【导读】携程因被立案调查，今日大跌超19%，半导体板块尾盘拉升 港股今日止步连涨，恒生科技股成份股普跌，拖累大市。其中，半导体板块受利好消息驱动，尾盘上涨；内房股板块逆市上涨。此外，携程因受立案调 查，今日继续大跌。 港股止步连涨 1月15日，港股三大指数止步连涨行情，集体收跌。 截至收盘，恒生科技指数跌1.35%，盘中一度大跌至2%；恒生指数、恒生国企指数分别下跌0.28%、0.52%。港股市场今日成交额为2905亿港元，南向资 金净流出额为15亿港元。 盘面上，科技股多数走低；携程因遭立案，继续下跌；半导体板块受台积电利好消息影响，尾盘拉升；商业航天概念股表现低迷；内地房地产板块逆市上 涨。 携程再度下跌 携程今日再度下跌，跌幅为19.23%，前一交易日跌幅为6.49%。同时，旅游板块集体下挫。 1月14日，国家市场监督管理总局网站消息显示，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。 携程发布公告称，近日，携程接到国家市场监督管理总局通知，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， ...

【导读】携程因被立案调查，今日大跌超19%，半导体板块尾盘拉升 中国基金报记者 储是 港股今日止步连涨，恒生科技股成份股普跌，拖累大市。其中，半导体板块受利好消息驱 动，尾盘上涨；内房股板块逆市上涨。此外，携程因受立案调查，今日继续大跌。 港股止步连涨 1月14日，国家市场监督管理总局网站消息显示，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。 1月15日，港股三大指数止步连涨行情，集体收跌。 截至收盘，恒生科技指数跌1.35%，盘中一度大跌至2%；恒生指数、恒生国企指数分别下跌 0.28%、0.52%。港股市场今日成交额为2905亿港元，南向资金净流出额为15亿港元。 盘面上，科技股多数走低；携程因遭立案，继续下跌；半导体板块受台积电利好消息影响， 尾盘拉升；商业航天概念股表现低迷；内地房地产板块逆市上涨。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26923.62 | 9266.86 | 5828.35 | | -76.19 -0.28% | -48.70 -0.52% | - ...

1月14日，据央视新闻报道，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。 同日，携程黑板报发布公告称，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。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。 什么是"滥用市场支配地位实施垄断行为"？携程的哪些行为可能构成违法？如果查实，携程可能面临哪些处罚？ 北京京都律师事务所林斐然律师分析，在确定携程的确具有市场支配地位的前提下，对消费者"杀熟"、要求酒店商家"二选一"等行为，都有可能构成滥用市 场支配地位。一旦查实，携程可能面临数十亿元的罚款。 市场监管总局依法对携程集团有限公司立案调查。图/央视新闻 【1】何为"滥用市场支配地位实施垄断行为" 九派新闻此前报道，多位酒店商家反映携程私自修改房间定价，一旦发现携程上酒店定价高于其他平台，就会自动调低底价或让酒店产品参与促销，也不会 通知商家。商户取消"调价助手"功能后，又被强行恢复。 林斐然律师表示，这些情况并不能直接认定携程涉嫌"滥用市场支配地位实施垄断行为"。要判断其 ...

以下文章来源于新消费日报 ，作者徐赐豪 新消费日报 . 《科创板日报》旗下媒体产品，聚焦科技消费时代的新产品、新模式、新投资。 在宣布进军酒旅行业半年后，京东的文旅版图扩张再度落下关键一子。 据科创——企查查APP显示， 北京京东文旅发展有限公司近日成立，经营范围包含旅游业务、歌舞娱乐活动、航空商务服务、体验式拓展 活动及策划、组织文化艺术交流活动等。通过股权穿透显示，该公司由北京京东世纪贸易有限公司全资持股。 对于入局逻辑，京东方面向《科创板日报》记者表示： "我们没打算再做一个同质化的OTA平台，行业也不需要再多一个同质化的OTA平 台。而是希望依托京东的供应链基础设施和AI能力，与酒店共同探索出降本增效、创造增量的新模式。" 对于布局酒旅的目的，刘强东在2025年年中媒体分享时明确表示："我们并不是一个所谓多元化的公司，京东集团所有业务只围绕供应链展 开，如果跟供应链无关的事情我从来不碰。现在京东做到所有业务 100% 都围绕供应链。" 京东集团CEO顾问 郭庆（老K）在25年9月在一场旅讯峰会上分享京东做酒旅的思考时称，本质上是"开源节流"四个字。"京东要做的，是 想帮助这个行业多赚钱和多省钱，我们所 ...

一家占据市场半壁江山的在线旅游巨头，因涉嫌滥用市场支配地位，正式进入国家反垄断监管的视野。 国家市场监督管理总局于1月14日发布消息，近日根据前期核查，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。 此次调查标志着监管部门对在线旅游平台（OTA）竞争行为的关注进入新阶段。携程随后回应称，将积 极配合监管部门调查，全面落实监管要求。 该协会会长表示，投诉主要提及携程会要求特定级别的合作商家下架在其他OTA平台的产品。 另一种被指涉的行为是利用技术手段干预商家定价。有商家反映，携程通过一套名为 "调价助手" 的动 态算法系统，实时抓取其他平台价格，并自动调整商家在携程的挂牌价，以维持 "全网最低价"。 国家市场监督管理总局的立案调查决定，是基于前期核查结果。调查针对的是携程涉嫌滥用市场支配地 位实施垄断的行为。 这并非携程首次因类似问题受到监管关注。2025年，地方市场监管部门已多次就涉嫌违规行为对携程进 行约谈。 2025年8月，贵州省市场监督管理局约谈了包括携程在内的多家涉旅平台企业，指出其可能存在实施 "二选一"、利用技术手段干预商家定价等问题。 同年9月，郑 ...

以下文章来源于和讯商业 ，作者康嘉林 和讯商业 . 和讯商业团队出品，讲述商业世界的故事、逻辑和认知。 1 月 14 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。 而在此之前， 行业内对于携程垄断的指控已 " 发酵 " 多年 。 就在上个月，云南民宿协会正式向携程宣战，公开征集其反垄断证据，从 "二选一"霸王条款到乱涨 佣金， 直指其 多年来的不正当竞争行为。 随后，携程针对调查一事回应称，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。 受该消息影响， 1 月 14 日携程集团尾盘跌近 9% ，截至收盘跌幅 6.49% ， 报 569.5 港元 / 股。 维权已有先例 "天下苦携程久矣！"这句感叹句，一直是不少无数民宿经营者的心声。 很大程度上，这来自于携程坚固的市场地位， 2024 年携程在酒旅市场的 GMV 市占率达 56% ，业务 资 ...

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for alleged monopolistic practices, including requiring merchants to choose between platforms and automatic price adjustments [4][5]. Group 1: Investigation and Complaints - The investigation was initiated following complaints from local regulatory bodies and businesses regarding Ctrip's alleged monopolistic behavior in the online travel agency (OTA) sector [5]. - The Yunnan Province Tourism Homestay Industry Association reported multiple complaints from its members about Ctrip's practices, including "choose one" clauses and unfair trading conditions [5][6]. - The association, which has nearly 7,000 member hotels and homestays, is collecting evidence of Ctrip's alleged monopolistic actions [6]. Group 2: Market Practices - Ctrip's practices reportedly include requiring certain merchants to delist their products from other OTA platforms, which raises concerns about market access for smaller platforms [6][7]. - Ctrip has adjusted its display rules for hotel listings, removing visual distinctions between "gold" and "special" merchant labels, which previously indicated a level of certification [7]. - A Ctrip representative indicated that the platform's pricing algorithm automatically adjusts merchant prices based on competitor pricing, which can lead to what is termed "price locking" [8]. Group 3: Market Share and Competition - As of the end of 2024, Ctrip's market share in the core hotel and travel market is estimated to be 56%, and when including its strategic investment in Tongcheng Travel, the "Ctrip system" holds nearly 70% of the domestic OTA market [9]. - This market dominance significantly surpasses competitors such as Meituan (approximately 13%), Fliggy (around 8%), and Douyin (about 3%) [9].

每经AI快讯，1月15日，携程美股盘前跌5%，市场监管总局对其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 has initiated an investigation into Ctrip for suspected monopolistic behavior, citing the Anti-Monopoly Law of the People's Republic of China [3][17]. Group 1: Market Position and Financial Performance - Ctrip is recognized as the dominant player in the online travel market, controlling a significant portion of the industry, with a projected GMV market share of 56% in the hotel and travel sector for 2024, leading to a total OTA market share of 70% when combined with Tongcheng [4][19]. - In the third quarter of 2025, Ctrip reported revenues of 18.3 billion yuan, a year-on-year increase of 16%, and a net profit of 19.9 billion yuan, reflecting a staggering growth of 192.6% [5][20]. - Ctrip's net profit translates to approximately 216 million yuan per day, with a net profit margin of 32%, significantly higher than many of its internet peers [5][21]. Group 2: Market Influence and Competitive Practices - Ctrip's market influence has led to significant pressure on other platforms and merchants, with reports indicating that many small and medium-sized businesses feel they are working for Ctrip due to its dominant position [6][23]. - The company employs a tool called "Price Adjustment Assistant," which has been criticized for allowing Ctrip to unilaterally modify merchant prices without consent, thereby undermining merchants' pricing power and forcing them into price wars [10][23]. - Ctrip has also been accused of engaging in "choose one from two" practices, leveraging its market dominance to impose unfair competition on merchants, as highlighted by various regulatory investigations [11][24]. Group 3: Regulatory Response and Industry Implications - The investigation into Ctrip marks a significant regulatory response to the growing concerns over platform monopolies and their impact on small businesses, following a period of relatively lenient oversight [25][28]. - Recent government meetings have emphasized the need for a balanced development approach that benefits both platform enterprises and their operators, indicating a shift towards stricter regulations in the platform economy [12][26]. - The ongoing issues of high commissions, opaque fees, and unfair practices have created a challenging environment for small merchants, leading to calls for reform to ensure sustainable development in the platform economy [13][27].

Market Overview - The Hong Kong stock market experienced a pullback, with the Hang Seng Index closing down 0.28% at 26,923.62 points, and a total trading volume of 290.45 billion HKD [1] - The Hang Seng Tech Index fell by 1.35%, closing at 5,828.35 points, indicating a challenging environment for tech stocks [1] Blue-Chip Stocks Performance - Ctrip Group-S (09961) led the decline among blue-chip stocks, dropping 19.23% to 460 HKD, influenced by an antitrust investigation by the market regulator [2] - BYD Electronics (00285) rose by 3.26%, contributing 1.41 points to the Hang Seng Index, while China Life (02628) fell by 2.87%, detracting 11.17 points from the index [2] Sector Highlights - The technology sector showed mixed results, with Alibaba's stock declining by 2.6% following the launch of its Q&A app, while Baidu gained 0.76% [3] - TSMC announced a significant increase in capital expenditure, projected to reach 56 billion USD in 2026, a 37% increase from 2025, which is expected to benefit the semiconductor industry [4] - The real estate sector saw strong performance, with Vanke Enterprises (02202) rising by 6.85% amid upcoming debt meetings [4] Nickel and Lithium Battery Stocks - Nickel stocks performed well, with LME nickel prices rising by 6.73% to 18,785 USD/ton, driven by potential production quota adjustments in Indonesia [5][6] - Lithium battery stocks also saw gains, with Ganfeng Lithium (01772) increasing by 7.66% as the industry anticipates price increases due to new export tax policies [6] Notable Stock Movements - Dongyao Pharmaceutical-B (01875) surged by 67.6% after a voluntary takeover offer was announced, significantly above its previous closing price [7] - Zhizhu (02513) climbed 11.57% following the announcement of a new AI model in collaboration with Huawei [8] - Jinju Group (02009) issued a profit warning, predicting a net loss of 900 to 1,200 million CNY for 2025, leading to a 6.9% drop in its stock price [9]