Investment Rating - The report rates the liquid cooling industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The MLCP (Micro-Channel Liquid Cooling Plate) technology is highlighted as an innovative solution to address the cooling challenges posed by ultra-high power chips, with expected power consumption exceeding 2000W [3][5]. - The report emphasizes the importance of micro-channel design, forced convection, and optimized fluid dynamics in achieving high heat exchange efficiency [5]. - Key companies in the industry are recommended for attention, including Jiangshun Technology, Yingweike, and Kangsheng Co., among others, due to their advancements in liquid cooling technology [5]. Summary by Sections Industry Overview - The MLCP technology utilizes micro-scale fluid channels to achieve efficient heat exchange, capable of handling extreme thermal loads [5]. - The manufacturing processes for micro-channels include etching, 3D printing, and stamping, each with its advantages and limitations [5]. Key Companies and Valuations - Jiangshun Technology: Market cap of 48.74 billion, projected net profit of 1.55 billion in 2024 [6]. - Yingweike: Market cap of 756.61 billion, projected net profit of 4.53 billion in 2024 [6]. - Kangsheng Co.: Market cap of 54.89 billion, with a projected net profit of -0.98 billion in 2024 [6]. - Other notable companies include Nanfeng Co., Huazhu High-Tech, and Yinhong Co., with varying market caps and profit projections [6].

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于董事、高级管理人员减持股份实施情况的公告 公司副董事长陈不非先生、董事兼副总经理柴中华先生、总经理夏军先生、副总 经理杨分委先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 一、股东减持情况 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持价格区间 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (万股) | （%） | | 陈不非 | 集中竞价 交易 | 8月29日 | 39.19 | 38.90-39.71 | 15.00 | 0.0180% | | 柴中华 | 集中竞价 交易 | 8月29日—9月17日 | 38.00 | 36.07-43.90 | 56.99 | 0.06 ...

Group 1 - The stock of Zhejiang Yinlun Machinery Co., Ltd. (银轮股份) fell by 6.48% on September 19, closing at 41.15 CNY per share, with a trading volume of 383 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 34.352 billion CNY [1] - The company, established on March 10, 1999, and listed on April 18, 2007, specializes in the research, production, and sales of heat exchangers, automotive air conditioning, and related exhaust after-treatment systems, with heat exchangers accounting for 88.73% of its main business revenue [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huatai PineBridge has a significant position in Yinlun shares, with the Huatai Zhongzheng 1000 ETF (560110) increasing its holdings by 800 shares in the second quarter, totaling 28,500 shares, which represents 0.28% of the fund's net value, ranking as the seventh largest holding [2] - The Huatai Zhongzheng 1000 ETF (560110) was established on July 29, 2022, with a current scale of 243 million CNY, achieving a year-to-date return of 26.52% and a one-year return of 70.89%, ranking 1270 out of 3805 in its category [2]

Core Viewpoint - The stock of Yinlun Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% over three consecutive trading days from September 16 to September 18, 2025 [1] Summary by Relevant Sections - **Stock Performance** The company's stock price has shown a significant increase, with a cumulative rise exceeding 20% over three trading days [1] - **Company Disclosure** The company confirmed that there are no additional disclosures or corrections needed regarding previously released information [1] - **Market Impact** The company has not identified any recent media reports that could have significantly influenced its stock trading price [1]

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 2．公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生较大影 响的未公开重大信息； 3．近期公司生产经营情况正常，内外部经营环境未发生重大变化； 4．公司、控股股东及实际控制人不存在应披露而未披露的重大事项，或处于筹划 阶段的重大事项； 浙江银轮机械股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 浙江银轮机械股份有限公司（以下简称"公司"，证券简称：银轮股份，证券代码： 002126）股票连续三个交易日（2025 年 9 月 16 日、2025 年 9 月 17 日、2025 年 9 月 18 日）收盘价格涨幅偏离值累计超过 20%。根据《深圳证券交易所交易规则》相关规定， 属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票交易异常波动，公司董事会对有关事项进行了核查，现就有关 ...

Group 1 - The core viewpoint of the news is that Zhejiang Yinlun Machinery Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.22% to 46.19 CNY per share, and a total market capitalization of 38.559 billion CNY [1] - The company specializes in the research, production, and sales of heat exchangers, automotive air conditioning, and related exhaust after-treatment systems, with heat exchangers accounting for 88.73% of its main business revenue [1] - The trading volume for the stock reached 2.395 billion CNY, with a turnover rate of 6.89% [1] Group 2 - According to data, the Fuguo Zhongzheng 1000 ETF (159629) has increased its holdings in Yinlun shares by 267,700 shares in the second quarter, bringing the total to 1.4114 million shares, which represents 0.29% of the fund's net value [2] - The fund has achieved a year-to-date return of 27.95%, ranking 1840 out of 4222 in its category, and a one-year return of 72.49%, ranking 1273 out of 3804 [2] Group 3 - The fund manager of Fuguo Zhongzheng 1000 ETF is Jin Zeyu, who has a tenure of 3 years and 55 days, with the best fund return during this period being 64.27% [3] - The co-manager, Su Huaqing, has a tenure of 1 year and 336 days, with the best fund return being 120.2% during his management [3]

中国经济网北京9月17日讯 银轮股份(SZ:002126)今日股价涨停，截至收盘报43.90元，涨幅 10.00%，总市值366.48亿元。该股此前1个交易日涨停。 （责任编辑：康博） ...

Industry Overview - The "old-for-new" policy has shown further effects in Q2 2025, with both passenger and commercial vehicle sales increasing quarter-on-quarter [1] - The total wholesale sales of passenger vehicles in Q2 2025 reached 7.11 million units, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 10.8% [2] - The total industry revenue for Q2 2025 was 921.1 billion yuan, a year-on-year increase of 9.1% and a quarter-on-quarter increase of 15.4% [1] - The overall net profit attributable to the parent company was 33.9 billion yuan, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 2.0% [1] Passenger Vehicles - The wholesale sales of new energy passenger vehicles in Q2 2025 reached 3.63 million units, a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate of 51.1% [2] - The passenger vehicle segment achieved total revenue of 532.2 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 21.4% [2] - The net profit attributable to the parent company for the passenger vehicle segment was 13.31 billion yuan, a year-on-year decrease of 29.1% and a quarter-on-quarter decrease of 5.5% [2] Components - The components sector achieved total revenue of 251.64 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 9.9% [3] - The net profit attributable to the parent company in the components sector was 14.97 billion yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.5% [3] - The accounts receivable turnover days improved to 88.3 days, a decrease of 8.0 days quarter-on-quarter [3] Trucks and Buses - Heavy truck sales increased quarter-on-quarter in Q2 2025, with leading companies performing better than expected due to strong product capabilities and cost control [4] - The net profit attributable to the parent company for Weichai Power and China National Heavy Duty Truck was 2.93 billion yuan and 360 million yuan, respectively, with China National Heavy Duty Truck showing a year-on-year increase of 4.0% [4] - The bus sector saw a net profit of 1.33 billion yuan in Q2 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 50.2% [4] Investment Recommendations - The "old-for-new" policy is expected to boost downstream consumer demand, with recommendations for companies such as Geely Automobile, BYD, and Xpeng Motors [5] - In the components sector, recommended companies include Xinquan Co., Top Group, and BYD Electronics [5] - For heavy trucks, recommendations include China National Heavy Duty Truck, Weichai Power, and Yutong Bus [6]

Group 1 - The automotive thermal management sector experienced significant gains on September 17, with notable increases in stock prices [1] - Zhongshi Technology saw a rise of 16.88%, while Kailong High-Tech increased by 15.54% [1] - New Coordinates rose by 10.0%, and other companies like Yinlun Co., Feirongda, and Sanhua Intelligent Control all saw increases exceeding 5% [1]

（文章来源：每日经济新闻） 每经AI快讯，9月17日，新能源汽车指数盘中涨超2%，成分股表现活跃。均胜电子、银轮股份、万向钱 潮涨停，赢合科技涨9.45%，宁德时代涨6%。 ...