Group 1 - Nextracker (01316) shares rose over 8%, reaching a high of 8.79 HKD, the highest since January 2022, with a trading volume of 185 million HKD [1] - Tesla CEO Elon Musk announced the detailed rollout plan for the highly anticipated FSD V14 version, with the first version deployment expected next week, followed by V14.1 and V14.2 in a staggered update approach [1] - Huayuan Securities believes that if the FSD V14 performs better than expected, it could further drive technological changes in the autonomous driving industry and promote Tesla's Robotaxi business [1] Group 2 - Guozheng International stated that Nextracker is a global leader in steering systems and a rare player in the autonomous driving supply chain related to Tesla [1] - Industrial Securities highlighted that the company has over a century of focus on automotive steering systems, with strong R&D and innovation capabilities, and a deep accumulation of experience and technology [1] - The company's core products align with major trends in the automotive industry, with sufficient reserves in steer-by-wire technology, leading the industry and expected to benefit from the ongoing transformation in the automotive sector [1]

格隆汇9月29日丨浙江世宝(002703.SZ)在互动平台表示，公司主要业务为汽车转向系统的一级配套，主 要客户为国内领先整车厂商及主流新势力车企。公司目前主要的研发投入均投向电动化、智能化转向技 术。公司的线控转向、后轮转向已获得数个主流客户定点，尚未量产。公司是小米汽车的转向中间轴供 应商。 ...

Core Viewpoint - The automotive parts giant Berteli is expanding into embodied intelligence and low-altitude economy, which has attracted significant investor interest, with suggestions to accelerate the layout of the robotics industry chain [2] Financial Performance - In the first half of the year, Berteli achieved revenue of 5.164 billion, a year-on-year increase of 30.0%, and a net profit attributable to shareholders of 522 million, up 14.2% [3] - However, the second quarter saw a decline in growth, with revenue of 2.526 billion, a quarter-on-quarter decrease of 4.2%, and a net profit of 252 million, down 6.8% [3] - The gross profit margin for the first half of the year was 18.56%, down from 22.14% in the same period over the past three years [3] Future Growth and Margin Outlook - The company expects continued growth in project orders, which will positively impact gross margins as fixed costs decrease with revenue scale [4] - New projects and product expansions are anticipated to improve profitability, with 282 new designated projects expected to generate an annualized revenue of 4.18 billion by mid-2025 [4] Technological Advancements - The automotive industry is transitioning from electrification to intelligence, with a focus on high-level autonomous driving requiring multiple redundancies in key execution links [6] - Berteli is focusing on the development of Electronic Mechanical Braking (EMB) systems, which are seen as a future direction for line control braking [6][7] Investment and Market Position - Berteli has established a fund for investing in humanoid robots and low-altitude economy sectors, with the fund already registered with the China Securities Investment Fund Association [7] - Despite recent stock performance concerns, the company believes its value is underestimated, with a closing stock price of 51 yuan and a market capitalization of 30.93 billion [8]

证券日报网讯浙江世宝9月10日在互动平台回答投资者提问时表示，公司目前仍聚焦于汽车转向系统一 级配套业务。同时，公司也密切关注产业链延伸机会。如有相关拓展，请以公司公告为准。 （文章来源：证券日报） ...

Company Overview - Zhejiang Shibao Co., Ltd. was established in 1984 and focuses on the research, manufacturing, and sales of automotive steering system products [1] - The company has been recognized as a leading enterprise in the automotive steering gear industry by the China Association of Automobile Manufacturers in 2009 [1] - Zhejiang Shibao is a key participant in the formulation of steering gear standards in China and has been awarded as one of the "Top 100 Excellent Automotive Parts Suppliers" for several consecutive years [1] Business Strategy - The company adheres to a business philosophy of "pragmatic innovation" and continuously introduces advanced technology and production testing equipment [1] - It gathers domestic and international experts, technical talents, and management elites to enhance its operational capabilities [1] - Zhejiang Shibao implements lean production management to provide high-quality products and excellent services to both domestic and international customers [1] Market Position - As of August 18, Zhejiang Shibao's A-shares closed at 12.63 yuan, with a gain of 0.96%, while its H-shares closed at 5.4 Hong Kong dollars, up by 1.89% [1] - The company's A/H premium reached 154.81%, ranking seventh among A/H shares, indicating that its H-shares are relatively cheaper compared to A-shares [1][2]

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

南方精工最新股价报27.69元，较前一交易日上涨1.33元。该股今日开盘26.33元，最高触及28.67元，最 低下探26.20元，全天成交719159手，成交金额19.58亿元。 南方精工主营业务为汽车零部件的研发、生产和销售。公司产品主要包括汽车转向系统、传动系统等关 键零部件，广泛应用于乘用车和商用车领域。 8月13日盘中，南方精工出现快速回调走势，14点13分时股价报28元，5分钟内跌幅超过2%。当日主力 资金净流入7517.49万元，近五日累计净流入6190.73万元。 风险提示：以上信息仅供参考，不构成投资建议。 ...

Core Points - The Shanghai Composite Index rose by 0.16% to close at 3639.67 points, while the Hang Seng Index increased by 0.69% to 25081.63 points [1] - Zhejiang Shibao's A/H share premium reached 164.81%, ranking fifth among A/H shares [1] - On the closing day, Zhejiang Shibao's A-shares were priced at 12.52 yuan, down by 0.71%, and H-shares were priced at 5.17 HKD, down by 1.52% [1] Company Overview - Zhejiang Shibao Co., Ltd. was established in 1984 and focuses on the research, development, manufacturing, and sales of automotive steering system products [1] - The company was recognized as a leading enterprise in the automotive steering gear industry by the China Association of Automobile Manufacturers in 2009 and has been a key participant in setting steering gear standards in China [1] - Zhejiang Shibao has been awarded as one of the "Top 100 Excellent Automotive Parts Suppliers" in China for several consecutive years [1] - The company adheres to a business philosophy of "pragmatic innovation," continuously introducing advanced technologies and production testing equipment, and attracting domestic and international experts and management talents [1] - It implements lean production management to provide high-quality products and excellent services to domestic and international customers, aiming to develop "Shibao" into an internationally recognized brand in automotive steering systems [1]

Group 1 - Bertli (603596) will have 213,500 restricted shares unlocked on August 6, accounting for 0.04% of the total share capital [1] - In the past year, a total of 1,079,400 shares have been unlocked, representing 0.18% of the total share capital [1] - After this unlocking, the company will have no restricted shares remaining [1] Group 2 - The unlocking involves specific shareholders, including Wang Xiaojie with 14,000 shares valued at 660,000 yuan, and core employees with 199,500 shares valued at 9,404,400 yuan, both under a 61-month lock-up period [2] Group 3 - In Q1 2025, Bertli reported a main revenue of 2.638 billion yuan, an increase of 41.83% year-on-year [3] - The net profit attributable to the parent company was 270 million yuan, up 28.79% year-on-year, while the net profit after deducting non-recurring gains and losses was 266 million yuan, an increase of 38.61% year-on-year [3] - The company's debt ratio stands at 43.44%, with investment income of -5.8961 million yuan and financial expenses of -11.7727 million yuan, while the gross profit margin is 17.97% [3] - Bertli's main business includes automotive brake systems, intelligent driving systems, and steering systems, with capabilities in the independent development of mechanical brake systems, mechanical steering systems, and intelligent electronic control systems [3]

Core Viewpoint - Dongfeng Technology's stock price closed at 13.02 yuan on July 29, reflecting a decline of 1.51% from the previous trading day, with a trading volume of 98,747 hands and a transaction amount of 128 million yuan [1] Company Overview - Dongfeng Technology specializes in the research, development, manufacturing, and sales of automotive components, covering various fields such as automotive electronics, braking systems, and steering systems [1] - The company is a core component enterprise under the Dongfeng Motor Group [1] Recent Developments - On July 29, the company announced the signing of a "Four-party Supervision Agreement for Special Fund Storage" to regulate the management of raised funds, involving cooperation between the company, its Wuhan branch, CITIC Bank Shanghai Branch, and CITIC Securities [1]