1999年的广州，还在招商银行任职的冯康，或许不会想到：二十多年后自己会成为数据中心行业的"算 力大亨"。 三年后，中国网通南下拓市的"创业概念" ，点燃了他的转型热情。从省宽带中心业务主管到初创云计 算公司经理，冯康在数据业务的土壤里悄然扎根。 在粤港澳大湾区，奥飞数据是最大的中立IDC运营商。 7月6日晚间，这家隐形冠军发布公告，决定定增。我们来看看，算力中心未来还有哪些机会？ 01 冯康，1978年出生于江西，毕业于江西财经大学国际金融专业，是典型的"金融人"出身。 1999年，大学毕业的他进入招商银行广州分行做信贷员。此时，国内正处在金融体制改革和互联网兴起 的交汇点。 冯康在银行待了不到三年，2002 年，中国网通为打开南方市场，在广东成立分公司，冯康被其创业概 念吸引，于2003年4月加入，成为广东网通的一员。 在这里，他获得了接触数据业务的机会，到2007年离开时，已担任省宽带中心业务主管，这段经历为其 后来的创业奠定了基础。 2004年，他创立奥飞数据，总部广州。目前，其核心业务是：数据中心。当下火热的AI算力中心，正 是其业务的主要增长点。 在华南地区，其市场份额约为15%，服务客户超 30 ...

⚫ 上半年出货增速向好，关注后续基数等因素的影响。回顾2024年，国补政策主要在四季度发力。进入2025年，从产业在线的出货 数据看，上半年尚未显现市场所担忧的透支效应。2025年上半年，空调内销需求延续较为旺盛的趋势。尤其从二季度来看，受益 于去年较低的同期基数以及旺季叠加"618"等促销备货的催化，出货增速有所加快。出货数据反映的是经销商的提货意愿。从零 售角度看，随着4月传统旺季启动，市场亦有回暖迹象，奥维云网数据显示，4月空调线上零售同比增长34.8%，线下零售同比增长 12.2%。暑期天气因素对空调销售有一定催化作用。例如，对华北、华东等地的持续高温预期，或带动渠道备货及终端购买。而从 基数看，2024年的二季度部分南方地区持续阴雨，致使空调零售基数较低。此外，今年头部品牌在以旧换新的背景下采取更为主 动的营销策略，折扣玩法及配套服务均有所优化；京东、苏宁等电商平台也加强了针对以旧换新的体验式营销。但同时，部分消费 者呈现出消费降级的意愿，购买决策周期延长，更倾向于等待"618"等大型促销节点集中释放需求。综合来看，考虑到2024年空 调出货"前低后高"的影响，以旧换新对短期出货的边际拉动作用或将有 ...

EBITDA 或迎来兑现，重视被低估的 AIDC20250706 摘要 国内 AIDC 上市公司 EV/EBITDA 估值普遍低于国际水平，通常在 10 到 15 倍之间，相较于国际龙头公司 20 到 30 倍的估值存在明显低估，表 明国内市场存在价值重估空间。 成熟 IDC 项目 REITS 发行显示出高估值，润泽科技和万国数据的 REITS 项目 EV/EBITDA 分别约为 14 倍和 17 倍，认购倍数均超 160 倍，与国 内上市公司估值倒挂，突显市场对 AIDC 资产的认可。 国内 AIDC 上市公司 EBITDA 具备持续增长潜力，受益于 2024 年超大 规模 AIDC 招标项目在 2025 年下半年陆续交付，预计 2026 年将迎来 显著增长，且未来有望加速。 国产 ASIC 芯片的推出将增加对 AI DC 资源的需求，因其功耗高于先进 制程芯片，长期来看，将推动 AIDC 行业 EBITDA 持续增长，进一步支 撑国内上市公司估值提升。 可通过短期、中期、长期 EBITDA 预测计算 AIDC 公司市值空间，以 20 倍 EV/EBITDA 为基准，根据公司 EBITDA 规划推算潜在市值 ...

Core Viewpoint - Guangdong Aofei Data Technology Co., Ltd. is planning to issue shares to specific investors to raise funds for its new generation cloud computing and artificial intelligence industrial park project, which aims to enhance its data center capabilities and meet market demand. Group 1: Company Overview - The company was established on September 28, 2004, with a registered capital of RMB 985.12 million and is listed on the Shenzhen Stock Exchange under the stock code 300738 [6][10]. - The controlling shareholder is Guangzhou Haomeng Computer Technology Co., Ltd., with the actual controller being Feng Kang, who holds a significant stake in the company [7][10]. Group 2: Financial Data - As of March 31, 2025, the company's total assets were RMB 76,162.51 million, and net assets were RMB 7,878.36 million [7]. - The company reported a revenue of RMB 12,756.57 million for the first quarter of 2025, showing significant growth compared to previous periods [7]. Group 3: Investment Projects - The new project will add 8,925 cabinets with a power capacity of 8.8KW each, aimed at enhancing the company's data center capacity in the Langfang IDC market, which has favorable demand conditions [2]. - The project is expected to incur an annual depreciation expense of RMB 141.50 million once operational, impacting profitability if market conditions change adversely [3]. Group 4: Market Environment - The IDC industry is experiencing increased competition due to the rapid growth of cloud computing and artificial intelligence, which may lead to a decline in overall industry gross margins [5]. - The company is subject to regulatory oversight from the Ministry of Industry and Information Technology and local communication management bureaus, which govern the telecommunications and internet sectors [11][12]. Group 5: Risks and Challenges - The company faces risks related to the large scale of fixed asset investments and ongoing construction projects, which could lead to financial strain if not managed properly [1]. - There is a potential risk of underutilization of new capacity if market demand shifts unfavorably, impacting the expected returns from the investment [2][4].

Company Overview - Guangdong Aofei Data Technology Co., Ltd. was established on August 4, 2014, with a registered capital of 114.2 million RMB after a capital increase of 53.25 million RMB through the issuance of shares at 37.50 RMB each [1] - The company underwent several capital increases and stock issuances, including a non-public offering of 816,500 shares at 84.28 RMB each in 2016, raising 68.81 million RMB, and a public offering of 16.32 million shares in 2018, increasing the registered capital to 65.26 million RMB [1] - As of April 4, 2023, the company issued 103.65 million shares to 11 specific investors, raising the registered capital to 794.64 million RMB [1] Financial Reporting Basis - The financial statements are prepared based on the going concern assumption, following the accounting standards and guidelines set by the relevant authorities [1] - The company has assessed its ability to continue as a going concern and found no issues affecting this assumption [1] Important Accounting Policies - The company adheres to significant accounting policies and estimates as per the enterprise accounting standards, ensuring that the financial statements reflect a true and complete picture of its financial status, operating results, and cash flows [1][2] - The company recognizes and measures transactions based on actual occurrences, ensuring compliance with the disclosure rules set by the China Securities Regulatory Commission [1] Capital Changes - The company has executed multiple capital increases through stock issuances and capital reserves, including a significant increase in registered capital to 1.99 billion RMB after a capital reserve conversion [1] - The company issued convertible bonds in December 2021, which will convert into approximately 23.99 million shares by December 31, 2024, further increasing the registered capital [1] Financial Instruments - The company classifies financial instruments based on their characteristics and management objectives, including those measured at amortized cost and those measured at fair value [19][20] - Financial assets are assessed for impairment based on expected credit losses, ensuring that potential losses are recognized in a timely manner [23]

Core Viewpoint - Guangdong Aofei Data Technology Co., Ltd. is planning to issue A-shares to specific investors in 2025, with the underwriting process managed by Minsheng Securities Co., Ltd. [1][2] Group 1: Basic Information about the Issuer - The issuer, Guangdong Aofei Data Technology Co., Ltd., was established on September 28, 2004, and is listed on the Shenzhen Stock Exchange with the stock code 300738 [4]. - The registered capital of the company is approximately RMB 985.12 million [4]. - The company operates in various sectors including technology development, technical services, and information system integration [4]. Group 2: Share Structure and Major Shareholders - As of March 31, 2025, the total share capital of the issuer is 985,120,168 shares, with no restricted shares [4]. - The top ten shareholders hold a combined 34.43% of the shares, with significant holdings from various investment funds and banks [4]. Group 3: Financial Information - As of March 31, 2025, the total assets of the company are approximately RMB 1,284.03 million, with total liabilities of RMB 521.72 million, resulting in an asset-liability ratio of 72.70% [6]. - The company reported total revenue of RMB 216.48 million for the year 2024, with a net profit attributable to shareholders of RMB 12.41 million [6]. - The cash flow from operating activities for the first three months of 2025 is negative RMB 275.07 million, indicating significant cash outflows [6]. Group 4: Underwriting and Internal Review Process - Minsheng Securities has conducted thorough due diligence and internal review processes to ensure compliance with relevant laws and regulations for the issuance of shares [14][15]. - The underwriting team includes experienced professionals with a history of managing IPO projects and private placements [2][3]. Group 5: Decision-Making Process for the Issuance - The decision to issue shares has been approved through multiple board meetings and a shareholder meeting, ensuring that all necessary governance procedures are followed [15][18]. - The company has prepared detailed reports on the feasibility of the fundraising and the use of proceeds from the share issuance [15][18].

Core Viewpoint - Guangdong Aofei Data Technology Co., Ltd. is preparing for a specific stock issuance in 2025, with legal opinions confirming the legitimacy and compliance of the process [1][2][3]. Group 1: Legal Basis and Compliance - The legal opinions are based on the Company Law, Securities Law, and other relevant regulations, ensuring that the issuance process adheres to legal standards [2][3][4]. - The issuance has been approved by the board of directors and shareholders, confirming that the resolutions comply with legal and regulatory requirements [6][7]. Group 2: Issuer's Qualifications - The company is a legally established public company with the necessary qualifications for the stock issuance [6][7]. - The issuer has no legal or regulatory issues that would necessitate termination, ensuring its operational continuity [7]. Group 3: Issuance Conditions - The stock issuance meets the conditions set forth in the Company Law and Securities Law, including the method of issuance and pricing standards [7][8][11]. - The total amount of funds raised from the issuance is capped at 1.805 billion yuan, allocated for specific projects in cloud computing and artificial intelligence [9][10]. Group 4: Financial and Operational Independence - The issuer has established a sound internal management structure, ensuring operational independence and compliance with governance standards [13][14]. - The company has no significant financial investments or liabilities that could affect its operational independence [12][22]. Group 5: Major Assets and Liabilities - The issuer possesses clear ownership of its major assets, including land use rights and intellectual property, with no disputes over ownership [21][22]. - The company has no significant debts or liabilities that could impact its financial stability [22][23]. Group 6: Environmental and Regulatory Compliance - The issuer has not faced significant environmental violations or penalties, and its projects comply with environmental protection regulations [28]. - The company adheres to quality and technical standards, with no severe penalties for product quality issues [28].

期货研究报告 | 宏观组 宏观半年报 z 下半年需求顺周期偏弱，政策呈现"易松难紧"的格局。短期顺周期的情绪拖累仍不容忽视，长期通胀上行风险值得关注。海外核心是 货币主导的通胀预期，需要看到美联储顺利重启宽松周期，黄金、原油、有色相对受益。国内的核心是供给侧政策，参考 2015 年：1、 供给侧减产明显的板块涨幅更大，如 2015 年的黑色板块；2、产业利润也有所改善，中下游受益较上游更明显。本轮关注黑色板块、 新能源金属等板块。 通胀预期的兑现路径探讨 宏观组研究报告 本期分析研究员 徐闻宇 从业资格号：F0299877 投资咨询号：Z0011454 华泰期货研究院宏观研究 2025 年 7 月 6 日 蔡劭立 从业资格号：F3063489 投资咨询号：Z0014617 高聪 从业资格号：F3063338 投资咨询号：Z0016648 汪雅航 从业资格号：F03099648 投资咨询号：Z0019185 朱思谋 从业资格号：F03142856 宏观组 | 宏观半年报 2025-7-6 通胀预期的兑现路径探讨 研究院 宏观组 研究员 徐闻宇 邮箱： xuwenyu@htfc.com 从业资格号：F029987 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the strong market recognition of AIDC, with both WanGuo and RunZe REITs receiving over 100 times subscription rates, indicating high investor interest [5][6][14] - Century Internet has raised its performance guidance for the fiscal year 2025, suggesting accelerated development in the domestic AIDC industry chain [7][18] - The report emphasizes the potential of the AIDC computing power industry chain, satellite internet, and 6G as key investment directions [8][19] Summary by Sections 1. Investment Insights - WanGuo and RunZe REITs have achieved subscription multiples of 166.10 and 167.06 times respectively, with total fundraising expected to reach 24 billion and 45 billion yuan [5][6][15][16] - Century Internet has adjusted its revenue guidance for fiscal year 2025 from 9.1-9.3 billion yuan to 9.15-9.35 billion yuan, reflecting a year-on-year growth of 11-13% [7][18] 2. Market Review - The communication index decreased by 0.10% during the week of June 30 to July 4, 2025, ranking third among TMT sectors [27] 3. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, showing a year-on-year growth of 21.3% [29] 4. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include YingweiKe, New Idea Network Group, and Baoxin Software; Beneficiary stocks include Guanghuan New Network and WanGuo Data [20] - IT Equipment: Recommended stocks include ZTE and Unisplendour; Beneficiary stocks include Inspur Information and Huakong Technology [21] - Network Equipment: Recommended stocks include Unisplendour and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and Alibaba [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26]

Group 1 - The article highlights a significant phenomenon where, despite a net outflow of over 9 billion from the stock market, 19 stocks attracted more than 200 million in investments, with沃尔核材 receiving over 1.4 billion [1][3] - 沃尔核材 is noted for its involvement in both nuclear fusion and ultra-high voltage sectors, indicating a strategic positioning in essential energy transitions, which may attract long-term investments [3] - 协鑫能科 received over 500 million in investments, linked to its positioning in the energy storage sector, particularly with the increasing demand for new technologies like molten salt storage [3] Group 2 - Other companies like 数据港 and 信雅达 are also highlighted for their connections to current market trends, with 数据港 focusing on AI computing and data centers, while 信雅达 is associated with financial technology [3] - The article discusses the outflow of funds from companies like 东方财富 and 中际旭创, attributing it to market volatility and profit-taking, rather than fundamental issues [4] - The analysis emphasizes the importance of understanding the underlying logic behind capital flows, suggesting that significant inflows may indicate industry turning points or undiscovered company strengths [4]