民生证券股份有限公司 关于广东奥飞数据科技股份有限公司 出售子公司股权暨关联交易的核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐人"）作为广东奥飞 数据科技股份有限公司（以下简称"奥飞数据"、"公司"）2022 年向特定对象发 行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保 荐业务》等有关法律法规和规范性文件的要求，对奥飞数据出售子公司股权暨关 联交易事项进行了审慎核查，具体情况及核查意见如下： 一、关联交易概述 1、2025 年 3 月 27 日，奥飞数据召开了第四届董事会第十七次会议、第四 届监事会第十五次会议并审议通过《关于出售子公司股权暨关联交易的议案》， 同意公司以人民币 3,600 万元的价格将全资子公司奥飞数据国际有限公司（以下 简称"奥飞国际"或"交易标的"）100%股权转让给广东云谷网络有限公司（以下 简称"云谷网络"）。本议案在提交公司董事会审议前，已经公司 2025 年第三次独 立董事专门会议审 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-017 | | --- | --- | --- | | 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 奥飞数据持有广东云谷网络有限公司 46%股权，广东云谷网络有限公司为奥 飞数据的参股公司。基于谨慎性原则，公司将广东云谷网络有限公司认定为关联 方，本次交易构成关联交易。本次交易完成后，公司将不再直接持有奥飞数据国 际有限公司的股权，奥飞数据国际有限公司也将不再纳入公司财务报表合并范围。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 第四届董事会第十七次会议决议公告 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 届董事会第十七次会议（以下简称"会议"）于 2025 年 3 月 27 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 26 日以电话通知、电子通讯通知、专人送 ...

本资产评估报告依据中国资产评估准则编制 广东奥飞数据科技股份有限公司拟转让奥飞数据国际有限公司 股权涉及奥飞数据国际有限公司股东全部权益价值 资 产 评 估 报 告 中联国际评字【2025】第 VIMQD0232 号 (共1册,第1册) 中联国际房地产土地资产评估紧询(广东)有限公司 ALLIED APPRAISAL CO., LTD. 十五日 中国资产评估办会 资产评估业务报告备案回执 | 报告编码: | 4444020053202500151 | | --- | --- | | 合同编号: | 中联国际约字【2025】第0173号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中联国际评字【2025】第VIMQD0232号 | | 报告名称: | 广东奥飞数据科技股份有限公司拟转让奥飞数据国际有限公司股 权涉及奥飞数据国际有限公司股东全部权益价值 | | 评估结论: | 35,251,300.00元 | | 评估报告日: | 2025年03月25日 | | 评估机构名称: | 中联国际房地产土地资产评估咨询(广东)有限公司 | | 签名人员: | 任东东 (资产评估师) 正式会 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-018 | | --- | --- | --- | | 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 第四届监事会第十五次会议决议公告 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见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（www.cninfo.com.cn）上的相关文件。 三、备查文件 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 监事会第十五次会议（以下简称"会议"）于 2025 年 3 月 27 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 26 日以电话通知、电子通讯通知、专人送达等方式发 出。应当参加会议监事 3 人，实际参加会议监事 3 人，公司董事会秘书列席会 议。会议由公司监事会主席陈剑钊先生主持。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、监事会会议审议情况 经与会监事认真审议， ...

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].

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 ...

| 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 ...