2026年Token行业专题报告

政策+需求推动，四大方向加速受益 ——Tok en行业专题报告 2026฀05฀05฀ 核心观点 ⚫需求+政策推动，T ok en数量指数级增长，产业链协同发展大受益：฀฀฀฀ChatGPT฀Sora฀฀฀฀฀฀฀฀฀Kimi฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀Agent฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀GPU฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀+฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 通信行业 推荐维持评级 分析师 赵良毕฀010-80927619฀zhaoliangbi_yj@chinastock.com.cn฀฀฀฀฀฀฀฀S0130522030003 王思宬฀wangsicheng_yj@chinastock.com.cn฀฀฀฀฀฀฀฀S0130525070005洪烨฀hongye_yj@chinastock.com.cn฀฀฀฀฀฀฀฀S0130523060002赵中兴฀zhaozhongxing_yj@chinastock.com.cn฀฀฀฀฀฀฀฀S0130524090002刘璐฀yj.liulu@chinastock.com.cn฀฀฀฀฀฀฀฀S0130526030001 ⚫AI DC方面：核心驱动力在于全球大模型技术的密集迭代与T ok en调用量的井喷式爆发。฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AIDC฀฀฀฀฀฀฀฀GPU฀฀฀฀฀฀฀฀฀฀฀฀฀฀AIDC฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AIDC฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀ ⚫运营商方面：运营商凭借其覆盖全国的骨干网络资源、丰富的算力节点布局以及“云网融合”能力，成为连接分散算力、打破地域壁垒的关键角色。AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AIDC฀฀฀ ⚫光纤光缆行业方面，T ok en带来的大规模AI DC建设将光纤从普通的连接耗材升级为算力网络的核心底座。฀฀฀GPU฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀DCI฀฀฀฀฀฀฀฀฀฀฀฀฀EB฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ⚫光模块：在GPU算力呈指数级跃升的当下，数据传输速率已成为决定算力集群效率的最大瓶颈。฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀400G/800G฀1.6T฀3.2T฀฀฀฀฀฀฀฀CPO฀฀฀฀LPO฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 相关研究 ⚫投资建议：฀฀฀฀AIDC฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1.฀฀฀฀฀฀฀฀฀฀฀฀_฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀2.฀฀฀฀฀฀฀฀฀฀_฀฀฀฀฀฀฀฀฀฀6G฀฀฀฀฀฀฀3.฀฀฀฀฀฀฀฀฀฀_฀฀฀฀฀฀฀฀฀฀฀OPC฀฀฀฀฀฀฀ ⚫风险提示：AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 目录Cat al og 一、T ok en经济简析：重构数字世界底层商业逻辑.......................................................................................3二、智算需求指数增长，光模块行业高景气.................................................................................................4 ฀฀฀AI฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀............................................................4฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀.............................................................................6 三、光纤高景气，数据中心+无人机催化量价齐升.......................................................................................10 ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀.......................................................................................10฀฀฀AIDC+฀฀฀฀฀฀฀฀฀฀฀฀฀฀............................................................................................12 四、运营商：CAPEX转向智算云，赋能AI +发展.......................................................................................15 ฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀.........................................................................................15฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀.......................................................................................17 ฀฀฀฀฀฀฀฀AIDC฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀............................................................19฀฀฀฀฀฀฀฀฀฀AIDC฀฀฀฀฀฀฀฀฀฀฀฀..............................................................................21 六、投资建议：运营商筑基，新兴产业+未来产业共振.................................................................................25 ฀฀฀฀฀฀฀฀฀฀฀฀฀...................................................................................................................25฀฀฀฀฀฀฀฀฀฀฀฀......................................................................................................................25 一、T ok en经济简析：重构数字世界底层商业逻辑 随着人工智能从技术探索迈向规模化应用，一种全新的经济形态——T ok en经济，正在重构数字世界的底层商业逻辑。Token฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀AI฀฀฀฀฀฀฀฀฀฀ T ok en经济之所以能在当下迎来井喷式爆发，其核心驱动力在于AI产业正式从“训练时代”跨入了“推理时代”。฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀AI฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 这种爆发式增长主要得益于三大维度的共振： 应用场景的质变：AI฀฀฀฀Agent฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀ 商业闭环的跑通：฀Token฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 国家层面的战略定调：฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ T ok en经济的崛起，标志着AI产业正式从“模型为王”的军备竞赛，迈入了“商业变现”的落地期。฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 无论是文本、代码还是多模态内容，都被分解为最基本的T ok en进行计价与处理。฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀OpenClaw฀AI฀฀฀฀Agent฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀7×24฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀60%฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ T ok en经济的爆发，引发了一场自上而下的产业链价值重构。฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀ 在这一新范式下，产业链各环节的角色被重新定义。฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀MaaS฀฀฀฀฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀AI฀฀฀฀฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 为了规范这一新兴市场的健康发展，中国信通院已启动“可信T ok en服务全场景效能评估”，旨在建立T ok en经济的标准化度量衡。฀฀฀฀฀Token฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀