Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [5] Core Insights - The automotive industry in China is expected to achieve record production and sales in 2025, driven by policies encouraging vehicle trade-ins and the release of new models [5] - The passenger vehicle market is experiencing steady growth, with production and sales surpassing 30 million units in 2025, and domestic brands capturing nearly 70% of the market share [5] - The commercial vehicle market is recovering, with production and sales exceeding 4 million units, particularly in the new energy heavy truck segment, which has seen significant growth [5] - New energy vehicles (NEVs) are rapidly increasing in production and sales, achieving a market share of 47.9% in 2025, with domestic sales surpassing 50% [5] - The report highlights two main investment themes: the acceleration of L3 autonomous driving technology and the transition of automotive technology towards robotics and liquid cooling systems [5] Industry Performance Review - As of January 20, 2026, the automotive (CITIC) industry index rose by 4.07%, outperforming the Shanghai Composite Index by 2.15 percentage points [10] - Over 75% of automotive stocks increased in value during the same period, with notable performers including Jiaoyun Co., Saifu Technology, and Siliang Zhichui [16] - The automotive sector's PE (TTM) ratio stands at 34.4 times, placing it in the 46th percentile over the past five years [19] Key Data Tracking - In 2025, the total production and sales of automobiles reached 34.53 million and 34.40 million units, respectively, marking year-on-year increases of 10.4% and 9.4% [27] - The passenger vehicle segment produced and sold 30.27 million and 30.10 million units, reflecting growth rates of 10.2% and 9.2% year-on-year [41] - The commercial vehicle sector saw production and sales of 4.26 million and 4.30 million units, with year-on-year growth of 12% and 10.9% [56] - NEVs achieved production and sales of 16.63 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [67] Important Industry Company News - The Ministry of Industry and Information Technology, along with other departments, held a meeting to discuss the competitive order in the NEV industry, emphasizing the need for fair competition and quality [87] - The Ministry of Commerce reported that over 1.15 million vehicles were traded in under the vehicle replacement program in 2025, contributing significantly to consumer spending [88] - Geely Auto received a license for L3 autonomous driving road tests, marking a significant step in the commercialization of advanced driving technologies [88]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [5] Core Insights - The automotive industry in China is expected to achieve record production and sales in 2025, driven by policies encouraging vehicle trade-ins and the release of new models [5] - The passenger vehicle market is showing steady growth, with production and sales surpassing 30 million units in 2025, and domestic brands capturing nearly 70% of the market share [5] - The commercial vehicle market is recovering, with production and sales exceeding 4 million units, particularly strong performance in the new energy heavy truck segment [5] - New energy vehicles (NEVs) are experiencing rapid growth, with production and sales reaching approximately 1.66 million units in 2025, accounting for nearly 50.8% of domestic sales [5] - The report highlights two main investment themes: the acceleration of L3 level autonomous driving commercialization and the transition of automotive technology towards robotics and liquid cooling systems [5] Industry Performance Review - As of January 20, 2026, the automotive (CITIC) industry index increased by 4.07%, outperforming the Shanghai Composite Index by 2.15 percentage points [10] - Over 75% of automotive stocks saw an increase in value, with notable performers including Jiaoyun Co., Saifu Technology, and Siliang Zhidu [16] - The automotive sector's PE (TTM) is at 34.4 times, ranking 15th among 30 CITIC primary industries, while the PB (LF) is at 2.7 times, ranking 80th percentile [19] Key Data Tracking Industry Overview - In 2025, the total production and sales of automobiles reached 34.53 million and 34.40 million units, respectively, marking a year-on-year increase of 10.4% and 9.4% [27] Passenger Vehicles - Passenger vehicle production and sales for 2025 reached 30.27 million and 30.10 million units, with year-on-year growth of 10.2% and 9.2% [41] Commercial Vehicles - Commercial vehicle production and sales for 2025 totaled 4.26 million and 4.30 million units, reflecting year-on-year increases of 12% and 10.9% [56] New Energy Vehicles - New energy vehicle production and sales reached 1.66 million and 1.65 million units in 2025, with a market share of 47.9%, up 7.01 percentage points year-on-year [67]

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""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公司（以下简称"飞龙国际"）增加投资不超过 3 亿元 人民币，总投资金额不超过 9 亿元人民币，后续主要用于飞龙国际对龙泰汽车部 件（泰国）有限公司（以下简称"龙泰公司"）投资。 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：2026-004 飞龙汽车部件股份有限公司 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 | 项目 | 2024 年 12 月 31 日 | 2025 年 9 月 30 日 | | --- | --- | --- | | | （经审计） | （未经审计） | | 资产总额 | ...

1月20日，飞龙股份跌5.06%，截至发稿，报28.32元/股，成交7.03亿元，换手率4.45%，总市值162.78亿 元。 金鹰信息产业股票A（003853）基金经理为倪超。 截至发稿，倪超累计任职时间10年227天，现任基金资产总规模31.84亿元，任职期间最佳基金回报 156.51%， 任职期间最差基金回报-18.72%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 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%，其他(补充)0.35%。 从飞龙股份十大流通股东角度 数据显示，金鹰基金旗下1只基金位居飞龙股份十大流通股 ...

| 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) | | | | 2026-01-19 | 002536 | 飞龙股份 | 26.78 | 8.52 | 228.25 | 华泰证券股份有限 | 申万宏源证券有限 | | | | | | | | 公司深圳后海中心 | 公司南阳新华西路 | | | | | | | | 路证券营业部 | 证券营业部 | 1月19日，飞龙股份大宗交易成交8.52万股，成交额228.25万元，占当日总成交额的0.18%，成交价26.78元，较市场收盘价 29.83元折价10.22%。 ...

Group 1: Commercial Aerospace - The commercial aerospace sector is transitioning from "single satellite testing" to "constellation networking," with significant growth expected as China develops reusable rocket technology and increases satellite launches [5][6][7] - The "Zhuque-3" rocket has a launch capacity of 21.3 tons, surpassing the Falcon 9's initial recovery capacity, indicating a strong foundation for future satellite launches [6] - The market potential for domestic satellite launches is substantial, with an estimated annual demand for approximately 4,000 satellites, suggesting a significant growth trajectory for the industry [6][7] Group 2: Automotive Industry - Spring Power (603129.SH) is projected to achieve net profits of 1.907 billion, 2.371 billion, and 2.805 billion yuan from 2025 to 2027, with a target market capitalization of 49.8 billion yuan based on a 21x PE ratio for 2026 [2][13] - The company is positioned as a leader in all-terrain vehicles and large-displacement motorcycles, with competitive advantages in performance and cost-effectiveness compared to international competitors [13][14] - The electric two-wheeler segment is expected to contribute significantly to revenue growth, with sales reaching 250,500 units and revenue of 872 million yuan in the first half of 2025, reflecting a year-on-year increase of 652.06% [15] Group 3: Financial Sector - The introduction of the "Derivatives Trading Supervision Management Measures" aims to regulate the derivatives market, enhancing the legal framework and promoting the development of the derivatives business [32][33][34] - The measures emphasize the importance of derivatives in managing risks and supporting the real economy, indicating a growing focus on regulatory oversight in the financial sector [32][34] - Major securities firms are expected to benefit from the regulatory changes, particularly those with strengths in derivatives trading, as the market becomes more structured and opportunities for growth arise [34] Group 4: Macro Financial Data - In December, new loans totaled 910 billion yuan, with a year-on-year decrease compared to the previous year, while corporate loans showed signs of recovery [18][19] - The social financing growth rate slowed, primarily due to government financing constraints, indicating a need for policy adjustments to stimulate economic activity [19][20] - The central bank's recent rate cuts and liquidity measures suggest a continued effort to support economic growth and maintain stable financing conditions [20][40]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Core Viewpoint - The company held its first extraordinary general meeting of shareholders in 2026, where all proposals were approved without any objections from shareholders [2][3]. Group 1: Meeting Details - The meeting was held on January 16, 2026, at 15:30, in the company's office building conference room located at 299 Industrial Avenue, Xixia County, Henan Province [4][6]. - The voting was conducted through a combination of on-site and online methods, with online voting available from 9:15 to 15:00 on the same day [5][6]. - A total of 513 shareholders and their authorized representatives attended the meeting, representing 21,930.2883 million shares, which is 38.1538% of the total voting shares [9]. Group 2: Proposal Voting Results - The proposal to purchase liability insurance for directors and senior management was approved with 631.0402 million votes in favor, accounting for 95.8823% of the valid votes [11]. - The proposal to amend the company's remuneration management system for directors and senior management was also approved, receiving 21,903.6383 million votes in favor, which is 99.8785% of the valid votes [12]. Group 3: Legal Opinions - Lawyers from Beijing DeHeng Law Offices confirmed that the meeting's procedures, attendance, and voting results complied with relevant laws and regulations, deeming the resolutions legally valid [14].

北京德恒律师事务所 关于飞龙汽车部件股份有限公司 2026 年第一次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于飞龙汽车部件股份有限公司 2026 年第一次临时股东会的法律意见 北京德恒律师事务所 关于飞龙汽车部件股份有限公司 2026 年第一次临时股东会的 法律意见 德恒 01G20250999-1 号 致：飞龙汽车部件股份有限公司 飞龙汽车部件股份有限公司（以下简称"公司"）2026 年第一次临时股东 会（以下简称"本次会议"）于 2026 年 1 月 16 日（星期五）召开。北京德恒律 师事务所（以下简称"德恒"）受公司委托，指派律师出席了本次会议。根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证券监督管理委员会《上市公司股东会规则》 （以下简称"《股东会规则》"）、《飞龙汽车部件股份有限公司章程》（以下 简称"《公司章程》"）的规定，德恒律师就本次会议的召集、召开程序、现场 出席会议人员资格 ...

证券代码：002536 证券简称：飞龙股份 公告编号：2026-003 飞龙汽车部件股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.会议召开时间： （1）现场会议召开时间：2026 年 1 月 16 日（星期五）15:30。 （2）网络投票时间： 通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体 时间为 2026 年 1 月 16 日 9:15－9:25，9:30—11:30 和 13:00－15:00。 通过深交所互联网投票系统投票的具体时间为 2026 年 1 月 16 日 9:15 至 15:00 期间的任意时间。 2.现场会议召开地点：飞龙汽车部件股份有限公司（以下简称"公司"）办 公楼会议室（河南省西峡县工业大道 299 号）。 3.会议的召开方式：现场表决与网络投票相结合的方式。 4.会议召集人：会议由公司董事会召集，公司第八届董事会第十九次会议审 议通 ...