与反垄断和监管共处，是每家企业必须学会的事情。 2026 年 1 月 14 日，国家市场监督管理总局发布公告，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。 在国家市监总局下场调查前，携程遇到的监管问题都与此有关。贵州省市监局约谈过携程的「二选一」问题，郑州市监局约谈过携程的「限制商家自主定 价」问题，而云南省旅游民宿行业协会发起了针对携程的反垄断维权。 不少人提起「大数据杀熟」，也就是携程会有价格歧视，如果平台认为你消费能力高，就会故意调高机票或者酒店价格，让你多出钱。 这在《反垄断法》里对应的是第二十二条第六项：没有正当理由，对条件相同的交易相对人在交易价格等交易条件上实行差别待遇。 这类行为的确违法，也的确让消费者很不舒服，也有消费者因此投诉甚至起诉携程，不过这通常属于「保护消费者权益」，而非「反垄断」。 反垄断关注什么？ 简单来说，平台企业对于中小经营者的影响。 反垄断更关注平台企业对于中小经营者的影响 公告很简单，不过引发了激烈的讨论。一来这是《反垄断法》在 2022 年修订以来，第一个被立案调查的中国互联网公司，二来就像众多媒体所说的， 「天下苦携程久矣」。 这在《反垄断法》里也有体 ...

携程集团-S(09961)低开近15%，截至发稿，跌14.98%，报484.2港元，成交额3.94亿港元。 消息面上，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。对此，携程方面回应称，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。携程同时强调，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。 据交银国际行业报告，以2024年GMV计算，携程系（包括携程和去哪儿）占据近70%的GMV市场份 额，其中携程主品牌独占56%。另据极目新闻，北京策略（南京）律师事务所朱雪律师指出，我国《反 垄断法》第五十七条明确规定，经营者滥用市场支配地位的，由反垄断执法机构责令停止违法行为，没 收违法所得，并处上一年度销售额百分之一以上百分之十以下的罚款。朱雪表示，目前并不清楚携程具 体涉及哪种行为，如最终携程被认定滥用市场支配地位，将面临行政罚款、没收违法所得等行政处罚。 ...

据交银国际行业报告，以2024年GMV计算，携程系（包括携程和去哪儿）占据近70%的GMV市场份 额，其中携程主品牌独占56%。另据极目新闻，北京策略（南京）律师事务所朱雪律师指出，我国《反 垄断法》第五十七条明确规定，经营者滥用市场支配地位的，由反垄断执法机构责令停止违法行为，没 收违法所得，并处上一年度销售额百分之一以上百分之十以下的罚款。朱雪表示，目前并不清楚携程具 体涉及哪种行为，如最终携程被认定滥用市场支配地位，将面临行政罚款、没收违法所得等行政处罚。 消息面上，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。对此，携程方面回应称，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。携程同时强调，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。 智通财经APP获悉，携程集团-S(09961)低开近15%，截至发稿，跌14.98%，报484.2港元，成交额3.94亿 港元。 ...

Core Viewpoint - Ctrip Group has been selected as a core asset in the consumer tourism sector for 2026, reflecting its strong position in the recovering domestic consumption market and its structural transformation into a comprehensive tourism service provider [1] Company Analysis - Ctrip is transitioning from a "single booking platform" to a "full-domain tourism ecosystem service provider," leveraging its leadership in the online travel agency (OTA) sector [1] - The company reported a revenue of 47 billion yuan for the first three quarters of 2025, a year-on-year increase of 16%, and an adjusted operating profit of 13.29 billion yuan, up 11.5%, showcasing its resilience in a challenging consumption environment [1] - Ctrip's unique model combines a stable domestic base, international business expansion, comprehensive supply chain coverage, and technological empowerment, resulting in a profit structure characterized by both cyclical resilience and growth certainty [1] Industry Trends - The tourism service industry is experiencing growth, benefiting from an increase in domestic tourism service share and a significant recovery in inbound tourism due to favorable policies aimed at stimulating consumption [3] - The domestic tourism market is showing steady growth, with a year-on-year increase of 18% in tourist numbers and 11.5% in tourism revenue for the first three quarters of 2025 [8] - The OTA penetration rate in China reached 51.5% in 2024 and continues to rise, indicating a shift towards online booking as the mainstream mode of tourism consumption [8] Competitive Advantages - Ctrip has established significant barriers to entry through brand and traffic advantages, with a user repurchase rate exceeding 60% [4] - The company has a robust supply chain covering over 750,000 hotels in more than 600 cities domestically and 1.2 million hotels globally, providing a comprehensive one-stop service for diverse travel needs [4][5] - Ctrip's early global expansion through acquisitions has positioned it well in the international market, with substantial growth in international OTA bookings [5] Business Structure - Ctrip's domestic tourism business remains the core profit base, contributing over 80% of revenue in the first three quarters of 2025, supported by both high-end and budget travel segments [10] - The international tourism business is rapidly growing, with a significant increase in bookings for inbound and outbound travel, expected to become a core growth driver alongside domestic operations [10] - The company has diversified its service offerings beyond core travel bookings to include vacation products, scenic tickets, and business travel management, enhancing its revenue structure [11][12] Investment Outlook - Ctrip is viewed as an attractive investment opportunity due to its low valuation and strong growth potential, with expected revenue growth of 15%-17% in 2026 [13] - The company is anticipated to benefit from policy incentives, rising consumer income, and a recovering tourism market, positioning it as a key player in the consumption recovery cycle [14]

Core Insights - The article discusses the overwhelming crowds and challenges faced during the "May Day" holiday travel in China, highlighting the need for flexible vacation policies to alleviate pressure on tourism resources [8][24][25]. Group 1: Travel Statistics - According to the Ministry of Culture and Tourism, an estimated 314 million domestic trips are expected during the 2025 "May Day" holiday, representing a 6.4% increase year-on-year [13]. - The total expenditure by domestic tourists is projected to reach 180.27 billion yuan, marking an 8.0% increase compared to previous years [13]. Group 2: Travel Experience Challenges - Many travelers reported poor experiences due to overcrowding, with popular destinations becoming "battlefields" rather than enjoyable sites [27]. - The high demand for accommodations led to significant price increases, with some hotels charging several times their usual rates, causing frustration among travelers [25][24]. Group 3: Flexible Vacation Policies - The article advocates for the promotion of "flexible vacation" policies to distribute travel demand more evenly throughout the year, potentially reducing the strain on popular destinations during peak times [10][29]. - Implementing such policies could enhance the overall travel experience by allowing tourists to avoid crowds and high prices, thus improving tourism quality [30][31]. Group 4: Economic Implications - The concentration of travel during peak holidays can lead to inflated operational costs for tourism-related businesses, limiting profit margins [31]. - A more staggered approach to vacations could extend the tourism consumption cycle, benefiting both businesses and consumers by balancing demand and supply [32]. Group 5: Implementation Challenges - The article notes that while flexible vacation policies could alleviate some issues, they face challenges such as disrupting educational schedules and maintaining necessary staffing in critical sectors like healthcare [34][35]. - A balanced approach that allows for partial staggered vacations could meet operational needs while still addressing tourism demand [38]. Group 6: Examples of Successful Implementation - Some educational institutions, like Qingdao Binhai College and schools in Hangzhou, have successfully implemented staggered vacation models, allowing families to travel during less crowded times [41][43]. - These examples demonstrate the potential benefits of flexible vacation policies in reducing peak travel pressures and enhancing the travel experience for families [44].

关注《晚点财经》并设为星标，第一时间获取每日商业精华。 400 余家大机构在二季度买了拼多多 400 余家大机构在二季度买了拼多多 携程称机酒行业价格下降，预计四季度缓解 茶百道毛利减少，因为给经销商减负 苹果 CFO 明年卸任，十年回报股东超 8500 亿美元 安踏半年净利润增长超 60%，商品周转加快 Anthropic 公开了 Claude 的系统提示词 拼多多是机构投资者二季度买入最多的中概股。据 13F 文件，当季共有 147 家资产管理规模 1 亿美元以 上的投资机构建仓拼多多，环比增加逾五成；增持的多了 20%、达到 269 家。清仓和减持的分别少了 30% 和 16%。 以拼多多二季度股票成交均价计算，大机构们合计净买入价值约 66 亿美元的拼多多股票。建仓的不乏 挪威央行、文艺复兴基金这样的著名机构。 一些早已重仓拼多多的中资机构下了更多注。景林增持约 157 万股、价值超 2 亿美元（按二季度交易均 价，下同），重新把拼多多买回最大持仓；泰仁资本买了近 2.5 亿美元，高毅资产增持约 0.6 亿美元。 徐新的今日资本没买也没卖，拼多多持仓占比接近九成。高瓴虽然大幅减持了约 4 亿美元拼多多 ...