Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

一、本次使用闲置自有资金进行现金管理到期赎回的情况 2026年1月7日，公司使用闲置自有资金2,000万元购买浦发银行郑州支行的结构性存款。具体内容详见 公司于2026年1月8日在指定信息披露媒体披露的《关于使用闲置自有资金进行现金管理的进展公告》 （公告编号：2026-001）。 近日上述现金管理产品已到期赎回。公司收回本金2,000万元，取得收益2万余元。具体情况如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 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、误导性陈述或者重大 遗漏。 飞龙汽车部件股份有限公司（以下简称"公司"或"飞龙股份"）于2025年10月20日召开第八届董事会第十 七次会议和第八届监事会第十五次会议，审议通过《关于继续使用暂时闲置募集资金及自有资金进行现 金管理的议案》。为提高资金使用效益，增加股东回报，在不影响募投项目建设和正常经营的情况下， 公司及子公司拟使用不超过人民币2.2亿元（含本数）的暂时闲置募集资金和不超过3亿元（含本数）的 闲置自有资金进行现金管理。上述额度自董事会审议通过之日起12个月内有效，在前述额度和期限范围 内可循环滚动使用， ...

证券日报网讯2月2日，飞龙股份（002536）在互动平台回答投资者提问时表示，截至2026年1月30日收 盘，最新股东户数7.8万余户。 ...

证券代码：002536 证券简称：飞龙股份 公告编号：2026-005 飞龙汽车部件股份有限公司 关于使用闲置自有资金进行现金管理到期赎回的公告 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、误导性陈述或者重大遗漏。 飞龙汽车部件股份有限公司（以下简称"公司"或"飞龙股份"）于 2025 年 10 月 20 日召开第八届董事会第十七次会议和第八届监事会第十五次会议，审 议通过《关于继续使用暂时闲置募集资金及自有资金进行现金管理的议案》。为 提高资金使用效益，增加股东回报，在不影响募投项目建设和正常经营的情况下， 公司及子公司拟使用不超过人民币 2.2 亿元（含本数）的暂时闲置募集资金和不 超过 3 亿元（含本数）的闲置自有资金进行现金管理。上述额度自董事会审议通 过之日起 12 个月内有效，在前述额度和期限范围内可循环滚动使用，暂时闲置 募集资金现金管理到期后将及时归还至募集资金专户。 具体内容详见公司在指定信息披露媒体《证券时报》《中国证券报》《证券 日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于继续 使用暂时闲置募集资金及闲置自有资金进行现金 ...

CDU液冷泵作为二次侧核心部件，有望受益AI数据中心建设加速 CDU液冷泵具有调节冷却液流量及调节压力的核心作用，作为液冷系统的"心脏"，水泵通过精密设计的 流体动力学机制驱动冷却液在封闭管路中强制对流，构建起高效热交换循环体系。CDU作为液冷系统 的控制中枢，价值量占系统30%-40%，而液冷泵作为CDU核心部件，价值量占CDU 35%。因此该行按 照测算的NV+Google在2026年液冷系统的市场规模在保守/乐观情况下为93-126亿美元，对应CDU液冷 泵的市场规模为11.39-15.44亿美元。液冷泵作为液冷温控系统中重要的动力部件，目前除了In Row集中 式CDU在大量使用格兰富的交流大泵外，国内和国外都鲜有专业为IDC开发的液冷泵的企业。 智通财经APP获悉，西部证券发布研报称，液冷泵作为液冷温控系统中重要的动力部件，目前国内和国 外都鲜有专业为IDC开发的液冷泵的企业。一次侧冷源同样受益AI数据中心建设加速。随着芯片功率逐 渐突破风冷极限，及英伟达/ASIC高功率芯片逐步出货，该行认为2026年有望进入液冷产业化放量的关 键节点，建议关注CDU液冷泵以及冷水机组等关键环节。建议关注标的：飞龙 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301133 | 金钟股份 | 39.39 | -10.11% | 7.67万 | 3.13亿 | | 301550 | 斯基智驱 | 167.88 | -8.42% | 10.51万 | 18.13亿 | | 603023 | 威帝股份 | 5.24 | -7.91% | 46.80万 | 2.49亿 | | 603786 | 科博达 | 70.25 | -7.50% | 8.24万 | 5.92亿 | | 002536 | 飞龙股份 | 27.60 | -6.98% | 44.57万 | 12.48亿 | | 603950 | 长源东谷 | 29.62 | -6.59% | 7.08万 | 2.16亿 | | 605255 | 天普股份 | 132.90 | -6.51% | 3.67万 | 5.00亿 | | 603286 | 日盈电子 | 68.30 | -6.50% | 6.34万 | 4.51亿 | | 603949 | 雪龙集团 | ...

Group 1 - The automotive parts sector experienced a decline of 1.21% on January 28, with Weitang Industrial leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Notable gainers in the automotive parts sector included Liangyu Co., which rose by 10.00% to a closing price of 131.67, and Qingdao Double Star, which increased by 9.95% to 6.74 [1] Group 2 - Weitang Industrial saw a significant drop of 13.00%, closing at 19.88, with a trading volume of 378,800 shares and a transaction value of 779 million [2] - The automotive parts sector experienced a net outflow of 3.574 billion in main funds, while retail investors saw a net inflow of 2.824 billion [2] - The top net inflows from retail investors included Qingdao Double Star with 92.09 million, while significant outflows were noted in companies like Feilong Co. with a net outflow of 158 million [3]

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

Investment Highlights - The SW auto parts index increased by 3.85% this week, ranking second in the SW auto sector, with a year-to-date increase of 9.12% [3][14] - The latest trading day PE (TTM) for SW auto parts is at the 90.08% historical percentile, while PB (LF) is at the 83.70% historical percentile [3][38] Robotics Sector Review - The Wande Robotics Index rose by 1.38% this week, with a year-to-date increase of 7.07%, underperforming the SW auto parts sector by 2.47% [4][40] - The latest trading day PE (TTM) for Wande Robotics is at the 94.65% historical percentile, and PB (LF) is at the 96.30% historical percentile [4][45] Core Coverage Stocks Weekly Performance - Notable weekly gains include: New Coordinates +36.30%, Minshi Group +25.33%, Daimai Co. +12.57%, Top Group +11.30%, and Xusheng Group +9.87% [6][52] Major Events This Week - Elon Musk announced plans to sell Tesla's humanoid robot to the public by the end of 2027 [7][46] - Yushu announced its humanoid robot sales for 2025, exceeding 5,500 units [8][46] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on establishing capacities in Europe, North America, and Southeast Asia [9][57] - In robotics, seek certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor order timelines and application developments from domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][57]

截至1月20日，飞龙股份股东户数8.70万，较上期增加8.75%；人均流通股6257股，较上期减少8.05%。 2025年1月-9月，飞龙股份实现营业收入32.37亿元，同比减少7.38%；归母净利润2.87亿元，同比增长 7.54%。 分红方面，飞龙股份A股上市后累计派现10.74亿元。近三年，累计派现5.02亿元。 资金流向方面，主力资金净流出3611.69万元，特大单买入2912.90万元，占比4.76%，卖出3012.17万 元，占比4.92%；大单买入9094.20万元，占比14.86%，卖出1.26亿元，占比20.60%。 飞龙股份今年以来股价跌1.82%，近5个交易日跌1.12%，近20日跌8.27%，近60日涨28.51%。 资料显示，飞龙汽车部件股份有限公司位于河南省西峡县工业大道，成立日期2001年1月9日，上市日期 2011年1月11日，公司主营业务涉及汽车零部件及其机械产品的研发、制造、销售。主营业务收入构成 为：汽车发动机热管理节能减排部件48.69%，汽车发动机热管理重要部件38.78%，汽车新能源热管理 部件8.57%，液冷领域热管理部件1.90%，汽车非发动机其他部件1.71% ...