Zhongyou Securities: Three major carriers all launch Token packages, Token economy accelerates formation.

China Securities issued a research report stating that under the traditional computing power leasing business model, service providers' income is subject to a rigid ceiling; Token Factory will shift from simply focusing on computing power scale to focusing on throughput and energy efficiency per watt of Token, through platform-level scheduling, integration of computing power hardware and software, and model reasoning optimization in Token Factory mode, companies are expected to achieve net profit margins far exceeding those of traditional leasing models. It is recommended to pay attention to: 1) AIDC manufacturers; 2) computing power leasing; 3) operators and CDN; 4) AIDC infrastructure. The main points of China Securities are as follows: The explosive demand for Tokens has spurred a new model of Token economics Tokens, as the smallest unit of measurement for processing information in AI models, are a key indicator of the activity and industrial value of AI models. With the emergence of execution-oriented AIAgents like Open Claw, the volume of Token calls has risen rapidly. According to the National Bureau of Statistics, as of March 2026, China's daily Token call volume has exceeded 140 trillion, compared to 100 billion at the beginning of 2024, an increase of over a thousand times in two years; Tokens are not only the value anchor of the intelligent era, but also the "settlement unit" connecting technology supply and business demand, providing a quantifiable possibility for the landing of business models. In March 2026, Huang Renxun proposed the concept of "Token Factory" at the GTC conference, likening Tokens to the "hard currency" of the digital economy era, believing that under established constraints of electricity and space resources, the speed, quality, and cost of Tokens output by data centers will directly determine whether technology companies can survive. Therefore, Token throughput per watt of electricity will replace traditional "number of servers" and "storage capacity" as the core indicator determining the competitiveness and revenue of data centers. The three major operators have launched Token packages, and the "Token Factory" is transitioning from concept to large-scale implementation In April of this year, China Telecom Corporation's Ningxia company issued a public tender announcement for the centralized procurement project of Token manufacturing capacity services in 2026, with an estimated total scale of 16.451 billion yuan (excluding tax); on May 10, the first large-scale domestic procurement of Token manufacturing capacity services was announced, with candidates for the bid including Beijing Teamsun Technology, Lexun Technology, and other companies, with an expected share of approximately 1.5 billion yuan in procurement funds. Baidu Cloud announced at the Create conference on May 13 that it will upgrade its MaaS model service to a Token Factory, enhancing model calling and reasoning efficiency. On May 15, the Wuxi High-tech Zone held a signing ceremony for the Shuihong Huachu Token Factory project and the Huawei Super Node Cluster project. Xiamen Hongxin Electronics Technology Group Inc. will establish a large-scale Token Factory in Wuxi, with the first phase deploying 4 Huawei Ascend 384 super node servers, aiming to become the largest Ascend super node computing power cluster in the East China region. On May 17, China Telecom Corporation launched a series of trial commercial Token packages, currently providing integrated "Token + connectivity + security" services to two groups: individual and household customers, and developers and small and medium-sized enterprise customers; at the same time, Beijing Mobile launched Token packages for individual users, Shanghai Mobile introduced Token general services for the public and office scenarios, and Shanghai Unicom announced that it will provide Token services to local OPC (sole proprietorship) customers, with each customer eligible to receive 30 million Tokens for testing purposes, and Hubei Unicom introduced AI computing power packages including Token Plan, Coding Plan, and integration packages. Risk warning Increased industry competition risk; lower-than-expected downstream application demand risk; risk of large fluctuations in Token prices, etc.