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]

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，严格按照时限完成整改。企业要在规定期限 内完成合同条款修订、调价工具优化等整改任务，并建立健全长效合规机制，加强内部监管和 问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 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 ...

Core Viewpoint - The article highlights the regulatory actions taken by Zhengzhou Market Supervision Administration against Ctrip Travel Network for violating e-commerce laws and emphasizes the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - On September 17, 2025, Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network due to violations of the E-commerce Law and regulations against unfair competition [1]. - The administration issued a "Notice of Correction" on September 4, 2025, mandating Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [1]. Group 2: Compliance and Rectification Requirements - Ctrip is required to take the administrative interview seriously and complete the necessary corrections within the stipulated timeframe, including revising contract terms and optimizing pricing tools [1]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur, thereby conducting business in accordance with the law [1]. Group 3: Emphasis on Fair Competition - The article stresses that fair competition is central to a market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [2]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly online market [2].

郑州市市场监管局依法对携程旅行网 $TCOM 运营主体进行行政约谈。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。 ...

Core Points - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the Electronic Commerce Law and regulations against unfair competition [1] - The investigation revealed that the platform imposed unreasonable restrictions on transactions and pricing of operators within the platform through service agreements, transaction rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [1] Company Summary - Ctrip Travel Network is under scrutiny for non-compliance with electronic commerce laws and regulations, which could impact its operational practices and market reputation [1] - The administrative actions taken by the Zhengzhou Market Supervision Administration highlight the regulatory environment and the importance of fair competition in the online travel industry [1] - The company is required to implement comprehensive reforms to protect the legal rights of operators on its platform and maintain a fair market order [1]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].

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]

Core Viewpoint - Ctrip will bear the losses related to flight and hotel bookings due to the postponement of Disney's cruise operations, providing free rescheduling or full refund services for affected customers [1][2] Group 1: Company Actions - Ctrip announced a guarantee plan for customers affected by the postponement of Disney's cruise, applicable to bookings made for travel dates between December 15, 2025, and March 12, 2026 [1][2] - The company will cover the costs for affected customers who book round-trip flights to Singapore and local hotel reservations within 7 days before or after their original travel dates [1][2] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1][2]

Group 1 - Dow futures fell by 0.06%, S&P 500 futures dropped by 0.14%, and Nasdaq futures decreased by 0.17% [1] - Chinese concept stocks saw pre-market gains, with Alibaba up 2.63%, Pinduoduo up 2.29%, NetEase up 1.00%, Trip.com up 1.78%, JD.com up 1.50%, and Baidu up 9.19% [1] - Morgan Stanley reiterated a "buy" rating for ASML, listing it as a preferred stock in the European tech sector with a target price of €822, suggesting that the company's worst phase may be over [1] - New Fortress Energy surged over 55% in pre-market trading after securing a $4 billion LNG supply agreement with Puerto Rico [1] - Reports indicate that Tesla may collaborate with Intel on custom chip development following a previous agreement with Samsung for custom AI chips [1] Group 2 - GlaxoSmithKline announced a commitment to invest $30 billion in the U.S. over the next five years for R&D and supply chain infrastructure, coinciding with potential import tariffs on the pharmaceutical industry [2] - Elon Musk stated that the Grok 5 model will begin training in a few weeks, with expectations that xAI could achieve AGI through this model [2] - Stifel downgraded Accenture's target price from $355 to $315 while maintaining a "buy" rating [2] Group 3 - New York gold futures briefly fell below $3,700, with a daily decline of 0.5% [3] - The Federal Reserve's FOMC is set to announce interest rate decisions and economic forecasts, with Chairman Jerome Powell scheduled to hold a press conference shortly after [3]

Core Points - Ctrip has announced a special guarantee plan for customers affected by the postponement of the Disney Wonder cruise, which is scheduled from December 15, 2025, to March 12, 2026 [1][2] - The plan includes free rescheduling or cancellation services for flights and hotel bookings made through Ctrip within 7 days before or after the original travel date [2][3] - Ctrip will cover any additional losses incurred by customers, with refunds processed through Ctrip Wallet by the end of September [1][3] Summary by Categories Customer Impact - Customers who booked flights and hotels through Ctrip during the affected travel period will be contacted by customer service by September 30, 2025 [2][3] - The company acknowledges the inconvenience caused by the cruise delay and is actively seeking solutions to minimize customer losses [2] Service Offerings - Ctrip provides two options for affected customers: rescheduling their travel dates or canceling their bookings [2] - All refunds for hotel and flight bookings will be processed according to normal cancellation policies [3] Company Commitment - Ctrip emphasizes its commitment to customer service and aims to provide excellent support during this situation [3]