来源：智通财经 在越南最大城市胡志明市，春节不仅是阖家团圆的传统佳节，更是观察其经济活力的重要窗口。 节日期间，智通财经记者在胡志明街头发现，一个本土电动汽车品牌的身影已随处可见——这就是被誉 为"越南特斯拉"的VinFast。 从第一郡的繁华商圈到第五郡的华人聚居区，无论是穿梭于摩托车流中的VF e34电动轿车，还是停靠在 高端酒店门口的VF 9豪华SUV，这个被誉为"越南特斯拉"的本土品牌，正以惊人的速度占领越南市场。 据VinFast官方数据，VinFast2025年在越南市场交付175099辆电车，其中12月交付2.76万辆，刷新越南单 一汽车品牌月度销量纪录，并且连续15个月稳居市场份额第一。 近期，VinFast公开披露，今年全球电动汽车交付目标为30万辆。不仅如此，VinFast还宣布将加速电动 摩托车全球扩张，计划首阶段进军菲律宾、印尼、印度、泰国及马来西亚五个市场，推出多款换电式电 动摩托车，并持续增加新车型。 在这面"越南制造"的旗帜背后，是中国供应链的强力支撑。 飞龙股份在公司回答调研者提问时表示，目前公司电子泵系列产品主要客户及建立联系的超130家，主 要有奇瑞、理想、拓普、越南VIN ...

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] 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 companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - Vertiv's Q4 2025 financial results exceeded expectations, with net sales reaching $2.88 billion, a year-on-year increase of 23%, and organic net sales up by 19% [1] - The company expects optimistic growth for 2026, projecting net sales between $13.25 billion and $13.75 billion, with organic net sales growth of 27%-29% [2] - Vertiv's organic orders surged by 252% year-on-year and 117% quarter-on-quarter, indicating strong market demand [3] - The liquid cooling market is expanding, with domestic manufacturers accelerating the integration of liquid cooling supply chains, benefiting from opportunities in the NVIDIA supply chain [4] Summary by Sections Financial Performance - In Q4 2025, Vertiv reported an adjusted operating profit of $668 million, a 33% increase year-on-year, with an adjusted operating margin of 23.2%, up 170 basis points from Q4 2024 [1] - The backlog of orders reached $15 billion, doubling year-on-year and increasing by 57% quarter-on-quarter, reflecting robust demand [3] Market Trends - The report highlights a trend towards larger orders, with a significant increase in the order-to-shipment ratio of 2.9 times, and extended delivery cycles of 12-18 months for some orders [3] - The liquid cooling market is expected to see accelerated adoption by domestic suppliers, particularly in the North American market, as they seek to capture market share [4] Investment Recommendations - The report recommends focusing on key players in the liquid cooling sector, including Yingweike and Hongsheng Co., while suggesting to pay attention to other companies such as Feilong Co. and Shenliang Environment [5]

‼维蒂技术发布2026年业绩指引大超市场预期，在手订单新高。 #A股建议关注维蒂核心液冷泵供应商:大元泵业、飞龙股份 公司订单积压规模扩大至 150 亿美元，同比+ 109%，订货出货比约为 2.9x。 建议重点关注其核心液冷泵供应商 ‼维蒂技术发布2026年业绩指引大超市场预期，在手订单新高。 大元泵业当前客户订单进展顺利主要客户包括 #英维克（目前第一大客户）#维谛、#NV、#谷歌、#meta、#秦淮数 据、#中芯，#阿里、#华为、#申菱等。 #A股建议关注维蒂核心液冷泵供应商:大元泵业、飞龙股份 预计维蒂销售额达132.5亿至137.5亿美元，调整后每股收益5.97至6.07美元，大超市场预期，管理层对未来增长 信心增强。 公司订单积压规模扩大至 150 亿美元，同比+ 109%，订货出货比约为 2.9x。 建议重点关注其核心液冷泵供应商 预计维蒂销售额达132.5亿至137.5亿美元，调整后每股收益5.97至6.07美元，大超市场预期，管理层对未来增长 信心增强。 #大元作为维蒂核心CDU泵供应商，将显著受益于数据中心从传统机械泵向CDU泵转型的行业趋势，以及维蒂订单 释放带来的增长。 ...

Market Review - The Shanghai Composite Index closed at 4065.58 points, with a weekly decline of -1.27% [1] - The Shenzhen Component Index closed at 13906.73 points, with a weekly decline of -2.11% [1] - The ChiNext Index closed at 3236.46 points, with a weekly decline of -3.28% [1] - The CSI 300 Index closed at 4643.6 points, with a weekly decline of -1.33% [1] - The CSI Artificial Intelligence Index closed at 2321.75 points, with a weekly decline of -9.76%, consistent with the overall market trend [1] Technology Industry Insights - As of February 8, technology companies are intensively disclosing their 2025 annual performance forecasts, with positive operating conditions expected in sectors such as storage, PCB, PCB equipment, and optical modules [2] - Major PCB manufacturers are expected to achieve positive profit growth, with Shenghong Technology's net profit projected to increase by 260%-295% to between 4.16 billion and 4.56 billion yuan, driven by advancements in high-end markets and increased R&D investment [2] - Storage companies are also expected to see significant profit increases, with Baiwei Storage's net profit growth forecasted at 427%-520%, supported by stabilizing storage prices and improving operational performance starting in Q2 2025 [3] PCB Equipment Sector - Key PCB equipment companies are expected to achieve positive profit growth in 2025, with Dazhu CNC's net profit projected to increase by 161%-194%, driven by rising demand for high-layer boards and high-layer HDI boards due to investments in AI computing infrastructure [6] - Chip Microelectronics is expected to see a net profit of 280 million to 300 million yuan, with a year-on-year growth of 71%-84%, attributed to breakthroughs in high-end PCB and semiconductor fields [6] Investment Recommendations - Short-term pullbacks present opportunities for low-cost investments in sectors such as PCB, ODM, AIOT, and AIDC [7] - Recommended companies in the PCB sector include Shenghong Technology, Dongshan Precision, and Shougang Electric [7] - In the PCB equipment sector, recommended companies include Chip Microelectronics and Dazhu CNC [7] - In the storage sector, recommended companies include Zhaoyi Innovation and Baiwei Storage, benefiting from supply-demand dynamics driving price increases [7] - Companies in the semiconductor sector benefiting from trade barriers and domestic production acceleration include Xinyuan Technology and Aojie Technology [8]

Summary of Conference Call Records Industry: Robotics and Automation Key Points 1. **Robo.ai Subsidiary Secures First Order** Robo.ai, a subsidiary of the company, has received its first order for embodied intelligent robot data collection [1] 2. **Xiaomi Robotics Open Source VLA Model** The company has launched the open-source VLA model, named Xiaomi-Robotics-0, aimed at enhancing robotics capabilities [1][2] 3. **Introduction of New Robot on High-Speed Trains** A new robot, referred to as "conductor," has been introduced on high-speed trains in Zhejiang province, indicating advancements in service automation [1][2] 4. **FORCE Robot Delivery Milestone** The FORCE robot has achieved a significant milestone with a total of 300 units delivered, showcasing the growth in the robotics market [2] 5. **XuanChuang Robotics Completes Pre-A+ Financing** XuanChuang Robotics has successfully completed a Pre-A+ round of financing, reflecting investor confidence in the robotics sector [2] 6. **Apptronik Secures $520 Million in Funding** Apptronik, a humanoid robotics company, has raised $520 million, highlighting the increasing investment in humanoid robotics technology [3] 7. **Flying Dragon Co. Increases Capital for Overseas Subsidiary** Flying Dragon Co. announced an increase in registered capital for its overseas subsidiary, indicating strategic expansion efforts [3] 8. **DaoTong Technology Projects Significant Profit Growth** DaoTong Technology expects its annual report to show a net profit between 900 million to 935 million yuan, representing a growth rate of 40.42% to 45.89% [3] 9. **Huayang Intelligent Shareholding Changes** Huayang Intelligent reported that the Fuxing Weiying Equity Investment Fund has reduced its holdings by 540,000 shares, accounting for 2.29% of the circulating share capital [3] 10. **UBTECH Launches Full-Size Humanoid Robot** UBTECH has introduced a full-size research humanoid robot named "TianGongXingZhe DEX," contributing to the advancements in humanoid robotics [3]

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - The top stock by capital inflow is Yingweike, with an inflow of 1.297 billion yuan and a price increase of 8.68% [1][2] - Leo Group follows with an inflow of 1.123 billion yuan and a price increase of 5.33% [1][2] - TBEA has an inflow of 545 million yuan and a price increase of 3.42% [1][2] - Western Materials shows an inflow of 504 million yuan with a price increase of 5.61% [1][2] - Tianfu Communication has an inflow of 462 million yuan and a notable price increase of 9.79% [1][2] Group 2: Sector Analysis - The stocks listed belong to various sectors, including specialized equipment, internet services, power grid equipment, and communication devices, indicating diverse investment interests [2][3] - The energy metals sector is represented by Shengtun Mining, which has an inflow of 395 million yuan and a price increase of 10.03% [1][2] - The healthcare sector is highlighted by WuXi AppTec, with an inflow of 389 million yuan and a price increase of 3.78% [1][2] Group 3: Additional Notable Stocks - Copper Crown Copper Foil has an inflow of 370 million yuan and a significant price increase of 11.36% [1][2] - Ningde Times, a key player in the battery sector, has an inflow of 334 million yuan with a price increase of 1.82% [1][2] - Other notable stocks include Yunnan Tin with an inflow of 288 million yuan and a price increase of 1.8% [1][3]

每经AI快讯，有投资者在投资者互动平台提问：请问贵司关于"液冷"领域的在手订单是多少元？ （文章来源：每日经济新闻） 飞龙股份（002536.SZ）2月12日在投资者互动平台表示，目前公司液冷领域相关在手订单正在有序开展 中，如有达到披露标准，公司会及时进行公告。 ...

公司于 2026 年 1 月 21 日发布《关于对境外全资子公司增加注册资本并完成 工商变更的公告》，已完成对飞龙国际增资 1 亿元人民币（认缴方式），并办理 完毕相应的注册资本变更及工商变更手续。变更后，飞龙国际注册资本为 100 万新加坡元（按 2026 年 1 月 20 日官方汇率中间价折算约 542.79 万元人民币） 和 6.95 亿元人民币，合计约 7 亿元人民币。 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）披露的相关公告。 证券代码：002536 证券简称：飞龙股份 公告编号：2026-007 飞龙汽车部件股份有限公司 关于对境外孙公司增加注册资本并完成工商变更的公告 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"）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《关于向 境外全资子公司增加投资的议案》，公司拟以自有资金向境外全资子公司飞龙国 际私营有限 ...

Group 1 - New Source (stock code: 300109.SZ) held an investor meeting on February 6, 2023, in Shanghai, attended by 37 institutions including Shenwan Hongyuan and Everbright Securities [2][15] - Since 2026, 18 A-share listed companies from Henan have received institutional research, with Xiangyu Medical leading with 208 institutions participating [16][23] - The demand for core products, particularly PVP series products and their applications in emerging fields, was a major focus during the meeting [3][17] Group 2 - New Source is a leading high-tech enterprise in the research, development, and production of PVP series products, with a total domestic production capacity of 57,000 tons per year, accounting for 53% of global capacity and a 34% global market share [18] - PVP is widely used in various sectors, including daily chemicals, pharmaceuticals, food and beverage, materials, and new energy, with significant applications in solid-state batteries and photovoltaic cells [18][4] - The company expects to sell approximately 4,000 tons of PVP in the new energy sector by 2025, with a projected 20% increase in 2026 [4][19] Group 3 - The price of PVP products has been affected by rising raw material costs due to the European energy crisis and the Russia-Ukraine conflict, leading to increased prices and profit margins, which are not expected to be sustainable [5][19] - Another core product, Euriz (PVM/MA), has a high single-ton price with a gross margin of approximately 60%-70%, with expected shipments of about 900 tons in 2025 [20] - New Source has made strategic investments in five cell and gene therapy companies to enhance its competitive edge in the precision medical field [20][21] Group 4 - New Source's invested companies are progressing well, with one product entering NDA approval and several others in clinical stages, indicating potential for future growth and IPO opportunities [21] - The company's governance structure is relatively decentralized, with major shareholders expressing confidence in the long-term development of the company and intentions to increase their holdings [21][22] - Institutional interest in Henan-listed companies reflects recognition of their investment value, with many companies being leaders in their respective sectors [25]