Core Viewpoint - Ctrip has risen from the 15th position in 2021 to the 7th position in 2025 among internet companies, becoming one of the most profitable internet companies in China [1][5]. Group 1: Regulatory Investigation - On January 14, 2026, the State Administration for Market Regulation initiated an antitrust investigation against Ctrip for suspected abuse of market dominance, which has sparked significant reactions from consumers and industry insiders [1][2]. - The investigation has drawn parallels to previous cases involving Alibaba and Meituan, which faced substantial fines of 18.228 billion yuan and 3.442 billion yuan respectively, suggesting that Ctrip may also face similar penalties [1]. - Ctrip's stock price fell by 6.49% on the day of the announcement, reflecting market concerns over the potential impact of the investigation [1]. Group 2: Market Position and Financial Performance - Ctrip has established itself as a dominant player in the online travel market, holding over 56% of the transaction volume in China by the end of 2025, alongside its subsidiary Qunar [6]. - The company reported a net profit of 19.9 billion yuan in the third quarter of 2025, translating to a daily profit of approximately 216 million yuan, with a net profit margin of 32% [5]. - Ctrip's cumulative net profit for the first three quarters of 2025 reached 29 billion yuan, significantly surpassing the combined net profits of various segments in the A-share tourism sector [5]. Group 3: Industry Dynamics and Challenges - Many merchants in the travel industry have expressed frustration with Ctrip's market dominance, often feeling compelled to pay "traffic taxes" to maintain visibility on the platform [2][3]. - Ctrip's commission rates for merchants range from 12% to 15%, with additional promotional costs potentially raising the total to 20%-30%, which has led to significant profit pressure on these businesses [2]. - Despite attempts by new entrants like JD.com to disrupt the market, industry experts believe that Ctrip's established position makes it difficult for competitors to gain significant market share [6][7].

Trip.com Group Limited 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 本公司收到國家市場監督管理總局（「市監總局」）發出的調查通知書。根據該通知書，市 監總局已根據中華人民共和國反壟斷法開始對本公司進行調查。本公司將積極配合有 關調查。目前本公司業務一切正常。 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 自願公告 本公告乃由攜程集團有限公司（「本公司」）自願作出。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2026年1月14日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及羅戎先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生。 ...

对此，"携程黑板报"微信公众号发布公告回应称，近日，携程接到国家市场监管总局通知，依法对携程 涉嫌垄断行为进行立案调查。公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建 可持续发展的市场环境。目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优 质的服务。 1月14日，市场监管总局发文指出，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断 法》，对携程集团有限公司(09661)涉嫌滥用市场支配地位实施垄断行为立案调查。 ...

Core Viewpoint - The National Market Supervision Administration of China has initiated an antitrust investigation against Trip.com Group Limited for alleged abuse of market dominance and monopolistic practices [1] Group 1: Company Overview - Trip.com Group Limited is a leading one-stop travel platform globally, operating brands such as Trip.com, Ctrip, Skyscanner, and Qunar [1] - The company was listed on the NASDAQ in 2003 and subsequently on the Hong Kong Stock Exchange in 2021 [1] Group 2: Allegations and Complaints - The Yunnan Province Tourism Homestay Industry Association has reported multiple complaints from its members regarding Trip.com and other online travel agencies (OTAs) using their market dominance to impose unfair practices [1] - Allegations include the implementation of "pick one from two" clauses, arbitrary commission increases, unfair trading conditions, and traffic blocking [1] Group 3: Regulatory Actions - In August 2025, the Guizhou Provincial Market Supervision Administration held discussions with Trip.com and four other travel platform companies regarding potential issues such as "pick one from two," interference with merchant pricing through technology, contract breaches, price fraud, and price gouging [1]

【导读】港股三大指数齐上涨，海底捞飙涨超9%！香港财库局局长最新发声 中国基金报记者 伊万 1月14日，港股震荡走强，三大指数集体收涨。截至收盘，恒生指数上涨0.56%，报26999.81点；恒生中国企业指数上涨0.32%，报9315.56点；恒生科技指 数上涨0.66%，报5908.26点。 盘面上，科技股再度走强，阿里健康大涨近19%，阿里巴巴、哔哩哔哩涨超5%，快手涨超4%；金价带动黄金板块集体上涨，万国黄金集团涨超14%，灵 宝黄金、招金矿业、紫金矿业等股价创历史新高；油价上涨，石油股活跃，中国石油化工股份、中海油田服务涨超3%。 旅游股下跌，携程集团跌超6%，同程旅行跌逾3%。此外，风电股、军工股、航空股、保险股、内银股等出现下跌。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 阿里巴巴-W | 169.000 | 5.69% | | 9988.HK | | | | 携程集团-S | 569.500 | -6.49% | | 9961.HK | | | | 腾讯控股 | 633.000 | 0.88% | | 0700.HK | | | | 阿里健康 | 7.780 ...

Market Overview - The Hong Kong stock market experienced a strong rally with all three major indices closing higher. The Hang Seng Index rose by 0.56% to 26,999.81 points, the Hang Seng China Enterprises Index increased by 0.32% to 9,315.56 points, and the Hang Seng Tech Index gained 0.66% to 5,908.26 points [2][3]. Sector Performance - Technology stocks showed significant strength, with Alibaba Health surging nearly 19%, Alibaba and Bilibili both rising over 5%, and Kuaishou increasing by over 4%. The gold sector also saw gains, driven by rising gold prices, with companies like WanGuo Gold Group up over 14% and several others reaching historical highs. Oil prices increased, leading to active trading in oil stocks, with China Petroleum and Sinopec rising over 3% [4]. - Conversely, tourism stocks declined, with Ctrip Group falling over 6% and Tongcheng Travel dropping more than 3%. Other sectors such as wind power, military, aviation, insurance, and domestic banks also experienced declines [5]. Company Highlights - Haidilao's stock surged over 9%, reaching HKD 15.74 per share, marking a new high since May of the previous year, with a total market capitalization of HKD 87.7 billion [7][8]. - The recent rise in Haidilao's stock is attributed to the return of founder and chairman Zhang Yong to the management frontline as CEO, following the resignation of former CEO Ge Yiqun. Ge will focus on enhancing management processes and operational upgrades [10][11]. Regulatory Developments - Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, announced plans to strengthen the central clearing system for gold, coinciding with the upcoming Asian Financial Forum. This initiative aims to enhance Hong Kong's position as an international gold trading hub and provide better risk management and asset allocation tools for global investors [12][13].

【导读】财政部等三部门：延续实施支持居民换购住房有关个人所得税政策 中国基金报记者 晨曦 1月14日，财政部官网显示，财政部、税务总局、住房城乡建设部联合发布《关于延续实施支 持居民换购住房有关个人所得税政策的公告》。 具体而言，自2026年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内 在市场重新购买住房的纳税人，对其出售现住房已缴纳的个人所得税予以退税优惠。 其中，新购住房金额大于或等于现住房转让金额的，全部退还已缴纳的个人所得税；新购住 房金额小于现住房转让金额的，按新购住房金额占现住房转让金额的比例退还出售现住房已 缴纳的个人所得税。 为继续支持居民改善住房条件，现就有关个人所得税政策公告如下： 一、自2026年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场 重新购买住房的纳税人，对其出售现住房已缴纳的个人所得税予以退税优惠。其中，新购住 房金额大于或等于现住房转让金额的，全部退还已缴纳的个人所得税；新购住房金额小于现 住房转让金额的，按新购住房金额占现住房转让金额的比例退还出售现住房已缴纳的个人所 得税。 公告所称现住房转让金额，为该房屋转让的市 ...

新华财经上海1月14日电（记者高少华）针对被国家市场监管总局立案调查，携程公司14日下午回应 称，"公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环 境。" 携程公司此前发布财报显示，2025年第三季度，携程实现营收183亿元，同比增长16%；净利润为199亿 元，同比增长192.6%。 （文章来源：新华财经） 近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，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。 携程在回应中同时表示，目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优 质服务。 ...

因为"私自调价"，携程平台被郑州多家酒店商户举报。多位酒店负责人称，携程平台要求酒店商户开通名 为"调价助手"的改价工具，通过技术手段修改酒店房间价格，并且不经商家允许修改商家的活动折扣。商 家还吐槽"调价助手"像个"关不上的水龙头""关上了还会再自己打开"，投诉往往石沉大海。 携程公开的回应是："调价助手"是为了使酒店的价格适应当地市场价格，帮助酒店商家提高市场竞争力。 最新消息显示，当地市场监管部门已经介入调查。 不只如此，从"大数据杀熟"到过度收集用户信息，再到签订"二选一"的排他协议，部分平台凭借其强大的 流量与技术优势，在产业链中占据了主导地位，不断推出各种"霸王条款"。商家与平台的地位愈发不平等 ——商家为了获得流量和曝光，不得不依附平台，代价往往是让渡话语权和合法权益。本来，平台、商家 与消费者是一个生态共同体，是一个稳定"三角体"。但如果一方遭遇严重不公平待遇难以支撑时，这 个"三角体"必然不再稳定甚至坍塌。结果不会有赢家。 因此，建立健全长效监管机制，平衡好各方利益是根本之策。一方面，真正将法律法规的相关规范落到实 地。以定价问题为例，多部法律都有明确的规范。《中华人民共和国价格法》明确赋予 ...

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for allegedly abusing its market dominance and engaging in monopolistic practices related to its pricing tool, the "Price Adjustment Assistant" [1] Group 1: Investigation Details - The investigation is based on prior checks and is conducted under the Anti-Monopoly Law of the People's Republic of China [1] - Multiple hotel merchants reported being forced to activate the "Price Adjustment Assistant" feature, which allows Ctrip to modify hotel room pricing in the background [1] Group 2: Functionality of the Price Adjustment Assistant - The "Price Adjustment Assistant" is an automated pricing tool designed to maintain Ctrip's price advantage [1] - It periodically scans prices of similar hotel products on other platforms to monitor Ctrip's pricing against competitors [1] - If Ctrip's hotel pricing is found to be higher than that of competitors, the tool automatically lowers the hotel’s base price or includes the hotel in promotional activities [1]