Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management systems for vehicles [3] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive markets [4] - The company operates four R&D centers and has established a national-level enterprise technology center [4] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 330 employees and total assets of 500 million RMB, with production capabilities of 1 million electronic water pumps and 2 million temperature control valves annually [5] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, specializes in non-automotive liquid cooling pumps for data centers and charging stations [6] Group 3: Financial Performance - In the first half of 2025, the company experienced a year-on-year increase in performance due to stable raw material prices, optimized product structure, and improved management [7] - The expected revenue for the second half of 2025 is optimistic, driven by new overseas projects and increased orders for new energy vehicle integrated modules [8] Group 4: Product Applications and Market - The company's products, including electronic pumps and temperature control valves, are widely used in automotive, data centers, AI cooling, and various other high-tech fields [9][14] - The company has established partnerships with over 50 overseas clients, including major automotive manufacturers [8] Group 5: Global Strategy and Expansion - The company is constructing a production base in Thailand to enhance its global strategy, aiming to mitigate trade risks and expand into Southeast Asia and Central Asia [11][12] - The company plans to deepen its market layout by leveraging its Thai base for international operations [11] Group 6: Future Development Strategy - The company aims to solidify its automotive thermal management business while expanding into new applications in various high-tech fields [14] - Plans include integrating thermal management technology with robotics and other emerging industries to create long-term growth engines [14]

证券日报网讯 8月11日晚间，飞龙股份发布公告称，公司子公司郑州飞龙和芜湖飞龙于2025年5月8日分 别使用暂时闲置募集资金5，000万元购买中国工商银行西峡支行的结构性存款。近日上述现金管理产品 已经到期赎回，归还至募集资金专户。郑州飞龙收回募集资金本金5，000万元，芜湖飞龙收回募集资金 本金5，000万元，合计取得收益近58万元。 （编辑 李家琪） ...

Investment Rating - The industry investment rating is Neutral [8] Core Insights - AI liquid cooling is transitioning from an optional to a necessary solution, with demand expected to drive rapid growth in market space and penetration rates [8] - The acceleration of ASIC layouts and the increase in domestic computing cluster scale will open new growth opportunities for the liquid cooling market [8] - The overseas supply gap in liquid cooling will provide opportunities for domestic suppliers to expand internationally, with expectations of moving from component supply to modular and integrated solutions [8] - The AI liquid cooling sector has high barriers to entry and significant value, suggesting a favorable competitive landscape and profitability in the medium to long term [8] Summary by Sections Liquid Cooling Market Dynamics - The demand for AI computing centers is driving the need for high-density GPU clusters, leading to a shift towards liquid cooling solutions [8] - Major cloud service providers are accelerating the development of customized ASICs and integrating liquid cooling solutions [8] Investment Recommendations - Suggested companies to watch include: - Yinvik (002837, Not Rated) - Yinlun (002126, Buy) - Feilong (002536, Not Rated) - Chuanhuan Technology (300547, Not Rated) - Xiangxin Technology (002965, Not Rated) - Sulian Technology (301397, Not Rated) - Zhongding (000887, Not Rated) [3]

证券代码：002536 证券简称：飞龙股份 公告编号：2025-067 飞龙汽车部件股份有限公司 | | | | 公司 | 签约银行 | 产品名称 | 产品类型 | 赎回金额 | 资金来源 | 起始日期 | | | | 到期日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （万元） | | | | | | | | | | 郑州 | 中国工商 银行西峡 | 结构性存 | 保本浮动 | 5,000 | 暂时闲置 | 2025 年 5 | 月 | 8 日 | 2025 | 年 8 | 月 8 | 日 | | 飞龙 | | 款 | 收益型 | | 募集资金 | | | | | | | | | | 支行 | | | | | | | | | | | | | 芜湖 | 中国工商 | 结构性存 | 保本浮动 | | 暂时闲置 | | | | | | | | | | 银行西峡 | | | 5,000 | | 2025 年 5 | 月 | 8 日 | 2025 | 年 8 | ...

Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]

Core Viewpoint - The controlling shareholder of Feilong Automotive Parts Co., Ltd. has completed its share reduction plan, which involved the sale of approximately 5.45 million shares, representing 0.95% of the company's total share capital [2][4][5]. Group 1: Share Reduction Details - The controlling shareholder, Henan Wanshi Holdings Co., Ltd., initially planned to reduce its holdings by up to 5,632,461 shares (0.98% of total share capital) within three months from the announcement date [2]. - The actual reduction occurred between August 5 and August 7, 2025, with a total of 5,445,261 shares sold [2]. - The completion of the share reduction plan was confirmed by a notice from the controlling shareholder [2][6]. Group 2: Compliance and Impact - The share reduction was conducted in accordance with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange's rules [4]. - The share reduction will not lead to a change in the company's control or affect its governance structure and ongoing operations [5].

Group 1 - The company Feilong Co., Ltd. has indicated that its electronic pump and temperature control valve series products are applicable in the server liquid cooling sector, showing initial effectiveness [2]

证券代码：002536 证券简称：飞龙股份 公告编号：2025-066 飞龙汽车部件股份有限公司 控股股东河南省宛西控股股份有限公司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。 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 7 月 1 日披露《关于公司控股股东减持股份的预披露公告》（公告编号： 计划自公告之日起十五个交易日后的三个月内，以大宗交易或集中竞价方式减持 公司股份不超过 5,632,461 股（占公司总股本比例 0.98%）。 宛西控股于 2025 年 8 月 5 日至 2025 年 8 月 7 日通过集中竞价方式合计减持 公司股份 5,445,261 股，占总股本比例 0.95%。具体内容详见公司于 2025 年 8 月 8 日披露的《关于控股股东及其一致行动人权益变动触及 1%整数倍的公告》 （公告编号：2025-065）。 公司于近日收到宛西控股出具的《关于股份减持计划实施完毕的告知函》， 截至本公告披露日，本次股份减持计划已实施完毕。现就相关事项公告如下： ...

证券代码：002536 证券简称：飞龙股份 公告编号：2025-066 控股股东河南省宛西控股股份有限公司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。 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 7 月 1 日披露《关于公司控股股东减持股份的预披露公告》（公告编号： 2025-055），控股股东河南省宛西控股股份有限公司（以下简称"宛西控股"） 计划自公告之日起十五个交易日后的三个月内，以大宗交易或集中竞价方式减持 公司股份不超过 5,632,461 股（占公司总股本比例 0.98%）。 宛西控股于 2025 年 8 月 5 日至 2025 年 8 月 7 日通过集中竞价方式合计减持 公司股份 5,445,261 股，占总股本比例 0.95%。具体内容详见公司于 2025 年 8 月 8 日披露的《关于控股股东及其一致行动人权益变动触及 1%整数倍的公告》 （公告编号：2025-065）。 公司于近日收到宛西控股出具的《关于股份减持计划实施完毕的告知函》， 截至本公告披露 ...

Core Viewpoint - The article discusses the recent stock recommendations by analyst Sun Xiaoya from Tianfeng Securities, highlighting her influence and the market's enthusiasm for her insights, particularly in the context of a large conference that attracted significant attention [1][5]. Group 1: Stock Recommendations - Ten stocks were recommended across five industries, including Beiqi Blue Valley, Jinpan Technology, Feilong Co., Dayuan Pump Industry, and others, indicating a diverse investment opportunity [1][2]. - Beiqi Blue Valley (code: 600733) has a market value of 29.06 billion, with a projected sales increase to 18-20 million units, suggesting a target market value of 80 billion, representing an upside potential of over 80% [2]. - Jinpan Technology (code: 688676) is expected to generate 30 billion in overseas revenue and 50 billion domestically by 2025, with a year-on-year growth of 39% [2]. - The report emphasizes the importance of high-quality pumps in the cooling liquid market, with specific recommendations for Feilong Co., Dayuan Pump Industry, and Southern Pump Industry [2]. - The article notes that the semiconductor inductors market is a key focus, with significant profit contributions expected from companies like Botek New Materials and Dongmu Co. [2]. Group 2: Analyst Influence - Sun Xiaoya has gained recognition in the industry, rapidly advancing to the position of Chief Analyst at Tianfeng Securities since obtaining her analyst qualification in August 2020 [5]. - Her reports are characterized by high visibility and ambitious valuation targets, often predicting significant upside potential for recommended stocks [5]. - The recent conference led by Sun attracted around 3,000 participants, showcasing her strong influence and the market's excitement around her insights [1][5].