Group 1 - The Beijing Municipal Market Supervision Administration organized an administrative interview with 12 major platforms involved in online train ticket sales, including Ctrip, Qunar, Fliggy, Tongcheng, Meituan, JD.com, and others, to address prominent issues raised by the public regarding online train ticket sales [1][3] - During the interview, the Beijing Municipal Market Supervision Administration outlined four compliance requirements for the platforms to adhere to in their operations [2][4]

Core Viewpoint - The Beijing Municipal Market Supervision Administration held an administrative interview with 12 major platforms involved in online train ticket sales to address significant consumer complaints regarding misleading practices in ticket sales [1] Group 1: Compliance Requirements - Platforms are required to strictly implement their primary and social responsibilities, promoting a business philosophy that facilitates travel for passengers [1] - A comprehensive review of business models and service processes is mandated, prohibiting any indication that consumers can gain priority ticket purchasing privileges through paid services, and requiring the rectification of misleading promotions such as "accelerated packages" and "dual channels" after tickets are sold out [1] - Platforms must conduct a thorough review and rectify their pages by removing products that contain misleading promotions, adjusting promotional content, and prohibiting the use of 12306 images, text, and trademarks that may mislead consumers into thinking there is a specific business partnership with 12306 [1] - Clear pricing must be ensured, with significant reminders of the content and prices of value-added services, and timely rectification of issues where the displayed ticket prices do not match the actual payment due to unclear value-added service notifications, thereby safeguarding consumers' right to know [1]

NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Trip.com Group Limited (NASDAQ: TCOM) resulting from allegations that Trip.com Group Limited may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Trip.com Group Limited securities you may be entitled to compensation without payment of any out of pocket fees or costs ...

经济观察网 携程集团（09961.HK / TCOM.US）在2026年初面临业绩发布与反垄断调查等多重事件，其 国内业务增长预期与监管风险并存。 业绩经营情况 携程董事会审计委员会计划于2026年2月25日批准2025年第四季度及全年财务业绩，并于次日公布。管 理层将在同日召开电话会议讨论业绩细节。2025年前三季度，公司累计营收达470.11亿元，净利润 291.13亿元，同比分别增长15.93%和93.62%。 监管情况 机构观点 行业与风险分析 在线旅游市场面临抖音、美团等平台的竞争分流，携程在2025年第三季度销售及营销费用同比增长24% 以应对挑战。同时，谷歌等科技公司的新功能可能对全球OTA行业格局产生长期影响。 瑞银等机构预计，2026年携程国内业务将保持高双位数增长，国际业务增速或达40%-50%。 资金动向 2026年2月5日，美国资本集团减持携程约329.64万股，每股均价453.18港元，持股比例降至8.88%。此 类大股东动作可能引发市场关注。 以上内容基于公开资料整理，不构成投资建议。 国家市场监督管理总局于2026年1月14日对携程涉嫌滥用市场支配地位行为立案调查，导致其股价短期 ...

携程被有关部门进行反垄断调查后，在舆论中引起了轩然大波，与此同时"们"也对携程的展开了讨论： 观点一，携程被反垄断调查，市占率过高又是"垄断"的重要标志，要想尽快结束上述现象，那就要拆分携程； 观点二，过去几年酒旅行业的日子并不好过，但携程的利润却节节攀升，要想改变行业的利益分配格局，携程必须要对商家降佣减负，这也 是近年对平台经济的要求。 关于上述观点，我们均持否定态度（后者虽然有一定道理，但距离事实仍有较大偏差），联系到近期有关部门明显提高了对有关企业的约谈 力度（如近期对高德），我们不妨从携程入手来分析此现象，本文核心观点： 其一，携程"罪"不在高市占率，而是"控价"，酒旅行业在此模式中拿不到应得的利润； 作为平台经济典型代表，携程拿到行业70%以上市场份额（包括其产业生态里的同程，去哪儿，途牛等平台），在某种意义上拥有行业的绝对 定价权。 在市场经济下，固然是供需关系决定价格，但在一家强市占率公司的介入下，会非常容易的扭转上述价格走向。 ADR（酒店平均房价）是衡量酒店经营效率的重要指标，计算公式为： ADR=总客房收入/已售客房数量。在社会经济秩序完全恢复的2023年，该指标出现了明显回弹的势头，不 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Tourism - **Context**: The tourism sector is rapidly becoming a key focus for enhancing the quality of life in China, aligning with government policies aimed at boosting service consumption, expanding employment, and further opening up to the outside world [1][4] Core Insights and Arguments - **Projected Revenue Growth**: - Total tourism revenue in China is expected to reach approximately RMB 12 trillion by 2030, with a compound annual growth rate (CAGR) of 11% [1][13] - Domestic tourism spending is projected to account for 18% of per capita consumption by 2030, up from 13% in 2023 [1][14] - The contribution of tourism to GDP is anticipated to rise from 4.8% in 2024 to 6.7% by 2030 [1][11] - **Domestic Tourism Growth**: - Domestic tourism is expected to grow at a CAGR of 9.7% over the next five years [1][14] - In 2025, domestic travel volume is projected to reach 6.5 billion trips, a 16% increase year-on-year [1][17] - **Inbound and Outbound Tourism**: - Inbound tourism is expected to contribute 16% to total tourism revenue by 2030, up from 12% in 2025 [1][15] - The appreciation of the RMB is expected to boost outbound tourism, which is crucial for the revenue of Chinese airlines [1][31] Driving Forces Behind Tourism Demand - **Macroeconomic Rebalancing**: Emphasis on service consumption and enhancing quality of life [1][25] - **Global Engagement**: Continued openness to international visitors [1][25] - **Currency Strength**: The appreciation of the RMB is favorable for outbound tourism [1][29] - **Policy Support**: Initiatives aimed at stimulating travel demand among younger and older demographics [1][25] - **Technological Innovation**: Enhanced travel experiences through technology [1][38] Structural Improvements and Monetization - **Visitor Demographics**: Improvement in visitor structure, with an increase in the proportion of non-domestic and business travelers [2][9] - **Supply Constraints**: Airlines are facing low capacity growth due to global supply chain issues, while hotel supply growth has slowed significantly [2][9] Key Investment Opportunities - **Recommended Stocks**: - Air China H-shares, Spring Airlines, Huazhu, Atour, and Trip.com are highlighted as key investment opportunities to capitalize on the strong growth in tourism demand [2][41] - **Airlines**: - Airlines are expected to see improved pricing power and valuation as they recover from deflationary pressures [9][41] - **Hotels**: - The hotel sector is witnessing a positive trend in revenue per available room (RevPAR), with expectations of continued growth [9][42] - **Online Travel Agencies (OTAs)**: - OTAs are expected to benefit from strong tourism demand, but regulatory uncertainties should be monitored [9][43] Additional Important Insights - **Entertainment and Events**: The rise in large-scale entertainment events is significantly contributing to tourism growth, with a notable increase in attendance [1][21] - **Visa Policies**: The introduction of new visa-free policies is driving inbound tourism growth, with a 50% increase in visa-free visitors [1][23][22] This summary encapsulates the key points from the conference call regarding the Chinese tourism industry, highlighting growth projections, driving factors, investment opportunities, and additional insights that may be overlooked.

Group 1 - Morgan Stanley maintains a positive outlook on the Chinese stock market, emphasizing the need for more refined stock selection [1] - The preferred sectors during the Lunar New Year period include high-end liquor, quality protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] Group 2 - The top stock picks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (03288, 603288.SH), Kweichow Moutai (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858.SZ) [1]

Core Viewpoint - Morgan Stanley reaffirms its bullish trading strategy on the Chinese consumer market ahead of the Lunar New Year (February 15 to 23), favoring high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] Group 1: Market Strategy - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection [1] Group 2: Preferred Stocks - The preferred stocks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (603288) (03288, 603288.SH), Kweichow Moutai (600519) (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858) (000858.SZ) [1]

业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监管点名：剑指不公与权责失衡 2026年春节前夕，出行与旅游市场即将迎来全年最高峰。据交通运输部预计，今年春运期间全国跨区域 人员流动量将达95亿人次。当千家万户沉浸在阖家团圆的喜悦中，数亿人的迁徙与消费正通过平台进 行。 "原来收费六十几元的路程，现在要八九十元，还一直让加价，不然就显示叫不到车""平台通过算法调 整价格后，运价已经很难覆盖时间、油费和车辆损耗成本，很多时候辛苦跑一天，基本等于白忙活""在 司 ...

张大伟 制图 业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 交通运输新业态协同监管部际联席会议办公室，近日组织对高德打车进行约谈提出，高德打车存在对合 作网约车平台管理不到位、压低运价、应急处置不当等突出问题，并要求高德打车立即落实约谈要求， 深刻反思，采取针对性措施，确保全面整改到位，切实维护司机群体合法权益。 无独有偶。不久前，市场监管总局根据前期核查，依据反垄断法，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。 ◎本报记者集体采写 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监 ...