CITIC SEC: Token factory and operator drive reevaluation of industrial chain value, top computing power leasing manufacturers capitalize on advantages.

CITIC SEC published a research report stating that Token factories are gradually being established and Token services are becoming standardized. The three major operators have launched Token packages, and standardized Token operations are becoming commonplace. Token factories and Token operators are driving a reevaluation of the industry chain's value, shifting from a fixed monthly rental model based on leasing "bare metal" servers to a model based on actual Token usage, with prominent advantages for leading computing power rental companies. It is recommended to pay attention to Token factories and related targets in computing power rental. CITIC SEC's main points are as follows: 1. Token factories are gradually being established, and Token services are becoming standardized. According to Nvidia's GTC conference in March 2026, Nvidia CEO Huang Renxun pointed out, "The data center of the future will no longer be a warehouse for storing files, but a factory for producing Tokens." - Xiamen Hongxin Electronics Technology Group Inc.: In May 2026, Xiamen Hongxin Electronics Technology Group Inc.'s Token factory under Honghua Chuang officially settled in the Wuxi High-tech Zone, deploying the first batch of 4 Huawei Ascend 384 ultra-node servers, each ultra-node server having a computational power scale of 384 cards. - RunJian Co., Ltd.: Accelerating the exploration of the new industry paradigm of "Token factory," in September 2025 upgraded the Wu Xiang Yun Valley Zhi Suan Center and launched the "Xing Suan Yun Chi" product, providing high-performance intelligent computing cloud services for developers based on computing pool technology to promote business service model upgrades. - Super Telecom: In May 2026, signed a "Joint Operation Cooperation Agreement for Artificial Intelligence Business" with Nan Yi Intelligence, jointly building a Token factory, with Super Telecom leading the commercial operation based on its own Token operation platform, layout in market-based computing power services such as computing power rental, computing power scheduling, and computing power packages. 2. The three major operators have launched Token packages, and standardized Token operations are becoming commonplace. According to the official websites of various companies: - China Mobile Limited: Released Token computing power service products for individual users on April 21, supporting mainstream large language models such as DeepSeek and Qwen. For users with existing cloud computers, a minimum of 5.99 yuan can be purchased per package, with a monthly package priced at 24.99 yuan, providing a credit limit of 10 million words. - China Telecom Corporation: On May 17, officially launched a series of trial Token packages, with the basic version for small and medium-sized customers priced at 39.9 yuan/month (1.5 million Tokens per month) and the basic version for individuals and families priced at 9.9 yuan/month (1.5 million Tokens per month). - China United Network Communications: On May 16, Shanghai Unicom announced the provision of Token services to Shanghai OPC customers, with the individual version of the Token Plan priced at a minimum of 15 yuan/month with a credit limit of 6 million Tokens, and the team version priced at a minimum of 198 yuan/month with a credit limit of 25,000 credits. 3. Token factories and Token operators are driving a reevaluation of the industry chain's value, with prominent advantages for leading computing power rental companies. The emergence of Token factories and Token operators signifies a shift from Token generation as an ancillary service to a standardized service that can be priced. This shift will drive the computing power rental market from the current fixed monthly rental model based on leasing "bare metal" servers to a model based on actual Token usage. When Token becomes the unit of pricing for computing power, computing power service providers can fully benefit from the continued expansion of Token demand, penetrating all high-speed AI application scenarios. The current high prosperity of the computing power rental industry mainly stems from the mismatch between supply and demand in the domestic computing power market, highlighting the advantages of leading rental companies that control high-end computing chip resources. Taking into account the overall prosperity of the industry and the trend of gradual consolidation towards leading players, it is optimistic about the growth elasticity of leading computing power rental companies under the new wave of Token usage growth. Risk factors: The risk of Agent ecosystem expansion and commercialization progress being slower than expected, the risk of slowing down the iteration of large model technology or unfavorable changes in open source ecosystem policies, the risk of limited expansion of domestic AI chip production capacity and fluctuations in the underlying hardware supply chain, and the risk of worsening industry competition.