【Wind Trend Report】Token Call Volume Surges Spurring Product Price Hikes; Computing Power Industry Chain May Enter "Full-Chain Inflation" Cycle

The three major Chinese A-share indices all rose today. By the close, the Shanghai Composite Index increased by 0.32%, the Shenzhen Component Index rose by 1.05%, and the ChiNext Index gained 2.02%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan, shrinking nearly 200 billion yuan compared to yesterday. Most industry sectors gained, with communication services, components, communication equipment, semiconductors, optical electronics, software development, computer equipment, power grid equipment, and consumer electronics leading the gains. The sectors with the largest declines were white liquor, energy metals, and petroleum and petrochemicals. In individual stocks, over 3,500 stocks rose, with 70 hitting the daily limit.

Alibaba Cloud announced that due to the global AI demand surge and supply chain price increases, prices for AI computing power, storage, and other products have risen by up to 34%. Specifically, products like the Pingtouge Zhenwu 810E computing cards increased by 5%-34%, and the file storage product CPFS (Intelligent Computing Edition) rose by 30%. Sources revealed that another key reason for the price hikes was a “sharp increase in Token call volume.” Alibaba Cloud’s MaaS business, Bailian, achieved its highest growth rate from January to March this year. Alibaba Cloud is shifting scarce AI computing resources toward Token services.

Besides Alibaba Cloud’s surge in Token calls, other domestic companies in this field also set records. According to the latest data from the online AI hosting platform OpenRouter, during the past week (March 9-15), China’s AI large model weekly call volume soared to 4.69 trillion Tokens, an 11.83% increase month-over-month. Meanwhile, US large model call volume declined by 9.33%, dropping to 3.294 trillion Tokens.

Guojin Securities stated that under the strong supply and demand dynamics, it is predicted that by 2026, the computing power industry chain will enter a “full-chain inflation” cycle. Industry prosperity will expand from core chips to AIDC, cloud and computing services, supporting power equipment, and servers. JPMorgan Chase pointed out that the explosion in call volume directly drives growth in the domestic computing power industry chain. From AI chips and servers to data centers and cloud computing, all are experiencing a performance boom.

Guojin Securities: The Computing Power Industry Chain Will Enter a “Full-Chain Inflation” Cycle by 2026

1. Oracle’s intelligent computing ROI realization and Tencent Cloud’s price hikes confirm demand. 2) The convergence of training and inference is rapidly releasing computing power demand. 2026 will be a pivotal year for China’s shift from “cloud training” to a dual-driven model of “training + inference,” with the demand gap accelerating under the catalysis of more modalities and broader scenarios. 3) External marginal improvements in supply and increased domestic production will shift domestic computing power supply from scarcity to structural balance. Abundant resources will effectively meet the explosive demand, laying a foundation for industry performance realization. 4) The entire domestic computing power industry chain is accelerating in prosperity, with expectations of simultaneous volume and price increases. Under the pressure of strong supply and demand logic, it is forecasted that by 2026, the industry will enter a “full-chain inflation” cycle, with prosperity spreading from core chips to AIDC, cloud and computing services, supporting power equipment, and servers.

JPMorgan Chase: The Explosion in Call Volume Will Directly Drive Growth in the Domestic Computing Power Industry Chain

China’s AI inference Token consumption is expected to grow from approximately 10 quintillion in 2025 to about 3,900 quintillion by 2030, an increase of roughly 370 times over five years. The surge in call volume directly boosts growth in the domestic computing power industry chain. From AI chips and servers to data centers and cloud computing, all are experiencing a performance boom.

Huatai Securities: Continue to Focus on Inference Computing Power, Platform Infrastructure, and Application Opportunities with Scene and Ecosystem Barriers

This month’s marginal changes in the AI industry are shifting the competitive focus from single-point model capability improvements to complex task delivery and Agent system deployment. The accelerated release of Claw-like products promotes the evolution of Agents, driving continued growth in Token consumption, inference computing power demand, and related infrastructure investments. Meanwhile, the commercialization and industrialization of enterprise-level Agents, AI4S, and physical AI are progressing in tandem, indicating AI is moving from capability verification to real-world scene implementation. It is recommended to keep an eye on inference-side computing power, platform infrastructure, and applications with scene and ecosystem barriers.

Guotou Securities: Domestic Computing Power Industry Has Entered a New Stage

Driven by external pressures and internal demand, China’s domestic computing power industry has moved from early breakthroughs in single points to a new stage characterized by “independent technology systems, full-stack ecological capabilities, and business cycle validation.” Looking ahead to 2026, domestic infrastructure is expected to achieve large-scale deployment and value realization in key sectors such as government, finance, internet, and intelligent manufacturing, entering a strategic period of transitioning from technological independence to industry leadership.

Orient Securities: Cloud and Domestic Chip Makers Will Benefit

The engine of computing power demand is shifting from intermittent “dialogue” needs to continuous “execution” demands, accelerating consumption. Unlike traditional conversational AI, OpenClaw is a high-permission, autonomous scheduling Agent framework that requires frequent use of underlying models for thinking, tool invocation, and environment interaction when handling complex tasks. This operational mode significantly increases Token consumption compared to traditional single-task models. For infrastructure, this means not only explosive inference traffic growth but also higher requirements for real-time processing and stability. This structural change in demand is expected to further boost overall computing power needs, benefiting cloud and domestic chip manufacturers.

CICC Securities: OpenClaw Accelerates Token Consumption Growth

The rise of OpenClaw marks a shift in the core value of the AI industry from model capability to task completion ability—moving from “chatting” to “doing”: its autonomous planning, multi-step reasoning, and multi-agent collaboration mechanisms upgrade traditional one-time Q&A into continuous, multi-round complex workloads, leading to rapid growth in Token consumption.

(This article does not constitute investment advice. Investors operate at their own risk. The market is risky; invest cautiously.)

(Source: Orient Wealth Research Center)