Group 1 - The core viewpoint indicates that the penetration rate of the new energy vehicle market in China is expected to reach 57% this year, with the share of plug-in hybrid electric vehicles (PHEVs) projected to be lower than last year's level [1] - Over the next 2 to 3 years, the growth rate of PHEV models is expected to further slow down as inventory reduction is completed [1]

● 本报记者 陈露 近日，新时达、宝利国际等上市公司披露了购买董责险的公告。据中国证券报记者统计，截至6月26 日，今年以来已有超过280家上市公司披露了购买董责险的公告，保费在几万元到上百万元不等，保险 赔偿限额在千万元到上亿元不等。 整体来看，近年来，购买董责险的上市公司数量呈上升趋势。业内人士认为，随着监管力度加强、相关 司法案件催化、上市公司风险管理意识增强，董责险日益受到关注，未来董责险市场渗透率有望进一步 提升。 "自2019年起，新证券法与新公司法的陆续施行对董责险在A股市场渗透率的快速提升起到了很大的推 动作用。"上海市建纬律师事务所高级顾问律师王民说。 北京京师（成都）律师事务所律师刘诚冬认为，投保董责险的公司数量增长，说明在市场监管趋严、投 资者维权意识提升的背景下，公司和管理层风险防范意识正在增强。近年来证券市场虚假陈述、内幕交 易等情况时有发生，董责险作为转移履职风险的工具，逐渐受到关注。 对于董责险的保险范围，有上市公司在公告中表示，保单基本能涵盖所有因非恶意的不当行为（董监高 在履行职责时，任何事实上或被指控违反信托、错误、不作为、错误陈述、虚假陈述、误导性陈述、诽 谤或侵犯名誉权 ...

本报记者 冷翠华 见习记者 杨笑寒 目前，董责险进一步"扩圈"还面临诸多挑战。上海市建纬律师事务所高级顾问律师王民对《证券日报》记者表示：一是产 品本土化不足，现有条款复杂晦涩，与国内法律环境适配性较低；二是董责险投保情况非强制披露，且理赔信息不透明，企业 难以评估实际效用，影响投保决策；三是保险公司的董责险专业人才欠缺，风险识别能力不足，风险定价和识别等模型均尚未 成熟；四是市场对董责险的认识和了解不足，需加强相关宣传。 对保险公司而言，王民表示，作为一种经营风险较高的责任保险产品，保险公司需要提升董责险的风险评估能力，注意承 保风险、理赔风险和市场竞争风险，完善承保流程，明确理赔标准。 近年来，尽管受市场环境、企业风险感知、监管规定等因素影响，拟购董责险的上市公司数量有所波动，但整体呈上涨趋 势。上海市建纬律师事务所保险团队与险律科技（北京）有限公司联合发布的《中国上市公司董责险市场报告（2025）》（以 下简称《报告》）显示，披露购买董责险计划的上市公司数量由2020年的184家增长至2024年的475家，上涨态势显著。 《报告》显示，截至2024年底，公告拟投保董责险的上市公司渗透率相较此前有所提升。 ...

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - High-growth companies in ride-hailing, digital freight, and instant delivery platforms are expected to deliver significant returns, with business volume and revenue growth around 20% and operating profits increasing substantially [3][4] - As competition stabilizes, operating leverage will lead to greater growth in operating profits, with companies like Manbang Group and Meituan projected to see substantial profit increases in 2024 [4][5] - The rising penetration rates in ride-hailing, digital freight, and instant delivery are expected to drive revenue and gross profit growth of approximately 30% for leading companies in 2024 [5] Summary by Sections Growth Logic - Revenue growth and declining expense ratios are key drivers for profit growth, with companies like Manbang Group benefiting from rapid revenue increases and improved monetization rates [14][17] - The report highlights that the faster the revenue growth and the quicker the expense ratio declines, the more significant the profit growth potential [16] High Growth in Leading Companies - In 2024, leading companies in ride-hailing, freight platforms, and instant delivery are expected to see high growth in operating profits, with Didi Chuxing turning profitable [19][23] - The operating profit growth rates for these companies are significantly higher than their gross profit growth rates, indicating effective cost management [23] Operating Leverage - The report notes that the increase in operating profit growth is due to a decrease in sales, management, and R&D expense ratios, showcasing the effect of operating leverage [28][31] - As leading companies solidify their market positions, their expense ratios are expected to stabilize, further enhancing profit margins [28][46] Revenue and Market Penetration - The revenue growth for leading companies is primarily driven by increases in business volume, with many companies outpacing industry growth rates [39][41] - The rising market penetration rates in various segments, such as ride-hailing and digital freight, are contributing to revenue growth exceeding overall market growth [44] Monetization Rates - Manbang Group's monetization rate is on the rise, which is expected to accelerate revenue growth compared to competitors whose monetization rates are stabilizing [49]

证券研究报告 2025年04月27日 行业报告 | 行业专题研究 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 请务必阅读正文之后的信息披露和免责申明 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 交通运输 摘要 交运平台高增长，进入利润兑现期 ⚫ 估值相对低位，发掘成长公司 作者： ⚫ 经营杠杆，利润进入兑现期 随着竞争格局稳定，销售、管理、研发费用维持稳定，毛利润增长有望带动营业利润更大 幅度增长。2024年满帮集团、美团、顺丰同城的营业利润成倍增长，未来或持续较快增长。 ⚫ 渗透率上升，毛利持续增长 网约车、网络货运、即时配送的渗透率上升，带动满帮集团、美团、顺丰同城等公司2024 年营收和毛利润30%左右增长。满帮集团的变现率上升，2024年毛利润增速42%。 风险提示：公路运价下跌风险，市场竞争加剧风险，监管要求降低佣金率风险 请务必阅读正文之后的信息披露和免责申明 2 1.1 聚焦交运高成长板块 高成长公司带来高回报机会。新兴的网约车、数字货运、即时配送等平台头部公司，业务 量和收入增速20%左右，营业利润成倍增长。随着新能源汽车普及、智能驾驶 ...