Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

[Table_MainInfo] 公司研究/信息服务 证券研究报告 奥飞数据（300738）公司研究报告 2025 年 03 月 11 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 [Table_Summary] 投资要点： 主要财务数据及预测 股票数据 | 03[Table_StockInfo 月 10 日收盘价（元）] | 24.36 | | --- | --- | | 52 周股价波动（元） | 8.48-26.87 | | 总股本/流通 A 股（百万股） | 978/977 | | 总市值/流通市值（百万元） | 23813/23806 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -26.17% 8.83% 43.83% 78.83% 113.83% 148.83% 2024/3 2024/6 2024/9 2024/12 奥飞数据 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 55.9 106.3 77.7 | 绝对涨幅（%） | 55.9 | 106.3 | 77.7 | | --- | --- | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Core Views - The article highlights significant economic and financial developments in China, including monetary policy adjustments, the establishment of investment funds, and regulatory measures to protect investors [4][5][6][7]. Group 1: Monetary Policy and Economic Measures - The People's Bank of China plans to adjust the reserve requirement ratio and interest rates based on domestic and international economic conditions, indicating there is still room for lowering the reserve requirement ratio [4]. - A national venture capital guidance fund will be established to support the growth of innovative enterprises, combining the cultivation of new and traditional industries [5]. - The Ministry of Finance will implement two new loan interest subsidy policies to stimulate consumer spending, particularly in sectors closely related to daily life [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission emphasizes strict regulation to protect investors, focusing on serious violations such as financial fraud and market manipulation [6]. - The regulatory framework will be enhanced across all stages of the market, including information disclosure and corporate governance [6]. Group 3: Industry Developments - The launch of the first general-purpose AI intelligent agent product, Manus, by the Monica team marks a significant advancement in AI technology [10]. - The European Central Bank has lowered key interest rates, aligning with market expectations, which may influence global financial conditions [11]. Group 4: Company Announcements - Water Crystal Optoelectronics plans to acquire a 95.6% stake in Guangdong Aikesi for approximately 323.5 million yuan, aiming to enhance its AR/VR business [14]. - Wuhan Holdings intends to purchase 100% of Wuhan Municipal Institute, which will diversify its business and create new revenue streams [15]. - Macro Shenghuayuan's subsidiary is a candidate for multiple procurement projects from the State Grid, with a potential value of approximately 1.354 billion yuan [21].

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-015 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于增加廊坊固安数据中心项目投资金额的公告 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、廊坊固安数据中心项目投资概述 截至本公告披露日，"新一代云计算和人工智能产业园项目"土建环节已全 部完工，部分数据中心用楼已交付客户使用，剩余部分数据中心用楼将进入内部 装修和设备采购安装阶段。 2021 年 2 月 4 日，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"）召开了第三届董事会第八次会议并审议通过《关于控股子公司拟 投资廊坊固安数据中心项目的议案》，同意子公司固安聚龙自动化设备有限公司 （以下简称"固安聚龙"）投资"新一代云计算和人工智能产业园项目"（即廊 坊固安数据中心项目），项目投资概述如下： 1、项目名称：新一代云计算和人工智能产业园项目 2、项目规模：约 25,000 个数据中心机柜 3、项目投资主体：固安聚龙自 ...

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 届董事会第十六次会议（以下简称"会议"）于 2025 年 3 月 6 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 2025 年 3 月 5 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。会议由公司董事长冯康先 生主持，公司监事、高级管理人员列席会议。会议的召集、召开程序以及表决程 序符合《公司法》及《公司章程》等有关规定，形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如下 决议： | 证券代码：300738 | 证券简称：奥飞数据 公告编号：2025-009 | | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | 广东奥飞数据科技股份有限公司 第四届董事会第十六次会议决议公告 （一）审议通过《关于公司符合向特定对象发 ...

1、大模型和人工智能产业高速发展推高算力需求，云计算和互联网企业资 本开支大幅增加，国内数据中心行业迎来新一轮发展机遇 近年来，基于大模型强大的计算能力和学习能力，我国人工智能技术取得了 突破性的进展，其能力可覆盖内容生成、数据增强、创意辅助等诸多应用场景， 极大地提高了生产效率，为用户带来全新的体验，并进一步推动企业智能化转型 发展。我国大模型和人工智能产业的高速发展带动了算力需求的持续增长，国内 数据中心行业迎来新一轮发展机遇。 根据 2025 年 2 月国际数据公司与浪潮信息联合发布的《2025 年中国人工智 能计算力发展评估报告》，大模型和生成式人工智能推高算力需求，中国智能算 力增速高于预期。根据国际数据公司最新预测结果，2025 年中国智能算力规模 将达到 1,037.3 EFLOPS，并在 2028 年达到 2,781.9 EFLOPS，2023-2028 年中国 智能算力规模和通用算力规模的年复合增长率将分别达到 46.2%和 18.8%，从而 带动 IDC 行业的快速增长。 证券简称：奥飞数据 证券代码：300738 广东奥飞数据科技股份有限公司 关于 2025 年度向特定对象发行 A 股股 ...

广东奥飞数据科技股份有限公司 舆情管理制度 第一章 总则 第一条 为提高广东奥飞数据科技股份有限公司(以下简称"公司")应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司 股价、商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根 据相关法律、行政法规、规范性文件和《广东奥飞数据科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，特制定本制度。 本制度适用于公司及合并报表范围内各子公司。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道。 （二）社会上存在的已经或将给公司造成不良影响的传言或信息。 （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息。 （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 关职能部门负责人组成。 第六条 舆情 ...

（3）股东回报规划制定周期及审议程序 广东奥飞数据科技股份有限公司 未来三年（2025-2027 年）股东分红回报规划 为进一步规划广东奥飞数据科技股份有限公司（以下简称"公司"）利润分配 及现金分红有关事项，进一步细化《广东奥飞数据科技股份有限公司章程》中关 于利润分配政策的条款，增强利润分配决策的透明度和可操作性，便于股东对公 司经营和分配进行监督，根据中国证监会《关于进一步落实上市公司现金分红有 关事项的通知》、《上市公司监管指引第 3 号——上市公司现金分红》，结合公司 的实际情况，公司董事会制定了《广东奥飞数据科技股份有限公司未来三年 （2025-2027 年）股东分红回报规划》（以下简称"本规划"），并经第四届董事会 第十六次会议审议通过。规划具体如下： （1）制定本规划的原则 本规划的制定应符合相关法律法规、规范性文件及《公司章程》有关利润分 配的规定，充分考虑和听取股东（特别是中小股东）、独立董事和监事的意见， 以公司正常经营和可持续发展为前提，重视和维护股东权益，坚持以现金分红为 主的基本原则。 （2）考虑的因素 公司着眼于长远和可持续发展，综合考虑公司目前及未来盈利规模、现金流 量状况、发 ...

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、误导性陈述或重大遗漏。 | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-014 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 关于暂不召开股东大会的公告 广东奥飞数据科技股份有限公司（以下简称"公司"）拟向特定对象发行 A 股股票，本次向特定对象发行 A 股股票的相关议案已经公司第四届董事会第十六 次会议、第四届监事会第十四次会议审议通过。根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司证券发行注册管理办法》等法律、法规及 规范性文件的有关规定，上述相关议案尚需提交公司股东大会审议。 基于公司本次向特定对象发行 A 股股票的总体工作安排，公司决定暂不召开 审议本次向特定对象发行 A 股股票相关事宜的股东大会，待相关工作及事项准备 完成后，公司董事会将另行发布召开股东大会的通知。 特此公告。 广东奥飞数据科技股份有限公司 董事会 2025 年 3 月 6 日 ...