running a five-room homestay in the scenic Huzhou hills near Shanghai was supposed to secure his family’s financial future. Instead, he and other hoteliers in China’s southeastern Zhejiang province say nightly rates have fallen to levels last seen more than a decade ago, as Trip.com’s frequent discount campaigns force them to cut prices simply to remain vi ...

美股中概股盘前多数上涨，拼多多涨7%，哔哩哔哩涨4%，阿里巴巴涨3%，携程涨2%，京东涨1%，蔚 来涨0.6%。 ...

第一条，是平台企业利润高企与"实体经济优先"导向的冲突。与传统行业的垄断不一样，平台企业 的垄断往往不是为了从用户身上赚取超额利润。他们信奉"羊毛出在猪身上"，给用户的价格越低、服务 越好，用户黏性就越大，进而增强平台对商家的话语权，流量费和佣金就挣得越多。所以，平台往往把 用户当上帝，转头从商家身上多挣钱。当携程被调查时，还有不少用户因为"服务好"为携程说好话，也 从侧面证明了平台依托用户获得的议价能力。 然而，这种"流量至上、成本转嫁"的模式，隐患越来越大。自从电商平台出现，平台冲击实体经济 就一直是个热门话题。商家交的流量费虽然高，但只要挣得不少，还能撑得住。问题是，商家身上 的"羊毛"是有限的，经不住平台持续狠薅。 以携程为例，其2025年前三季度的净利润达290亿元，而据媒体统计，同期整个A股旅游链各子板 块净利润合计也才约190亿元。就算剔除非经常性收入，平台的"烈火烹油"与酒店、航司、旅行社等实 体企业的经营困境，对比依然刺眼，也不符合2025年中央经济工作会议强调的"推动平台企业和平台内 经营者、劳动者共赢发展"的要求。 第二条红线更关键。平台利用流量和技术优势，制定规则、挤压商家利润，表面看 ...

以携程为例，其2025年前三季度的净利润达290亿元，而据媒体统计，同期整个A股旅游链各子板块净 利润合计也才约190亿元。就算剔除非经常性收入，平台的"烈火烹油"与酒店、航司、旅行社等实体企 业的经营困境，对比依然刺眼，也不符合2025年中央经济工作会议强调的"推动平台企业和平台内经营 者、劳动者共赢发展"的要求。 第二条红线更关键。平台利用流量和技术优势，制定规则、挤压商家利润，表面看是市场行为，实际上 是逼整个行业陷入恶性循环，谁都过不好。整治"内卷式"竞争是各界的共识。 2026年的反垄断首案落在了携程身上。 问题早有端倪。去年，贵州省等多地市场监管部门就曾因可能存在的"二选一"、技术干预定价等问题约 谈了携程。按照惯例，此时通报"立案调查"，意味着问题本身基本有了判定。 对携程的处罚是当下人们比较关心的话题。而为什么处罚？处罚措施会不会影响今后挣钱的能力？需不 需要改变过去的商业模式？这些是核心问题。特别是，这些问题，不只是携程要回答，其他平台企业也 应当重视。 携程此次触及的，是两条政策红线。 第一条，是平台企业利润高企与"实体经济优先"导向的冲突。与传统行业的垄断不一样，平台企业的垄 断往往不是 ...

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Trip.com (TCOM) To Contact Him Directly To Discuss Their Options If you purchased or acquired Trip.com stock and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648. Click here to participate in the action. NEW YORK, Jan. 20, 2026 (GLOBE NEWSWIRE) -- What’s Happening: Bragar Eagel & Squire, P.C., a nationally recogni ...

NEW YORK, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Trip.com Group Limited (“Trip.com” or the “Company”) (NASDAQ: TCOM). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Trip.com and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On Januar ...

这篇文章分析携程遭反垄断调查，这消息一出，网上的反应挺有意思——叫好的比担心的多得多，翻翻评论区，能看到不少人的真实经历，一个企业做到市 场第一，最后却让这么多用户和合作伙伴有怨言，今天咱们就聊聊，携程是怎么走到这一步的，这次调查又意味着什么？ 但问题就出在这个"无人能及"上，没有竞争压力，企业的行为就容易变形，2025年三季度财报显示，携程的净利润率超过30%，比很多互联网大厂都赚钱， 赚钱不是罪，但怎么赚钱就有讲究了。 普通用户最先感受到的就是各种"小动作"，买机票默认勾选保险，订酒店取消政策苛刻，不同人搜同一家酒店价格不一样……这些事被媒体报过不止一次， 2023年有记者做过测试，用新老账号在同一时间订同一家酒店，价格能差出15%。 从"找不到对手"到"全民找茬"，携程做错了什么？ 梁建章当年说拿着望远镜都找不到对手，这话如今听起来有点讽刺，这些年携程确实把市场整合得差不多了，去哪儿、同程，一个个都成了自家兄弟，数据 显示，携程系在在线旅游市场占了七成以上份额，这体量确实无人能及。 商家那边也有苦水要想在携程上获得好位置，就得接受更高的佣金比例，旺季时段，平台抽成能涨到20%以上，小本经营的酒店，利润空 ...

Group 1 - The core issue of the investigation against Ctrip is related to its high profits conflicting with the "real economy first" directive, highlighting the tension between platform monopolies and fair market practices [1] - Ctrip's practices, such as the "price adjustment assistant" that pressures hotels to follow suit in pricing, exemplify the "involution" that the policies aim to address, leading to a detrimental cycle for the entire industry [1] - The investigation serves as a critical opportunity for the overall transformation of the platform economy, emphasizing that antitrust actions are intended to promote innovation and ensure fair competition among all market participants [2] Group 2 - The investigation into Ctrip reflects a broader trend of increasing regulatory scrutiny on platform enterprises, necessitating a shift towards creating genuine incremental value through technological innovation and fair profit distribution [1] - The evolving regulatory landscape and the awakening of various stakeholders' rights are reshaping the competitive environment for platform companies, urging them to adapt and innovate [1]

Group 1 - The core issue revolves around Ctrip facing antitrust complaints from the Yunnan Homestay Association, which accuses the platform of high commissions and unfair pricing practices [1] - The homestay business is struggling, with a significant decline in occupancy rates due to changing consumer preferences, leading to a competitive and price-sensitive market [1] - Prior to 2019, China's tourism industry experienced annual revenue growth of around 15%, but it has stagnated around 0% in recent years, increasing competition among platforms [1] Group 2 - Without platforms like Ctrip, most homestays would struggle to survive due to a lack of customer acquisition channels [2] - Ctrip's commission rate for hotel bookings is approximately 9%, which is lower than the 14.3% commission rate of its U.S. counterpart, Booking.com, indicating that Ctrip's rates are not excessively high by international standards [3] - The intense competition in the domestic market makes it difficult for homestays to absorb even a 9% commission, leading to concerns about sustainability [4] Group 3 - Ctrip's customer service plays a crucial role in advocating for consumer rights, which can sometimes conflict with the interests of hotels [5] - The platform's ability to negotiate on behalf of customers enhances the travel experience, particularly for affluent users who value certainty in their travel arrangements [5] - The balance between protecting consumer interests and the impact on hotel profitability raises questions about the overall fairness of the platform's practices [6]

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4947 期 2026 年 1 月 20 日 星期二 研究观点 【公司研究】 携程集团（TCOM,买入）：反垄断立案不改长期竞争力，估值底部布局正当时 【公司评论】 特斯拉（TSLA）：周报 【宏观经济评论】 第一上海——First Call 一月策略（一） 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 携程（美元） | TCOM | 买入 持有 85.00 | 65.00 | 31% | 47.200 | 28.100 | 68% | 29.700 | 31.900 | -7% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-88 ...