央视新闻9月23日消息，近日，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断 法》等法律规定，落实反垄断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、 消费者等相关主体合法权益，推动平台规则和算法公平公正、公开透明，促进行业规范健康发展。 ...

制图：陈欣（豆包AI） 平台算法，这一新就业形态下的无形"指挥棒"，正从幕后走向台前。 其中，订单取消后的责任判定，是司机们最关心的问题之一。有司机代表在会上提出了长久以来的疑 问："取消类订单判责是否会偏袒用户？"这直指"算法黑箱"下最容易侵蚀信任的环节。 "判责必须充分取证 证据不足一律无责" 面对司机关切，货拉拉此次给出的解决方案可以归纳为"协商"与"公开"并行。 在全国总工会推动平台企业就劳动规则展开集体协商的背景下，9月18日，南都记者获悉，货拉拉在深 圳召开了全国首场算法协商恳谈会，与司机代表签署了《货拉拉平台算法和劳动规则专项协议》(下 称"专项协议")。此举旨在将平台内一部分模糊的算法规则，转变为清晰的劳资共识。 与此同时，货拉拉在官网增设"算法公开"入口，详解了行为分与订单取消的判责逻辑，试图在效率与公 平之间，寻找一个新的平衡点。 有司机问"取消类订单判责 是否会偏袒用户？" 随着平台经济发展，中国灵活就业群体已超2亿人。由于他们与平台间不存在传统劳动关系，为其建立 有效的社会保障体系已成重要民生议题。对此，顶层设计的步伐正在加快。今年3月，人社部在介绍年 度重点工作时明确，将稳妥有序扩大 ...

南都讯 9月18日，在全国总工会权益保障部、广东省总工会、深圳市委社会工作部、深圳市委互联网企 业工委、深圳市总工会等单位的指导下，货拉拉召开首场全国"橙"心守护算法协商恳谈会，来自各地的 货车司机和平台代表齐聚一堂，就平台司机关切的问题及日常诉求焦点展开协商恳谈，在服务收入与费 用保障、货主与货源管理、劳动与安全保障、司机行为分与激励机制等方面达成共识，并正式签署《货 拉拉平台算法和劳动规则专项协议》。 今年，全总明确将推动平台算法和劳动规则协商作为开展2025年集体协商"集中要约行动"的重点工作。 近日召开的平台算法和劳动规则协商工作现场交流会强调，开展平台算法和劳动规则协商是回应平台企 业劳动者关切、维护劳动者合法权益的关键所在，是促进平台企业健康发展的迫切需要。 会议上，来自深圳、北京、武汉、重庆、厦门等地的货车司机代表积极建言。针对司机们提出的问题， 平台均一一回应并协商解决，承诺将逐步进行优化。比如针对司机们提出的安全问题，货拉拉平台协商 代表朱显文作出回复，"平台目前已全面上线超载、违规装载的识别能力，会智能提醒司机该订单可能 存在异常，核实后如属实，司机可按流程报备取消，不会扣除行为分。" 经 ...

Core Viewpoint - The article emphasizes that "anti-involution" should not be equated with "anti-competition" and requires systematic measures to address its complex causes rather than simplistic solutions like price increases or capacity reduction [1][3][15]. Summary by Sections Involution in Industries - Involution-style competition has been spreading across various industries, characterized by price mechanism failures, low innovation, and market disorder, indicating systemic issues like insufficient effective demand and inefficient resource allocation [2][16]. - The Central Economic Work Conference in December 2024 proposed comprehensive measures to rectify involution-style competition, prompting responses from various ministries and industry associations [2][6]. Role of Industry Associations - Industry associations and leading enterprises are taking initiatives to address involution through self-regulation agreements on price and capacity, although these may raise antitrust concerns [2][7]. - Huang Yong, a professor specializing in antitrust law, warns that some actions by industry associations may already pose legal risks under China's Antitrust Law [3][5]. Antitrust Concerns - Antitrust behavior is categorized into three types: inherently illegal actions, core behaviors, and those subject to reasonable analysis [3]. - Current initiatives by industry associations focusing on price and capacity coordination may violate antitrust regulations, leading to significant compliance risks for Chinese industries [3][7]. Types of Involution - Huang categorizes involution into three types: 1. Policy-driven involution, often seen in traditional manufacturing and AI sectors, where local government interventions distort market competition [16][19]. 2. Market distortion involution, prevalent in e-commerce and platform industries, where price competition overshadows quality and innovation [16][18]. 3. Behavior infringement involution, characterized by low-quality products flooding the market, marginalizing quality enterprises [18][19]. Systematic Solutions - Addressing involution requires a multifaceted approach that respects market dynamics and promotes innovation, including enhancing intellectual property protection and improving regulatory capabilities [19]. - The article stresses the importance of a coordinated policy framework that integrates competition, industrial, fiscal, and employment policies to effectively tackle involution [19].

Core Viewpoint - The Ministry of Transport of China has initiated a governance program for platform fees in the transportation sector, focusing on protecting the rights of truck drivers through a self-regulatory agreement signed by major freight platforms [1][2] Group 1: Self-Regulatory Agreement - The self-regulatory agreement involves four major freight platforms: Manbang Group, Huolala, Didi Delivery, and Kuaigou [1] - The agreement includes ten public commitments aimed at safeguarding the legal rights of truck drivers [1][2] Group 2: Key Commitments - The commitments are categorized into three main areas: 1. Strict source verification and real-name system for shippers, with a mechanism to jointly resist dishonest shippers [2] 2. Continuous implementation of a "sunshine action" to lower excessive fees and establish a mechanism to prevent unreasonably low freight rates [2] 3. Assurance that platforms will not force truck drivers to participate in promotional activities or link performance metrics to freight withdrawal [2] Group 3: Future Oversight and Community Involvement - The Ministry of Transport will support the association in monitoring the compliance of platform companies with the commitments [2] - There is a call for the community and truck drivers to participate in supervising the fulfillment of these commitments to promote a more regulated market order [2]

Core Viewpoint - Kuaigou Dache in Shenzhen will eliminate the dual model of charging both membership fees and commissions, transitioning to either a zero-commission membership fee or a pure commission model without membership fees [1] Group 1: Platform Fee Structure Changes - The platform will implement a "slimming action" on its fee structure to address long-standing complaints from drivers regarding the dual charging model [1] - A new membership product priced at 199 yuan with zero commission for 30 days will be introduced, significantly reducing the current membership fee of 499 yuan [1] - The changes aim to alleviate the financial burden on drivers amid declining earnings due to falling ride prices [1] Group 2: Driver Representation and Rights - Since its establishment in 2022, the Kuaigou Dache Shenzhen Union has actively promoted a "permanent driver representative system" and provided dedicated workspaces for driver representatives [2] - The recent democratic consultation meeting included a third-party observation group comprising local representatives, union officials, and media to provide an external perspective on contentious issues [2] - The platform aims to continue promoting "platform co-governance" to ensure driver rights and enhance satisfaction among new economy workers [2]

Group 1: Macroeconomic Insights - Recent increase in overseas ultra-long-term government bond yields, with Japan's 30-year bond yield reaching 3.15% and the US 30-year bond yield at 5.08%, the highest since October 2023 [2][4] - Concerns over inflation and fiscal policies are driving the rise in yields, with expectations of a potential short-term pullback in Japanese bond yields after temporary factors dissipate [2][4] - The report suggests that the long-term outlook for US Treasury yields may remain elevated [2] Group 2: Currency Dynamics - The US has adjusted tariffs, leading to a slight rebound in the US dollar index and a 0.5% increase in the RMB against the USD [3] - The report indicates that the RMB may have upward appreciation potential due to structural rebalancing in global asset allocations, particularly in Asia [3] Group 3: Fixed Income Market - Global bond yields have risen, with Japan's 10-year bond yield increasing to 1.53% and the US 10-year bond yield reaching 4.58% [4] - The report highlights that the rise in yields is influenced by various factors, including uncertainty surrounding tariff policies and inflation expectations [4] Group 4: Real Estate Sector - The report discusses the "pre-sale + current sale" model used in many overseas real estate markets, emphasizing the importance of third-party fund supervision to protect buyers [5] - This model ensures that most payments are made after project completion, reducing the risk of fund misappropriation [5] Group 5: Oil and Gas Sector - Oil prices have rebounded due to revised demand expectations following tariff reductions and OPEC+ production adjustments, with WTI and Brent prices rising by 5.8% and 2.8% respectively [6] - The report notes that trade tensions and OPEC+ production strategies are key short-term factors affecting oil prices [6] Group 6: Hong Kong Market Dynamics - The report highlights the recent surge in liquidity in Hong Kong's banking system, driven by currency interventions and successful IPOs, such as that of CATL [6] - It suggests that Hong Kong's market may benefit from a structural shift in global capital flows, particularly in the context of de-dollarization [6] Group 7: Company-Specific Insights - Black Sesame Intelligence is highlighted as a leading supplier of AI chips for smart driving and robotics, with a target price of 24.04 HKD and a "buy" rating [14] - Meitu's strategic partnership with Alibaba is expected to enhance growth prospects, with a "buy" rating maintained [16] - ZTO Express reported a revenue of 10.89 billion RMB, with a focus on market share despite short-term profit pressures, maintaining a "buy" rating [18] - Baidu's transition towards AI cloud services is noted, with a "buy" rating based on strong revenue growth in this segment [23]

Market Overview - US stock index futures are all down, with Dow futures down 0.75%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.51% [1] - European indices also show declines, with Germany's DAX down 0.10%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.54%, and the Euro Stoxx 50 down 0.37% [2] - WTI crude oil is up 0.74% at $62.49 per barrel, while Brent crude is up 0.67% at $65.82 per barrel [2] Currency and Economic Sentiment - There is a rising expectation of US dollar depreciation, with the Bloomberg dollar index's one-year risk reversal indicator showing a negative 27 basis points, indicating the lowest level on record [3] - Morgan Stanley suggests buying US assets excluding the dollar, predicting a series of interest rate cuts by the Federal Reserve that could support the bond market and boost corporate earnings [3] Inflation and Tariff Impact - Federal Reserve officials warn that the impact of tariffs will soon be fully realized, potentially leading to a new wave of price increases in the US economy [4] - Atlanta Fed President Bostic indicates that many companies' buffer strategies against high tariffs are running out, which could weaken overall economic activity [4] Investor Sentiment and Market Dynamics - JPMorgan's CEO warns of "extreme complacency" among investors, suggesting that the market may soon face turbulence [5] - Goldman Sachs reports that clients are increasingly seeking to withdraw funds from the US market, questioning whether the US stock market's rally has reached its peak [6] Company Performance Highlights - Lowe's reported same-store sales down 1.7% but expects this key sales metric to remain flat or grow up to 1% for the year [7] - ZTO Express achieved a 19.1% year-on-year increase in package volume, with net profit up 40.9% [7] - Baidu's Q1 net profit increased by 41.65% year-on-year, reaching 77.17 billion yuan [8] - XPeng Motors reported a net loss of 660 million yuan, a 51.5% decrease year-on-year, with total revenue up 141.5% [8] - Weibo's Q1 net profit grew by 116.36% year-on-year, reaching $107 million [9] - Target's Q1 performance fell short of expectations, leading to a downward revision of sales forecasts [10] - Full Truck Alliance reported a 19% year-on-year increase in revenue, with significant growth in operational metrics [11] - iQIYI's Q1 revenue reached 71.9 billion yuan, with a 9% quarter-on-quarter increase [12] - Xinyi Technology reported a Q1 revenue of 34.81 billion yuan, with a net profit of 7.38 billion yuan [12] - Tuya Smart's Q1 revenue grew by approximately 21.1%, exceeding expectations [12]

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]

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 achieve revenue growth of around 20%, with operating profits increasing significantly. Companies like Manbang Group and Meituan are projected to have a PE ratio below 20 times in 2025, making them attractive investments [3] - As the competitive landscape stabilizes, stable sales, management, and R&D expenses are expected to lead to substantial growth in operating profits. Companies like Manbang Group, Meituan, and SF Express are anticipated to see their operating profits double in 2024, with continued rapid growth thereafter [4] - The rising penetration rates in ride-hailing, digital freight, and instant delivery are expected to drive revenue and gross profit growth of around 30% for companies like Manbang Group, Meituan, and SF Express in 2024. Manbang Group's monetization rate is expected to increase, leading to a gross profit growth rate of 42% in 2024 [5] Summary by Sections Growth Logic - The growth in profits is driven by revenue growth, market expansion, and decreasing expense ratios. Companies with faster revenue growth and declining expense ratios are likely to see quicker profit growth, particularly in the cross-city digital freight sector, where Manbang Group is expected to experience high profit growth [14][16][17] High Growth in Express Delivery, Ride-Hailing, and International Air Transport - In early 2025, most transportation modes are experiencing low growth in volume, while international air transport, express delivery, and ride-hailing are seeing faster growth [11] Head Companies' Profit Growth - 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. The gross profits of these companies are also expected to grow, although at a slower rate than operating profits [23] Operating Leverage - The increase in operating profit growth is attributed to a decline in sales, management, and R&D expense ratios, which enhances operating profit margins. As leading companies solidify their positions, these expenses are expected to stabilize [28][31] Revenue Growth Driven by Business Volume - The revenue growth of leading companies is primarily driven by an increase in business volume, with many companies expected to outpace industry growth rates in 2024 [39][41] Market Penetration Rate Increase - The market penetration rates for various sectors are on the rise, leading to revenue growth that exceeds overall market growth. This trend is particularly evident in ride-hailing, digital freight, and instant delivery sectors [44] Monetization Rate - Manbang Group's monetization rate is significantly increasing, contributing to faster revenue growth compared to competitors like Uber and Didi Chuxing, whose monetization rates are stabilizing [49]