Summary of Key Points Core Viewpoint - On January 5, Feilong Co., Ltd. executed a block trade of 77,000 shares at a price of 26.73 yuan, which represents a discount of 13.24% compared to the market closing price of 30.81 yuan [1]. Group 1: Trade Details - The total transaction amount for the block trade was 2.0582 million yuan, accounting for 0.1% of the total trading volume on that day [1]. - The buyer of the shares was CITIC Securities Co., Ltd., while the seller was Shenwan Hongyuan Securities Co., Ltd. [2].

Group 1 - The SW auto parts index increased by 2.91% this week, ranking first in the SW automotive sector, with a year-to-date increase of 42.58% since the beginning of 2025 [2][3] - The latest trading day PE (TTM) for the SW auto parts index is at the 79.44% historical percentile, while the PB (LF) is at the 75.50% historical percentile [3] - The robot index rose by 3.73% this week, with a year-to-date increase of 62.08% since the beginning of 2025, outperforming the SW auto parts index by 0.83% [2][3] Group 2 - Key companies' weekly changes include Silver Wheel Co., which invested 380 million yuan in Sichuan Silver Wheel for capacity construction of water-cooled plates and front-end modules, expected to reach production capacity by 2029 [3] - Huada Technology announced a mid-term dividend plan for 2025, proposing a cash dividend of 0.15 yuan per share (tax included), totaling 70.46 million yuan [3] - Fuda Co. completed the transfer of 25% equity in Guilin Fuda Alfin for 48 million yuan [3] Group 3 - The top five companies by weekly increase are Xinquan Co. (+14.05%), Beite Technology (+11.64%), Top Group (+8.26%), Daimai Co. (+8.01%), and New Coordinates (+7.97%) [4] - Investment recommendations for auto parts focus on product-oriented companies and those entering high-value sectors, prioritizing potential leaders with production capacity in Europe, North America, and Southeast Asia [4] - For the robotics sector, the focus is on certainty opportunities, with the Optimus V3 expected to launch in Q1 2026, and attention on domestic applications from companies like Xiaopeng, Yushu, and Zhiyuan [4]

内容概况：当前，中国冷却泵行业正处于从传统基础件向现代化、智能化关键装备转型升级的关键阶 段。2024年，中国冷却泵行业市场规模约为327亿元，同比增长5.14%。现阶段，以人工智能、半导 体、储能、氢能为代表的新兴战略性产业，对高效、精密的冷却系统提出了全新要求，正在为行业开辟 广阔的增量市场空间。 相关上市企业：南方泵业（300145）、飞龙股份（002536）、凌霄泵业（002884）、圣龙股份 （603178） 相关企业：新界泵业股份有限公司、利欧集团股份有限公司、南方精工股份有限公司、襄阳汽车轴承股 份有限公司浙江卧龙电机股份有限公司、太原钢铁（集团）有限公司、青山控股集团有限公司、中国铝 业集团有限公司、万华化学集团股份有限公司、荣盛石化股份有限公司、中国宝武钢铁集团有限公司、 鞍钢集团有限公司、比亚迪股份有限公司、上海汽车集团股份有限公司 关键词：冷却泵、冷却泵市场规模、冷却泵行业现状、冷却泵发展趋势 一、行业概述 冷却泵是用于输送冷却液以降低设备或系统温度的核心装置，其主要功能是将冷却介质从热源（如发动 机、压缩机、工业设备）输送至散热装置（如冷却塔、散热器、热交换器），实现热量的转移与排放， ...

Market Overview - The automotive parts sector experienced a slight decline of 0.1% on December 31, with Feilong Co. leading the losses [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Top Gainers in Automotive Parts Sector - Xiangming Technology (code: 920270) saw a significant increase of 29.96%, closing at 25.68 with a trading volume of 173,100 shares and a turnover of 409 million yuan [1] - Shenda Co. (code: 600626) rose by 10.02%, closing at 4.83 with a trading volume of 641,600 shares and a turnover of 303 million yuan [1] - Suoling Co. (code: 002766) increased by 10.00%, closing at 6.05 with a trading volume of 914,200 shares and a turnover of 534 million yuan [1] Top Losers in Automotive Parts Sector - Feilong Co. (code: 002536) fell by 7.36%, closing at 29.70 with a trading volume of 895,600 shares and a turnover of 2.703 billion yuan [2] - Biaobang Co. (code: 301181) decreased by 6.99%, closing at 44.18 with a trading volume of 68,900 shares and a turnover of 310 million yuan [2] - Longmu Machinery (code: 002363) dropped by 6.48%, closing at 10.10 with a trading volume of 690,100 shares and a turnover of 698 million yuan [2] Capital Flow Analysis - The automotive parts sector experienced a net outflow of 2.851 billion yuan from institutional investors, while retail investors saw a net inflow of 2.539 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Chaojie Co. (code: 301005) had a net inflow of 361 million yuan from institutional investors, while retail investors experienced a net outflow of 271 million yuan [3] - Wanxiang Qianchao (code: 000559) saw a net inflow of 277 million yuan from institutional investors, with retail investors also experiencing a slight net inflow of 36.63 million yuan [3] - Suling Co. (code: 002766) had a significant net inflow of 145 million yuan from retail investors, despite a net outflow from institutional investors [3]

证券日报网讯 12月30日，飞龙股份发布公告称，公司第八届董事会第十九次会议审议通过《关于聘任 公司副总经理的议案》《关于修订公司的议案》《关于召开2026年第一次临时股东会的议案》等多项议 案，并决定将购买董高责任险事项提交2026年第一次临时股东会审议。 （文章来源：证券日报） ...

证券日报网讯12月30日，飞龙股份（002536）发布公告称，公司将于2026年1月16日召开2026年第一次 临时股东会。 ...

证券日报网讯 12月30日，飞龙股份发布公告称，公司于2025年12月30日召开第八届董事会第十九次会 议，审议通过《关于聘任公司副总经理的议案》，董事会决定聘任孙凯同志为飞龙股份副总经理兼新能 源业务运营总监，原职位郑州飞龙汽车部件有限公司总经理保留，任期自本次董事会审议通过之日起至 第八届董事会届满之日止。 （文章来源：证券日报） ...

证券代码：002536 证券简称：飞龙股份 公告编号：2025-098 飞龙汽车部件股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回并再次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 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。 2、2025 年 11 月 5 日，郑州飞龙使用暂时闲置募集资金 5,500 万元购买郑 州银行西峡支行的协定存款（活期存款）。 具体内容详见公司于 2025 年 11 月 6 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-30 | 002536 | 飞龙股份 | 31.42 | 16.00 | 502.72 中信证券股份有限 | 中国银河证券股份 | | | | | | | 公司北京呼家楼证 | 有限公司北京学院 | | | | | | | 券营业部 | 南路证券营业部 | 12月30日，飞龙股份大宗交易成交16万股，成交额502.72万元，占当日总成交额的0.15%，成交价31.42元，较市场收盘价 32.06元折价2%。 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is a leading player in the automotive thermal management sector, showing steady growth in performance. It has been established for over 70 years and has maintained strong development momentum in both traditional and new energy sectors. Revenue is projected to grow from 2.665 billion yuan in 2020 to 4.723 billion yuan in 2024, with a CAGR of 15.38%. Correspondingly, net profit is expected to rise from 124 million yuan to 330 million yuan, with a CAGR of 27.61% [3][4]. - The penetration rate of new energy vehicles is increasing, with sales reaching 6.937 million units in the first half of 2025, a year-on-year growth of 40.3%. The company aims to upgrade to a provider of integrated thermal management modules and system solutions, leveraging its new production base in Thailand, which has a designed capacity of 1.5 million turbo shells and 1 million mechanical water pumps annually [4][5]. - The company is expanding its thermal management technology into various civilian sectors, including data center liquid cooling and robotics. It has established partnerships with over 40 leading companies in the industry, indicating a strong market presence and potential for growth in these new areas [5][6]. Financial Projections - The company forecasts net profits of 418 million yuan, 485 million yuan, and 565 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be 0.73 yuan, 0.84 yuan, and 0.98 yuan, with current PE ratios of 43, 37, and 32 times [7][9]. - Revenue is expected to grow from 4.723 billion yuan in 2024 to 6.051 billion yuan in 2027, with growth rates of 15.3%, 3.4%, 10.6%, and 12.0% for the respective years [9][10]. - The company's return on equity (ROE) is projected to increase from 9.9% in 2024 to 13.4% in 2027, reflecting improved profitability [10].