中经评论：守住公平竞争的航道

Core Viewpoint - The antitrust investigation against Ctrip in 2026 highlights significant concerns regarding its business practices, particularly in relation to its impact on the real economy and the competitive landscape within the industry [1][2]. Group 1: Antitrust Investigation - Ctrip is facing scrutiny due to potential issues such as "choose one from two" practices and technical price interventions, indicating that the investigation is likely to lead to a formal judgment on these practices [1]. - The investigation raises critical questions about Ctrip's future profitability and whether it needs to alter its business model, which is a concern not only for Ctrip but also for other platform companies [1]. Group 2: Policy Implications - The first policy red line involves the conflict between high profits of platform companies and the directive of prioritizing the real economy, as platform monopolies often shift costs to merchants while providing low prices to consumers [2]. - Ctrip's net profit for the first three quarters of 2025 reached 29 billion yuan, contrasting sharply with the total net profit of approximately 19 billion yuan for the entire A-share tourism sector during the same period, highlighting the disparity between platform profits and the struggles of traditional businesses [2]. Group 3: Market Dynamics - The second policy red line addresses the use of traffic and technological advantages by platforms to set rules that squeeze merchant profits, leading to a vicious cycle detrimental to the entire industry [3]. - Ctrip's "price adjustment assistant" exacerbates price wars by compelling hotels to adjust their prices, which contributes to the "involution" that the policies aim to address [3]. - The investigation serves as a critical opportunity for the transformation of the platform economy, emphasizing the need for genuine value creation through technological innovation and fair profit distribution among all stakeholders [3].