公司于2026年1月22日公告终止2025年度向特定对象发行A股股票事项，原计划募集资金不超过16.95亿 元，用于新一代云计算和人工智能产业园项目。公司表示将根据未来战略规划灵活运用资本市场工具。 业绩经营情况 2025年前三季度，奥飞数据实现营业收入18.24亿元，同比增长15.33%；归母净利润1.45亿元，同比增 长37.29%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网奥飞数据（300738）近期获主力资金大幅流入，股价表现强劲。公司已终止原定增计划，前 三季度业绩保持增长。 股票近期走势 2026年2月12日，奥飞数据主力资金净流入3.60亿元，股价上涨5.22%，主力净量(dde大单净额/流通股) 为1.38%，显示资金活跃度显著提升。截至2026年2月5日，年内累计上涨16.71%。 近期事件 ...

证券日报网讯2月12日，奥飞数据（300738）在互动平台回答投资者提问时表示，关于出售四川华拓股 权的决策与实施，公司已严格遵照《创业板股票上市规则》及《公司章程》等有关规定，履行了必要的 审议及信息披露程序。 ...

Group 1 - The core viewpoint of the news highlights the ongoing fluctuations in the software sector, particularly within the ChiNext software ETF, which saw a slight decline of 0.09% as of February 11, 2026, while individual stocks like Wangsu Science & Technology and Guangliwei experienced significant gains of 10.60% and 9.04% respectively [1] - The report from Huatai Securities indicates that 2025 is expected to be the "Year of Agents," with 2026 likely marking a period of accelerated implementation of Agent technologies, driven by rapid iterations in Agentic Coding and fierce competition among major companies for personal agent assistants [1] - The rapid iteration of Agentic Coding is anticipated to reshape the software industry, potentially leading to a paradox where the value of standalone software may decline despite a surge in personalized, AI-generated software [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the ChiNext software index include Tonghuashun, Runze Technology, and Kunlun Wanwei, collectively accounting for 48.61% of the index [2] - The performance of individual stocks within the index shows varied results, with notable declines in stocks like Kunlun Wanwei at -4.13% and Tonghuashun at -1.26%, while others like Shenshuo Technology and Zhongke Chuangda showed positive movements [3]

Core Viewpoint - The focus is on the growth of the domestic computing power and AI application sectors, particularly through the performance of the Huabao Big Data ETF (516700), which has shown significant gains in the market [1][8]. Market Performance - The Huabao Big Data ETF (516700) saw an intraday increase of 1.35%, currently up by 0.90%, recovering above the 20-day moving average and aiming for a fifth consecutive daily gain [1][8]. - Notable stocks include Wangsu Science & Technology, which surged by 11.30%, and Dongfang Guoxin, which rose by 8.57% [2][10]. Industry Insights - According to Omdia, the Chinese cloud infrastructure service market is projected to reach $13.4 billion by Q3 2025, reflecting a year-on-year growth of 24% and maintaining over 20% growth for two consecutive quarters [2][12]. - The demand for AI is accelerating the deployment of cloud services and significantly impacting core cloud infrastructure, leading to a shift in cloud resource consumption towards production-level workloads [12]. Policy Developments - The National Development and Reform Commission has issued guidelines to promote the application of AI in the bidding and tendering process, identifying 20 key scenarios for implementation [12]. - The rise in demand for tokens is leading to price increases that are being passed from upstream to CPUs and cloud services, with AWS initiating price hikes, indicating a potential revaluation for cloud computing and related service providers [12]. Sector Focus - The Huabao Big Data ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with significant holdings in leading companies like Inspur, iFlytek, and China Software [4][12]. - By the end of 2025, the index's composition will see computing power concepts accounting for 40.91% and AI application concepts for 37.43% [12]. Future Outlook - The government is emphasizing "technology as a priority," which is expected to drive new productive forces [6]. - The top-level design for a digital China aims to activate digital productivity and accelerate the process of domestic substitution [6]. - The "Xinchuang 2.0" wave is anticipated to accelerate, presenting a broad outlook for technology self-reliance [6].

2月10日早盘，创业板人工智能继续活跃，AI应用概念股涨幅居前，中文在线领涨超14%，国投智能涨超10%。IDC算力租赁概念股继续拉 升，光环新网、奥飞数据、网宿科技等上涨超3%。 热门ETF方面，昨日暴涨超6%后，双线布局"算力+AI应用"的创业板人工智能ETF（159363）红盘震荡，资金交易活跃，实时成交额超3.5亿 元，资金进场抢筹2600万份。 当AI发展正从算力建设转向应用落地，一键布局"算力+AI应用"的创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），更 直接受益于AI技术商业化爆发的增长红利。从赛道看，创业板人工智能约六成仓位布局算力（光模块龙头+IDC龙头），约四成仓位布局AI应 用，不止是"算力"核心，也是真正的"AI应用"代表。 数据来源：沪深交易所等。 *机构观点参考资料来源：开源证券，《异环》三测及字节AI视频模型惊艳，继续布局游戏/多模态AI应用；中银证券《Seedance2.0有望催化AI 应用反弹》。 ETF基金相关费用说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金。场内交易费用以证券公司实 际收取为 ...

2026 年北京 AIDC 零售服务市场研究报告聚焦 AI 算力应用落地期的赛道价值，为 AI 产业投资人解析北京 AIDC 零售市场的投资逻辑、竞争格局与厂商实 力，核心指出算力需求向推理端转移的背景下，北京 AIDC 零售服务迎来发展黄金期。 报告显示，中国 AIDC 市场呈高速增长态势，2025 年市场规模达 1356 亿元，预计 2028 年升至 2886 亿元，由 AI 推理需求普及、模型迭代升级、东数西算 等政策落地共同驱动。相较于服务互联网大厂、利润率低且抗风险弱的批发模式，AIDC 零售模式深耕金融、政企等千行百业，通过算力 + 工具集的软硬一 体化服务实现高溢价，2024 年零售代表厂商净利率达 15%，远高于批发厂商的 6%，且客户分散的特点使其适配分布式推理的碎片化、低时延需求，成为算 力市场核心发展方向。 北京作为全国 AIDC 核心区，价值突出且具备稀缺性：计划 2027 年算力规模突破 20 万 P，较 2025 年底实现近 3.4 倍扩张；能耗与土地资源紧张推高机柜租 赁溢价，且汇聚的金融、政企客户对算力要求高、支付意愿强，成为厂商必争的战略制高点。 报告构建了包含增长动力（权重 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the communication and AI computing chain, including沃尔核材, 奥飞数据, 锐捷网络, 中国移动, 新易盛, 中际旭创, 万国数据, 天孚通信, and 亨通光电 [8][39]. Core Insights - The North American cloud service providers (CSPs) have shown a significant increase in capital expenditures, with a year-on-year growth of 66.64% in Q4 2025, totaling $117.6 billion. This trend is expected to continue into 2026, with a projected capital expenditure of $570.77 billion, reflecting a 53.2% increase [2][12][13]. - Major CSPs such as Microsoft, Amazon, Meta, and Google are optimistic about their capital spending for 2026, with Microsoft estimating $115.2 billion, Amazon $161.3 billion, Meta $123.7 billion, and Google $170.5 billion [2][12][13]. - The report emphasizes the potential for growth in the global AI computing chain, including components like optical modules, liquid cooling, copper connections, and switches, driven by the increasing demand for computing power [1][11]. Summary by Sections Market Overview - The communication index fell by 6.95% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 1.27% and 2.11%, respectively [1][11]. Key Companies and Dynamics - The report identifies a primary investment theme in the communication industry for 2026, focusing on the AI computing chain, with recommended companies including 中际旭创, 新易盛, 天孚通信, and others [3]. - The report highlights the strong performance of the four major North American cloud providers, collectively known as MAMG, which includes Microsoft, Amazon, Meta, and Google, with a total capital expenditure of $372.55 billion in 2025 [2][12]. Company Recommendations - Specific companies are recommended for investment based on their growth potential and market position, including: - 沃尔核材 (Target Price: 43.21) [39] - 奥飞数据 (Target Price: 31.17) [39] - 锐捷网络 (Target Price: 102.51) [39] - 中国移动 (Target Price: 126.20) [39] - 新易盛 (Target Price: 476.71) [39] - 中际旭创 (Target Price: 626.68) [39] - 万国数据 (Target Price: 45.83) [39] - 天孚通信 (Target Price: 211.92) [39] - 亨通光电 (Target Price: 25.73) [39]

Core Viewpoint - The surge in the stock of the Huabao Big Data ETF (516700) is attributed to the popularity of ByteDance's Seedance 2.0 video generation model, which has sparked significant interest in the AI application sector and domestic computing power [1][2]. Group 1: Market Performance - The Huabao Big Data ETF saw an intraday increase of 3.28%, currently up by 3.1%, recovering above the 5-day moving average [1]. - Key stocks within the ETF include Dongfang Guoxin, which hit the daily limit with a 20.02% increase, and Guanghuan Xunwang, which rose by 10.58% [2]. Group 2: AI Development - ByteDance's Seedance 2.0 can create high-quality videos from text or images in under 60 seconds, generating multi-angle sequences with native audio [3]. - The AI industry is experiencing a wave of new product launches, with institutions optimistic about performance in the AI application sector [3]. Group 3: Industry Insights - Data centers are identified as the core infrastructure for AI, with a robust demand driving growth in the IDC industry [3]. - The computing power market is expected to see a rebound in demand, particularly in North America and China, as domestic projects are anticipated to resume following delays due to import restrictions on computing power cards [3]. Group 4: ETF Composition - As of the end of 2025, the Huabao Big Data ETF's index will have a weight of 40.91% for computing power concepts and 37.43% for AI application concepts [4]. - The ETF focuses on sectors such as data centers, cloud computing, and big data processing, with major holdings in companies like Inspur, iFlytek, and Unisoc [5]. Group 5: Policy and Market Trends - There is a strong push for technological leadership, with initiatives aimed at accelerating the digital economy and domestic substitution processes [6]. - The "Xinchuang 2.0" trend is expected to gain momentum, enhancing the prospects for technology self-sufficiency [6].

Core Insights - The report emphasizes the dual focus on AI advancements and the deepening of domestic network capabilities in the communication industry, predicting significant growth in AI-related investments and domestic production across various segments [4][5][6] - The anticipated performance for Q4 2025 shows a robust increase in net profits for key companies, with some expected to see over 50% year-on-year growth [4][15] Group 1: AI and Network Development - The AI focus is expected to evolve around overseas mapping, optical communication trends, and changes in optoelectronic technology, with a shift from Scale out to Scale up in ecosystem development [4][5] - Domestic production trends are accelerating across four key areas: chips, cloud, network, and end devices, with significant growth potential in the chip sector due to global supply chain dynamics [4][5] - The report highlights the expected explosion in demand for optical devices and chips, driven by AI needs and the introduction of new technologies like silicon photonics [5][6] Group 2: Company Performance Predictions - Key companies are projected to experience substantial profit growth, with notable increases such as Heertai (+798%), Guangku Technology (+439%), and 5.5G Canqin Technology (+290%) [4][15] - The report outlines specific performance forecasts for major players, indicating a strong recovery in demand across various sectors, including optical communication and satellite internet [4][15] - Companies like China Mobile and ZTE are expected to benefit from increased capital expenditures directed towards AI and network investments, enhancing their revenue and profitability [6][15] Group 3: Investment Opportunities - The report identifies several investment opportunities in the AI computing network, including companies like Zhongji Xuchuang and Xinyi Technology, which are positioned to benefit from the growing demand for AI capabilities [4][6] - The satellite internet sector is highlighted as having high barriers to entry and significant long-term investment potential, with companies like Zhenyou Technology and Xinke Mobile being key players [4][6] - The IoT sector is expected to see a surge in demand driven by AI and robotics, with companies like Lexin Technology and Guanghe Technology poised for growth [10][11]

Market Overview - On February 6, A-shares experienced a volume contraction and consolidation, with the ChiNext AI sector turning negative in the afternoon, leading to declines in both computing power and AI applications [1][7] - Major components in the AI application sector saw significant losses, with Kunlun Wanwei dropping over 7%, Xinyi Sheng down 5%, and Zhongji Xuchuang falling 4% [1][7] - The ChiNext AI ETF (159363) closed down 1.95%, marking its first decline after ten consecutive weeks of gains, with a daily trading volume of 566 million yuan [1][7] Computing Power Sector - The IDC computing power leasing sector showed relative activity, with companies like Tongniu Information and Aofei Data rising over 5% during the trading session [1][7] - The Qianwen APP from Alibaba faced service interruptions during the Spring Festival promotion, highlighting a computing power bottleneck and revealing opportunities for domestic computing power [9] - National internet giants are engaged in a "red envelope war" to capture traffic for large models, indicating that computing resources are becoming a critical constraint in AI applications [9] AI Applications - The commercial model for AI applications is evolving towards large-scale implementation, with expectations for accelerated commercialization of AI agents by 2026 as the ecosystem matures [10] - The supply of AI agents is currently concentrated among leading model manufacturers, with high usage costs, suggesting that high-value scenarios on both consumer and business sides will be the first to achieve large-scale deployment [10] - The ChiNext AI ETF (159363) is positioned to benefit directly from the commercialization of AI technology, with approximately 60% of its portfolio allocated to computing power and 40% to AI applications [10]