"Token" economy triggers CPO surge, Alared's "20cm" hits the daily limit; Halo New Network and Guangmai Technology near the limit-up threshold

(Source: Caixin)

JPMorgan predicts that China’s AI inference token consumption will grow from approximately 10 quintillion in 2025 to about 3.9 sextillion in 2030, an increase of roughly 370 times over five years.

On March 25, the communications sector was active, with Guanghua New Network (300383.SZ) hitting the daily limit, Aled (301419.SZ) reaching the limit with a “20cm” increase, and Guangmai Technology (920924.BJ) rising over 18%.

According to the China Information and Communication Technology Group’s National Key Laboratory of Optical Communication Technology and Networks, the lab, in collaboration with Pengcheng Laboratory and FiberHome Technologies, achieved significant breakthroughs in ultra-large capacity real-time optical transmission. For the first time, they realized bidirectional transmission capacity of 2.5 petabits per second (Pb/s) over 10.3 km of 24-core single-mode fiber.

Additionally, overnight, U.S. stocks in the optical communication sector led gains, with Lumentum up 10%, hitting a new all-time high during trading; Coherent (COHR.US) increased by 6.78%.

Meanwhile, token call volume has increased over a thousand times in two years, confirming that AI computing power demand is in a burst period. Optical communication, as a core component of AI infrastructure, continues to benefit. The National Data Bureau stated that at the beginning of 2024, China’s daily token (word unit) call volume was 100 billion; by the end of 2025, it will surge to 100 trillion; in March this year, it already exceeded 140 trillion, a more than thousandfold increase in two years.

Recently, the National Data Bureau officially named the Chinese term for token as “词元” (word unit), and the emerging trillion-yuan market behind it is gradually coming into view. China’s AI large models’ weekly token call volume reached 4.96 trillion, surpassing the U.S. for the second consecutive week. JPMorgan forecasts that China’s AI inference token consumption will grow from about 10 quintillion in 2025 to approximately 3,900 quintillion in 2030, a five-year increase of about 370 times. As token consumption continues to rise, it indicates a significant increase in downstream application willingness and capacity to pay, shifting AI from “storytelling” to “practical implementation.” The explosive demand directly forces upstream computing power supply to accelerate expansion, creating strong market pull.

Institutions point out that China’s AI industry is undergoing a profound transformation—strong resonance between logical computing power demand and capital investment marks the industry entering a high-intensity expansion cycle of “demand explosion—price transmission—capital injection.”