Core Viewpoint - The liquid cooling sector is experiencing a rapid and severe decline, with significant stock price drops among related companies following a downturn in the US stock market, particularly influenced by Nvidia and Intel's performance [1][2] Group 1: Market Performance - On August 21, liquid cooling server stocks collectively plummeted, with companies like Feilong Co. and Tenglong Co. hitting their daily limit down, while others like Yingweike and Binglun Environment fell over 5% [1] - The liquid cooling server index has seen a cumulative increase of over 35% since July, with several related stocks doubling in price [1] Group 2: Technological Developments - CoreWeave, a US cloud service provider, announced the deployment of Nvidia's GB300NVL72 system, marking the first large-scale AI cloud service to offer this technology, which requires full liquid cooling due to its high power output of 120kW per cabinet [1] - Huawei's Ascend also released a 384-node server cluster utilizing liquid cooling and micro-structured heat conduction, indicating a clear technological direction among leading manufacturers [1] Group 3: Market Sentiment and Future Outlook - Despite the recent sharp adjustments in the sector, institutions remain optimistic about the liquid cooling market, citing the increasing demand for computing power driven by AI model updates and applications [2] - CICC's report predicts that the global AI liquid cooling market could reach $8.6 billion by 2026, highlighting the trend of liquid cooling replacing traditional air cooling as a mainstream solution [2]

Group 1 - The A-share market experienced a collective pullback in liquid cooling concept stocks, with notable declines in several companies [1] - Feilong Co. and Jintian Co. hit the daily limit down, while Cambridge Technology, Hongfuhang, Tongfei Co., Kexin Innovation Source, and Debang Technology fell over 7% [1] - Other companies such as Fangsheng Co., Binglun Environment, Chuanrun Co., and Dingtong Technology dropped more than 6%, while Gaolan Co., Chuanhuan Technology, Shenling Environment, Liou Co., Yimikang, and Zhongshi Technology saw declines exceeding 5% [1]

Core Viewpoint - The company, Feilong Automotive Parts Co., Ltd., has approved the use of idle raised funds and self-owned funds for cash management to enhance the efficiency of fund utilization without affecting ongoing projects and operations [1] Group 1: Cash Management Approval - The company will use up to RMB 320 million (including previously used idle raised funds) and up to RMB 300 million of idle self-owned funds for cash management [1] - The approval for the cash management is valid for 12 months from the date of the board's decision, allowing for rolling use within the specified limits [1] Group 2: Investment Products and Risk Management - The company has purchased a cash management product characterized by high safety and liquidity [2] - The company will implement a separation of decision-making, execution, and supervision in the approval and execution process for purchasing financial products to ensure the safety of the funds [3] - The company will adhere to prudent investment principles, selecting products from reputable and large-scale issuers to safeguard fund security [3] Group 3: Oversight and Disclosure - The independent directors and supervisory board have the authority to supervise and inspect the use of funds, with the option to hire professional institutions for auditing if necessary [4] - The company will fulfill its information disclosure obligations in accordance with regulations from the Shenzhen Stock Exchange and other regulatory bodies [5] Group 4: Impact on Company Operations - The cash management of idle self-owned funds will not affect the company's normal cash flow or the development of its main business [6] - Efficient use of idle funds for cash management is expected to enhance investment returns and improve the company's performance, benefiting both the company and its shareholders [6]

Core Viewpoint - Feilong Co., Ltd. experienced a rapid stock price increase on August 20, with a rise of over 2% within five minutes, reaching a price of 30.84 yuan and a trading volume of 9.28 billion yuan, with a turnover rate of 5.53% [1] Company Overview - Feilong Co., Ltd. is primarily engaged in the research, development, production, and sales of automotive components, including engine parts and chassis system components [1] - The company's business spans both traditional fuel vehicles and new energy vehicles [1] Financial Flow Analysis - On August 20, the main capital outflow was 1.53 billion yuan, accounting for 0.88% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 14.03 billion yuan, representing 8.02% of the circulating market value [1]

证券代码：002536 证券简称：飞龙股份 公告编号：2025-071 （公告编号：2024-052） 等相关公告。 一、本次使用闲置自有资金进行现金管理的情况 本次共购买 1 笔现金管理产品，具体产品主要情况为： 认购金额 | 公司名称 | 签约银行 | 银行账户 | 产品名称 | 产品类型 | 资金来源 | 起始日 | | --- | --- | --- | --- | --- | --- | --- | | 期 | 到期日期 | | | | | | | | | | （万元） | | | | 飞龙汽车部件股份有限公司 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 2024 年 10 月 13 日召开第八届董事会第十次会议、第八届监事会第九次会议，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 公司募集资金的使用效率，在不影响募集资金投资项目建设和公司及子公司正常 经营的情况下，同意公司及子公司使用不超过人民币 3.2 亿元（含本数，含前次 使用部分暂时闲置募集 ...

Group 1: Market Growth and Trends - The liquid cooling server market in China is expected to reach $2.37 billion in 2024, with a year-on-year growth of 67% [1] - The compound annual growth rate (CAGR) for the liquid cooling server market in China from 2024 to 2029 is projected to be 46.8%, potentially exceeding $16.2 billion by 2029 [1] - The global liquid cooling market is anticipated to grow from $1.96 billion in 2024 to $2.84 billion in 2025, reflecting a growth rate of 44.9% [2] Group 2: Technological Advancements and Energy Efficiency - Liquid cooling technology is transitioning from an optional solution to a necessary one due to increasing performance demands and energy efficiency [3] - The PUE (Power Usage Effectiveness) can be reduced to below 1.2 with liquid cooling solutions, aligning with national goals for energy efficiency in data centers [3] Group 3: Capital Market Performance - Several liquid cooling-related stocks have seen significant price increases, with some stocks rising over 100% in the last 60 days [4] - Companies like Inveck and Feilong have reported substantial revenue growth, with Inveck achieving a revenue of $2.573 billion, a 50.25% increase year-on-year [4][5] Group 4: Company Strategies and Innovations - Inveck has launched a comprehensive liquid cooling solution covering all aspects from manufacturing to delivery, ensuring risk-free operation [6] - Feilong is expanding its production capacity to 1.2 million units annually and is actively entering overseas markets [7] - Feirong is increasing R&D investments in high-performance cooling technologies to meet customer demands [7]

| 飞龙股份 | 中国民生银 | 47010141 6****174 | 结构性存款 | 保本浮动 | 5,000 | 闲置自有 | 2025 | 年 8 | 2025 8 | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 签约银行 行南阳分行 | 银行账户 | 产品名称 | 产品类型 收益型 | 认购金额 （万元） | 资金来源 资金 | 起始日期 月 18 | 日 | 到期日期 月 29 | 日 | 证券代码：002536 证券简称：飞龙股份 公告编号：2025-071 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 2024 年 10 月 13 日召开第八届董事会第十次会议、第八届监事会第九次会议，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 公司募集资金的使用效率，在不影响募集 ...

Group 1 - Major stocks such as Dayuan Pump Industry opened lower by 5.50% while military stock Great Wall Military Industry opened down 0.44% [1] - Media stock Jishi Media opened down 0.23%, while commercial aerospace concept stock Guoji Precision Engineering opened up 2.18% [1] - IDC power concept stocks like Tongzhou Electronics reached a limit up after 6 consecutive days of gains, and Zhongheng Electric opened up 4.71% [1] Group 2 - Huawei supply chain company Huasheng Tiancai opened up 6.00% after 8 consecutive days of gains [1] - Liquid cooling server concept stock Feilong Co. opened up 1.90% after 9 consecutive days of gains, while Jintian Co. reached a limit up after 4 days of gains [1] - Furniture stock Aili Home opened up 0.53%, and brokerage stock Great Wall Securities opened up 3.39% [1]

■ 二、本次使用暂时闲置募集资金进行现金管理的情况 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2024年10月13日召开第八届董事会第十 次会议、第八届监事会第九次会议，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》。为提高公司募集资金的使用效率，在不影响募集资金投资项目建设和公司及子公司正常经 营的情况下，同意公司及子公司使用不超过人民币3.2亿元（含本数，含前次使用部分暂时闲置募集资 金进行现金管理尚未到期的部分）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自有资金进行现金管 ...

Group 1: Market Trends - A total of 34 stocks had a closing order amount exceeding 1 billion yuan, indicating strong market interest [2] - The top three stocks by closing order funds were Aili Home, Northern Rare Earth, and Huasheng Tiancai, with amounts of 7.43 billion yuan, 5.49 billion yuan, and 3.34 billion yuan respectively [2] - The stock Dazhong Pump Industry achieved a remarkable 6 consecutive daily limit increases, with a cumulative increase of 120.45% since July 31 [2] Group 2: Liquid Cooling Sector - The liquid cooling server sector saw significant activity, with stocks like Yongtai Technology, Yingweike, and Yinheng Co. experiencing price surges [3] - Yingweike provides liquid cooling solutions for servers and data centers, adapting to various computational needs [3] - Dazhong Pump Industry's liquid cooling pump products are core components in liquid cooling temperature control systems, entering the supply chains of major companies like Weidi Technology and ZTE [3] Group 3: Film and Television Industry - The film and television sector also saw stocks like Huazhi Shumei and Huace Film & TV reaching daily limits [4] - Huace Film & TV continues to lead in production volume, broadcast quantity, and awards in both domestic and international markets [4] - Ciweng Media focuses on investment, production, and distribution of films and television dramas, along with mobile game development [4] Group 4: Co-Packaged Optics (CPO) - The CPO sector had stocks like Dekeli and Qiangrui Technology experiencing price increases [5] - Dekeli is researching high-speed, compact long-distance optical transceiver modules, including 800G and CPO technologies [5] - Qiangrui Technology's subsidiary has developed liquid cooling solutions for optical module products, providing targeted solutions for major domestic clients [5] Group 5: Institutional Investment - 13 stocks on the Dragon and Tiger list had net purchases exceeding 1 billion yuan, with several stocks like Liou Co. and Hengbao Co. seeing net purchases over 2 billion yuan [6][7] - Institutional net purchases were led by stocks such as Dazhong and Tenglong, with amounts of 2.34 billion yuan and 2.27 billion yuan respectively [7]