The hotel I selected on Ctrip.com shows that it has been confirmed, but the transaction has not been completed. Is this considered a reservation?

The transaction status will not be displayed until the hotel confirms the booking and check-in. As long as you receive the confirmation message after booking, it is considered a reservation, so don't worry. If you go to the hotel where you booked and show the confirmation text message, but it is not recognized by the hotel, you can complain to the website and ask for compensation!

Hope this helps!