携程集团-S（09961）早盘涨超4%，截至发稿，股价上涨4.01%，现报363.20港元，成交额4.42亿港元。
小摩发布研报指出，市场或倾向将携程集团-S下半年的疲弱表现解读为反垄断整改带来的结构性损害，该行认为相关疲弱状态主要属于周期性，监管改变的是变现的商业形式，而非损害携程的盈利能力。小摩表示，反垄断罚款属于已知、可衡量且基本上属一次性影响，其商业转型影响亦属暂时性。
大华继显则认为，处罚决定正式为反垄断调查划上句号，消除了围绕该公司的核心监管不确定性。虽然合规调整及相关营运变动短期内或对国内业务造成扰动，导致2026年第二季收入按年增长放缓至3%至8%，但考虑到海外业务仍维持逾30%的高速增长，对核心盈利能力的整体影响相对有限。
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