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]

Group 1 - The stock of Nextracker (耐世特) rose over 8%, reaching a new high of 8.79 HKD since January 2022, with a trading volume of 185 million HKD [1] - Tesla's CEO Elon Musk announced the detailed rollout plan for the highly anticipated FSD V14 version, with the first deployment expected next week, followed by V14.1 and V14.2 [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 enhance Tesla's Robotaxi business [1] Group 2 - Guozheng International stated that Nextracker is a leading player in global steering systems and a rare asset in the autonomous driving supply chain related to Tesla [1] - Industrial Securities highlighted that Nextracker has over a century of focus on automotive steering systems, with strong R&D and innovation capabilities, and is well-positioned to benefit from the automotive industry's transformation [1] - The company is expected to see continuous revenue growth and recovery in profitability due to new orders, new customer projects, and effective cost control measures [1]

Core Viewpoint - Mercedes-Benz emphasizes its commitment to luxury and quality through meticulous engineering and local adaptation in China, celebrating 20 years of research and production in the country [29][35]. Group 1: Chassis Development - The chassis tuning is described as an art, with Mercedes-Benz focusing on the dynamic performance of vehicles beyond basic functionality [3]. - Over 1,000 performance indicators are transformed into 130 quantifiable KPIs, capturing real-time data on vibrations, angles, and pressure to establish a "golden standard" for driving dynamics [4]. - The chassis development process follows six strict steps, including CAD, product validation, and digital twin testing, taking four years to perfect the system [7]. Group 2: Seat Design and Comfort - The development cycle for a seat can take up to 1,460 days, with over 1,000 precision parts and more than 2,000 specialized tests and simulations [17]. - Mercedes-Benz rejects generic solutions, opting for custom seat frameworks tailored to each model, ensuring perfect integration with vehicle space and safety [19]. - The seats feature comprehensive temperature control and ventilation, with heating pads covering significant areas and advanced fan systems for optimal comfort [22][23]. Group 3: Technological Innovations - The latest steering technology allows for enhanced maneuverability, with a turning radius comparable to compact cars, and has undergone extensive testing over 200,000 kilometers [13]. - The "golden butt" engineers can discern minute differences in damping, ensuring a refined driving experience through tactile calibration [10][12]. Group 4: Manufacturing Excellence - Beijing Benz has become one of the largest manufacturing bases globally, producing over 5 million vehicles and 13 models, including the newly added electric CLA [29]. - The manufacturing process incorporates 100% automated assembly with a precision of 0.1 millimeters, achieving a qualification rate of over 99% for assembly [31]. Group 5: Local Adaptation and Global Standards - The "Mercedes-Benz standard" integrates global expertise with local needs, showcasing a commitment to adapting standards to meet consumer expectations in China [33]. - The company aims to redefine luxury by focusing on the driving and seating experience, ensuring that every detail meets high standards of quality and comfort [35].

Core Insights - The definition of a "good car" is evolving with the automotive industry's shift towards intelligence and electrification, yet the core demands of users for luxury vehicles remain "good driving" and "good seating" [1] - Mercedes-Benz is leveraging its 139 years of technological heritage and 20 years of research and production in China to create luxury vehicles that meet both global standards and local needs [1] Group 1: Chassis Development - Mercedes-Benz has developed a comprehensive chassis engineering system based on over a century of research and a deep understanding of global user needs, quantifying "good driving" into over 1,000 component indicators and 130 objective KPIs [3] - The "Mercedes-Benz Driving Golden Standard" encompasses five dimensions: ride comfort, safety, control, sportiness, and precision, ensuring every production vehicle meets high standards [3] - The company has created over 10 suspension configurations to cater to diverse driving scenarios, utilizing an agile control system that adapts damping for optimal performance [5] Group 2: Advanced Technologies - The E-ACTIVEBODYCONTROL system scans the road 1,000 times per second to adjust the vehicle's posture, enhancing driving comfort and safety [7] - Rigorous testing processes include CAD development, digital twin simulations, and real-world testing across extreme temperatures and conditions, validating the durability of the chassis [7] Group 3: Seating Comfort and Safety - Mercedes-Benz emphasizes the importance of seat comfort, with a development cycle of 1,460 days and over 6,000 control standards to create the perfect seat [10] - Each model features a unique seat frame designed to meet stringent safety standards, with advanced heating and ventilation systems ensuring comfort [12] - The seats undergo over 200 tests to ensure safety and durability, including crash tests and extensive wear simulations [15] Group 4: Commitment to the Chinese Market - Mercedes-Benz is celebrating 20 years of research and production in China, with a focus on local innovation that feeds back into global operations [16] - The company has established a robust R&D network in China, with significant advancements in electric mobility and intelligent connectivity [16] - Beijing Benz has become one of the largest and most advanced manufacturing bases for Mercedes-Benz globally, producing over 5 million vehicles [16][17]

Group 1 - The article discusses the complexity of automotive chassis technology, focusing on the variable gear ratio steering (VGRS) system as a specific configuration within the chassis system [1] - VGRS allows for dynamic adjustment of the steering ratio based on vehicle speed and steering angle, optimizing driving experience for both low-speed maneuverability and high-speed stability [6][13] - Traditional fixed gear ratio steering systems (CGR) can lead to challenges in handling at different speeds, necessitating the development of VGRS to address these issues [4][6] Group 2 - VGRS can be implemented through mechanical adjustments to the gear shape or through electronic means, such as steer-by-wire technology [8] - Mechanically, VGRS adjusts the density of the steering rack teeth to change the steering ratio, but it lacks the ability to adapt to vehicle speed [9] - An example of an advanced VGRS structure includes a harmonic drive reducer that allows for steering ratio adjustments based on vehicle speed and stability control [11][13]

Group 1: Revenue Growth and Performance - The company's revenue growth in 2024 and Q1 2025 is primarily driven by product structure optimization and increased value per vehicle [1] - Profit growth is attributed to effective cost control, leading to a decrease in expense ratio relative to revenue [2] - The company maintains a strong outlook for sustainable growth, focusing on smart and electric technology routes [2] Group 2: Production and Technology Development - The company has solid technical reserves in steer-by-wire technology and is progressing with several mainstream automakers, with some projects expected to be mass-produced by 2026 [2] - The steering industry is undergoing a competitive restructuring due to the acceleration of vehicle electrification and intelligence [2] - The company plans to enhance R&D investment to strengthen its position in the smart steering sector [2] Group 3: Market Expansion and Client Base - The company is actively expanding its international market presence and is in the process of qualification certification with several well-known international automakers [2] - Major clients in the passenger vehicle sector include traditional automakers like Chery and Geely, as well as new players like NIO and Li Auto [3] - The company is optimistic about revenue growth in 2025, driven by increasing penetration of new energy vehicles and demand for intelligent steering systems [3] Group 4: Future Product Launches and Collaborations - New production capacity in 2025 will focus on electric steering columns and R-EPS [3] - The company is engaged in technical exchanges for steering technology with various clients in the unmanned logistics vehicle sector [3] - The company has developed technology reserves in rear-wheel steering, with projects expected to be mass-produced by 2026 [3]

Core Viewpoint - ZF Friedrichshafen AG (采埃孚) is evaluating the feasibility of independently splitting its electric drive technology division to enhance competitiveness and seek synergies with partners, while shifting its business focus towards the Chinese market [1][3][4]. Business Strategy - The company aims to rank among the top three in its operational fields, having achieved leading positions in chassis and commercial vehicle sectors, and second in aftermarket services [1][3]. - Previous restructuring efforts have yielded positive results, such as the collaboration with Foxconn, which has expanded ZF's axle assembly business [3][6]. - The decision to split the electric drive division is not a simple sale but a strategy to collaborate with partners for greater flexibility and investment opportunities [3][6]. Financial Performance - ZF's 2024 fiscal year report indicates total sales of €41.4 billion, with a nominal sales decline of approximately 11% due to the split of the axle assembly product line, which accounted for €2.6 billion [3][5]. - The organic sales decline was about 3%, with an adjusted EBIT margin of 3.6% [3]. Market Focus - Despite challenges in the European market, ZF's business in China continues to grow, prompting a shift in focus towards the Chinese market [4][10]. - The company has launched several new technologies and products in China, with plans for further localization and development [10][13]. Collaboration and Resource Integration - ZF is seeking strong external partners while also integrating internal resources to enhance its electric drive division's competitiveness [7][9]. - The establishment of a new chassis solutions division in January 2024 consolidates various product offerings, making ZF the largest automotive parts supplier in the chassis sector [9]. Localization Strategy - ZF is prioritizing localization in China, leveraging the country's complete supply chain and industrial system to enhance global operations [14]. - The company plans to expand its factories in China to support local R&D and production of advanced technologies [13][14].