炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 专题：携程被市场监管总局立案调查 市场监管总局此次立案调查并非孤立事件，而是对前期地方约谈和行业投诉的回应。2025年下半年，携 程已在多地接连被市场监管部门约谈。 1月14日，据国家市场监督管理总局网站发布的消息，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。 市场监管总局此次立案调查并非突如其来，而是在前期核查的基础上，依据相关法律法规进行的。调查 主要围绕携程集团在酒店业务方面的经营行为，尤其是涉嫌滥用市场支配地位的行为，携程集团作为在 线旅游行业的龙头企业，在酒店预订和机票代理业务上占据较大市场份额。 此前，据媒体报道，大量商家控诉被携程等平台的不合理条款硬控。 "我们现在真像给平台打工，定价权已经完全被拿走了。"山西五台山周边的某品牌酒店经理钟洋表示。 钟洋发现后申诉，美团能改回来或补回差价，而携程当下虽能补价差，后续却判其违约并予以处罚，他 申诉了三个月都未能解决。 更让商家愤怒的是关闭"调价助手"功能，异常艰难。浙江民宿主戴芸透露，她们设定的底线价格 ...

Core Viewpoint - The State Administration for Market Regulation has initiated an antitrust investigation into Ctrip Group for suspected abuse of market dominance, particularly in its hotel business operations [1][6]. Group 1: Investigation Background - The investigation is based on prior checks and is in accordance with the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip holds a significant market share in the online travel industry, particularly in hotel bookings and flight ticketing [1]. - Complaints from numerous merchants indicate that Ctrip imposes unreasonable terms and conditions, leading to claims of market manipulation [2][3]. Group 2: Merchant Complaints - Merchants have reported difficulties in adjusting prices on Ctrip, with some stating that their pricing autonomy has been completely taken away [2]. - The "price adjustment assistant" feature has been a point of contention, with merchants struggling to disable it despite repeated attempts [2]. - Ctrip's "choose one from two" policy, which may force merchants into exclusive agreements, is also under scrutiny [2][3]. Group 3: Market Dynamics - Ctrip's market share in the hotel and travel market is projected to reach 56% by 2024, with its closest competitor holding only 13% [3]. - The company has expanded its operations to over 120,000 international hotels across more than 200 countries, as well as 750,000 hotels in over 600 cities in China [3]. - Merchants face high commission rates, with total commission costs potentially nearing 40% when including hidden fees [4]. Group 4: Financial Performance - Despite the challenges faced by merchants, Ctrip's financial performance has been strong, with a projected net profit of 17.2 billion yuan in 2024, a 72% increase year-on-year [4]. - Approximately 40% of Ctrip's revenue comes from hotel booking services [4]. Group 5: Regulatory Context - The investigation is part of a broader effort by the government to address "involutionary" competition, which is characterized by low-quality, low-price competition that undermines long-term business viability [6]. - The new Anti-Unfair Competition Law, effective from 2025, aims to regulate practices such as forced low-cost sales and manipulation of market rules [6]. Group 6: Potential Consequences - If found guilty of abusing its market position, Ctrip could face administrative fines and confiscation of illegal gains, with penalties ranging from 1% to 10% of the previous year's sales [7].

Physic I e a 4,400 was Products 19 2017 11 11 11 2 11 2 1 2 a for the work in the provins and in the faller is and in and in a with ward in the name of anyward with and works. Posts of historial and and and the states of the fi spel 3 t. . Call .. 监管的达摩克利斯之剑落下，携程正面临前所未有的挑战。 1月14日，国家市场监督管理总局发布公告称，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。 调查消息公布后，携程在资本市场立即受到冲击。携程当日港股收盘下跌6.49%，市值蒸发显著，在美股盘前携程股价一度下跌超15.70%。 面对调查，携程迅速作出官方回应，表示将"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"。携程方面强调，目 前各项业务均正常运行，将持续 ...