最近，云南省旅游民宿行业协会发布的公告称，OTA正在利用其市场地位，对云南民宿行业实施"二选 一"条款、单方面涨佣金、屏蔽流量等行为。这些行为严重侵害了民宿主合法权益，破坏市场秩序，阻 碍行业发展。一边是OTA扩张竞争下的民宿集体维权，另一边，以小红书为代表的新媒体平台近年 来"趁乱"悄悄瓜分着住宿这块"蛋糕"…… 小红书拿支付牌照意在"分食"酒旅？ 旅游民宿行业协会公开向在线旅游平台"开炮"无可厚非；事实上，OTA为实现竞争和规模化扩张，让民 宿保持入驻平台的"独一性"，是市场的演化过程、也是吸引用户的必要手段之一。 近年来，在传统OTA"割据"市场的情况下，民宿和酒店的持份者不得不在其他类型的软件和平台上"开 源"；同时，诸多新媒体软件本身也想在酒旅赛道"分一杯羹"，在头部OTA吵得不可开交之时，小红书 自然也不愿放过大好时机，悄悄布局本地生活板块的变现。 不久前，小红书趁势推出了号称"吃喝玩乐一卡通"的"小红卡"，年费设定为168元，持卡用户可以在上 海、杭州、广州三座试点城市的数千家精选门店享受通用折扣、专属活动参与权等权益，这一举动被视 为小红书变现本地生活板块的一大举措。 11月，小红书又拿下了支 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：飞瞰财金 01 商户开始反击 最近，一场由云南民宿协会针对携程等OTA平台（在线旅游）发起的集体维权行动，像黑夜里的一束 光，打在整个旅游产业链身上。 商家们不再沉默，他们开始抱团取证、集体投诉，直指携程这样的平台巨头。那些曾依靠OTA平台起家 的中小商家，终于感受到自己亲手养大的，可能是一头会反噬的巨兽。 2025年12月8日，云南省旅游民宿行业协会通过官方渠道发布《关于启动OTA不正当竞争反垄断维权工 作的决定》，正式向携程等在线旅游平台"宣战"。 一时间，"天下苦携程久矣"的呐喊在旅游行业引发强烈共鸣。据云南省旅游民宿行业协会会长贺双全透 露，目前已委托上海锦天城（昆明）律师事务所梳理证据，面向7000家会员征集合同条款、后台截图等 素材，部分民宿因顾虑平台报复选择匿名提交。 这场维权并非临时起意，更像是行业矛盾长期积累后的集中爆发。 让我们先盘一盘携程最近发布的2025年三季度成绩单：净营收183亿元，同比增长16%；归母净利润199 亿元，同比暴增192.6%。单看这串数字，堪称惊艳。 这在整个中国科技公司中排名前列，甚 ...

Core Viewpoint - The article promotes a special promotional event by Ctrip for users of the 62-starting Dragon Card credit card, offering discounts and interest-free installment options for travel purchases during the winter season [2][9]. Group 1: Promotional Details - The promotional period runs from December 1, 2025, to March 31, 2026 [5]. - Users can enjoy discounts based on their purchase amounts: a discount of 15 yuan for purchases over 500 yuan, 100 yuan for over 2000 yuan, and 300 yuan for over 6000 yuan [9]. - The maximum number of users eligible for each discount tier is set at 11,000 for the 15 yuan discount, 6,000 for the 100 yuan discount, and 4,000 for the 300 yuan discount [11]. Group 2: Eligibility and Participation - The promotion is available to holders of the 62-starting Dragon Card credit card (excluding business and special installment cards) who register as Ctrip members [7]. - Each user can only enjoy the discount once per tier, and the discounts cannot be combined [11]. - Users must use their own devices and accounts to participate in the promotion [11]. Group 3: Refund and Terms - If a transaction benefiting from the discount is refunded, the rules state that full refunds will result in the loss of the discount, while partial refunds may allow the user to retain the discount if the remaining order amount exceeds the promotional threshold [11].

金吾财讯 | 纳斯达克中国金龙指数升0.2%，热门中概股多数上扬，奇富科技升3.24%，携程网升2.23%， 创奇生物、拼多多、贝壳升逾1.5%，网易、京东、哔哩哔哩升不足1%。 金吾财讯 | 纳斯达克中国金龙指数升0.2%，热门中概股多数上扬，奇富科技升3.24%，携程网升2.23%， 创奇生物、拼多多、贝壳升逾1.5%，网易、京东、哔哩哔哩升不足1%。 ...

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选 中，范式智能(06682.HK)、力合科创(002243.SZ)、三七互娱(002555.SZ)、希尔威(SVM.US)、携程集团-S(09961.HK/TCOM.US)、亿咖通(ECX.US)、佑驾创 新(02431.HK)、正力新能(03677.HK)、卓尔智联(02098.HK)9家企业荣获"年度卓越新质生产力企业"奖项。（排名不分先后，按公司首部字母顺序排列） 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角兽公司排行榜。此次"金格奖"上市公司评选覆盖港交 所、上交所、深交所、纽交所、美国证券交易所、纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 "年度卓越新质生产力企业"旨在表彰在推动新质生产力发展方面表现突出的企业。新质生产力强调全要素生产率的提升，这类企业往往通过专业化、精细 化、特色化的发展之路，成为推动经济转型升级的重要力量。本次评选通过定量数据分析和专家评审团等方式得出最终结果。 ...

随着千禧一代与Z世代不断重塑全球旅行需求，中国、泰国预计将成为2026年最具热度的国际旅游目的 地之一。 据泰国《国家报》（The Nation Thailand）、《泰叻报》（Thairath）的报道，携程集团近期发布的2026 年旅游展望报告指出，亚洲目的地尤其是中国、泰国，将继续位居全球最受欢迎的旅游目的地行列，Z 世代和千禧一代将成为引领全球旅游趋势的关键力量。 携程集团2025年数据显示，中国已成为泰国游客增长最快的目的地之一。与此同时，区域内的旅游偏好 正在发生显著变化，越来越多泰国及东南亚游客将目光转向中国内地城市。中国的"非一线城市"在2025 年成为增速最快的旅游目的地，整体表现已超越东京、大阪等日本传统热门城市。 以重庆市为例，泰国游客在携程平台上的访问量同比增长395%，相关预订量增长828%；泰国游客对成 都的访问量同比增长427%。泰国游客对北京、广州的访问量也分别增长252%和209%。 携程集团东南亚区域高级总监、新加坡总经理Edmund Ong表示，重庆等城市因饮食风味与东南亚相 近，文化体验鲜明，且城市景观独具特色，正逐渐成为追求"深度体验"的泰国游客的新选择。 这一趋势并不 ...

格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角兽公司排行榜。此次"金格奖"上市公司评选覆盖港交 所、上交所、深交所、纽交所、美国证券交易所、纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选 中，范式智能(06682.HK)、力合科创(002243.SZ)、三七互娱(002555.SZ)、希尔威(SVM.US)、携程集团-S(09961.HK/TCOM.US)、亿咖通(ECX.US)、佑驾创 新(02431.HK)、正力新能(03677.HK)、卓尔智联(02098.HK)9家企业荣获"年度卓越新质生产力企业"奖项。（排名不分先后，按公司首部字母顺序排列） "年度卓越新质生产力企业"旨在表彰在推动新质生产力发展方面表现突出的企业。新质生产力强调全要素生产率的提升，这类企业往往通过专业化、精细 化、特色化的发展之路，成为推动经济转型升级的重要力量。本次评选通过定量数据分析和专家评审团等方式得出最终结果。 ...

Market Performance - The three major U.S. stock indices closed lower on December 17, with the Dow Jones down 228.29 points (0.47%) at 47,885.97, the Nasdaq down 418.14 points (1.81%) at 22,693.32, and the S&P 500 down 78.83 points (1.16%) at 6,721.43 [1] Sector Performance - Technology stocks led the decline, with ASML, Oracle, and AMD dropping over 5%, while Tesla and Broadcom fell over 4%. Other notable declines included Nvidia, TSMC, Intel, and Google-A, which were down over 3%, and Qualcomm down over 2%. Meta, Apple, Amazon, Boeing, and Microsoft experienced slight declines, while Netflix saw a small increase [1] AI-Related Stocks - AI-related stocks generally fell, with Nvidia down 3.8%, Broadcom down 4.5%, AMD down 5.3%, Oracle down 5.4%, and Tesla down 4.6% [1] Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index down 0.73%. Notable declines included Huya, Pinduoduo, NIO, and Li Auto, which fell over 3%, while iQIYI, Tiger Brokers, and Xpeng dropped over 2%. Futu Holdings, Alibaba, NetEase, and Kingsoft fell over 1%, while Baidu and New Oriental saw slight increases, and Ctrip rose over 1% [1] Monetary Policy Insights - Federal Reserve Governor Christopher Waller expressed support for further interest rate cuts to return rates to neutral levels, indicating that current monetary policy rates are up to 100 basis points above neutral levels. He noted that this neutral rate would neither suppress growth nor elevate inflation [2]

Core Viewpoint - The article highlights the growing tension between the Yunnan Homestay Association and the online travel agency (OTA) Ctrip, driven by allegations of monopolistic practices and unfair competition in the industry [2][21][22]. Group 1: Regulatory Actions - The State Administration for Market Regulation released a draft guideline indicating that requiring merchants to maintain "the lowest price online" may constitute abuse of market dominance or monopolistic agreements [2][20]. - Ctrip has been under scrutiny from regulatory bodies, with multiple administrative interviews conducted to address issues such as "choose one from two" practices and price manipulation [11][31][34]. Group 2: Industry Response - The Yunnan Homestay Association initiated a collective action against Ctrip, citing long-standing grievances regarding unfair practices, including unilateral commission increases and unfair trading conditions [5][25]. - The association has engaged a specialized legal team to gather evidence for potential collective complaints and antitrust lawsuits against Ctrip [6][25]. Group 3: Market Dynamics - Ctrip is projected to hold a 56% market share in the hotel and travel market by 2024, with its closest competitor, Tongcheng, at 13%, indicating a significant concentration of market power [8][27]. - The commission rates for merchants on Ctrip typically range from 10% to 15%, but additional hidden costs can push total commission expenses close to 40%, severely impacting profit margins for small operators [9][28][29]. Group 4: Technological Manipulation - Ctrip's "pricing assistant" tool is criticized for undermining merchants' pricing autonomy by automatically adjusting prices based on competitor rates, often without merchant consent [14][35][36]. - The platform's insistence on maintaining "the lowest price online" effectively shifts competitive costs onto merchants, exacerbating their financial strain [17][38]. Group 5: Future Outlook - The article questions whether Ctrip can reconcile its business interests with regulatory compliance and regain trust from merchants and consumers in the coming decade [39][40].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **large consumption sector**, highlighting the emergence of new consumer demands that drive growth in the sector through new products (personalized, green, low-carbon), new channels (snack chains, discount formats), and new business models (diverse consumption scenarios) supported by the "14th Five-Year Plan" [1][2]. Core Insights and Arguments - **Traditional Consumption Recovery**: The traditional consumption sector is expected to recover by 2026, driven by the release of residents' purchasing power and policy measures aimed at boosting employment and income stability. The food and beverage industry is stabilizing, with the liquor sector showing signs of fundamental stability and dairy products expected to recover quickly [1][5]. - **Commodity Market Trends**: The commodity market has shown a trend of high followed by low prices, with the government implementing various promotional policies to stimulate service consumption and domestic demand. The Ministry of Commerce has issued opinions to expand service consumption, aiming to enhance residents' quality of life and stimulate domestic demand potential [1][6][7]. - **Emerging Consumer Demands**: New consumer demands are impacting the large consumption sector through three main directions: the development of new products that meet diverse and personalized needs, the optimization of new channel structures, and the promotion of new business models that foster diverse consumption scenarios [2][4]. Important but Overlooked Content - **Social Services Sector Changes**: The social services sector is evolving to meet changing consumer demands, with slight increases in beauty care and retail sectors. Key areas of investment include outdoor sports, gold and jewelry, and cultural and trendy IPs, with recommendations for companies like Anta Sports and Lao Pu Gold [8][22]. - **Tourism Market Trends**: The tourism market is gradually recovering, with leading companies like Ctrip and Huazhu Group adapting through technological innovation and marketing to meet the new demands of both young and elderly consumers. China Duty Free's Hainan business has benefited significantly from new duty-free policies [9][10]. - **Food and Beverage Sector Stability**: The food and beverage sector is stabilizing, with the liquor market facing challenges but showing resilience in mass consumption. The snack sector is experiencing performance differentiation, while dairy product demand is steady and supply is gradually clearing [12][17]. - **Investment Opportunities in Agriculture**: The agriculture, forestry, animal husbandry, and fishery sectors present investment opportunities, particularly in pig farming and the pet industry, which is growing due to demographic changes and emotional needs [3][13][19]. - **Household Appliance Sector**: The household appliance industry is seeking structural highlights amid steady growth, with a focus on high-dividend white goods and improving profit margins in black goods. The market for robotic vacuum cleaners is also expected to grow due to technological advancements [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the large consumption sector and its various components, along with potential investment opportunities and market trends.