Feilong Shares Liquid Cooling Concept Limit-Up Analysis

At 17:15:31 on December 17, 2025 (UTC+8), Feilong Shares sealed the limit-up and entered the limit-up pool, as recorded by tushare_zt_pool, reflecting the maximum limit-up momentum of the day [0]. Driven by the continuation of the liquid cooling server concept, the resonance of automotive thermal management technology, and the imagination of new energy vehicle parts, the stock led the rise in the sector and was regarded by the market as a core theme stock [1][2]. The main capital had a net inflow of 274 million yuan on the day, accounting for nearly 47% of the turnover; the outflow of hot money and retail capital indicated that this round of rally was mainly led by institutions, driving the volume breakthrough on December 16 and the shrinkage limit-up on December 17 [1][0]. The current price of 27.59 yuan has hit a recent high; the technical indicator KDJ J-value is 99.2, MACD remains bullish but tends to diverge; meanwhile, the valuation of 45.23 times, price-to-book ratio of 4.59 times, and defensive characteristics of Beta 0.28 show that it is under pressure at high levels [0]. Block trades of 3.292 million shares were transacted at 23.58 yuan, a discount of 14.53%, which rings an alarm on the supply side; if similar demand continues to appear, it will increase intraday selling pressure [3]. Financial indicators are acceptable but growth is limited; in addition, the new energy fundraising investment project has been extended again to June 2026, indicating that the business realization of liquid cooling and new energy themes still needs substantive progress [0][4].

1. Under the background of AI computing power expansion, liquid cooling server-related themes are still focused on by capital. Feilong, as a thermal management technology supplier, has obtained concept premiums, but no clear liquid cooling orders or partners have been disclosed at this stage; further logic needs to be based on business landing [1][2][4].
2. High valuation and overbought technical aspects appear at the same time. Although main capital promotes continued price increases, weighted capital structure and block trade discounts indicate an increased probability of short-term pullback after a high; attention should be paid to changes in trading volume and large order flow [0][3].
3. The company’s main business of automotive thermal management is still stable; the ideas of liquid cooling and new energy vehicles provide synergy imagination, but the extension of fundraising investment projects and low profit margins limit the matching degree of fundamentals; future R&D and order disclosure need to be paid attention to [0][4].
4. Capital structure shows that institutions lead inflows. If the liquid cooling theme continues to be recognized, short-term continuous rally may still occur; otherwise, high-level profit-taking may quickly cash out to form high volatility [1][0].

• Risks
  1. Valuation pushed up by the theme and overbought technical indicators exist at the same time. If there is no coordinated volume breakthrough of 27.59 yuan and opening a new high, the short-term correction risk is significant [0].
  2. Block trade discounts and the extension of fundraising investment projects indicate uncertainties in current capital operations and new business promotion; if the capital side weakens, volatility may be quickly amplified [3][4].
• Opportunities
  1. The penetration rate of liquid cooling in AIDC scenarios is expected to rise rapidly. If Feilong can extend its thermal management capabilities to liquid cooling servers, it can continue its upward trend with the help of the 100-billion-level market theme [2].
  2. The superposition of multiple concepts (liquid cooling, automotive thermal management, new energy vehicle parts) provides speculation space for main capital. If fundamentals start to be verified, the original buying can be converted into long-term positions [1][2].

• Time and event background: The limit-up recorded by tushare_zt_pool at 17:15:31 on December 17, 2025 (UTC+8), with the continuation of the liquid cooling server sector providing the first driving force [0][1][2].
• Capital and technology: Main inflows are obvious; short-term technical aspects are overbought and valuations are high; coupled with block trade discounts, it indicates the need to be alert to corrections [0][3].
• Fundamentals and business: The main business of automotive thermal management is stable, but the extension of new energy fundraising investment projects and the lack of substantive disclosure of liquid cooling business mean that continuity needs to wait for more actual results [0][4].
• Outlook: If liquid cooling-related orders or quantifiable cooperation disclosures appear next, accompanied by a volume breakthrough of 27.59 yuan, it can be regarded as a theme conversion to fundamental-driven; otherwise, the probability of high-level fluctuations is high [2][0][3].