Core Viewpoint - The announcement from Dayuan Pump Industry indicates that the company's stock price has consistently exceeded the conversion price of its convertible bonds, which may trigger a conditional redemption clause for the bonds [2] Group 1: Stock Performance - From August 4 to August 15, 2025, the closing price of Dayuan Pump's stock has been no less than 130% of the current conversion price of the "Dayuan Convertible Bonds," specifically 26.77 yuan per share [2] - If the stock price maintains this performance for 20 consecutive trading days, with at least 5 days closing above the threshold, it will activate the conditional redemption clause [2] Group 2: Redemption Terms - Upon triggering the redemption clause, the company's board will have the authority to decide whether to redeem all or part of the unconverted "Dayuan Convertible Bonds" at face value plus accrued interest [2] - This decision will be made in accordance with the provisions outlined in the "Prospectus for the Public Issuance of Convertible Bonds by Zhejiang Dayuan Pump Industry Co., Ltd." [2]

Group 1 - The core point of the article highlights that Dayuan Pump Industry (603757.SH) has experienced a significant stock price increase, with a cumulative rise of 98.48% since July 31, 2025, and has hit the daily limit for five consecutive trading days since August 11, 2025 [1] - The company has noted increased market attention towards the liquid cooling sector for data centers, indicating a growing interest in this industry [1] - In the first quarter of 2025, the company's sales revenue directly related to liquid cooling products for data centers was approximately 1.6 million yuan, representing a portion of the company's overall business [1]

Core Viewpoint - Zhejiang Dayuan Pump Industry Co., Ltd. is expected to meet the redemption conditions for its convertible bonds, "Dayuan Convertible Bonds," based on the stock price performance from August 4 to August 15, 2025 [1][3]. Summary by Sections 1. Convertible Bond Issuance Overview - The company issued 450,000 convertible bonds on December 5, 2022, with a total amount of 450 million yuan and a maturity of 6 years [2]. - The coupon rates are structured as follows: 0.4% for the first year, 0.6% for the second year, 1.0% for the third year, 1.5% for the fourth year, 2.5% for the fifth year, and 3.0% for the sixth year, with a redemption price of 115 yuan [1][2]. 2. Redemption Terms and Expected Trigger Conditions - The company has the right to redeem all or part of the unconverted bonds if either of the following conditions is met: 1. The stock price remains above 130% of the current conversion price for at least 15 out of 30 trading days during the conversion period [2][3]. 2. The total amount of unconverted bonds is less than 30 million yuan [2]. - As of the specified period, the stock price has been above 26.77 yuan (130% of the current conversion price of 20.59 yuan) for 10 trading days, and if it continues to meet the criteria, the redemption clause may be triggered [1][3].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 浙江大元泵业股份有限公司（以下简称"公司"）股票自 2025 年 8 月 4 日至 2025 年 8 月 15 日，已有 10 个交易日的收盘价格不低于"大元转债"当期 转股价格 20.59 元/股的 130%（即 26.77 元/股），若未来连续 20 个交易日内， 公司股票有 5 个交易日的收盘价不低于"大元转债"当期转股价格的 130%（含 26.77 元/股），将会触发"大元转债"的有条件赎回条款，届时根据《浙江大 元泵业股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）的约定，公司董事会将有权决定是否按照债券面值加当期应计利息 的价格赎回全部或部分未转股的"大元转债"。 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于核准浙江大元泵业股份有限 公司公开发行可转换公司债券的批复》（证监许可[2022] 2369 号）的核准，公 司于 2022 年 12 月 5 日公开发行了 45 万手可转换公司债券（以下 ...

Core Viewpoint - The company DaYuan Pump Industry (603757) has issued a risk warning regarding its stock trading, highlighting the limited impact of its liquid cooling business for data centers on overall revenue [1] Group 1: Company Performance - The liquid cooling temperature control business is part of the company's existing operations [1] - In the first quarter of 2025, the company expects to recognize approximately 1.6 million yuan in sales revenue directly related to liquid cooling products for data centers, which represents about 0.43% of the company's total operating revenue [1] Group 2: Industry Challenges - The company acknowledges that the future development of its related business faces significant challenges [1] - There may be substantial uncertainties in the ongoing promotion of this business segment [1]

| 证券代码：603757 | 证券简称：大元泵业 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113664 | 债券简称：大元转债 | | 浙江大元泵业股份有限公司 股票交易风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司关注到近期市场对数据中心液冷等行业动态较为关注，经自查，液 冷温控业务为公司原有业务，2025 年一季度，公司能够识别的直接用于数据中 心液冷的产品销售收入约 160 万元，占公司营业总收入的 0.43%，对公司报表影 响小；公司相关业务后续发展仍面临着较大挑战，后续推进过程中可能存在重大 不确定性。敬请广大投资者审慎决策。 公司 2024 年年度归属于上市公司股东的净利润同比减少 10.55%，2025 年第一季度归属于上市公司股东的净利润同比减少 3.95%。综合看，公司目前整 体业务发展仍面临着较多挑战，敬请广大投资者注意公司经营业绩下滑风险。 截止 2025 年 8 月 14 日，公司控股股东及实际控制人韩元再先生、韩元 平先生、 ...

Market Overview - The market opened low but rose throughout the day, with the ChiNext Index increasing nearly 3% in the afternoon. The trading volume exceeded 2 trillion for the third consecutive day, with over 4,600 stocks in the Shanghai, Shenzhen, and Beijing markets showing gains [1][7]. Key Sectors Glass Fiber Sector - The glass fiber sector experienced a surge, with multiple stocks hitting the daily limit, including Honghe Technology and Dongcai Technology. Guotai Junan's report indicated that PCB manufacturers and key Q fabric suppliers expect to advance the mass production of M9 products for 1.6T switches, which could lead to increased demand for Q fabric [3][5]. Liquid Cooling Sector - The liquid cooling sector continued its strong performance, with stocks like Dayuan Pump Industry and Feilong Co. hitting the daily limit. The sector is seen as having significant growth potential, with a complete system solution being more competitive in the future [5][6]. Financial Sector - The financial sector showed strong performance, with Changcheng Securities achieving a three-day limit increase. The total margin financing and securities lending balance reached 2,055.208 billion, indicating a growing interest in equity markets [7][8]. Notable Stocks - Honghe Technology (603256.SS) reached a price of 32.86 with a gain of 10.01% and a market cap of 289.08 billion [4]. - Dayuan Pump Industry (603757.SS) saw a price of 47.14 with a gain of 10.01% and a market cap of 77.66 billion [6]. - Changcheng Securities (002939.SZ) reached a price of 12.06 with a gain of 10.04% and a market cap of 420.61 billion [8]. Additional Insights - Other sectors such as photovoltaic, PCB, domestic chips, and pharmaceuticals also showed positive performance, while military and Xinjiang concepts faced declines [9].

Group 1 - The core viewpoint of the news highlights the significant performance of certain stocks in the A-share market, particularly those related to liquid cooling servers and brokerage firms, with multiple stocks achieving consecutive trading limits [1] Group 2 - The stock "Dayuan Pump Industry" achieved a 5-day consecutive limit increase, categorized under the liquid cooling server concept [1] - "Longcheng Securities," a brokerage stock, recorded a 3-day consecutive limit increase [1] - Other notable stocks include "Feilong Co.," "Jintian Co.," and "Meitian Co.," all of which are also linked to the liquid cooling server concept, achieving 3-day consecutive limit increases [1] - Additional stocks with consecutive limit increases include those in various sectors such as wind power, military informationization, real estate, and automotive components [1]

Core Viewpoint - The liquid cooling sector has experienced a significant surge, with over 27 stocks rising more than 5%, indicating strong market interest and potential demand driven by AI chip cooling needs [1][2]. Market Performance - The overall A-share market showed robust performance, with the Shanghai Composite Index closing up 0.83% at 3696.77 points, and the ChiNext Index rising over 2% [1]. - More than 4600 stocks increased in value, with trading volume exceeding 2 trillion yuan for three consecutive days [1]. Liquid Cooling Sector Dynamics - The liquid cooling server market is being compared to the previous boom in optical modules, with expectations of significant growth and the emergence of multiple tenfold stocks [1][4]. - Recent supply chain news indicated a dramatic price increase for liquid cooling components, with quick connectors rising from 700 yuan to 2100 yuan (200% increase) and cold plates from 1500 yuan/kW to 1800 yuan/kW [3][4]. - The penetration rate of liquid cooling is projected to increase from less than 15% in 2023 to 50% by 2025, driven by the rising power consumption of AI servers [3][6]. Company Performance - Companies like Deyuan Pump Industry and Jintian Co. have shown strong stock performance, with Deyuan hitting its fifth consecutive trading limit [2][4]. - Vertiv, a leading overseas liquid cooling company, reported revenue of $2.638 billion for Q2 2025, exceeding guidance and indicating strong demand in the sector [4]. Industry Outlook - The liquid cooling technology is becoming essential for managing the high heat output of AI chips, with NVIDIA's GB300 platform fully adopting liquid cooling designs [6]. - Analysts believe that domestic liquid cooling manufacturers possess strong competitive advantages in key components, with some already making inroads into overseas markets [6][7]. - The liquid cooling industry is expected to enter a rapid growth phase from late 2025 to 2026, benefiting from technological advancements and increased application scale [7].

Core Viewpoint - The liquid cooling sector is experiencing a significant surge, with expectations that it will become a major growth area similar to the optical module market, driven by increasing demand for cooling solutions in high-performance computing and AI applications [1][3]. Market Performance - On August 15, the liquid cooling sector saw over 27 stocks rise by more than 5%, with 13 stocks hitting the daily limit or increasing by over 10%. Notable performers included Dayuan Pump Industry and Jintian Co., which both showed strong gains [1]. - The overall A-share market was robust, with the Shanghai Composite Index closing up 0.83% at 3696.77 points, and the ChiNext Index rising over 2% [1]. Price Dynamics - In August, the price of liquid cooling quick connectors surged from 700 yuan to 2100 yuan, a 200% increase, while cold plate prices rose from 1500 yuan/kW to 1800 yuan/kW. This reflects a significant demand increase as power consumption in data centers rises [2]. - The penetration rate of liquid cooling is expected to increase from less than 15% in 2023 to over 50% by 2025, driven by the need for efficient cooling solutions in high-power computing environments [2]. Industry Growth - The global liquid cooling market is projected to exceed 70 billion yuan by 2026, which is four times the size of the PCB market during the same period [2]. - Vertiv, a leading overseas liquid cooling company, reported revenue of $2.638 billion for Q2 2025, exceeding guidance and indicating strong demand for liquid cooling solutions [3]. Technological Trends - Liquid cooling technology is becoming essential for managing the heat generated by AI chips, with NVIDIA's GB300 platform fully adopting liquid cooling designs, positioning it as a mainstream solution in data centers [4]. - The liquid cooling industry is expected to enter a rapid growth phase from late 2025 to 2026, benefiting from technological advancements and increased adoption [5]. Investment Opportunities - The liquid cooling supply chain includes upstream components, midstream system integration, and downstream applications, with significant investment opportunities in high-barrier upstream segments [5]. - Analysts believe that liquid cooling represents a more favorable investment compared to existing hot sectors, given its early development stage and low penetration rate [5].