经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂 行规定》第二十四条的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易 及交易价格进行不合理限制的问题。郑州市市场监管局已于2025年9月4日依法向其下达《责令 改正通知书》。本次约谈旨在督促企业全面整改、规范运营，切实维护公平竞争市场秩序，保 障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成整改。企业要在规定期限 内完成合同条款修订、调价工具优化等整改任务，并建立健全长效合规机制，加强内部监管和 问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监 管：一要建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规 经营能力，积极配合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行为， 充分尊重商户自主经营权，针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商 户为中心的服务理念；三要切实保障平台内经营者合法权益，严禁利用技术手段变相操控价 格、限制交易 ...

Core Viewpoint - The article highlights the regulatory actions taken by Zhengzhou Market Supervision Administration against Ctrip Travel Network for violating e-commerce laws and emphasizes the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - On September 17, 2025, Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network due to violations of the E-commerce Law and regulations against unfair competition [1]. - The administration issued a "Notice of Correction" on September 4, 2025, mandating Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [1]. Group 2: Compliance and Rectification Requirements - Ctrip is required to take the administrative interview seriously and complete the necessary corrections within the stipulated timeframe, including revising contract terms and optimizing pricing tools [1]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur, thereby conducting business in accordance with the law [1]. Group 3: Emphasis on Fair Competition - The article stresses that fair competition is central to a market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [2]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly online market [2].

Core Viewpoint - JD.com is expanding its presence in the travel and hospitality sector, emphasizing quality service over price wars, as highlighted by founder Liu Qiangdong during a recent wine tasting event [1][5][10] Group 1: Company Initiatives - Liu Qiangdong hosted a live cooking event to promote JD.com's travel services, marking a return to direct user engagement after nearly 20 years [1][3] - The recent wine tasting event led to a record sale of 100 hotel rooms within 30 minutes, showcasing strong consumer interest in JD.com's travel offerings [3] - JD.com has previously entered the travel market, launching flight booking services in 2011 and establishing a travel channel in 2014, indicating a long-term strategy in this sector [4] Group 2: Market Strategy - Liu emphasized that JD.com will not engage in price wars within the OTA market, aiming to protect service quality and the profits of hotel operators [5][6] - The company is focusing on supply chain efficiencies in the hospitality sector, leveraging its existing infrastructure from its convenience store and food delivery businesses [9] - JD.com has a significant user base of over 800 million high-spending consumers, which aligns well with the target demographic of four-star and above hotels [9] Group 3: Competitive Landscape - Liu Qiangdong discussed the importance of healthy competition, advocating for strategic and value-driven approaches rather than personal rivalries, particularly in reference to competitors like Meituan [8] - The company aims to differentiate itself in the OTA market by offering unique experiences, such as the combination of high-end dining and hotel services [9]

Core Points - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the Electronic Commerce Law and regulations against unfair competition [1] - The investigation revealed that the platform imposed unreasonable restrictions on transactions and pricing of operators within the platform through service agreements, transaction rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [1] Company Summary - Ctrip Travel Network is under scrutiny for non-compliance with electronic commerce laws and regulations, which could impact its operational practices and market reputation [1] - The administrative actions taken by the Zhengzhou Market Supervision Administration highlight the regulatory environment and the importance of fair competition in the online travel industry [1] - The company is required to implement comprehensive reforms to protect the legal rights of operators on its platform and maintain a fair market order [1]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].

Group 1 - Disney's "Wonder" cruise has postponed certain voyages, affecting travelers' itineraries [1][2] - Ctrip has announced a special guarantee plan for affected customers, offering free rescheduling or full refunds for eligible flight and hotel bookings [1] - The guarantee applies to customers impacted by the cruise's postponement for travel dates between December 15, 2025, and March 12, 2026 [1] Group 2 - Fliggy has also introduced a special guarantee for affected users, providing full refunds or free rescheduling for flight and hotel bookings related to the Disney cruise [2] - The refund will be processed back to the original payment method, while any fare differences for rescheduling will be covered by Fliggy [2] - Fliggy is proactively contacting consumers to address any additional concerns beyond the guarantee [2]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) closed at 26,438 points after reaching a high of 26,601 points, indicating a high open but a low close, which disappointed investors [1] - Technical signals suggest a "sell" with support levels at 25,860 points and 25,385 points, while resistance levels are at 26,642 points and 27,600 points [1] Group 2: Trip.com Group (09961.HK) - Trip.com Group's stock price has steadily increased over the past two weeks, rising by 4.09% to 597.5 HKD, although short-term technical signals indicate a "sell" [7] - Support levels are at 561 HKD and 520 HKD, while resistance is at 613 HKD [7] Group 3: Geely Automobile (00175.HK) - Geely's closing price is near the middle line of the Bollinger Bands, but the overall technical signal is leaning towards "sell" [14] - Support levels are at 18.3 HKD and 17.9 HKD, with resistance at 19.8 HKD and 20.3 HKD [14] Group 4: Meituan-W (03690.HK) - Meituan's stock price closed at 100.3 HKD, with technical signals indicating a "buy" [20] - Resistance levels are at 107.5 HKD and 117.7 HKD, while support levels are at 96 HKD and 91.7 HKD [20] Group 5: Lenovo Group (00992.HK) - Lenovo's stock closed at 11.7 HKD, close to the upper Bollinger Band, with a technical signal of "sell" [26] - Support levels are at 11.1 HKD and 10.9 HKD, while resistance levels are at 12.1 HKD and 12.5 HKD [26] Group 6: Bilibili-W (09626.HK) - Bilibili's stock reached a high of 220 HKD and closed at 212 HKD, with a technical signal of "sell" indicating potential adjustments after reaching high levels [32] - Short-term support levels are at 195 HKD and 181 HKD, with recommendations for longer expiration dates on options to mitigate time decay [32]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Core Viewpoint - Ctrip will bear the losses related to flight and hotel bookings due to the postponement of Disney's cruise operations, providing free rescheduling or full refund services for affected customers [1][2] Group 1: Company Actions - Ctrip announced a guarantee plan for customers affected by the postponement of Disney's cruise, applicable to bookings made for travel dates between December 15, 2025, and March 12, 2026 [1][2] - The company will cover the costs for affected customers who book round-trip flights to Singapore and local hotel reservations within 7 days before or after their original travel dates [1][2] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1][2]

Core Insights - The launch of Fliggy AI's "Ask Me" photo explanation feature aims to enhance the travel experience by providing professional audio guides when users take pictures of exhibits, historical sites, and landmarks [1][7] - The AI is designed to offer detailed explanations about artifacts and architecture, utilizing a specialized dataset focused on cultural and tourism knowledge [1][6] Feature Overview - The "Ask Me" feature allows users to receive real-time audio explanations by simply photographing an object or site, creating an interactive travel experience [1][6] - The AI has been trained to recognize intricate details of cultural artifacts and buildings, ensuring accurate and engaging storytelling [1][6] User Interaction - After an initial explanation, the AI encourages users to ask further questions, enhancing engagement and exploration of the subject matter [6] - The AI's voice has been specifically designed to be soft and natural, improving the overall user experience [6] Data and Training - The AI has already learned about 676 popular attractions and museums, with ongoing collaborations to enhance its knowledge base [7] - Fliggy is investing resources in data collection, cleaning, and annotation to ensure high-quality training for the AI [6][7] Market Potential - With the upcoming holiday season, there is an expected surge in demand for cultural site explanations, positioning the "Ask Me" feature as a valuable tool for tourists seeking free and high-quality guidance [7]