智通财经网·2026-01-15 03:54Core Viewpoint - Daiwa has issued a "Buy" rating for Trip.com Group Ltd (09961) despite an ongoing investigation by China's State Administration for Market Regulation (SAMR) regarding alleged monopolistic practices [1] Group 1: Investigation Details - The SAMR's investigation focuses on potential issues related to exclusive agreements, traffic distribution mechanisms, and commission disputes [1] - Following the announcement of the investigation, Trip.com experienced a significant drop in stock price, opening down 14.98% and reaching a low of 484.2 HKD, with early trading showing a decline of over 20% [1] Group 2: Market Competition - The domestic travel market in China is highly competitive, with multiple players in the hotel and transportation sectors [1] - Although Trip.com is the largest online travel platform in terms of total transaction volume, competition from Meituan (03690) and Alibaba's Fliggy (09988) continues to impact market share dynamics and pricing strategies [1] Group 3: Long-term Outlook - Daiwa maintains a constructive long-term view on Trip.com due to factors such as international expansion, the recovery trend in inbound tourism, and the domestic hotel inventory cycle [1] - The short-term regulatory uncertainty may negatively affect investor sentiment, but historically, such periods often present entry opportunities once regulatory measures become clearer [1]