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 ...

Group 1: Guozhi Automobile and Baoneng Group - Baoneng Group's chairman, Yao Zhenhua, has filed a formal complaint against the low-priced auction of Guozhi Automobile's assets, claiming illegal operations in a 2.7 billion yuan enforcement case [4] - Yao alleges that the core assets, valued at 8 billion yuan, were undervalued at 1.5 billion yuan, with an auction starting price of only 860 million yuan, scheduled for January 15, 2026 [4] - Yao emphasizes that Guozhi still has restructuring value and requires an investment of 2 billion yuan to resume production within 10 months, with over 60% of creditors supporting bankruptcy restructuring [4][6] Group 2: Ctrip Investigation - Ctrip Group is under investigation by the State Administration for Market Regulation for suspected monopolistic behavior, following previous warnings and discussions regarding its market practices [8][9] - Ctrip holds a dominant market share of approximately 56%, and when including competitors, its overall market share approaches 70% [9] - In Q3 2025, Ctrip reported a net revenue of 18.3 billion yuan, a year-on-year increase of 16%, but the significant profit increase was largely due to asset disposals [9] Group 3: Haidilao Management Changes - Haidilao's stock surged after the announcement of founder Zhang Yong returning as CEO, following a period of declining revenue and profits [11][17] - The company reported a revenue drop of 3.7% and a core operating profit decline of 14% in the first half of 2025, marking the first time since 2022 that both revenue and net profit fell [17] - Zhang is expected to focus on revitalizing the company by reshaping corporate culture and refocusing on the core hotpot business [18] Group 4: Demumu App - The "Demumu" app, previously known as "Did it Die?", has gained significant popularity, with a valuation reaching 90 million yuan and ongoing financing discussions [23] - The app, designed for solitary individuals, has seen a user increase of 500 times since its rise to fame, leading to a surge in investor interest [23] - Controversy surrounds the app's name and design, with claims of similarity to another creator's work, which the app's team disputes [24] Group 5: Zhongxuegao's Legal and Financial Issues - Zhongxuegao's founder won a defamation lawsuit after a five-year legal battle, but the company is facing bankruptcy proceedings due to inability to settle debts [25][31] - The brand, known for its premium ice cream, experienced rapid growth initially but has faced significant challenges since 2022, including public criticism and financial difficulties [31] - The court has initiated bankruptcy proceedings after determining that Zhongxuegao cannot meet its financial obligations [31] Group 6: McDonald's Pricing and Size Controversy - McDonald's has faced backlash over the perceived shrinking size of its burgers, with consumers comparing them to earphone cases [32] - The company has implemented multiple price increases over the past year, citing rising operational costs as the reason for adjustments [35] - Despite these challenges, McDonald's reported a 3% revenue growth in Q3 2025, although this was below market expectations [35][36]

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]

编辑 ｜ 钉钉 | < 日 | 携程集团 | | | | --- | --- | --- | --- | | | TCOM.O | | | | 75.680 = 234.95 | 股本 7.14亿 市盈 " | 12.3 | 万得 | | | | | 盘口 | | -3.280 -4.15% 换 0.33% | 市值 540亿 市净 | 2.28 | | | 盘前 68.800 -6.880 -9.09% | | 美东 04:07 √ | | | 港股 569.500 -39.500 -6.49% | | 溢价(H/US) -3.51% | | | ■▼ 五月 日K | 周K | 曲 | | | 叠加 | 均价:69.555 | | | | 82.560 | 9.09% | 68.850 | 100 | | | | - 68.800 | 10 | | | | 15:59 75.700 15:59 75.680 | 334 135 | | 75.680 | | 0.00% 15:59 75.680 | 92 | | | | 15:59 75.675 | 300 | | | | 15:59 75.675 | 10 ...

Group 1 - The State Administration for Market Regulation has initiated an investigation into Ctrip for suspected monopolistic behavior [1] - Ctrip has announced that it will actively cooperate with the regulatory authorities and implement all regulatory requirements [1] - The company assures that all its business operations are running normally and it will continue to provide quality services to users and partners [1]