Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2026-016 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 公司董事会同意公司拟以其持有的位于天津市武清区东马圈镇武落公路（东 马圈镇段）7 号增 1 号的天津盘古云泰数据中心项目及其相关配套设施作为底层 资产，开展持有型不动产资产支持专项计划（以下简称"专项计划"）的申报发 行工作。 广东奥飞数据科技股份有限公司 第四届董事会第三十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）第四届董 事会第三十一次会议（以下简称"会议"）于 2026 年 3 月 26 日以现场与通讯相结 合的方式在公司会议室召开，以书面方式进行表决。本次会议为紧急会议，会议 通知已于 2026 年 3 月 25 日以电话通知、电子通讯通知、专人送达等方式发出。 应当参加会议董事 9 人，实际参加会议董事 9 人。经全体董事共同推举，会议由 公司董事林卫云女 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2026-015 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 2026 年 3 月 26 日，公司召开第四届董事会第三十一次会议并审议通过《关 于开展持有型不动产资产支持专项计划申报发行工作的议案》，同意公司拟以其 持有的位于天津市武清区东马圈镇武落公路（东马圈镇段）7 号增 1 号的天津盘 古云泰数据中心项目及其相关配套设施作为底层资产，开展专项计划的申报发行 工作。本议案无需提交股东会审议。 二、专项计划方案 广东奥飞数据科技股份有限公司 关于开展持有型不动产资产支持专项计划 申报发行工作的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、项目实施背景 （一）交易背景 国务院办公厅 2022 年发布《关于进一步盘活存量资产扩大有效投资的意见》， 提出有效盘活存量资产，形成存量资产和新增投资的良性循环，对提升基础设施 运营管理水平、拓宽社会投资渠道等具有重要意义，并鼓励探索建立多层次基础 设施 REITs 市场。 为积极响应 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Investment Rating - The report maintains an "Overweight" rating for the communication industry and communication equipment manufacturing sector [9]. Core Insights - The GTC and OFC conferences highlighted significant advancements in global computing power, particularly in optical modules, optical chips, CPO (Coherent Passive Optical), OCS (Optical Circuit Switching), and copper connections [2][12]. - Arista Networks introduced the 12.8T XPO optical module, which is expected to enhance optical communication demand significantly, with Lumentum forecasting a 50%+ increase in EML shipments by the end of 2026 [2][12]. - NVIDIA continues to push its CPO strategy, with Coherent indicating that CPO has entered mass production on the Scale-out side, while Scale-up is expected to ramp up by the end of 2027 [2][20]. - Lumentum signed multi-year, multi-billion-dollar contracts for OCS, indicating strong demand and a backlog of over $400 million, with a target of exceeding $1 billion in annual revenue by 2027 [29][30]. - NVIDIA supports the "optics and copper coexistence" strategy, emphasizing the continued importance of copper connections in data centers [32]. Summary by Sections Market Overview - The communication index rose by 2.10% last week, while the Shanghai Composite Index fell by 3.38% and the Shenzhen Component Index fell by 2.90% [12]. Key Companies and Dynamics - The report recommends focusing on the AI computing chain as the main investment line, with key companies including Zhongji Xuchuang, Wolong Huacai, Ruijie Networks, and others [3]. - The report also highlights core assets like China Mobile and China Telecom, and new productivity sectors such as commercial aerospace and low-altitude economy [3]. Optical Modules and Chips - Arista's XPO optical module supports high-density liquid cooling and is designed for AI scale-up, with a capacity of 12.8Tbps [13][16]. - Lumentum's optimistic outlook includes a projected CAGR of 85% for InP demand from 2025 to 2030 [16]. CPO Developments - NVIDIA's Spectrum-X CPO has entered full mass production, marking a significant milestone in optical interconnect technology [20][26]. OCS Contracts - Lumentum's new multi-year contracts for OCS are expected to drive significant revenue growth, with a CAGR of over 150% from 2025 to 2028 [29][30]. Copper Connections - NVIDIA's emphasis on the coexistence of optics and copper highlights the ongoing relevance of copper in data center architectures [32]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including Wolong Huacai (002130 CH), China Telecom (601728 CH), and Zhongji Xuchuang (300308 CH), among others, with target prices reflecting strong growth potential [71][72].

北京上海深圳杭州广州昆明天津成都宁波福州西安南京南宁济南重庆苏州长沙太原武汉贵阳乌鲁木齐郑州石家庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马 德 里 斯 德 哥 尔 摩 纽 约 马 来 西 亚 柬 埔 寨 乌 兹 别 克 斯 坦 哈 萨 克 斯 坦 (一)本次股东会的召集 1 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 电话：(+86)(20) 3879 9346 、38799348 传真：(+86)(20) 3879 9348-200 本次股东会由奥飞数据董事会根据 2026 年 3 月 4 日召开的第四届董事会第 三十次会议决议召集，奥飞数据董事会已于 2026 年 3 月 5 日在巨潮资讯网等相 关网站上刊登了《广东奥飞数据科技股份有限公司关于召开 2026 年第一次临时 股东会的通知》，在法定期限内公告了有关本次股东会的召开时间和地点、会议 审议事项、出席会议人员资格、会议登记事项等相关事项。 国浩律师(广州)事务所 关于广东奥飞数据科技股份有限公司 2026 年第一次临时股东会的法律意见 广东奥飞数据科技股份有限公司： 根据中国证券监督 ...

特此公告。 广东奥飞数据科技股份有限公司 董事会 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）于 2026 年 3 月 20 日召开 2026 年第一次临时股东会并审议通过了《关于拟补选非 独立董事的议案》，同意选举祝志军先生为公司第四届董事会非独立董事，并担 任公司第四届董事会战略委员会委员、提名委员会委员、薪酬与考核委员会委员 职务，其任期自 2026 年第一次临时股东会审议通过之日起至公司第四届董事会 任期届满之日止。 祝志军先生简历详见公司刊登在中国证券监督管理委员会指定的创业板信 息披露网站巨潮资讯网（http://www.cninfo.com.cn）上的《关于拟补选非独立董 事的公告》（公告编号：2026-009）。 本次补选非独立董事完成后，公司董事会中兼任公司高级管理人员以及由职 工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规 及《公司章程》等规定。 | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2026-014 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东会无变更、否决提案的情况。 | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2026-013 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 2、本次股东会无涉及变更前次股东会决议的情形。 广东奥飞数据科技股份有限公司 2026 年第一次临时股东会决议公告 日上午9:15至2026年3月20日下午15:00期间的任意时间。 2、现场会议召开地点：广州市南沙区东涌镇庆沙路 100 号 22 层广东奥飞数 据科技股份有限公司会议室。 3、会议召开方式：现场表决与网络投票相结合。 4、会议召集人：公司董事会。 （1）现场会议召开时间：2026年3月20日（周五）下午14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 一、会议召开情况 1、会议召开时间： 为：2026年3月20日上午9:15至9:25，9:30至11:30，下午13:00至15:00。 通过深圳证券交易所互联网投票系统进行投 ...

广东奥飞数据科技股份有限公司 关于控股股东股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）于近日收到 公司控股股东广州市昊盟计算机科技有限公司（以下简称"昊盟科技"）的函告，获悉 昊盟科技对其所持有的部分奥飞数据股份办理了质押、解除质押的业务，具体事项如下： | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 注 1：本公告中占总股本比例以截至 2026 年 3 月 10 日公司总股本 985,181,270 股为计算依据。 注 2：本次质押股份不涉及负担重大资产重组等业绩补偿义务。 | 股东 名称 | 是否为控股股东或第一 大股东及其一致行动人 | 本次解除质 押的股份数 | 占其所持股份 比例 | 占公司总股本 比例 | 起始日 | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The upcoming GTC conference is expected to showcase advancements in GPU architecture, power supply upgrades, and liquid cooling technologies, which will further solidify the global computing ecosystem and accelerate the commercialization of core components and supporting infrastructure [3][12] - The OFC conference is anticipated to highlight the ongoing upward trend in the optical communication sector, with significant developments in high-speed optical modules and advanced packaging technologies [4][15] - The report emphasizes the resonance of the global AI industry, recommending investment in four main areas: optical communication, liquid cooling, domestic computing power, and satellite technology [5][13] Summary by Sections GTC and OFC Insights - The GTC conference will take place from March 16 to 19, 2026, focusing on new GPU architectures and related technologies [11] - The OFC conference will occur from March 15 to 19, 2026, showcasing advancements in high-speed optical modules and related technologies [15] Investment Recommendations - Recommended stocks in the optical communication sector include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [13][17] - Beneficiary stocks include: Longfly Optical Fiber, Robot Technology, and others [13][16] - In the liquid cooling and power supply sectors, recommended stocks include: Yingweike and others [20][18] Market Review - The communication index experienced a slight decline of 0.12% during the week of March 9 to March 13, 2026 [25] 5G Infrastructure Data - By December 2025, the total number of 5G base stations in China reached 4.84 million, with a net increase of 588,000 stations from the previous year [27] - The number of 5G mobile phone users reached 1.204 billion, reflecting a year-on-year growth of 18.74% [27][29]