Macro Dynamics - The Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development announced the extension of personal income tax policies supporting residents' housing purchases from January 1, 2026, to December 31, 2027. Taxpayers selling their own homes and purchasing new ones within one year will receive tax refunds based on the sale price of the current home and the purchase price of the new home [2] Automotive Industry - According to the China Automobile Dealers Association, from January 1 to 11, the retail sales of new energy vehicles in the passenger car market reached 117,000 units, a year-on-year decrease of 38%. Wholesale sales during the same period totaled 167,000 units, down 30% year-on-year [3] Free Trade Zone - The General Administration of Customs reported that from December 18, 2025, to January 10, 2026, the number of people participating in duty-free shopping in Hainan Free Trade Port reached 585,000, with total spending of 3.89 billion yuan, representing year-on-year increases of 32.4% and 49.6%, respectively [4] Technology and Innovation - Shanghai's Economic and Information Technology Commission, along with other authorities, launched the "Mosu Zhixing" action plan to promote the development of key technologies in autonomous driving, including high-performance chips and operating systems, aiming to cultivate leading enterprises in the sector [5] Financial Institutions - Liu Zhenggui, former Party Secretary and President of the Liaoning Branch of the Export-Import Bank of China, was prosecuted for accepting bribes and illegally issuing loans, with the amounts involved being particularly large [7] Market Data - On January 14, A-shares showed mixed results, with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56%. The total trading volume in the Shanghai and Shenzhen markets was approximately 39.41 billion yuan, an increase of about 2.90 billion yuan from the previous trading day [9] Company Dynamics - Ctrip announced it is under investigation by the State Administration for Market Regulation for suspected monopolistic behavior, stating it will cooperate with the investigation while maintaining normal business operations [11] - Aowei New Materials indicated that if its stock price continues to rise significantly, it will apply for further trading suspension for review, as its stock price has deviated from its fundamental value [12] - SK Hynix clarified that it currently has no plans to exit the consumer product market, responding to rumors about ceasing production of consumer-grade memory [13] - Tongrun Equipment announced a name change to "Zhengtai Power" effective January 16, 2026, to better align with its shareholder structure [14]

Core Viewpoint - The Chinese market regulator has initiated an investigation into Ctrip Group for alleged monopolistic practices, leading to a significant drop in its stock prices [1][2]. Group 1: Investigation and Regulatory Actions - The State Administration for Market Regulation (SAMR) has formally opened an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip has stated it will cooperate with the investigation and continue to operate its business normally while providing quality services to users and partners [2]. - Local government departments have previously conducted discussions with Ctrip regarding potential issues such as "choose one from two" practices and price manipulation [3]. Group 2: Allegations and Market Impact - The Yunnan Provincial Tourism Homestay Industry Association has reported complaints from members about Ctrip's practices, including unfair commission increases and unfair trading conditions that harm merchants' rights [2]. - Ctrip holds a 56% market share in gross merchandise volume (GMV) for 2024, indicating a dominant position in the industry, alongside its controlling stake in Tongcheng Travel, which has a 15% share [4]. - Allegations include the use of hidden barriers through a tiered merchant system that imposes unreasonable conditions on hotel partners, leading to significant operational challenges for smaller businesses [3][4].

（文章来源：中国经营报） 《中国经营报》记者注意到，1月14日17:01，携程黑板报公开表示，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，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。 近日，国家市场监督管理总局根据前期核查，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14日消息，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。 责编：梁秋燕 校对：王朝全 综合自人民财讯 携程回应称，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。 港股携程集团（09961）今日尾盘下挫，收盘跌逾6%。 ...

携程集团-S(09961.HK)公告，本公司收到国家市场监督管理总局（「市监总局」）发出的调查通知书。 根据该通知书，市监总局已根据中华人民共和国反垄断法开始对本公司进行调查。本公司将积极配合有 关调查。目前本公司业务一切正常。 来源：视频滚动新闻 ...

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for alleged monopolistic practices, which has led to a significant drop in its stock price [1][3]. Group 1: Investigation and Regulatory Actions - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip has acknowledged the investigation and stated it will cooperate with regulatory authorities while ensuring normal business operations [2]. - Ctrip has faced multiple regulatory inquiries in the past, including a meeting in August 2025 with the Guizhou Provincial Market Regulation Bureau, which highlighted various violations such as price manipulation and unfair competition practices [3][4]. Group 2: Allegations and Violations - Ctrip has been accused of using technical means to interfere with merchant pricing and engaging in practices like "choose one from two" and price fraud [3][4]. - In September 2025, the Zhengzhou Market Regulation Bureau found Ctrip in violation of the E-commerce Law and issued a corrective notice due to unreasonable restrictions on transaction prices [4]. - Reports indicate that Ctrip has been involved in practices that undermine fair competition, such as unauthorized price adjustments through a tool called "Price Adjustment Assistant" [4][5]. Group 3: Financial Performance - Ctrip achieved record revenue in 2025, with a total revenue of 47.011 billion yuan, representing a year-on-year increase of 15.93%, and a net profit of 29.013 billion yuan, up 94.59% [5]. - In Q3 2025, Ctrip reported revenue of 18.338 billion yuan, a 15.53% increase year-on-year, and a net profit of 19.890 billion yuan, reflecting a 194.01% growth [5]. Group 4: Future Outlook - Several financial institutions have released optimistic forecasts for Ctrip's performance in 2026, citing recovery in domestic business and strong growth in outbound tourism [6]. - Citic Securities has initiated a "buy" rating for Ctrip with a target price of 660 HKD, anticipating continued growth in the domestic hotel business amid a stabilizing competitive landscape [6].

1月14日，国家市场监督管理总局宣布，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（下称"携程集团"）涉嫌滥用市场支配地 位实施垄断行为立案调查。此消息迅速引发市场反应，携程集团当日股价大幅下跌。 三季报显示，携程集团前三季度净营业收入达183亿元，同比上升16%；净利润为199亿元，同比增长192.6%。其中国际业务表现尤为亮眼，入境旅游预订同 比增长超过100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 在业务高速扩张的同时，携程集团面临的消费者投诉也居高不下。据相关平台数据，2025年全年针对携程集团的投诉量近2万件，"大数据杀熟"等问题成为 消费者投诉焦点。此次市场监管总局的立案调查，将重点关注携程集团是否滥用其市场支配地位实施垄断行为，这无疑对携程集团的经营模式提出了重大挑 战。 截至14日港股收盘，携程集团（09961.HK）收报569.5港元/股，跌幅达6.49%，市值为3722亿港元。有趣的是，就在前一日（1月13日），携程集团股价刚刚 触及港股上市以来的新高，最高报613港元/股。 此次立案调查并非携程集团首次面临监管关注。2025年9月，郑州市市场 ...

Group 1 - Major stock index futures are experiencing declines, with Dow futures down 0.16%, S&P 500 futures down 0.18%, and Nasdaq futures down 0.22% [1] - Ctrip's stock dropped over 10% following an announcement that the State Administration for Market Regulation is investigating the company for alleged monopolistic practices under the Anti-Monopoly Law of the People's Republic of China [1] - Tesla will stop selling the one-time purchase version of its Full Self-Driving (FSD) capability starting February 14, transitioning to a subscription-only model for this feature [1] - Citigroup analysts have raised their gold price target to $5,000 per ounce over the next three months, although a pullback is expected after reaching this high [1] - Silver prices have surpassed $90 per ounce, marking a historic high and pushing its total market value above $5 trillion, making it the second-largest asset globally, surpassing Nvidia [1] Group 2 - Google announced the launch of the open-source medical AI model MedGemma 1.5, aimed at enhancing medical imaging support [2] - The U.S. government has approved Nvidia to export its H200 AI chips to China, which is expected to restart shipments to Chinese customers [2] - Intel's stock rose over 4% after former President Trump revealed in an interview that Apple has invested in Intel, although this has not been confirmed by either company [2] - Rivian's stock fell over 3% after the company announced a recall of 19,641 units of its R1T pickup and R1S SUV due to potential safety risks related to incorrect maintenance procedures [2]

专题：携程被市场监管总局立案调查 文/新浪财经上海站 途景 1月14日，在携程集团有限公司因涉嫌滥用市场支配地位被国家市场监督管理总局立案调查的消息刷屏 后，当天晚间，追觅科技CEO俞浩发布两条朋友圈称要做对标携程的产品，我们今天就推出，让携程不 再垄断。 另一条则称：那我们成立机票与酒旅事业部吧，响应国家号召。 责任编辑：刘万里 SF014 责任编辑：刘万里 SF014 专题：携程被市场监管总局立案调查 文/新浪财经上海站 途景 1月14日，在携程集团有限公司因涉嫌滥用市场支配地位被国家市场监督管理总局立案调查的消息刷屏 后，当天晚间，追觅科技CEO俞浩发布两条朋友圈称要做对标携程的产品，我们今天就推出，让携程不 再垄断。 另一条则称：那我们成立机票与酒旅事业部吧，响应国家号召。 ...

Core Viewpoint - Ctrip is under investigation by the State Administration for Market Regulation for alleged monopolistic behavior and will cooperate with the authorities [1] Group 1 - Ctrip received a notification from the State Administration for Market Regulation regarding the investigation [1] - The company will actively cooperate with the regulatory authorities and implement their requirements [1] - Ctrip emphasizes that all its business operations are running normally and it will continue to provide quality services to users and partners [1]