“AI+”系列报告（交运篇）：Deepseek冲击波：AI赋能交运行业新征程

Investment Rating - The report recommends focusing on digital freight and AI-related logistics sectors, particularly highlighting the domestic network freight platform leader, Manbang Group (YMM.N), and Transfar Zhilian (002010.SZ) [48] Core Insights - The transportation industry is undergoing significant transformation driven by AI applications, which enhance operational efficiency and reduce costs [3][5] - AI technologies are reshaping the logistics landscape through improved freight matching, autonomous driving, and vehicle-road-cloud collaboration, leading to a more efficient and intelligent transportation system [6][22][26] Summary by Sections AI Leading the Transformation - AI is a disruptive technology that integrates various disciplines to enhance machine capabilities in understanding, reasoning, and decision-making, significantly impacting the transportation sector [3][4] Digital Economy and Logistics - The digital economy in China is growing, contributing significantly to national economic development and driving the logistics industry's transformation [5][6] Freight Matching - The freight logistics sector faces high costs and low efficiency, with social logistics costs reaching 18.2 trillion yuan, accounting for 14.4% of GDP [8] - AI enhances freight matching by analyzing vast amounts of data to reduce empty running rates and improve operational efficiency [15][18] Autonomous Driving - AI-powered autonomous driving technology allows for continuous operation, improving turnaround efficiency and reducing costs while enhancing safety through precise path planning [22][23] Vehicle-Road-Cloud Collaboration - The integration of vehicle-road-cloud systems is essential for the development of smart transportation, enabling real-time data exchange and improved traffic management [26][29] Manbang Group Overview - Manbang Group, formed by the merger of two major logistics platforms, is a leading digital freight platform in China, achieving significant revenue growth and operational efficiency [32][36] - The company reported a revenue of 8.426 billion yuan in 2023, with a 25.28% year-on-year increase, primarily from freight matching services [32][35] Competitive Landscape - The digital freight market in China is competitive, with a trend towards consolidation among leading players like Manbang, indicating a shift towards a duopoly in the same-city freight market [46]