【VG Equipa de Pesquisa e Investimento】Token "Novo Petróleo" Paradigma, Economia de Token Iniciada!

Core judgment: Token economy is a paradigm shift in the AI industry from “selling shovels” to “selling hydroelectric power.” Token commercialization is still in its early stages, and the shift from paying for computing power to token-based billing has just begun. Currently, it is a window for strategic deployment. [Taogu Ba]

Recently, several major catalysts have been implemented intensively, and the main theme of the AI industry is undergoing a substantial shift:

1. NVIDIA GTC 2026 (March 16): Jensen Huang officially proposed the “Token Factory” paradigm, defining data centers as the central hub for token generation and reconstruction, with AI moving from “one-time generation” to “continuous reasoning + agent resident execution.”

2. Alibaba established the ATH Business Group (March 16): Alibaba Token Hub, led directly by CEO Wu Yongming, integrates five major sectors, clarifying the three main missions: “creating tokens, delivering tokens, applying tokens,” elevating tokens to a core group-level strategy for the first time.

3. JPMorgan predicts that China’s token consumption will have a compound annual growth rate of 330% from 2025 to 2030, a 400-fold increase over five years. The popularization of agents will increase individual user token consumption by 10-50 times.

4. Daily Interaction is building a “Controllable Intelligent Computing Platform,” which offers a fee model based on model token usage, a business model charging enterprises for software licenses and model token usage.

Jensen Huang only mentioned one thing at GTC: the era of疯狂卖Token来了. Huang redefines computers as “Token generators,” while Alibaba has taken the lead in integrating tokens into organizational structures. This marks the AI industry moving from model capability competitions to a new stage driven by token economy.

Upgrading the industry chain investment mainline: “Computing power — Token — Agent” three-layer system

**Upstream: ** Computing infrastructure (core β assets):

Focus: Dawei Technology (ByteDance’s core provider of computing power), Oriental Guoxin, Aofei Data (Alibaba/Baidu’s core contractors), Data Port (Alibaba’s wholesale IDC leader), Runze Technology, Quxing Toys

**Midstream: ** Token distribution and commercialization (α source, largest expected gap):

ATH is essentially a clearing and circulation hub for tokens. If AI is compared to a digital economy system, models are responsible for “producing tokens,” and ATH handles “circulation and settlement.” ByteDance Volcano Engine’s daily token usage has reached 50 trillion, with domestic models accounting for 61% of global top ten token consumption. Token commercialization is still in its early stages, and the shift from paying for computing power to token-based business models has just begun.

Focus: Daily Interaction (core target of ByteDance, DeepSeek, Huawei, Baidu data cooperation), Century Heng Tong (Tencent, DeepSeek), Oriental Guoxin, UCloud (cloud computing + MaaS platform), Dawei Technology, Hongjing Technology (pioneers in computing power leasing), Xiechuang Data.

**Downstream: ** Agent ecosystem release (application space): Wu Yongming predicts “the eve of AGI explosion,” with hundreds of billions of AI agents participating in digital labor. Alibaba plans to launch enterprise-level agent applications (surpassing OpenClaw) this week, integrating Taobao, Alipay, Alibaba Cloud, and other B-end services.

Focus: Daily Interaction, Kunlun Wanwei, 360, iFlytek

Core focus: After NVIDIA GTC 2026 + Alibaba ATH Business Group catalysts, the market consensus is “whoever controls the hub, who will control the next stage of AI pricing power.”

Token/circulation side (distribution + partial generation): Daily Interaction, Century Heng Tong, Dawei Technology, Oriental Guoxin, UCloud, Hongjing Technology, Xiechuang Data, etc.

1. Daily Interaction: C-end distribution hub + B-end generation end

Core role: Data cooperation partner of models like DeepSeek, providing high-quality annotation/scenario data (“raw materials” for token generation);

Positioning: Leading domestic data intelligent service provider. In the AI era, high-quality corpora are the raw fuel for token generation.

Core logic: Daily Interaction has massive mobile reach capabilities, giving it a natural pipeline advantage in “data tokenization” (transforming raw data into AI-understandable structured corpora) and “token distribution applications” (delivering AI-generated instructions to terminals via message push). It is building a “Controllable Intelligent Computing Platform,” which offers a fee model based on model token usage.

2. Dawei Technology: Clearly controls some hubs (edge generation + circulation end)

Core role: Edge computing token production node + distributed reasoning infrastructure, key customer of Kingsoft Cloud, involved in Xiaomi AI ecosystem data services/task automation.

Positioning: Token commercialization/MaaS platform circulation end (aligned with Oriental Guoxin, UCloud, Hongjing Technology), while also positioning at the edge for token generation (distributed, lightweight reasoning, suitable for agent resident execution).

Core logic: Local agents like OpenClaw’s explosion directly boost edge token consumption, with node deployment forming a “production + distribution” closed loop. When computing power leasing heats up again, multiple linkages occur, making it a hub target.

3. Oriental Guoxin: Controls C-end distribution hub + B-end generation end

Core role: Holding company of VisioCloud (AutoDLC AI computing cloud platform) + Inner Mongolia Intelligent Computing Center.

Positioning: Retail distribution hub for computing power (retail outlet of token factory) + B-end generation end (Intelligent Computing Center directly produces tokens).

Core logic: In the era of OpenClaw/Agent, retail on the C-end becomes a “mass demand” entry point (similar to traffic entry in the mobile internet era). AutoDL has scheduling capabilities, directly distributing computing power for users to generate/consume tokens. Market views it as a full-chain player of the token factory.

In the morning trend, Century Heng Tong (large cap), Oriental Guoxin surged against the market for two days (morning up 20%, opened after heavy buying), while Daily Interaction, Dawei Technology, etc., experienced sufficient corrections.

（Risk warning: All logical explorations are personal opinions or personal trading records, not market views. Do not base your decisions solely on them. Risks are to be managed and borne by oneself!）

（Author’s disclosure: This logical analysis is not a securities recommendation or investment advice. As of the time of writing, the author holds some related stocks and may sell them at an opportune moment in the next trading day. However, personal holdings are very small, generally not exceeding a fraction of the stock’s daily trading volume, and have minimal impact on stock trading.)

$Daily Interaction(sz300766)$
$Dawei Technology(sh600589)$
$Century Heng Tong(sz301428)$
$Oriental Guoxin(sz300166)$